Sinovac Biotech Ltd. Appoints Kenneth Lee to Board of Directors

BEIJING, May 31, 2011 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today the appointment of Mr. Kenneth Lee as a director to the Board of the Company effective on May 31, 2011 to replace Mr. Xianping Wang who resigned from the Board due to personal reasons.

Kenneth Lee is a Principal at SAIF Partners, a leading growth capital fund focused on China and India. He brings more than 15 years of experience across private equity investment, corporate finance, and business development in China to Sinovac. Before becoming a member of the SAIF team in 2007, Mr. Lee previously was with Topsec Holdings, RimAsia Capital Partners, Delta Associates the exclusive advisor to Asia Equity Infrastructure Fund, CNK Telecom, H&Q Asia Pacific, and Salomon Brothers in New York. Mr. Lee is a graduate of Amherst College.

Dr. Weidong Yin, Chairman and CEO said: “We are pleased to invite Kenneth Lee to our Board. Given his wealth of experience in corporate finance and business development in China, I believe he will bring new perspectives and insights to our Board in the interest of the Company and shareholders. I look forward to the contributions he will make to our Company.”

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacture and commercialization of vaccines that protect against human infectious diseases including hepatitis A, seasonal influenza, H5N1 (bird flu) pandemic influenza and H1N1 influenza. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, PANFLU.1, and has received the orders from the Chinese Central Government pursuit to the government stockpiling program. The Company is developing a number of new vaccine products, including vaccines for pneumococcal conjugate, enterovirus 71 (EV71) (against Hand, Foot & Mouth Disease), Japanese Encephalitis, animal and human rabies, HIB and epidemic meningitis, chickenpox, mumps and rubella. Its wholly owned subsidiary, Tangshan Yian, is focusing on the research, development, manufacturing and commercialization of animal vaccines and has completed the field trials for an independently developed inactivated animal rabies vaccine, which is anticipated to be launched into market in 2011.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

SOURCE Sinovac Biotech Ltd.