Hong Kong High Court Issues Declaratory Orders & Permanent Injunctive Relief in Favor of Sinovac’s Biotech Ltd. Senior Mana...
November 28 2018 - 5:00PM
Business Wire
Permanent Injunction Restrains Mr. Li and Mr.
Cao from Purporting to Act as or Take Any Actions as Directors of
Sinovac HK or its subsidiaries
Senior management of Sinovac Biotech Ltd. (NASDAQ: SVA)
("Sinovac" or the "Company") and the lawful directors of
Sinovac Hong Kong, Mr. Yin Weidong and Ms. Wang Nan (“Lawful
Directors”), have been granted declaratory orders and permanent
injunctive relief against Mr. Li Pengfei (“Mr. Li”)
and Mr. Cao Jianzeng (“Mr. Cao”) by the High Court of
the Hong Kong Special Administrative Region (“Hong Kong
High Court”). Mr. Li and Mr. Cao have appealed the decision
to the Court of Appeals.
As described in a press release issued by the Company on October
22, Sinovac Biotech (Hong Kong) Limited (“Sinovac HK”) was
granted an interim injunction on October 19, 2018 in the Hong Kong
High Court proceedings brought by the Lawful Directors to nullify
and remove forged documents that were illegally filed with the Hong
Kong Companies Registry (“Companies Registry”), the Hong
Kong government body responsible for maintaining official company
records. These forged documents were also used in an attempt to
unlawfully remove the Lawful Directors of Sinovac HK’s subsidiary,
Sinovac Biotech Co., Ltd. (“Sinovac Beijing”) and to deceive
the Industry and Commerce Bureau of Beijing into believing that the
board of Sinovac Beijing had been reconstituted.
On November 28, 2018 at a further hearing in the Hong Kong High
Court, the Hong Kong High Court held that it is beyond dispute that
the documents in respect of Sinovac HK had been forged and
unlawfully filed with the Hong Kong Companies Registry, based on
the evidence filed by Mr. Cao, Mr. Li and the Lawful Directors. The
Hong Kong High Court therefore declared that Mr. Yin Weidong and
Ms. Wang Nan were and still are the lawful directors of Sinovac HK,
and Mr. Li and Mr. Cao were not and are not the lawful directors of
Sinovac HK.
The Hong Kong High Court also granted a permanent injunction
restraining Mr. Li and Mr. Cao from purporting to act or holding
themselves out as directors of Sinovac HK or its subsidiaries
(including but not limited to Sinovac Beijing), purporting to take
any actions as directors of Sinovac HK or its subsidiaries, and
relying on or using the forged documents in any way whatsoever.
Furthermore, the Hong Kong High Court also ordered the Companies
Registry to remove the forged documents in respect of Sinovac HK
that had been unlawfully filed. The Companies Registry had
indicated prior to the November 28, 2018 hearing that it did not
oppose the application made by the Lawful Directors and agreed to
the terms of the draft Order sought by the Lawful Directors.
The Board of Directors and management of Sinovac are vigorously
protecting the rights of all shareholders in all applicable courts.
Sinovac has also petitioned in the High Court of Justice in Antigua
and Barbuda for 1Globe Capital LLC (“1Globe”) to be
restrained from making any attempt to take control of the Company
or in any way undermine the court’s authority in the existing
litigation between 1Globe and the Company.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical Company
that focuses on the research, development, manufacturing and
commercialization of vaccines that protect against human infectious
diseases. Sinovac's product portfolio includes vaccines against
enterovirus71, or EV71, hepatitis A and B, seasonal influenza, H5N1
pandemic influenza (avian flu), H1N1 influenza (swine flu), and
mumps. Healive, the hepatitis A vaccine manufactured by the Company
has passed the assessment under WHO Prequalification procedures in
2017. The EV71 vaccine, an innovative vaccine developed by Sinovac
against hand foot and mouth disease caused by EV71, was
commercialized in China in 2016. In 2009, Sinovac was the first
company worldwide to receive approval for its H1N1 influenza
vaccine, which it has supplied to the Chinese Government's
vaccination campaign and stockpiling program. The Company is also
the only supplier of the H5N1 pandemic influenza vaccine to the
government stockpiling program. The Company is developing a number
of new products including a Sabin-strain inactivated polio vaccine,
pneumococcal polysaccharides vaccine, pneumococcal conjugate
vaccine and varicella vaccine. Sinovac primarily sells its vaccines
in China, while also exploring growth opportunities in
international markets. The Company has exported select vaccines to
over 10 countries in Asia and South America. For more information
please refer to the Company’s website at www.sinovacbio.com.
Safe Harbor Statement
This announcement may include certain statements that are not
descriptions of historical facts, but are 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
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20181128005813/en/
Investors:Sinovac Biotech Ltd.Helen YangTel:
+86-10-8279-9871Fax: +86-10-6296-6910Email: ir@sinovac.comICRBill
ZimaTel: +1-646-308-1707Email:
william.zima@icrinc.comMedia:Abernathy MacGregorSheila
EnnisTel: +1-415-745-3294Email: sbe@abmac.comChina
Media:ICREdmond LococoTel: +86-10-6583-7510Email:
Edmond.Lococo@icrinc.com
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