1Globe Blocks Sinovac Board Shake-up with 18.5M Share Vote

Rhea-AI Filing Summary

Schedule 13D/A (Amendment No. 5) – Sinovac Biotech Ltd. (SVA) details the current ownership position and voting intentions of 1Globe Capital LLC and its affiliate 1Globe Biomedical (Hong Kong) Co. Ltd.

Ownership snapshot:

• Total beneficial ownership: 18,515,315 common shares, equal to 32.3 % of the outstanding shares (based on the 57.28 million share count from Sinovac’s 2018 20-F).
• Sole voting / dispositive power: 6,812,855 shares.
• Shared voting / dispositive power: 11,702,460 shares (primarily via CDH Utopia Ltd. and related parties).

Proxy contest stance: On 27 June 2025, Dr. Chiang Li (chairman of Sinovac and of both reporting entities) cast his 6.81 million directly-held shares “AGAINST” two proposals to (1) remove the current board (other than Dr. Li) and (2) install a new slate nominated by shareholder SAIF. 1Globe instructed affiliates to vote a further 11.7 million shares against both proposals, aligning roughly one-third of all votes with the incumbent board ahead of the 8 July 2025 special meeting.

Litigation & share-count dispute: Ownership percentages exclude “Exchange Shares” and the “Disputed PIPE” securities issued after May 2018, whose validity is being litigated. The reporting persons, alongside OrbiMed, are parties to multiple suits related to these issuances and prior corporate actions.

Governance implications: 1Globe’s 32 % block makes it difficult for dissident shareholders to secure a majority, increasing the probability that the existing board composition is maintained. Nevertheless, continuing legal challenges over share validity and control keep governance risk elevated and could influence future dilution, corporate actions, and strategic direction.

Positive

• 32.3 % beneficial stake aligned with incumbent board improves near-term governance stability and reduces probability of disruptive board turnover.
• Clear public voting intention provides transparency ahead of the 8 July 2025 special meeting, lowering immediate uncertainty for shareholders.

Negative

• Ongoing litigation over the validity of post-2018 share issuances (“Exchange Shares” and “Disputed PIPE”) sustains uncertainty around true share count and future dilution.
• Multiple legal actions involving 1Globe, OrbiMed, and other investor groups create a prolonged governance and expense overhang that could weigh on valuation.
• Potential misalignment of reported ownership with eventual legal outcome may materially alter voting power and control dynamics.

Insights

Corporate Governance Expert

TL;DR: 1Globe’s 32 % stake opposes board ouster, tilting special-meeting outcome toward status quo but litigation clouds share base.

1Globe Capital and its Hong Kong affiliate collectively control 18.5 million shares (32.3 %) and have publicly committed those votes against SAIF’s proposals to unseat the board. Given typical meeting quorums, this single block is likely decisive, signalling limited probability of a governance overhaul on 8 July 2025. That clarity is moderately supportive for management continuity. However, the disclosure that voting percentages rely on the 2017 share count – because millions of newer shares are under legal dispute – highlights persistent uncertainty. Multiple ongoing lawsuits, including challenges to the Disputed PIPE issuances, could reshape the capital structure and voting power in future rounds. Net effect: impactful, leaning neutral-to-positive for near-term stability, but structural governance risk remains.

Securities Litigation Analyst

TL;DR: Ownership exclusions and active suits signal elevated litigation overhang that may impair valuation and liquidity.

The filing reiterates that 1Globe calculates its 32.3 % stake using a 2017-era share count, expressly disallowing post-2018 issuances subject to court proceedings. This creates a floating share-count risk: if disputed shares are ultimately validated, 1Globe’s percentage (and any other holder’s) will be diluted materially. Furthermore, 1Globe and OrbiMed are simultaneously co-defendants and co-plaintiffs across several jurisdictions, suggesting protracted, costly litigation. Such legal overhang can hinder capital-markets access, delay strategic initiatives, and introduce headline risk. While the immediate proxy vote may favor incumbents, investors should discount for the uncertainty around eventual share count and potential damages.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

SINOVAC BIOTECH LTD

(Name of Issuer)

Common Shares, par value $0.001 per share

(Title of Class of Securities)

P8696W104

(CUSIP Number)

1Globe Capital LLC
One International Place, 44th Fl,
Boston, MA, 02110
617-649-1157

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/27/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. P8696W104

1

Name of reporting person

1Globe Capital LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,812,855.00
8	Shared Voting Power 11,702,460.00
9	Sole Dispositive Power 6,812,855.00
10	Shared Dispositive Power 11,702,460.00

11

Aggregate amount beneficially owned by each reporting person

18,515,315.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

32.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Comment for Type of Reporting Person: This Amendment No. 4 to Schedule 13D, or this Amendment, is being filed by 1Globe Capital LLC and 1Globe Biomedical (Hong Kong) Company Limited (each referred to herein as a reporting person, or together, referred to herein as the reporting persons) relating to the common shares, par value $0.001 per share, or the Common Shares, of Sinovac Biotech Ltd., the Issuer, a corporation organized under the laws of Antigua and Barbuda. This Amendment amends and supplements the statement on Schedule 13D (as amended, referred to herein as the Schedule 13D) originally filed with the U.S. Securities and Exchange Commission, or the SEC, on July 7, 2017 and amended by Amendment No. 1 filed on March 26, 2018, Amendment No. 2 filed on March 19, 2019 and Amendment No. 3 filed on December 21, 2020 by 1Globe Capital LLC. Only those items in the Original Statement amended and supplemented by this Amendment are reported herein. The Subject Shares (as defined in the Schedule 13D) reported to be held by CDH Utopia Limited in this Schedule 13D include 3,459,763 Common Shares previously held by Chiang Li Family reported in the Schedule 13G filed on April 11, 2016. Those shares dropped below the 5% reporting threshold in 2018 and 2019 due to the changes in the total shares outstanding of the Issuer and were subsequently acquired by 1Globe Biomedical (Hong Kong) Company Limited and immediately sold to CDH Utopia Limited as reported in the Amendment No. 3 filed on December 21, 2020 by 1Globe Capital LLC. Percentage of ownership in row 13 is calculated based on 57,281,861 shares outstanding as of December 31, 2017, as reported in the 2018 20-F. As described in Item 4 of this Schedule 13D, the issuance by the Issuer of the Exchange Shares (as defined in the 2019 20-F) and the Disputed PIPE (as defined in this Schedule 13D), among other things, are the subject of ongoing litigation, and therefore the shares outstanding does not include shares purportedly issued after May 2018.

SCHEDULE 13D

CUSIP No. P8696W104

1

Name of reporting person

1Globe Biomedical (Hong Kong) Company Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,812,855.00
8	Shared Voting Power 11,702,460.00
9	Sole Dispositive Power 6,812,855.00
10	Shared Dispositive Power 11,702,460.00

11

Aggregate amount beneficially owned by each reporting person

18,515,315.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

32.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Comment for Type of Reporting Person: This Amendment No. 4 to Schedule 13D, or this Amendment, is being filed by 1Globe Capital LLC and 1Globe Biomedical (Hong Kong) Company Limited (each referred to herein as a reporting person, or together, referred to herein as the reporting persons) relating to the common shares, par value $0.001 per share, or the Common Shares, of Sinovac Biotech Ltd., the Issuer, a corporation organized under the laws of Antigua and Barbuda. This Amendment amends and supplements the statement on Schedule 13D (as amended, referred to herein as the Schedule 13D) originally filed with the U.S. Securities and Exchange Commission, or the SEC, on July 7, 2017 and amended by Amendment No. 1 filed on March 26, 2018, Amendment No. 2 filed on March 19, 2019 and Amendment No. 3 filed on December 21, 2020 by 1Globe Capital LLC. Only those items in the Original Statement amended and supplemented by this Amendment are reported herein. The Subject Shares (as defined in the Schedule 13D) reported to be held by CDH Utopia Limited in this Schedule 13D include 3,459,763 Common Shares previously held by Chiang Li Family reported in the Schedule 13G filed on April 11, 2016. Those shares dropped below the 5% reporting threshold in 2018 and 2019 due to the changes in the total shares outstanding of the Issuer and were subsequently acquired by 1Globe Biomedical (Hong Kong) Company Limited and immediately sold to CDH Utopia Limited as reported in the Amendment No. 3 filed on December 21, 2020 by 1Globe Capital LLC. Percentage of ownership in row 13 is calculated based on 57,281,861 shares outstanding as of December 31, 2017, as reported in the Issuer's Form 20-F filed with the U. S. Securities and Exchange Commission, or the SEC, on May 11, 2018 (referred herein as the 2018 20-F). As described in Item 4, the issuance by the Issuer of the Exchange Shares (as defined in the Issuer's Form 20-F filed with the SEC on April 29, 2019 (referred herein as 2019 20-F)) and the Disputed PIPE (as defined in this Schedule 13D), among other things, are the subject of ongoing litigation, and therefore the shares outstanding does not include shares purportedly issued after May 2018.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, par value $0.001 per share
(b)	Name of Issuer: SINOVAC BIOTECH LTD
(c)	Address of Issuer's Principal Executive Offices: NO. 39 SHANGDI XI ROAD, HAIDIAN DISTRICT, BEIJING, CHINA , 100085.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On June 27, 2025, Dr. Chiang Li, the chairman of 1Globe Capital LLC and 1Globe Biomedical (Hong Kong) Company Limited, voted 6,812,855 Common Shares of the Issuer against both proposals described in the proxy statement filed with the U.S. Securities and Exchange Commission on June 18, 2025 relating to the Special Meeting of the Issuer's shareholders to be held on July 8, 2025 (Special Meeting). Dr. Li is currently Chairman of the board of directors of the Issuer (the Board). The first proposal (proposal 1) in the proxy statement seeks to remove the current Board members other than Dr. Li. The second proposal (proposal 2) seeks to replace the current Board members with a slate of new directors in the event the first proposal succeeds. Dr. Li is listed in the second proposal as a member of the slate of directors nominated by SAIF, the Issuer's shareholder that called the Special Meeting. There was no communication between SAIF and Dr. Li before Dr. Li was formally nominated. In subsequent communications, SAIF informed Dr. Li of his inclusion on the alternative slate of directors of proposal 2 and asked whether Dr. Li would serve if elected as part of the slate. Dr. Li stated that he would continue to serve on the Board in the event the shareholders voted for both proposals at the Special Meeting. Dr. Li also made it clear that he would vote against both proposals at the Special Meeting in support of the current Board. On June 27, 2025, 1Globe Biomedical (Hong Kong) Company Limited instructed CDH Utopia Limited to vote 4,200,000 of the Subject Shares (as defined in the Schedule 13D) held by CDH Utopia Limited for which 1Globe Biomedical (Hong Kong) Company Limited possesses voting rights "AGAINST" proposal 1 and "AGAINST" proposal 2 on the white proxy card issued by the current Board. On June 27, 2025, Dr. Li asked related parties of the reporting persons which hold 5,702,460 Common Shares to votes all shares "AGAINST" proposal 1 and "AGAINST" proposal 2 on the white proxy card issued by the current Board.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and supplemented as follows: (a)-(b) The information set forth on the applicable cover page hereto is incorporated herein by reference. The reporting persons beneficially own an aggregate of 18,515,315 shares, or 32.3% of the Issuer's outstanding Common Shares, consisting of (i) 6,812,855 Common Shares held directly by the reporting person 1Globe Capital LLC and which may be deemed indirectly beneficially owned by 1Globe Biomedical (Hong Kong) Company Limited, the sole member of 1Globe Capital LLC, (ii) the Subject Shares (as defined in the Schedule 13D) held by CDH Utopia Limited and (iii) 5,702,460 Common Shares held by related parties of the reporting persons, which are included herein pursuant to the order issued by the SEC on Release No. 88864 in connection with administrative proceeding File No. 3-19799, but the inclusion of such shares shall not be construed as an admission that the reporting persons are the beneficial owner of such shares. The Subject Shares held by CDH Utopia Limited include 3,459,763 Common Shares previously held by Chiang Li Family reported in the Schedule 13G filed on April 11, 2016. Those shares dropped below the 5% reporting threshold in 2018 and 2019 due to the changes in the total shares outstanding of the Issuer and were subsequently acquired by 1Globe Biomedical (Hong Kong) Company Limited and immediately sold to CDH Utopia Limited as reported in the Schedule 13D amendment filed on December 21, 2020. Dr. Chiang Li may be deemed the ultimate beneficial owner of the Common Shares held by 1Globe Capital LLC and 1Globe Biomedical (Hong Kong) Company Limited, as he directly or indirectly exercises sole voting and dispositive power over such shares as chairman of each entity. 1Globe Biomedical (Hong Kong) Company Limited possesses voting rights in 70% of the Subject Shares (as defined in the Schedule 13D) as well as certain financial upside for the total 6,000,000 Common Shares which are held by CDH Utopia Limited and, in such capacities, Dr. Li may be deemed to beneficially own the shares of the company owned by such entities.
(b)	Item 5 of the Schedule 13D is hereby amended and supplemented as follows: (a)-(b) The information set forth on the applicable cover page hereto is incorporated herein by reference. The reporting persons beneficially own an aggregate of 18,515,315 shares, or 32.3% of the Issuer's outstanding Common Shares, consisting of (i) 6,812,855 Common Shares held directly by the reporting person 1Globe Capital LLC and which may be deemed indirectly beneficially owned by 1Globe Biomedical (Hong Kong) Company Limited, the sole member of 1Globe Capital LLC, (ii) the Subject Shares (as defined in the Schedule 13D) held by CDH Utopia Limited, (iii) 5,702,460 Common Shares held by related parties of the reporting persons, which are included herein pursuant to the order issued by the SEC on Release No. 88864 in connection with administrative proceeding File No. 3-19799, but the inclusion of such shares shall not be construed as an admission that the reporting persons are the beneficial owner of such shares. The Subject Shares held by CDH Utopia Limited include 3,459,763 Common Shares previously held by Chiang Li Family reported in the Schedule 13G filed on April 11, 2016. Those shares dropped below the 5% reporting threshold in 2018 and 2019 due to the changes in the total shares outstanding of the Issuer and were subsequently acquired by 1Globe Biomedical (Hong Kong) Company Limited and immediately sold to CDH Utopia Limited as reported in the Schedule 13D amendment filed on December 21, 2020. Dr. Chiang Li may be deemed the ultimate beneficial owner of the Common Shares held by 1Globe Capital LLC and 1Globe Biomedical (Hong Kong) Company Limited, as he directly or indirectly exercises sole voting and dispositive power over such shares as chairman of each entity. 1Globe Biomedical (Hong Kong) Company Limited possesses voting rights in 70% of the Subject Shares (as defined in the Schedule 13D) as well as certain financial upside for the total 6,000,000 Common Shares which are held by CDH Utopia Limited and, in such capacities, Dr. Li may be deemed to beneficially own the shares of the company owned by such entities.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Items 4 and 5 of this Amendment is incorporated by reference in its entirety into this Item 6. Dr. Li and two senior partners of OrbiMed Advisors LLC currently serve on the Board in accordance with the Judgment issued by the Privy Council on January 16, 2025, the Privy Council's Order dated February 5, 2025, and Antiguan law. 1Globe Capital, along with OrbiMed Advisors LLC and certain OrbiMed Advisors LLC affiliates (together, referred to herein as OrbiMed), have been co-defendants in multiple lawsuits filed by certain affiliates of Vivo Capital LLC and by Advantech Capital Partners Ltd.'s affiliate Prime Success, L.P. against the Issuer, and co-plaintiffs in one action related to the Disputed PIPE (as defined in the Schedule 13D), as the Issuer's Board has sought to fulfill its fiduciary duty to implement the Privy Council's Judgment and Order, all of which information is in the public domain. There is no arrangement or agreement between 1Globe Capital and OrbiMed to acquire, hold, vote, or dispose of any of the Issuer's securities.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

1Globe Capital LLC

Signature:	/s/ Chiang Li
Name/Title:	Chairman
Date:	07/01/2025

1Globe Biomedical (Hong Kong) Company Limited

Signature:	/s/ Chiang Li
Name/Title:	Chairman
Date:	07/01/2025

FAQ

How many Sinovac (SVA) shares does 1Globe currently report owning?

The filing states that 1Globe and its affiliates beneficially own 18,515,315 common shares, representing 32.3 % of the company.

What is 1Globe’s position on the July 8 2025 Sinovac special meeting proposals?

Dr. Chiang Li instructed all controlled and affiliated shares to vote AGAINST both proposals to remove and replace the current board.

Why is the ownership percentage based on the 2018 share count?

Shares issued after May 2018, including the “Exchange Shares” and “Disputed PIPE,” are excluded because their legitimacy is subject to ongoing litigation.

Who ultimately controls the reported shares?

Dr. Chiang Li, chairman of Sinovac and 1Globe entities, holds sole or indirect voting and dispositive power over the 18.5 million shares.

Does 1Globe have any formal agreement with OrbiMed regarding Sinovac shares?

No. The filing explicitly states there is no arrangement or agreement between 1Globe and OrbiMed to acquire, hold, vote, or dispose of Sinovac securities.