[SCHEDULE 13D/A] Sinovac Biotech, Ltd SEC Filing

Rhea-AI Filing Summary

Nomura Holdings, Inc. (NMR) filed a Form 6-K detailing its share buyback activity for June 2025.

• Program parameters: Board resolution dated April 25, 2025 authorises repurchase of up to 100 million shares (≈3.2 % of shares outstanding) or ¥60 billion between May 15 and Dec 30 2025, excluding blackout periods.

• June execution: 25,670,300 shares were repurchased across 16 trading days for a total consideration of ¥22,903,332,570. The implied average price is roughly ¥892 per share.

• Cumulative progress: Since program launch the company has bought back 47,590,200 shares for ¥41,932,504,490—47.6 % of the volume target and 69.9 % of the monetary limit. The purchases represent about 1.5 % of the 3,163,562,601 shares outstanding.

• Treasury stock: Nomura now holds 210,688,559 shares in treasury, equal to approximately 6.7 % of total shares. Dispositions were minimal; 151,800 shares (¥80.5 million) were issued via stock-option exercises.

Investment takeaways: Rapid utilisation of the buyback budget signals management confidence and provides near-term EPS support. However, with 70 % of funds already deployed midway through the authorised period, future flexibility is reduced, and the large treasury balance raises questions about eventual cancellation policies.

Insights

Financial Analyst

TL;DR – Nomura has spent 70 % of its ¥60 bn buyback budget by June, enhancing EPS but limiting future flexibility.

Nomura accelerated its repurchase plan, retiring 25.7 m shares in June alone. Cumulatively 47.6 m shares (1.5 % of float) have been removed at an average cost of ¥882, absorbing 69.9 % of the authorised yen limit. The aggressive pace is earnings-accretive and illustrates solid capital capacity after recent results. Yet the rapid spend leaves just ¥18 bn for the remaining six-month window, potentially curbing future support during periods of market weakness. Investors should also note the 6.7 % treasury-share overhang pending cancellation.

Corporate Governance Expert

TL;DR – Buyback pace is shareholder-friendly, but sizeable treasury position warrants clarity on cancellation policy.

Nomura’s board-approved program demonstrates proactive capital management, nearly halving the share authorisation within seven weeks. While such activity can improve per-share metrics and signal confidence, best practice calls for prompt cancellation of repurchased shares. The firm now holds over 210 m shares in treasury; absent a stated cancellation timeline, this stock could be re-issued, partly offsetting accretion. Continued transparency on treasury-share strategy and any linkage to employee plans will be important for long-term investors.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 19)

SINOVAC BIOTECH LTD.

(Name of Issuer)

Common Shares, par value US$0.001 per share

(Title of Class of Securities)

P8696W104

(CUSIP Number)

Andrew Y Yan
c/o Suite 1102, Five Pacific Place, 28 Hennessy Road, Wanchai
Hong Kong, K3, 00000
852 2918-2200

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

07/10/2025

(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

SAIF Partners IV L.P.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,780,820.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,780,820.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,780,820.00

12

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

13

Percent of class represented by amount in Row (11)

15.00 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Comments to item 13: Calculation is based on 71,860,702 Common Shares of the Issuer outstanding as of March 31, 2024 according to the Issuer's annual report on Form 20-F for the fiscal year ended December 31, 2023 (the "2023 Annual Report").

SCHEDULE 13D

CUSIP No. P8696W104

1

Name of reporting person

SAIF IV GP, L.P.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,780,820.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,780,820.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,780,820.00

12

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

13

Percent of class represented by amount in Row (11)

15.00 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Comments to item 13: Calculation is based on 71,860,702 Common Shares of the Issuer outstanding as of March 31, 2024 according to the 2023 Annual Report.

SCHEDULE 13D

CUSIP No. P8696W104

1

Name of reporting person

SAIF IV GP Capital Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,780,820.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,780,820.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,780,820.00

12

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

13

Percent of class represented by amount in Row (11)

15.00 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Comments to item 13: Calculation is based on 71,860,702 Common Shares of the Issuer outstanding as of March 31, 2024 according to the 2023 Annual Report.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, par value US$0.001 per share
(b)	Name of Issuer: SINOVAC BIOTECH LTD.
(c)	Address of Issuer's Principal Executive Offices: No. 39 Shangdi Xi Rd, Haidian District, Beijing, CHINA , 100085.
Item 1 Comment: This Amendment No.19 to Schedule 13D is being filed on behalf of each of SAIF Partners IV L.P., SAIF IV GP, L.P., and SAIF IV GP Capital Ltd. (each, a "Reporting Person," and collectively, the "Reporting Persons"), to amend the Schedule 13D relating to the common shares, par value $0.001 per share (the "Common Shares"), of Sinovac Biotech Ltd. (the "Issuer"), filed by the Reporting Persons on May 31, 2011, as amended by Amendment No.1 to Schedule 13D filed on August 23, 2011, Amendment No.2 to Schedule 13D filed on September 30, 2011, Amendment No.3 to Schedule 13D filed on November 29, 2011, Amendment No.4 to Schedule 13D filed on December 30, 2011, Amendment No.5 to Schedule 13D filed on February 2, 2016, Amendment No. 6 to Schedule 13D filed on June 26, 2017, Amendment No. 7 to Schedule 13D filed on December 12, 2022, Amendment No. 8 to Schedule 13D filed on March 15, 2023, Amendment No. 9 to Schedule 13D filed on May 25, 2023, Amendment No. 10 to Schedule 13D filed on September 15, 2023, Amendment No. 11 to Schedule 13D filed on December 1, 2023, Amendment No. 12 to Schedule 13D filed on June 17, 2024, Amendment No. 13 to Schedule 13D filed on September 12, 2024, Amendment No. 14 to Schedule 13D filed on February 19, 2025, Amendment No. 15 to Schedule 13D filed on March 19, 2025, Amendment No. 16 to Schedule 13D filed on April 28, 2025, Amendment No. 17 to Schedule 13D filed on May 23, 2025, and Amendment No. 18 to Schedule 13D filed on June 17, 2025 (collectively, the "Original Schedule 13D"). The information in each Item below amends the information disclosed under the corresponding Item of the Original Schedule 13D. Except as amended and supplemented in previous amendments and herein, the information set forth in the Original Schedule 13D remains unchanged. Capitalized terms used herein have meanings as assigned thereto in the Original Schedule 13D unless defined herein. The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented to add the following: The Issuer disclosed on July 10, 2025 a new board of directors of the Issuer (the "Board") comprising Mr. Simon Anderson, Mr. Shan Fu, Mr. Shuge Jiao, Mr. Chiang Li, Mr. Yuk Lam Lo, Mr. Yumin Qiu, Mr. Yu Wang, Ms. Rui-Ping Xiao, Mr. Andrew Y Yan (as Chairman of the Board) and Mr. Yin Weidong. The Reporting Persons have also engaged and will continue to engage in discussions with other shareholders of the Issuer regarding the Board, the corporate governance of the Issuer and similar matters that the Reporting Persons believe would increase shareholder value, as well as pursue other plans or proposals that relate to or would result in any of the matters set forth in clauses (a)-(j) of Item 4 of Schedule 13D. The filing of this Amendment shall not be construed as an admission that the Reporting Persons and their affiliates, on the one hand, and any other shareholders of the Issuer and their affiliates, on the other hand, are a group, or have agreed to act as a group with each other for purposes of Section 13(d) of the Act or for any other purpose. The Reporting Persons expressly disclaim beneficial ownership of the common shares beneficially owned by other shareholders who may also be advocating for changes to the Board.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended and supplemented to add the following: Item 4 of Amendment No. 19 is incorporated herein by reference.

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.

SAIF Partners IV L.P.

Signature:	/s/Andrew Y Yan
Name/Title:	Director of SAIF IV GP Capital Ltd., which is the General Partner of SAIF IV GP, L.P., which is the General Partner of SAIF Partners IV L.P.
Date:	07/14/2025

SAIF IV GP, L.P.

Signature:	/s/Andrew Y Yan
Name/Title:	Director of SAIF IV GP Capital Ltd., which is the General Partner of SAIF IV GP, L.P.
Date:	07/14/2025

SAIF IV GP Capital Ltd.

Signature:	/s/Andrew Y Yan
Name/Title:	Director of SAIF IV GP Capital Ltd.
Date:	07/14/2025