BEIJING -- Sinovac Biotech Ltd. (Nasdaq: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, announced that it received a resignation notice from David Guowei Wang, a member of the board of directors (the “Board”) and a member of the Audit Committee, Compensation Committee and the Corporate Governance and Nominating Committee of the Board, effective immediately. Mr. Wang’s resignation was due to increased professional commitments and time constraints and was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

The Board has appointed Geoffrey C. Hsu, CFA, as a director to the Board to fill the vacancy created by such resignation under the laws of Antigua and Barbuda. Mr. Hsu has also been elected as a member of the Audit Committee, Compensation Committee and the Corporate Governance and Nominating Committee of the Board.

Mr. Hsu is a General Partner and Portfolio Manager at OrbiMed, one of the world’s largest dedicated healthcare investment firms, managing over $17 billion in assets. Mr. Hsu brings extensive investment experience in the biotechnology industry and China. He joined OrbiMed in 2002 and has been a Portfolio Manager since 2005, leading the public equity team’s biotech and emerging markets efforts. He has been responsible for overseeing the firm’s public equity investments in China since 2009 and the firm’s investment in SINOVAC since 2013. Prior to joining OrbiMed, Mr. Hsu worked as a financial analyst in the healthcare investment banking group at Lehman Brothers. He received an A.B. degree summa cum laude from Harvard University and holds an M.B.A. from Harvard Business School.

Following this appointment, the Board consists of four members, including Dr. Chiang Li (Chairman), Mr. Yuk Lam Lo, Mr. Sven H. Borho, CFA, and Mr. Hsu. The Audit Committee of the Board consists of three members, including Mr. Borho, Mr. Lo and Mr. Hsu. The Compensation Committee and the Corporate Governance and Nominating Committee of the Board each consists of Dr. Li, Mr. Lo and Mr. Hsu.