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Heng Ren Partners Demands Sinovac Distribute $8.9 Billion in Cash to its Shareholders and Cause Reinstatement of Trading

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BOSTON, March 20, 2025 /PRNewswire/ — Sinovac Biotech Ltd. (NASDAQ: SVA) (“Sinovac”) shareholder Heng Ren Partners, LLC funds (“Heng Ren”) today sent an open letter to Sinovac’s shareholders outlining the significant and decisive action that Sinovac’s Board of Directors must take to create liquidity and release cash to shareholders. Specifically, Heng Ren demands that Sinovac’s Board of Directors announce a distribution of $8.9 billion in cash to its shareholders and cause the resumption of trading of the Company’s shares.

The full text of the letter follows:

March 20, 2025

Dear Fellow Sinovac Shareholders:

Like you, we are shareholders in Sinovac Biotech Ltd. (“Sinovac” or the “Company”).  Heng Ren Partners, LLC (“Heng Ren”) manages funds that have held Sinovac shares since 2018.  Heng Ren has long believed in the Company’s business and its potential, and Heng Ren’s conviction was borne out by the Company’s incredible success with the CoronaVac vaccine.  In 2019, before the COVID-19 pandemic, the Company’s revenues were $246 million with income of $39.8 million.  By 2021, revenue soared to more than $19 billion with profits of $8.5 billion.  That incredible increase in profits and value should have been shared with us—Sinovac’s shareholders and owners.  It was not.

Unfortunately, the Company did not share its meteoric success with the shareholders.  Despite raking in massive amounts of cash—Sinovac has been sitting on more than $10 billion in net cash and cash equivalents for more than three years—the Company did not make a single distribution to shareholders.  Instead, it appears that Sinovac subsidiaries distributed billions of dollars to other entities while Sinovac common equity shareholders got nothing.  Furthermore, litigation resulted in the suspension of Sinovac trading on NASDAQ for more than six years, preventing shareholders from trading during the Company’s massive transformation.  That trading suspension continues through today.  In short, shareholders were handcuffed from selling their shares at the peak of the Company’s success and the Company failed to make any distributions.

On January 16, 2025, Sinovac announced that the litigation was resolved and on February 28, Sinovac announced that a new board of directors was appointed.  The Company also announced that the new board was committed to achieving the resumption of trading.  But more than three weeks have passed, and the new board has not communicated to shareholders any concrete steps or timeline.  More importantly, the Board has not told us, the shareholders, when it will distribute the billions of dollars of hoarded cash to us, the shareholders, its rightful owners.

Heng Ren calls for Sinovac’s Board to take decisive and immediate action.  Specifically, Heng Ren has identified the following acts that the Board must take:

1.  Distribute Cash.  The Board should distribute $8.9 billion of the Company’s approximately $10.3 billion in net cash and short-term investments to all shareholders, with a record date for such distribution that is prior to the resumption of trading.

  • This distribution is long overdue. For more than three years, the Company has been sitting on more than $10 billion in net cash or cash equivalents all while shareholders were prevented from trading. This money should be distributed to the shareholders now—especially given that, from 2021–2024, Sinovac’s subsidiaries distributed cash dividends totaling $2.7 billion while common shareholders like us got nothing. If shareholders like us had been paid their share of these dividends, an additional $3.9 billion in dividends would have been distributed to us. Another $5.0 billion in excess cash also should be distributed as long overdue dividends to shareholders. The Company still would be well capitalized. Dividends should have record dates prior to the resumption of any trading.

2.  Reinstate Trading.  After announcing a plan to distribute cash to shareholders, the Company must take all action necessary to cause the resumption of trading of Sinovac’s shares on NASDAQ.  The Board must immediately take and disclose all steps that it is taking to make this happen.

  • The Board must inform shareholders of a clear timeline as to when the trading of Sinovac’s shares will resume on NASDAQ.
  • The Board must prevent any trading, by Company management or otherwise, of Sinovac’s shares until full disclosure is made of the Company’s financial condition and other material information.

3.  Provide a Full Accounting.  Shareholders are entitled to all information necessary to determine which additional actions, if any, are warranted.

  • From 2021–2024, Sinovac’s subsidiaries paid out $2.7 billion in dividends to minority shareholders. The precise context surrounding the payment of these dividends is unspecified and unknown, but Sinovac’s common shareholders received nothing. Sinovac shareholders are entitled to a full and complete accounting of these and any other distributions to entities or parties other than Company shareholders.
  • Shareholders are entitled to information regarding all related party transactions entered into by the Company or any of its subsidiaries, on the one hand, and any member of the prior board or any entity controlled or affiliated with any member of the prior board, on the other hand.

There should be little doubt about the value of Sinovac’s shares.  In its most recent holdings filing with the U.S. Securities and Exchange Commission (SEC), OrbiMed Advisors LLC, a large and well-respected biotech and life sciences fund family, which owns 3.8% of Sinovac, reported the value of its Sinovac stake at $333.9 million, or $122.85 per share. Not the price of $6.47 frozen since the trading halt in 2019.

https://www.sec.gov/Archives/edgar/data/1055951/000117266125001136/xslForm13F_X02/infotable.xml

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With the resolution of the litigation and the appointment of the new board, the Company must act with transparency and urgency to distribute cash with a record date prior to the resumption of trading, resume trading of Sinovac’s shares, and provide an accounting to the Company’s shareholders.  We urge our fellow shareholders to demand that the new Board take these actions.

About Heng Ren:

Heng Ren Partners is a Boston-based asset management firm investing in Chinese companies.  Ropes & Gray LLP is serving as its legal counsel.

Any shareholder may obtain additional information or contact Heng Ren
at https://www.hengreninvestment.com and click “Sinovac Fairness.”

 

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NYSE Content Advisory: Pre-Market Update and Lynn Martin announced as a jury president for Money20/20’s global fintech awards

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April 2, 2025

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NEW YORK, April 2, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins.

 

Kristen Scholer delivers the pre-market update on April 2nd

  • SmartStop Self Storage (NYSE:SMA), the operator of self-storage facilities in the United States and Canada, is debuting today on the New York Stock Exchange.
  • While IPOs and President Donald Trump’s tariffs remain in the spotlight, economic data this week is also ramping up with the ADP private payrolls figure showing economists anticipated 120,000 jobs were added last month up from 77,000 jobs in February.
  • This morning, Money20/20 named NYSE President Lynn Martin as the diamond category jury president for The Money Awards, its inaugural global awards to recognize the companies shaping the future of financial services.

Watch NYSE TV Live every weekday 9:00-10:00am ET 

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Alternative Payment Methods Set to Increase by 170% Driven by a Surge in Domestic Digital Wallets, Instant and QR Payments

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April 2, 2025

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Domestic APMs are outpacing international APMs to become the primary way for emerging markets to interact in the digital payment world

NEW YORK, April 2, 2025 /PRNewswire/ — According to global intelligence firm ABI Research, the total combined worldwide value of transactions for the APM market (digital wallets, instant payments, and QR payments) will reach US$ 142 trillion by the end of 2030. This exponential growth is driven by an increasing number of countries looking for financial sovereignty rather than relying on international players.

“Growth of APMs in domestic markets is being galvanized by economies transitioning from cash to digital payments, like those in East Asia and Latin America. This drive is due to these economies not having to integrate an existing card-dominated payment ecosystem into their digital platform. Instead, they can start fresh from the ground up, which has led to an innovation-driven ecosystem and the rise of a richer shopping experience through super apps, as well as creating an opportunity to foster interoperability between domestic networks in other markets,” explains Ash Robinson, Analyst at ABI Research.

An estimated 45% of people globally used a digital wallet in 2024. China had the highest digital wallet usage, with 95% of people using WeChat (a Chinese Super app) in 2024. At the end of 2025, instant payments will total US27.94 trillion in transaction value, with this growth being driven heavily by Pix (Brazil) and UPI (India) as both platforms transition from an Instant Payment-only platform to one encompassing QR payments and wider digital wallet usage. In 2024, two-thirds of all global online payments were conducted through domestic Alternative Payment Methods (APMs), highlighting their increasing preference for online transactions.

“While niche in Europe and North America, QR payments have seen a large boom in cash-dominated markets in Asia-Pacific, making up most of the US$5.4 trillion of processed transactions. Like digital wallets, they offer substantially more than just the ability to process payments. Platforms like WeChat offer chat services and social media tied into their payment functions, creating a more community-based payment ecosystem than what is traditionally found in QR payment systems in Europe and North America,” Robinson concludes.

These findings are from ABI Research’s The Rise of Domestic Alternate Payment Systems report. This report is part of the company’s Digital Payment Technologies research service, which includes research, data, and ABI Insights.

About ABI Research

ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.

ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。

For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.

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BingX Launches StakeStone Launchpool to Unlock Staking and Cross-Chain Liquidity

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April 2, 2025

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PANAMA CITY, April 2, 2025 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to introduce StakeStone (STO) to the BingX Launchpool, offering its users a zero-fee staking experience with real-time earnings visibility and flexible withdrawal options. Running from April 2 to April 7, this initiative provides a gateway to decentralized, cross-chain liquidity while maximizing rewards.

StakeStone is a decentralized omnichain liquidity infrastructure protocol designed to improve liquidity distribution across blockchain networks. Utilizing its omnichain architecture, StakeStone optimizes yield generation, streamlines liquidity provisioning, and enhances asset management. Backed by investors like BingX Labs, an innovation hub dedicated to identifying and empowering promising blockchain projects, StakeStone enhances liquidity distribution across multiple blockchain ecosystems through its proprietary Omnichain Liquidity Layer.

With StakeStone Launchpool on BingX, users can earn sustainable yields while maintaining full flexibility. Key benefits include instant earnings tracking, hassle-free redemption without lock-ups, and exclusive USDT rewards for both new participants and referral-based deposits. This integration simplifies asset management while offering superior yield optimization for DeFi users.

“At BingX, we are always looking for ways to break down barriers and unlock new opportunities for our users,” said Vivien Lin, Chief Product Officer of BingX. “By bringing StakeStone to our Launchpool, we are introducing a more seamless, cost-efficient staking model that empowers our users to maximize yields while benefiting from cross-chain liquidity solutions. This partnership aligns with our vision of making DeFi more accessible, efficient, and rewarding for our global community.”

BingX’s collaboration with StakeStone reflects its ongoing commitment to innovation in DeFi and cross-chain liquidity. As blockchain ecosystems become increasingly interconnected, BingX continues to expand its support for projects that solve critical liquidity fragmentation issues and enhance asset utility. The StakeStone Launchpool is part of BingX’s broader strategy to provide users with cutting-edge decentralized finance solutions, reinforcing its position as a leader in the next phase of DeFi evolution.

About BingX 

Founded in 2018, BingX is a leading crypto exchange, serving over 20 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

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