Shareholder Inquiry Transfer Result Report and Indicative Announcement that Changes in Equity of Shareholders Holding More than 5% of the Shares Touch an Integer Multiple of 5%
Securities code: 688136 Securities abbreviation: Sinovac Pharmaceutical Announcement number: 2025-097
Sinovac Biopharmaceutical Co., Ltd.
Report on the results of shareholder inquiry and transfer and an indicative announcement that changes in the equity of shareholders holding more than 5% of the shares touch an integral multiple of 5%
Shenzhen Keyi Pharmaceutical Holdings Co., Ltd. (hereinafter referred to as "Keyi Pharmaceuticals" or the "transferor") and its concerted person Deng Xueqin guarantee that the information provided to Sinovac Biopharmaceutical Co., Ltd. (hereinafter referred to as the "Company" or "Sinovac Pharmaceuticals") is true, accurate and complete, and contains no false records, misleading statements or major omissions.
The company and all members of the board of directors guarantee that the content of the announcement is consistent with the information provided by the information disclosure obligor. Important content reminder:
The price of this inquiry transfer is 30.05 yuan/share, and the number of shares transferred is 10,062,800 shares. The company’s controlling shareholder participates in this inquiry transfer.
This transfer will not lead to changes in the company’s controlling shareholders and actual controllers.
After this equity change, Keyi Medicine and its person acting in concert, Mr. Deng Xueqin, held a total of 101,389,955 shares of the company, and their proportion of the company's total share capital decreased from 55.38% before the equity change to 50.38%. The cumulative equity change ratio touches an integral multiple of 5%.
1. Situation of the transferor
(1) Basic information of the transferor
As of November 14, 2025, the number and proportion of the company's shares held by the transferor are as follows:
Serial number Shareholder name Number of shares held (shares) Shareholding ratio
1 Shenzhen Keyi Pharmaceutical Holdings Co., Ltd. 109,688,630 54.50% The transferor of this inquiry transfer, Keyi Pharmaceutical, holds more than 5% of the company's shares. It is the company's controlling shareholder and is an enterprise controlled by the company's actual controller and chairman Deng Xueqin.
(2) The transferor’s concerted action relationship and description of the specific circumstances
The transferor of this inquiry transfer, Keyi Pharmaceutical, is an enterprise controlled by Deng Xueqin, the actual controller and chairman of the company. Keyi Pharmaceutical and Deng Xueqin are acting in concert.
(3) Specific circumstances of this transfer
Number of shares held (Shareholding ratio Proposed number of transfers Actual number of transfers Actual number of shares held Serial number after transfer Name of shareholder
Shares) Example (shares) Amount (shares) Proportion of total shares Proportion of shares 1 Keyi Pharmaceutical 109,688,630 54.50% 10,062,800 10,062,800 5.00% 49.50%
Total 109,688,630 54.50% 10,062,800 10,062,800 5.00% 49.50%
(4) Reasons and effects of the transferor’s failure to transfer
□Applicable√Not applicable
2. Changes in shareholding interests of the transferor
√Applicable□Not applicable
(1) Keyi Medicine and its person acting in concert, Deng Xueqin
After this transfer, Keyi Medicine and its person acting in concert, Deng Xueqin, will reduce the shareholding ratio of the listed company from 55.38% to 50.38%. The specific changes are as follows:
On November 20, 2025, Keyi Pharmaceutical reduced its holdings of 10,062,800 shares of the company through price inquiry transfer, accounting for 5.00% of the company's total share capital.
To sum up, Keyi Pharmaceuticals and its person acting in concert, Deng Xueqin, reduced the shareholding ratio of the listed company from 55.38% to 50.38%, and the change in the shareholding ratio of the company reached an integral multiple of 5%.
- Basic information
Deng Xueqin Ji Name Deng Xueqin
This information Address: 42nd Floor, Building D1, Kexing Science Park, Yuehai Street, Nanshan District, Shenzhen
Equity change time -
Name Shenzhen Keyi Pharmaceutical Holdings Co., Ltd.
Keyi Medicine
Residence: Floor 42, Building D1, Kexing Science Park, Yuehai Street, Nanshan District, Shenzhen
Basic information
Equity change time November 20, 2025
- Details of this equity change
Name of shareholder Change method Date of change Type of equity Number of shares reduced (shares) Share reduction ratio
Inquiry transfer November 20, 2025 RMB ordinary shares 10,062,800 5.00% Keyi Pharmaceuticals
Total - - 10,062,800 5.00%
- Before and after this equity change, investors and their persons acting in concert own equity in the listed company.
changes in shares
Holding status before this transfer. Holding status after this transfer. Name of shareholder. Nature of shares.
Number (shares) Proportion of total share capital Quantity (shares) Proportion of total share capital
Total shares held 1,764,125 0.88% 1,764,125 0.88% Deng Xueqin Including: No sale limit
1,764,125 0.88% 1,764,125 0.88% conditional shares
Total shares held 109,688,630 54.50% 99,625,830 49.50% Keyi Pharmaceuticals Among them: No sales limit
109,688,630 54.50% 99,625,830 49.50% conditional shares
Total shares held 111,452,755 55.38% 101,389,955 50.38%
Total of which: Unlimited sales
111,452,755 55.38% 101,389,955 50.38%
conditional shares
Note: 1. The holding status before this transfer refers to the number of shares held by Keyi Pharmaceuticals and its concerted person Deng Xueqin as of November 19, 2025, and the shareholding proportion of the total share capital at that time; 2. There are tail differences in the proportions in the table, which are due to rounding of data.
3. Situation of the transferee
(1) Transfer status
Actual number of transferees Percentage of total shares Restricted period number Name of transferee Type of investor
(Share) Capital Ratio (Month)1 Hui’an Fund Management Co., Ltd. Fund Management Company 4,712,000 2.34% 6 months2 Caitong Fund Management Co., Ltd. Fund Management Company 1,678,000 0.83% 6 months3 Nord Fund Management Co., Ltd. Fund Management Company 971,000 0.48% 6 months4 UBSAG Qualified Foreign Institutional Investors 321,800 0.16% 6 months5 GF Securities Co., Ltd. Securities company 639,000 0.32% 6 months6 Cathay Haitong Securities Co., Ltd. Securities company 170,000 0.08% 6 months7 Nanjing Shengquan Hengyuan Investment Co., Ltd. Private equity fund manager 1,056,000 0.52% 6 months
Nanchang Ganjinxin Private Equity Investment Fund
8 Private equity fund manager 115,000 0.06% 6 monthly payment (limited partnership)
Shanghai Jintech Private Equity Fund Management Co., Ltd.
9 Private equity fund manager 80,000 0.04% 6 months company
Shanghai Muxin Private Equity Fund Management Co., Ltd.
10 Private equity fund manager 80,000 0.04% 6 months company
Ningbo Ningju Asset Management Center (with
11 Private equity fund manager 80,000 0.04% 6-month limited partnership)
Yue Xinyao (Beijing) Private Equity Fund Management
12 Private equity fund manager 80,000 0.04% 6 months
management co., ltd.
13 Qingdao Luxiu Investment Management Co., Ltd. Private equity fund manager 80,000 0.04% 6 months Note: There are tail differences in the proportions in the table due to rounding of data.
(2) This inquiry process
The transferor and the organizing securities firm shall consider factors such as the transferor's own capital needs and negotiate to determine the lower price limit for this inquiry transfer, and the lower price limit for this inquiry transfer shall not be less than 70% of the average trading price of the company's stock in the 20 trading days before the date of sending the subscription invitation (i.e., November 14, 2025, inclusive).
The "Subscription Invitation" for this inquiry transfer has been sent to a total of 127 institutional investors, including: 21 fund management companies, 17 securities companies, 7 insurance companies, 7 qualified foreign institutional investors, 74 private equity fund managers, and 1 futures company.
During the effective application time specified in the "Subscription Invitation", that is, from 7:15 to 9:15 a.m. on November 17, 2025, the organized securities firm received 35 "Subscription Quotations", all of which were valid quotes, and all investors participating in the subscription sent relevant subscription documents in a timely manner.
(3) Results of this inquiry
The organized securities firms received a total of 35 valid quotations. According to the pricing principles stipulated in the subscription invitation letter, 13 investors were finally allocated. The transfer price of this inquiry was finally confirmed to be 30.05 yuan/share, and the number of shares transferred was 10.0628 million shares.
(4) Whether this transfer will result in a change of control of the company
□Applicable√Not applicable
(5) The transferee did not subscribe
□Applicable√Not applicable
4. Changes in the transferee’s shareholding equity
□Applicable√Not applicable
5. Verification process and opinions of intermediaries
China International Capital Corporation has carefully reviewed the transferor, transferee, subscription qualifications of the inquiry objects, and the scope of sending the subscription invitation, and believes that:
This inquiry and transfer process followed the principles of fairness and impartiality and complied with the current regulatory requirements of the securities market. The share transfer price for this share transfer will be determined through price inquiry. The entire inquiry transfer process complies with the relevant provisions of laws, regulations, departmental rules and normative documents such as the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Implementation Opinions on the Establishment of the Science and Technology Innovation Board on the Shanghai Stock Exchange and the Pilot Registration System, the Measures for the Continuous Supervision of Companies Listed on the Science and Technology Innovation Board (Trial), the Listing Rules of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange, the Self-Regulatory Guidelines for Companies Listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 4 - Inquiry Transfer and Placement.
6. Online Announcement Attachment
"China International Capital Corporation's Verification Report on the Inquiry and Transfer of Shares by Shareholders of Sinovac Biopharmaceutical Co., Ltd. to Specific Institutional Investors".
Announcement hereby
Board of Directors of Sinovac Biopharmaceutical Co., Ltd.
November 21, 2025