Sinovac Biotech Co. Ltd., Sinovac’s Beijing Subsidiary, Obtains High-Tech Enterprise Status
(NYSE Alternext US: SVA), a leading developer and provider of vaccines in
Science and Technology of
Administration of Taxation, jointly granted the Company’s operating subsidiary,
Sinovac Biotech Co. Ltd.(Sinovac Beijing), high-tech enterprise status.
According to the Enterprise Income Tax Law of
Sinovac Beijing has received recognition to benefit from a 15 percent tax rate,
down from a 25 percent tax rate. Sinovac Beijing will benefit from the lower
tax rate for a three-year validation period, covering 2008, 2009 and 2010.
Currently, all benefits of Sinovac are sourced from Sinovac Beijing
According to the China Banking Regulatory Commission Guiding Opinions
Number 94, companies with high-tech status are eligible for numerous potential
benefits including, preferential treatment in obtaining other support from the
government, competitive commercial bank loans and subsidized interest.
commented, “Receipt of high-tech enterprise status reflects Sinovac’s
continued strength and progress in fundamental areas such as the research and
development and vaccine commercialization. As a high-tech enterprise, Sinovac
is poised to benefit from substantially increased government support that
provides us with financial flexibility as we maintain solid growth. We are
very pleased to be granted this esteemed status and are well positioned to
continue to build shareholder value.”
About High-Tech Enterprise Status
High-tech enterprise status is awarded by the Chinese government to
companies that consistently invest in new product development, and generate
substantial revenues from their proprietary patented or innovative products.
In this way, the Chinese government encourages domestic and foreign investment
in advanced technologies, and has created a series of preferential tax
policies to stimulate and promote the production of high-tech products, the
provision of high-tech related services and technology transfers into and
Finance and the State Administration of Taxation jointly promulgated the
Measures For the Recognition and Administration of New and High-Tech
Enterprises, which clearly specify the requirements for the recognition and
administration of high-tech enterprises.
Sinovac Biotech Ltd. is a
focuses on the research, development, manufacture and commercialization of
vaccines that protect against human infectious diseases. Sinovac’s
commercialized vaccines include Healive(R) (hepatitis A), Bilive(R) (combined
hepatitis A and B), Anflu(R) (influenza) and Panflu(TM) (H5N1). Sinovac is
currently developing a Universal Pandemic Influenza vaccine and Japanese
encephalitis vaccine. Its wholly-owned subsidiary, Tangshan Yian is currently
conducting field trials for the first domestically-developed inactivated
animal rabies vaccines. Additional information about Sinovac is available on
its website, http://www.sinovac.com . To be added to our distribution list,
please email: email@example.com.
For more information, please contact: Helen G. Yang Sinovac Biotech Ltd. Tel: +86-10-8289-0088 x9871 Fax: +86-10-6296-6910 Email: firstname.lastname@example.org Investors/Media: Stephanie Carrington/Janine McCargo The Ruth Group Tel: +1-646-536-7017/7033 Email: email@example.com firstname.lastname@example.org
SOURCE Sinovac Biotech Ltd.