November 19, 2025 — Leads & Copy — Sinovac Biotech Ltd. (SINOVAC), a biopharmaceutical company in China, announced it received a delisting determination letter from The Nasdaq Stock Market LLC on November 12, 2025, due to non-compliance with Nasdaq Listing Rule 5250(c)(1) for failing to file its annual report on Form 20-F for the year ended December 31, 2024.
The company intends to request a hearing before the Nasdaq Hearing Panel to appeal the Staff Determination. Unless a hearing is requested, the company’s securities will be subject to suspension and delisting from Nasdaq at the opening of business on November 21, 2025.
Sinovac previously disclosed in its Form 12b-25 filing with the U.S. Securities and Exchange Commission on April 29, 2025, that it could not file the 2024 Annual Report on time because Grant Thornton Zhitong Certified Public Accountants LLP resigned as the company’s independent registered public accounting firm on April 15, 2025.
Nasdaq granted Sinovac a 60-day period from the initial notification on May 16, 2025, to submit a plan to regain compliance. Subject to the acceptance of the plan, the company had 180 days from the due date of the 2024 Annual Report, until November 11, 2025, to file the report and regain compliance.
Sinovac announced on October 24, 2025, that it engaged UHY LLP as its independent registered public accounting firm and is working to file the 2024 Annual Report as soon as possible.
The company’s hearing request to appeal the Staff Determination must be made by November 19, 2025, which will automatically stay the suspension of the company’s securities for 15 days. The company intends to seek a further stay pending the hearing process.
Sinovac Biotech Ltd. focuses on the R&D, manufacturing, and commercialization of vaccines against human infectious diseases. Its product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected Hand-Foot-Mouth disease (HFMD), hepatitis A, varicella, influenza, and poliomyelitis.
The company’s COVID-19 vaccine, CoronaVac®, is approved for use in over 60 countries. Its hepatitis A vaccine, Healive®, met WHO prequalification requirements in 2017, and its EV71 vaccine, Inlive®, was commercialized in China in 2016. In 2022, SINOVAC’s Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO. SINOVAC was the first company approved for its H1N1 influenza vaccine Panflu.1®, supplying the Chinese government’s vaccination campaign and stockpiling program. It is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government’s stockpiling program.
SINOVAC dedicates itself to new vaccine R&D, explores global market opportunities, and plans to conduct more trade and cooperation with countries and organizations.
Source: Sinovac Biotech Ltd.
