Navigation Links
Sinovac Biotech Co. Ltd., Sinovac's Beijing Subsidiary, Obtains High-Tech Enterprise Status
Date:3/9/2009

BEIJING, March 9 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NYSE Alternext US: SVA), a leading developer and provider of vaccines in China, announced today that the Chinese government, led by the Ministry of Science and Technology of China, the Ministry of Finance and the State 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 the People's Republic of China, 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.

Mr. Weidong Yin, Chairman, President and CEO of Sinovac Biotech Ltd., 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 within China. The Ministry of Science and Technology of China, the Ministry of 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.

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that 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: info@sinovac.com.

    For more information, please contact:

    Helen G. Yang
     Sinovac Biotech Ltd.
     Tel:   +86-10-8289-0088 x9871
     Fax:   +86-10-6296-6910
     Email: info@sinovac.com

    Investors/Media:
     Stephanie Carrington/Janine McCargo
     The Ruth Group
     Tel:   +1-646-536-7017/7033
     Email: scarrington@theruthgroup.com
            jmccargo@theruthgroup.com

'/>"/>
SOURCE Sinovac Biotech Ltd.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Sinovac Receives GMP Certification for its New Filling and Packaging Production Facility
2. Sinovac Enters Veterinary Vaccine Market with Inactivated Rabies Vaccine
3. Sinovac Releases Statement on Healive Vaccine Suspension
4. Sinovac Reports Third Quarter 2008 Unaudited Financial Results
5. Sinovac Named to Deloitte Technology Fast 50 China
6. Sinovac to Participate in Two Upcoming Investor Conferences
7. Sinovacs Credit Rating Upgraded to AAZ, Second Highest Rating
8. Sinovac Biotech Holds 2007 Annual General Meeting
9. Sinovac to Present at the 2008 UBS Global Life Sciences Conference
10. Sinovac Initiates Clinical Trials for Inactivated Hepatitis A Vaccine in Ukraine
11. Sinovac Launches Seasonal Influenza Vaccine Anflu(R) for 2008-2009 Flu Season
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... , Feb. 5, 2016 Australian-US drug discovery ... announced today the appointment of a new Chairman, Mr ... Carmine , effective immediately. James Garner , ... Executive Director and former Acting CEO, Mr Iain Ross ... Non-Executive Director. --> James Garner , has also ...
(Date:2/4/2016)... Falls Church, VA (PRWEB) , ... ... ... a first-year cybersecurity conference presented by Bloomsburg University’s Digital Forensics Club, takes ... Bloomsburg, PA. The two-day event features 20+ speakers and activities such as ...
(Date:2/4/2016)... ContraVir Pharmaceuticals, Inc. (NASDAQ: CTRV ), ... of targeted antiviral therapies, announced today that it will ... be held February 8-9, 2016, at the Waldorf Astoria ... & Healthcare Conference, taking place in New ... James Sapirstein , Chief Executive Officer of ContraVir, will ...
(Date:2/4/2016)... ... , ... Many of the engineers at FireflySci, Inc. have been manufacturing quartz ... from other cuvette manufacturers is their supercharged customer service and their extensive database of ... steady flow of inside information, they have recently revamped their manufacturing techniques to reduce ...
Breaking Biology Technology:
(Date:1/28/2016)... JOSE, Calif., Jan. 28, 2016 Synaptics (NASDAQ: SYNA ... results for its second quarter ended December 31, 2015. ... second quarter of fiscal 2016 increased 2 percent compared to the ... second quarter of fiscal 2016 was $35.0 million, or $0.93 per ... Non-GAAP net income for the first quarter of fiscal 2016 grew ...
(Date:1/22/2016)... January 22, 2016 ... addition of the  "Global Behavioral Biometric ... --> http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) has ... Behavioral Biometric Market 2016-2020"  report to ... and Markets ( http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) has announced ...
(Date:1/20/2016)...   MedNet Solutions , an innovative SaaS-based eClinical ... research, is pleased to announce the attainment of record-setting ... result of the company,s laser focus on (and growing ... it,s comprehensive, easy-to-use and highly affordable cloud-based technology platform. ... MedNet growth achievements in 2015 include: , ...
Breaking Biology News(10 mins):