XML 22 R10.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Basis of Presentation
12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. Basis of Presentation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). They include the accounts of Sinovac Biotech Ltd., which is incorporated under the laws of Antigua and Barbuda, and its wholly owned or controlled subsidiaries (collectively, the “Company”). All significant intercompany transactions have been eliminated. Details of the Company’s significant subsidiaries are as follows:

 

 

Name

 

Date of
incorporation
or
establishment

 

Place of
incorporation
(or
establishment)
/operation

 

Percentage of
ownership
as of
December
31, 2023

 

 

Percentage of
ownership
as of
December
31, 2022

 

 

Principal activities

 

Sinovac Biotech
  (Hong Kong) Limited
  (“Sinovac Hong Kong”)

 

October 2008

 

Hong Kong

 

 

100

%

 

 

100

%

 

International sales
  and marketing

 

Sinovac Biotech Co., Ltd.
  (“Sinovac Beijing”)

 

April 2001

 

People’s
Republic of
China (“PRC”)

 

 

73.09

%

 

 

73.09

%

 

Research and development,
  production and sales of
  vaccine products

 

Sinovac Life Sciences Co., Ltd.
  (“Sinovac LS”)
  (formerly Sinovac
  Research & Development Co., Ltd.)

 

May 2009

 

PRC

 

 

59.24

%

 

 

59.24

%

 

Research and development,
  production and sales of
  vaccine products

 

Sinovac (Dalian) Vaccine
  Technology Co., Ltd.
  (“Sinovac Dalian”)

 

January 2010

 

PRC

 

 

68

%

 

 

68

%

 

Research and development,
  production and sales of
  vaccine products

 

Sinovac Biomed Co., Ltd.
  ("Sinovac Biomed")

 

April 2015

 

PRC

 

 

100

%

 

 

100

%

 

Distribution of
  vaccine products

 

Sinovac Biotech (Singapore)
  Pte. Ltd. ("Sinovac Singapore")

 

August 2020

 

Singapore

 

 

100

%

 

 

100

%

 

International sales
  and marketing