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                              January 19, 2024

       Jacob Mohs
       Alternative Liquidity Index LP
       C/O Alternative Liquidity Capital
       11500 Wayzata Blvd. #1050
       Minnetonka, MN 55305

                                                        Re: Alternative
Liquidity Index LP
                                                            Sinovac Biotech
Ltd.
                                                            Schedule TO-T filed
January 8, 2024
                                                            File No. 005-79318

       Dear Jacob Mohs:

              We have reviewed your filing and have the following comments. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

               Please respond to these comments by providing the requested
information or advise us as
       soon as possible when you will respond. If you do not believe our
comments apply to your facts
       and circumstances, please tell us why in your response.

            After reviewing your response to these comments, we may have
additional
       comments. Defined terms used herein have the same meaning as in your
filing.

       Schedule TO-T filed January 8, 2024

       What are the Purchaser's future intentions concerning the Company?, page
0

   1.                                                   We note that Purchaser
made an additional offer for these shares in August 2023. Please
                                                        revise to state
(including price paid per shares and number of shares purchased in that
                                                        offer), and to indicate
whether you intend to make additional offers after this one. Provide
                                                        the same expanded
disclosure under "Future Plans" later in the Offer to Purchase, and in
                                                        any future offers for
these securities.
       4. Procedures for Accepting This Offer and Tendering Shares, page 0

   2.                                                   We note your statement
that "All questions as to the validity, form, eligibility (including
                                                        time of receipt), and
acceptance for payment of any tender of Shares pursuant to the
                                                        procedures described
above will be determined by the Purchaser, in its sole discretion,
                                                        which determination
shall be final and binding." Please revise this and similar statements
 Jacob Mohs
FirstName
AlternativeLastNameJacob
           Liquidity Index Mohs
                           LP
Comapany
January 19,NameAlternative
            2024            Liquidity Index LP
January
Page 2 19, 2024 Page 2
FirstName LastName
         throughout your materials (such as in Sections 5 and 12) to remove the
implication that
         shareholders may not challenge your determinations and interpretations
in a court of
         competent jurisdiction.
6. Effects of the Offer, page 0

3.       Please revise the first sentence of this section to clarify whether
you believe the provisions
         of the Company's Articles of Incorporation do or do not restrict
transfers of shares
         pursuant to the offer.
4.       Refer to the following statement in the last paragraph of this
section: "The foregoing
         conditions are for our sole benefit and in our sole discretion may be
waived only by us, in
         whole or in part, at any time before the Expiration Date. Our failure
to exercise any of the
         conditions does not represent a waiver of our rights to exercise such
conditions, which we
         may choose to enforce at any time." When an offer condition is
"triggered," a bidder must
         promptly notify subject security holders whether it intends to waive
that condition and
         proceed with the offer, or assert the condition and terminate it.
Please revise.
12. Conditions to this Offer, page 0

5.       Refer to clauses (a)(ii) and (v) in this section. Reserving the right
to determine satisfaction
         of an offer condition in the sole judgement or sole discretion of the
bidder may render the
         offer illusory, in contravention of Regulation 14E. Please revise to
include a standard of
         reasonableness. See Compliance and Disclosure Interpretation Question
101.01 under
         Tender Offer Rules and Schedules (March 17, 2023).
General

6.       We note your statement at the top of the cover page of the Offer to
Purchase that the offer,
         proration period, and the withdrawal rights will "EXPIRE AT 11:59 P.M.
MIDNIGHT,
         NEW YORK CITY TIME, February 21, 2024." In future filings, please
revise to clarify
         whether the expiration is at 11:59 p.m. or at midnight.
7.       Please revise your disclosure to include the information required by
Item 3 of Schedule
         TO and Item 1003(a) - (c) of Regulation M-A for any filing person and
any person
         specified in General Instruction C of Schedule TO. For each natural
person, your revised
         disclosure should include the principal business and address of his or
her current principal
         occupation or employment and past material occupations, positions,
offices or
         employment (during the past five years). In addition, please provide
the information
         required by Items 5-8 of Schedule TO for all persons or entities
specified in General
         Instruction C.
8.       We note the following disclosure on the cover page of the Offer to
Purchase: "Any
         dividends paid after Expiration Date or such other date to which the
Offer may be
         extended by the terms of the Offer and as set forth in the Assignment
Form, would be
         assigned by tendering Shareholders to the Purchaser." Please be aware
that if the Offer
 Jacob Mohs
Alternative Liquidity Index LP
January 19, 2024
Page 3
         price is offset by dividends paid, this would represent a change in
the Offer price requiring
         that the Offer remain open for at least ten business days after notice
of the change is
         disseminated to target shareholders. See Rule 14e-1(b). Please revise
to clarify.
9.       Refer to Item 10 of Schedule TO and Instruction 2 to that Item. Since
this is a partial
         offer by a non-reporting bidder, explain why the Purchaser's financial
statements are not
         material.
9. Information Concerning the Purchaser, page 0

10.      See our comments above. Please disclose the control persons of the
Purchaser, which is a
         limited partnership formed in 2021 to make investments in non-traded
securities. See
         General Instruction C to Schedule TO.
        We remind you that the filing persons are responsible for the accuracy
and adequacy of
their disclosures, notwithstanding any review, comments, action or absence of
action by the staff.

      Please direct any questions to Brian Soares at 202-551-3690 or Christina
Chalk at 202-
551-3263.



FirstName LastNameJacob Mohs                                   Sincerely,
Comapany NameAlternative Liquidity Index LP
                                                               Division of
Corporation Finance
January 19, 2024 Page 3                                        Office of
Mergers & Acquisitions
FirstName LastName