HUTCHMED Launches Hong Kong IPO

HUTCHMED (China) Limited (HCM, HCM.L) said that it has launched its Hong Kong Initial public offering, which forms part of the global offering of 104.00 million new ordinary shares and the proposed primary listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited. The company will receive all of the net proceeds from the Global Offering.

The offer price for the Global Offering will be not more than HK$45.00 per Share, which is equivalent to about US$29 per American depositary share or £4.15 per Share.

The company is expected to set the Offer Price on or about June 23, 2021.

The Global Offering initially comprises 13 million new Shares under the Hong Kong Public Offering and 91 million new Shares under the international offering, representing about 12.5% and 87.5% of the total number of Offer Shares in the Offering, respectively, subject to re-allocation between the Hong Kong Public Offering and the International Offering for any over-subscriptions in the Hong Kong Public Offering and over-allotment.

In addition, the Company expects to grant the international underwriters an over-allotment option to purchase up to an additional 15.60 million new Shares in the International Offering, representing not more than 15% of the Offer Shares initially available under the Global Offering.

The company said it plans to use the net proceeds from the Global Offering primarily to advance its late-stage clinical programs as well as its pipeline of clinical-stage and preclinical drug candidates, further strengthen its commercialization, clinical, regulatory and manufacturing capabilities, fund potential global business development and strategic acquisition opportunities and for general corporate purposes.

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