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June 18, 2021, Hong Kong and Shanghai, China and Flockham Park, New Jersey (GLOBE NEWSWIRE) – HUTCHMED (China) Limited (“And virtue“Or “Company”) (NASDAQ/AIM: HCM) today announced the launch of its Hong Kong Public Offering (“Hong Kong Public Offering”), which is part of the 104,000,000 global offering (“Global Offering”) of new common shares (” Offer shares”) and its ordinary shares (“shares”) are proposed to be listed on the Main Board of The Stock Exchange of Hong Kong Limited (“Stock Exchange”) under the stock code “13”. The company will receive all net proceeds from the global offering amount.
The global offering initially includes 13,000,000 new shares under the Hong Kong Public Offering and 91,000,000 new shares under the International Offering (“International Offering”), which account for approximately 12.5% and 87.5% of the total number of offer shares under the Hong Kong Public Offering. Any over-subscription and over-allotment of the Hong Kong public offering will be redistributed between international offerings. In addition, the company expects to grant an over-allotment option (“over-allotment option”) to the international underwriters to purchase up to an additional 15,600,000 new shares in the international offering, representing 15% of the initial shares available for sale under the global offering.
The offer price (“Offer Price”) of the global offering will not exceed HK$45.00 per share (“Maximum Offer Price”), which is equivalent to approximately US$29 per American Depositary Share (“ADS”) or GBP 4.15 per share . It is expected that the company will refer to (among other things) the closing price of American Depositary Receipts on the Nasdaq Global Select Market (“NASDAQ”) and the stocks to determine the offer price on or about June 23, 2021, Hong Kong time . The AIM market on the London Stock Exchange (“AIM”) on or before the last trading day of the price determination date and investor demand during the marketing process. The shares will be traded on the Stock Exchange with 500 shares per board lot. The company expects to announce the so determined offer price on June 23, 2021.
The company has signed cornerstone investment agreements with affiliated entities of The Carlyle Group, Canadian Pension Plan Investment Commission, General Atlantic, HBM Healthcare Investments and CICC Grandeur Fund. According to these agreements, they have agreed to subscribe for offer shares that can be purchased at an offer price of HK$2.535 billion (approximately US$325 million), which accounts for approximately 54% of the total issue price, subject to certain conditions. Assuming that these offer shares are sold at the highest offer price, the offer shares initially offered under the global offering are subject to over-allotment options. The sale of such offer shares relies on Regulation S (“Regulation S”) or other exemptions required by the United States Securities Act of 1933 (“Securities Act”) registration requirements, and this cornerstone placement will form part of the international offering.
The company’s ADS, each representing the company’s five common stocks, will continue to be listed and traded on NASDAQ, and the shares will continue to be approved for trading on AIM. Investors in the global offering will only be able to purchase shares and not receive American depositary receipts. After listing, the shares listed in Hong Kong will be fully swapped with the shares represented by the American Depositary Receipts listed on the Nasdaq and the shares approved for trading on the alternative investment market.
The company plans to use the net proceeds from the global offering to promote its late-stage clinical projects and pipelines for clinical stage and pre-clinical drug candidates, to further strengthen its commercialization, clinical, regulatory, and manufacturing capabilities for potential global business development and strategic acquisitions Opportunities and general corporate purposes.
Morgan Stanley Asia Limited, Jefferies Hong Kong Limited and China International Capital Corporation Hong Kong Securities Limited are the joint sponsors of the proposed global offering.
Fully electronic application process for Hong Kong public offering
HUTCHMED decided to adopt a fully electronic application process for the Hong Kong public offering, without a printed copy of the prospectus or application form. As a company that has been highly committed to environmental, social and corporate responsibility issues since its establishment, HUTCHMED believes that this method will help reduce the environmental impact of printing and minimize the development of natural resources.The prospectus is available on the website of the Stock Exchange www.hkexnews.hk And the company’s website www.hutch-med.com.
The company encourages applicants for the Hong Kong public offering to view their prospectus and apply online through the white form eIPO service at the website: www.eipo.com.hk, Or apply through the EIPO service of the Central Clearing System. The Hong Kong Public Offering will start at 9:00 am, Friday, June 18, 2021, Hong Kong time, and will end at 12:00 noon, Wednesday, June 23, 2021, Hong Kong time.
If you have any questions about applying for Hong Kong offer shares, interested applicants can call Computershare Hong Kong Investor Services Limited’s enquiry hotline. The hotline is +852 2862 8646, which will be open from 9:00 am to 9:00 pm on Friday, June 18,…
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