Inclusion Criteria:  Subject must participate voluntarily and sign the informed consent form; Aged ≥ 18 years old, male or female; Histopathologically confirmed hepatocellular carcinoma; Has PD on treatment with prior anti-PD-1/PD-L1/CTLA-4 monoclonal antibody (mAb) administered either as monotherapy or as combination therapy. No more than 2 lines of previous system treatment; Be able to provide fresh or archived tumor tissue samples; Patient with at least one measurable lesion (for Stage I); Barcelona clinic liver cancer: Stage B or C; Child-Pugh score: ≤ 7; ECOG PS score of 0-1; Life expectancy of ≥ 12 weeks; Adequate organ function Must take one medically approved contraceptive measure  Exclusion Criteria:  Patients with any active, known or suspected autoimmune disorder; Patients who have used corticosteroids or other immunosuppressive agents for systemic treatment within 1 month prior to randomization; With known severe allergic reactions to any other monoclonal antibodies; Received previous camrelizumab or rivoceranib mesylate treatment; Patients who discontinued ICIs treatment due to immune-related toxicity; Patients with known CNS metastasis or hepatic encephalopathy; Patients with liver tumor burden greater than 50% of total liver in volume, or patients who have previously undergone liver transplantation;; Patients with symptomatic ascites or pleural effusion requiring paracentesis and drainage, or patients who have undergone ascites or pleural effusion drainage within 2 weeks before randomization; Patients with other malignancies currently or within the past 5 years; Patients with hypertension which cannot be well controlled by antihypertensives; history of hypertensive crisis or hypertensive encephalopathy; Uncontrolled cardiac diseases or symptoms； Known hereditary or acquired bleeding disorders; Clinically significant bleeding symptoms or clear bleeding tendency; Patients with gastrointestinal perforation or gastrointestinal fistula; Patients with significant vascular invasions with a high possibility of fatal bleeding; Patients with important arterial/venous thrombosis; Patients experiencing toxicity caused by previous anti-tumor therapy that has not recovered to Grade ≤ 1; Patients with active infection; Patients with congenital or acquired immune deficiency; Patients who received live vaccines within 28 days prior to randomization, or are expect to be vaccinated during the treatment period; Patients with other potential factors that may affect the study results.