Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 687

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 16K
Chunk 687
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 expire in the following years:
December 31,
2024 2023
─────────────────────────────────────────────────────
(in US$ ’ 000)
No expiry date 94,876 74,515
2024 - 3,529
2025 34,066 35,030
2026 45,465 46,766
2027 58,373 60,033
2028 100,681 103,913
2029 166,441 171,142
2030 230,851 237,384
2031 368,881 379,321
2032 577,954 594,311
2033 163,785 176,363
2034 124,299 - 
1,965,672 1,882,307
The Company believes that it is more likely than not that future operations outside the US will not generate sufficient taxable income to realize the benefit of the deferred tax assets. Certain of the Company’s subsidiaries have had sustained tax losses, which will expire withinfive yearsif not utilized in the case of PRC subsidiaries (ten yearsfor HNTEs), and which will not be utilized in the case of Hong Kong, BVI and Cayman Islands subsidiaries as they do not generate taxable profits. Accordingly, a valuation allowance has been recorded against the relevant deferred tax assets arising from the tax losses.
A US subsidiary of the Company has approximately US$5.0million and US$1.3million US Federal and New Jersey state research tax credits which will expire between 2041 and 2044 (Federal) and 2028 and 2031 (New Jersey) respectively, if not utilized.

F-48

Table of Contents

The table below summarizes changes in the deferred tax valuation allowance:

                                                                   2024          2023           2022  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────
                                                         (in US$ ’ 000)                               
  As at January 1                                               283,522       264,639        189,700  
  Charged to consolidated statements of operations               24,254        26,629         93,243  
  Utilization of previously unrecognized tax losses                ( 2)         ( 39)           ( 1)  
  Write-off of tax losses                                        ( 612)        ( 112)         ( 125)  
  Divestment of subsidiaries                                          —        (