Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 553

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 553
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 HUTCHMED Limited.
Our Other Ventures’ administrative expenses are primarily comprised of the salaries and benefits of administrative staff, office leases and other overhead expenses incurred by our Distribution Business.
Our corporate head office administrative expenses are primarily comprised of the salaries and benefits of our corporate head office employees and directors, office leases and other overhead expenses.
Equity in Earnings of Equity Investees
We have historically derived a significant portion of our net income from our equity in earnings of equity investees, which was primarily attributable to our non-consolidated joint venture, Shanghai Hutchison Pharmaceuticals. Our equity in earnings of equity investees, net of tax, contributed by Shanghai Hutchison Pharmaceuticals was $49.7 million, $47.3 million and $46.5 million for the years ended December 31, 2022, 2023 and 2024 respectively.
On December 31, 2024, we entered into two share purchase agreements to divest our 45% equity interest in Shanghai Hutchison Pharmaceuticals for approximately $608 million in cash, to GP Health for a 35% equity interest in Shanghai Hutchison Pharmaceuticals (“GP Health Sale Shares”) and Shanghai Pharmaceuticals for a 10% equity interest in Shanghai Hutchison Pharmaceuticals. Subsequently, pursuant to the share purchase agreement, GP Health designated and we entered into share purchase agreements with GP Zhicheng Private Equity and Shanghai Zhibaihe Enterprise Management to purchase 25.1247% and 9.8753% equity interest in Shanghai Hutchison Pharmaceuticals, respectively, together representing all of the GP Health Sale Shares. We expect to convene an Extraordinary General Meeting for our shareholders to approve the transactions on March 31, 2025. The transactions are conditional upon the satisfaction (or, where applicable, waiver) of certain conditions including the simultaneous closing of each share purchase agreement, approval by our shareholders and regulatory approvals. 
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The following table shows the revenue of Shanghai Hutchison Pharmaceuticals for the periods indicated. The consolidated financial statements of Shanghai Hutchison Pharmaceuticals are prepared in accordance with IFRS as issued by the IASB and are presented separately elsewhere in this annual report.

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​                                    ​   Year Ended December 31,                                                     
​                                    ​   2024                   ​    2023                   ​    2022                
​                                        $’000          %            $’000          %            $’000