Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 686

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 16K
Chunk 686
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 PRC entity 2,323 2,386 2,492
Income not subject to tax ( 5,719) ( 5,826) ( 2,142)
Temporary difference 998 ( 817) ( 1,614)
Others 416 621 1,218
Income tax expense/(benefit) 7,192 4,509 ( 283)
(ii) Deferred tax assets and liabilities
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The significant components of deferred tax assets and liabilities are as follows:
December 31,
2024 2023
────────────────────────────────────────────────────────────────────────────────
(in US$ ’ 000)
Deferred tax assets
Cumulative tax losses 297,775 284,271
Others 14,011 14,707
Total deferred tax assets 311,786 298,978
Less: Valuation allowance ( 299,338) ( 283,522)
Deferred tax assets 12,448 15,456
Deferred tax liabilities
Undistributed earnings from a PRC entity 2,990 1,478
Others - 6
Deferred tax liabilities 2,990 1,484

F-47

Table of Contents

The movements in deferred tax assets and liabilities are as follows:
2024 2023 2022
────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
(in US$ ’ 000)
As at January 1 13,972 12,656 6,636
Movement of previously recognized withholding tax on undistributed earnings 740 3,674 2,186
(Charged)/Credited to the consolidated statements of operations
Withholding tax on undistributed earnings of a PRC entity ( 2,323) ( 2,385) ( 2,492)
Deferred tax on amortization of intangible assets 6 18 19
Deferred tax on temporary differences, tax loss carried forward and research tax credits ( 2,991) 142 6,036
Reclassification from current tax - 11 - 
Divestment of subsidiaries - ( 49) - 
Exchange differences 54 ( 95) 271
As at December 31 9,458 13,972 12,656
The deferred tax assets and liabilities are offset when the deferred income taxes relate to the same fiscal authority.
The cumulative tax losses can be carried forward against future taxable income and will