Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 381

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 381
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Shanghai Hutchison Pharmaceuticals 45% Disposal: We had been exploring opportunities to unlock the underlying value of Shanghai Hutchison Pharmaceuticals and focus resources on our global innovative drug discovery and development businesses. 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 Service Capital Co., Ltd. (“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 a 25.1247% and a 9.8753% equity interest in Shanghai Hutchison Pharmaceuticals, respectively, together representing all of the GP Health Sale Shares. On March 14, 2025, we dispatched to our shareholders a notice of Extraordinary General Meeting and circular to convene an Extraordinary General Meeting of 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.
Following closing of the transactions, we will retain a 5% equity interest in Shanghai Hutchison Pharmaceuticals and the right to nominate one director of Shanghai Hutchison Pharmaceuticals. There will be a three-year transition period in which we have the right to propose for nomination the General Manager of Shanghai Hutchison Pharmaceuticals, and will guarantee to GP Zhicheng Private Equity and Shanghai Zhibaihe Enterprise Management a minimum Shanghai Hutchison Pharmaceuticals net profit growth of at least ~5% annually, subject to total compensation, for not achieving such net profit growth, not exceeding approximately $95 million. It is estimated that we will record a gain on disposal of approximately $477 million before taxation, taking into account the carrying value of the shares sold and the present value of the maximum total compensation. 
Dividends: In 2024, dividends of $34.9 million (2023: $42.3m) were paid from Shanghai Hutchison Pharmaceuticals to the Group level with aggregate dividends received by us since inception of over $360 million.
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Our Clinical Pipeline

1.   Savolitinib (HMPL-504)
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Savolitinib