# EDGAR Filing Document

**Accession Number:** 0001648257
**File Stem:** 0001104659-26-071540
**Filing Date:** 2026-6
**Character Count:** 116342
**Document Hash:** 88b015fc2868f4f12dda30c8970192c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-071540.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001104659-26-071540

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**EFFECTIVENESS DATE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUTCHMED (China) Ltd
- **CENTRAL INDEX KEY:** 0001648257
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296621
- **FILM NUMBER:** 261074487

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 48TH FLOOR, CHEUNG KONG CENTER
- **STREET 2:** 2 QUEEN'S ROAD CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **BUSINESS PHONE:** 852-2121-3888

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 48TH FLOOR, CHEUNG KONG CENTER
- **STREET 2:** 2 QUEEN'S ROAD CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hutchison China MediTech Ltd
- **DATE OF NAME CHANGE:** 20150716

**As filed with the Securities and Exchange Commission on June 9, 2026**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**HUTCHMED (China) Limited**

**(Exact Name of Registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Cayman Islands** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Not applicable** |
| (State or other jurisdiction of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer |
| incorporation or organization) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification No.) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**48<sup>th</sup> Floor, Cheung Kong Center** |  |
| &nbsp;&nbsp;**2 Queen's Road Central** |  |
| &nbsp;&nbsp;**Hong Kong** | &nbsp;&nbsp;**Not applicable** |
| &nbsp;&nbsp;**Tel: +852 21218200** | &nbsp;&nbsp;(Zip Code) |

---

(Address, including zip code, and telephone number, including area code, of Principal Executive Offices)

**2026 Share Option Scheme**

(Full title of the plan)

**Cogency Global Inc.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**

**New York, NY 10168**

**Tel: (800) 221-0102**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to**:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CHENG Chig Fung, Johnny** | &nbsp;&nbsp;**James C. Lin, Esq.** |
| &nbsp;&nbsp;Acting Chief Executive Officer and Chief Financial Officer | &nbsp;&nbsp;Davis Polk & Wardwell |
| &nbsp;&nbsp;Level 18, The Metropolis Tower | &nbsp;&nbsp;The Hong Kong Club Building |
| &nbsp;&nbsp;10 Metropolis Drive, Hunghom, Kowloon, Hong Kong | &nbsp;&nbsp;3A Chater Road, Central, Hong Kong |
| &nbsp;&nbsp;Telephone: +852 2121 8200 | &nbsp;&nbsp;Telephone: +852 2533 3300 |

---

**Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.**

---

| | | |
|:---|:---|:---|
| **Large accelerated filer ⌧** | **Accelerated filer** | ◻ |
| **Non-accelerated filer** ¨ **(Do not check if a smaller reporting company)** | **Smaller reporting company** | ◻ |
|  | **Emerging Growth Company** | ◻ |

---

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.** ¨

**EXPLANATORY NOTE**

**Registration of Additional Securities**

Pursuant to General Instruction E of Form S-8, the Registrant is filing this Registration Statement with the Securities and Exchange Commission (the "Commission") to register an additional 43,616,756 Ordinary Shares under the 2026 Share Option Scheme. A total of 43,616,756 ordinary shares may be issued under the Registrant's 2026 Share Option Scheme. These 43,616,756 additional Ordinary Shares are additional securities of the same class as other securities for which registration statements (File No. 333-212406, File No. 333-224391, and No. 333-240180) were filed with the Commission on July 6, 2016, April 23, 2018, and July 30, 2020, respectively.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

In accordance with the instructional note to Part I of Form S-8 as promulgated by the Commission, the information specified by Part I of the Form S-8 has been omitted from this Registration Statement.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The Registrant hereby incorporates the following documents herein by reference:

(a) [the contents of the Registrant's Registration Statement on Form S-8 filed with the Commission on July 6, 2016 (File No. 333-212406)](http://www.sec.gov/Archives/edgar/data/1648257/000110465916131120/a16-13778_1s8.htm) ;

(b) [the contents of the Registrant's Registration Statement on Form S-8 filed with the Commission on April 23, 2018 (File No. 333-224391)](http://www.sec.gov/Archives/edgar/data/1648257/000164825718000023/c257-20180423xs8.htm) ;

(c) [the contents of the Registrant's Registration Statement on Form S-8 filed with the Commission on July 30, 2020 (File No. 333-240180)](http://www.sec.gov/Archives/edgar/data/1648257/000110465920088038/a20-25457_1s8.htm) ;

(d) [the Registrant's Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the SEC on March 5, 2026](http://www.sec.gov/ix?doc=/Archives/edgar/data/1648257/000110465926023822/hcm-20251231x20f.htm) ; and

(e) [the description of the Registrant's Ordinary Shares filed as exhibit 2.4 to its Annual Report on Form 20-F for the fiscal year ended December 31, 2025,](http://www.sec.gov/Archives/edgar/data/1648257/000110465923026282/hcm-20221231xex2d4.htm) filed with the SEC on March 5, 2026, together with any amendment or report filed with the Commission for the purpose
of updating such description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents. Any statement in a document incorporated or deemed to be incorporated by reference in this Registration Statement will be deemed to be modified or superseded to the extent that a statement contained in this Registration Statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this Registration Statement.

**Item 8. Exhibits.**

The Exhibits listed on the accompanying Exhibit Index are filed as a part of, or incorporated by reference into, this Registration Statement. (See Exhibit Index below).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [4.1](https://www.sec.gov/Archives/edgar/data/1648257/000110465922029752/hcm-20211231xex1d1.htm) | [Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 1.1 to the Registrant's annual report on Form 20-F filed with the Commission on March 3, 2022).](https://www.sec.gov/Archives/edgar/data/1648257/000110465922029752/hcm-20211231xex1d1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1648257/000104746916010110/a2226655zex-4_3.htm) | [Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.3 to Amendment No. 2 to the Registrant's registration statement on Form F-1 (File No. 333-207447) filed with the Commission on February 11, 2016).](https://www.sec.gov/Archives/edgar/data/1648257/000104746916010110/a2226655zex-4_3.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1648257/000104746916010762/a2227577zex-4_1.htm) | [Specimen American depositary receipt of the Registrant (incorporated herein by reference to Exhibit 4.1 to Amendment No. 4 to the Registrant's registration statement on Form F-1 (File No. 333-207447) filed with the Commission on March 4, 2016).](https://www.sec.gov/Archives/edgar/data/1648257/000104746916010762/a2227577zex-4_1.htm) |

---

---

| | |
|:---|:---|
| [4.4](https://www.sec.gov/Archives/edgar/data/1648257/000104746916010762/a2227577zex-4_1.htm) | [Form of Deposit Agreement among the Registrant, the depositary and holders and beneficial owners of American depositary receipts (incorporated herein by reference to Exhibit 4.1 to Amendment No. 4 to the Registrant's registration statement on Form F-1 (File No. 333-207447) filed with the Commission on March 4, 2016).](https://www.sec.gov/Archives/edgar/data/1648257/000104746916010762/a2227577zex-4_1.htm) |
| [4.5](https://www.sec.gov/Archives/edgar/data/1471515/000095012719000048/ex_4.htm) | [Form of Amendment No. 1 to the Deposit Agreement by and among the Registrant, the depositary and holders and beneficial owners of American depositary receipts (incorporated by reference to Exhibit (a)(2) to Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form F-6 (file no. 333-209930) filed with the SEC on May 29, 2019).](https://www.sec.gov/Archives/edgar/data/1471515/000095012719000048/ex_4.htm) |
| [4.6\*](tm2613054d1_ex4-6.htm) | [2026 Share Option Scheme.](tm2613054d1_ex4-6.htm) |
| [5.1\*](tm2613054d1_ex5-1.htm) | [Opinion of Conyers Dill & Pearman regarding the validity of the ordinary shares being registered.](tm2613054d1_ex5-1.htm) |
| [23.1\*](tm2613054d1_ex5-1.htm) | [Consent of Conyers Dill & Pearman (included in Exhibit 5.1).](tm2613054d1_ex5-1.htm) |
| [23.2\*](tm2613054d1_ex23-2.htm) | [Consent of PricewaterhouseCoopers Zhong Tian LLP, an independent registered accounting firm, regarding the consolidated financial statements of HUTCHMED (China) Limited](tm2613054d1_ex23-2.htm) |
| [23.3\*](tm2613054d1_ex23-3.htm) | [Consent of PricewaterhouseCoopers Zhong Tian LLP, independent auditors, regarding the consolidated financial statements of Shanghai Hutchison Pharmaceuticals Limited](tm2613054d1_ex23-3.htm) |
| [24.1\*](#attorney_001) | [Power of attorney (included on the signature page of this Registration Statement under the caption "Power of Attorney")](#attorney_001) |
| [107\*](tm2613054d1_ex-filingfees.htm) | [Filing Fee Table](tm2613054d1_ex-filingfees.htm) |

---

**\***Filed herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, on June 9, 2026.

---

| | |
|:---|:---|
| HUTCHMED (China) Limited | HUTCHMED (China) Limited |
| By: | /s/ CHENG Chig Fung, Johnny |
| Name: | CHENG Chig Fung, Johnny |
| Title: | Acting Chief Executive Officer and Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints CHENG Chig Fung, Johnny, as his or her true and lawful attorney-in-fact and agent, with the full power of substitution and re-substitution, for and in such person's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them singly, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Dan ELDAR | Chairman of the Board of Directors | June 9, 2026 |
| Dan ELDAR |  |  |
| /s/ Weiguo SU | Chief Executive Officer and Chief Scientific Officer, Director | June 9, 2026 |
| Weiguo SU |  |  |
| /s/ CHENG Chig Fung, Johnny | Acting Chief Executive Officer and Chief Financial Officer, Director | June 9, 2026 |
| CHENG Chig Fung, Johnny |  |  |
| /s/ Edith SHIH | Director | June 9, 2026 |
| Edith SHIH |  |  |
| /s/ Ling YANG | Director | June 9, 2026 |
| Ling YANG |  |  |
| /s/ Renu BHATIA | Director | June 9, 2026 |
| Renu BHATIA |  |  |
| /s/ Chaohong HU | Director | June 9, 2026 |
| Chaohong HU |  |  |
| /s/ TAN Shao Weng, Daniel | Director | June 9, 2026 |
| TAN Shao Weng, Daniel |  |  |
| /s/ WONG Tak Wai | Director | June 9, 2026 |
| WONG Tak Wai |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of HUTCHMED (China) Limited, has signed this registration statement or amendment thereto in New York, NY on June 9, 2026.

---

| | |
|:---|:---|
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| (Authorized U.S. Representative) | (Authorized U.S. Representative) |
| By: | /s/ COLLEN A. DE VRIES |
|  | Name: Colleen A. De Vries |
|  | Title: Senior Vice-President |

---

## Exhibit 4.6

**Exhibit 4.6**

**HUTCHMED (CHINA) LIMITED**

(incorporated in the Cayman Islands with limited liability)

**RULES OF THE SHARE OPTION SCHEME**

(Adopted on 12 May 2026)

**WARNING: The contents of the Scheme and the documents referred to in it have not been reviewed by any regulatory authority in Hong Kong or elsewhere. You are advised to exercise caution in relation to the offer of Options under the Scheme. If you are in any doubt about any of the contents of the Scheme, you should obtain independent professional advice.**

**Contents**

---

| | | | |
|:---|:---|:---|:---|
| **Rule** |  | **Heading** | **Page** |
| 1 | Meanings of Words Used | Meanings of Words Used | 4 |
|  | 1.1 | Defined Terms | 4 |
|  | 1.2 | References to Enactments | 7 |
|  | 1.3 | References to Issue of New Shares | 7 |
| 2 | Adoption and Duration of Scheme | Adoption and Duration of Scheme | 7 |
|  | 2.1 | Duration | 7 |
| 3 | Offer and Acceptance of Grant of Options | Offer and Acceptance of Grant of Options | 8 |
|  | 3.1 | Offer of Grant | 8 |
|  | 3.2 | Acceptance of Offers of Options | 8 |
|  | 3.3 | Terms of Options | 8 |
|  | 3.4 | Payment on Grant | 11 |
|  | 3.5 | Non-transferability of Options | 11 |
| 4 | Vesting | Vesting | 11 |
|  | 4.1 | Rounding | 11 |
| 5 | Exercise | Exercise | 11 |
|  | 5.1 | Exercise of Options | 11 |
|  | 5.2 | Manner of Exercise | 11 |
|  | 5.3 | Exercise in part | 12 |
|  | 5.4 | Restrictions on Exercise | 12 |
| 6 | Lapse and Cancellation of Options | Lapse and Cancellation of Options | 12 |
|  | 6.1 | Lapse on Expiry of Option Period | 12 |
|  | 6.2 | Lapse on Cessation of Employment for death, illness or retirement | 12 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 6.3 | Lapse on termination for cause | 13 |
|  | 6.4 | Lapse on Cessation of Employment for any other reason | 13 |
|  | 6.5 | Lapse on a General Offer | 13 |
|  | 6.6 | Lapse on Winding-up | 14 |
|  | 6.7 | Lapse in Other Circumstances | 14 |
|  | 6.8 | Cancellation of Options | 14 |
| 7.0 | Shares |  | 14 |
|  | 7.1 | Issue of Shares | 14 |
|  | 7.2 | Rights | 15 |
|  | 7.3 | Consents | 15 |
|  | 7.4 | Articles of Association | 15 |
| 8.0 | Maximum Number of Shares Subject to the Scheme | Maximum Number of Shares Subject to the Scheme | 15 |
|  | 8.1 | Scheme Limit | 15 |
|  | 8.2 | Refreshing the Scheme Limit | 15 |
|  | 8.3 | Exceeding the Scheme Limit | 16 |
|  | 8.4 | Individual Limit | 16 |
| 9.0 | Restrictions on Grants | Restrictions on Grants | 17 |
|  | 9.1 | Restriction on Grants to Individuals | 17 |
|  | 9.2 | Restriction on the Time of Grant of Options | 17 |
| 10.0 | Reorganisation of Capital Structure | Reorganisation of Capital Structure | 18 |
|  | 10.1 | Adjustments | 18 |
|  | 10.2 | Adjustment of Limits | 18 |
|  | 10.3 | Conditions Governing Adjustment | 18 |
|  | 10.4 | Capacity of Auditors or Independent Financial Advisers | 18 |
|  | 10.5 | Notification of Adjustment | 19 |
|  | 10.6 | No limitation on power of Company | 19 |

---

---

| | | | |
|:---|:---|:---|:---|
| 11.0 | Clawback | Clawback | 19 |
| 12.0 | Amendment | Amendment | 19 |
|  | 12.1 | Amendments to the Scheme | 19 |
|  | 12.2 | Amendments to Terms of Options | 20 |
|  | 12.3 | Authority of the Board | 21 |
| 13.0 | Termination and Suspension | Termination and Suspension | 21 |
|  | 13.1 | Termination by Board | 21 |
|  | 13.2 | Automatic Termination | 21 |
|  | 13.3 | Termination by the Shareholders | 22 |
|  | 13.4 | Suspension | 22 |
| 14.0 | Disputes | Disputes | 22 |
| 15.0 | General | General | 22 |
|  | 15.1 | Notices | 22 |
|  | 15.2 | Availability of Shares | 23 |
|  | 15.3 | Administration | 23 |
|  | 15.4 | Terms of Employment | 24 |
|  | 15.5 | Warning | 25 |
|  | 15.6 | Replacement Option Certificates | 26 |
|  | 15.7 | Withholding | 26 |
|  | 15.8 | General Notices | 26 |
|  | 15.9 | Taxation | 26 |
|  | 15.10 | Costs | 26 |
|  | 15.11 | Validity | 26 |
|  | 15.12 | Approval of Holding Company | 26 |

---

16 Data Protection 27 <br> <br> 17 Governing Law 27

**HUTCHMED (CHINA) LIMITED**

(incorporated in the Cayman Islands with limited liability)

**RULES OF THE SHARE OPTION SCHEME**

**Purpose**

The purpose of the Scheme is to provide the Company with a flexible means of either retaining, incentivising, rewarding, remunerating, compensating and/or providing benefits to Eligible Persons or such other purposes as the Board may approve from time to time, subject to any necessary consent or approval being obtained from shareholders or Independent Non-Executive Directors of the Company (or, where applicable, the shareholders or Independent Non-Executive Directors of the Listed Parent(s), if any, of the Company) or the SEHK or any other Stock Exchange or any other relevant regulatory body, where such consent or approval is required by the Company's memorandum and articles of association or any applicable law or regulatory requirement (including, for the avoidance of doubt, Chapter 17 of the Listing Rules). The Scheme may, at the discretion of the Board, be used in conjunction with any cash based compensation, incentive compensation or bonus plan.

**1 Meanings of Words Used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Defined Terms**

In these Rules:

"**Adoption Date**" means the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date that the Scheme is adopted by ordinary resolution of the Shareholders in accordance with its
Articles of Association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (if applicable) the date that the Scheme is approved by the shareholders of the Listed Parent(s) in
general meeting;

"**Applicable Employee**" means any Eligible Employee who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) together with that Eligible Employee's family (being his or her spouse and any children under the
age of 18 years), has a direct or indirect interest in 0.5% or more of a class of the Company's Shares that have been admitted to
trading on a Stock Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is likely to be in possession of unpublished price sensitive information in relation to the Company because
of his or her employment with the Member of the Group;

"**Associate**" has the meaning given in the Listing Rules;

"**Auditors**" means the auditors of the Company from time to time;

"**Balance Option Certificate**" means the certificate issued to an Option Holder in accordance with Rule 5.3;

"**Board**" means the board of Directors of the Company (and, where appropriate, includes any committee or delegate of the Board appointed by the Board to perform any of its functions including, for the avoidance of doubt, the Remuneration Committee);

"**Business Day**" means any day on which clearing banks are open for business in Hong Kong (not being a Saturday or Sunday and being deemed to commence at 9:00 am and finish at 5:00 pm);

"**Close Associate**" has the meaning given in the Listing Rules;

"**Company**" means HUTCHMED (China) Limited, a company incorporated in the Cayman Islands with limited liability;

"**Companies (WUMP) Ordinance**" means the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), as amended and restated from time to time;

"**Connected Person**" has the meaning given in the Listing Rules;

"**Contract**" means, in relation to an employee or Director, his or her contract of employment or service contract with his or her Employer (as amended from time to time), whether or not such Contract is written or oral and comprised in one or more documents;

"**Dealing Day**" means a day on which the SEHK is open for the business of dealing in securities;

"**Director**" means a director of any Member of the Group;

"**Eligible Employee**" means an employee or Director holding salaried office or employment under a Contract with a Member of the Group;

"**Eligible Person**" means any person who is (or will be on and following the Offer Date) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Eligible Employee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a non-executive Director (excluding any Independent Non-Executive Directors),

who is notified by the Board that he or she is an Eligible Person;

"**Employer**" means, in relation to an Eligible Employee, the Member of the Group which employs or has appointed him or her under his or her Contract;

"**Exercise Price**" means in respect of any Option, the Market Value of the Shares as at the Offer Date. The Exercise Price may be adjusted in accordance with Rule 10;

"**Hong Kong**" means the Hong Kong Special Administrative Region of the People's Republic of China;

"**Independent Non-Executive Director**" means, in relation to any company, a person who is an independent non-executive director of that company within the meaning of the Listing Rules (or, where applicable, the listing rules of the relevant Stock Exchange);

"**Listed Parent(s)**" means any holding companies (as defined under the Listing Rules) of the Company from time to time, whose shares are listed on a Stock Exchange;

"**Listing Rules**" means the Rules Governing the Listing of Securities on the SEHK as amended from time to time;

"**Market Value**" on any particular day means the highest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the average of the closing prices on the five Dealing Days immediately preceding the Offer Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the closing price of the Shares as stated on the SEHK's daily quotations sheet of the Shares on
the Offer Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the nominal value of each Share.

"**Member of the Group**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any holding company, fellow subsidiaries or associated companies of the Company (as defined in the Companies
(WUMP) Ordinance);

"**Model Code**" means the Model Code for Securities Transactions by Directors of Listed Issuers, which forms part of the Listing Rules;

"**New Approval Date**" is as defined in Rule 8.2;

"**Offer Date**" means, in relation to an Option, the date on which an Eligible Person is offered such Option pursuant to Rule 3.1 which must be a Business Day;

"**Option**" means a right granted under the Scheme to subscribe for Shares in accordance with the Scheme;

"**Option Certificate**" means, if issued, an Option Certificate issued by the Company in accordance with Rule 3.2.4 in such form as the Board may determine, and setting out the number of Shares included in the Options, the Exercise Price, Option Period, vesting condition of the Options (if applicable) and any other terms of the Option (as referred to in Rule 3.3). For the avoidance of doubt, the Company may instead issue a grant letter, which constitutes an Option Offer, setting out the terms of the Option and which shall serve as formal documentation of the grant;

"**Option Holder**" means a person holding an Option (and, where relevant, includes his/her personal representatives);

**"Option Offer**" means the offer of the grant of an Option made by the Company pursuant to Rule 3.2;

"**Option Period**" means, in relation to an Option, the period (which is notified at the Offer Date and as set out in the Option Certificate) during which the Option may be exercised, such period not to exceed the period of 10 years from the Offer Date of such Option;

"**Other Scheme**" means any other share incentive scheme of the Company (excluding any scheme that has expired or has been terminated) under which Share Grants are made by the Company or any of its subsidiaries in accordance with Chapter 17 of the Listing Rules;

"**Performance Conditions**" means any conditions imposed by the Board to be satisfied as a pre-condition to the exercise of an Option in accordance with Rule 3.3.1;

"**Remuneration Committee**" means the duly constituted remuneration committee of the Board or, before the establishment of a remuneration committee, any duly appointed committee of the Board set up for the purpose of administering the Scheme;

"**Rules**" means these rules as amended from time to time;

"**Scheme**" means the share option scheme of the Company known as "HUTCHMED (China) Limited Share Option Scheme" constituted and governed by these Rules and as may be amended from time to time;

"**Scheme Limit**" is defined in Rule 8.1;

"**SEHK**" means The Stock Exchange of Hong Kong Limited;

"**Shareholders"** means the holders of the Shares;

"**Share**" means a fully paid ordinary share in the capital of the Company and "**new Share**" means a new Share that is issued by the Company and a treasury Share, but, for the avoidance of doubt, does not include any existing Share acquired by a trustee on-market or off-market;

"**Share Grant**" means the grant of share awards and/or options over new Shares issued by the Company under Other Schemes;

"**Stock Exchange**" means a recognised stock exchange (including, for the avoidance of doubt, the Alternative Investment Market or AIM of the London Stock Exchange plc, NASDAQ Global Select Market and SEHK);

"**Substantial Shareholder**" has the meaning given in the Listing Rules;

"**Tax Liability**" means the amount of salaries or other tax and/or social security contributions for which a Member of the Group is required to account to any competent authority by virtue of or in consequence of the grant of an Option or its exercise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 References to Enactments**

Any reference in these Rules to any enactment or regulatory requirement means a reference to such enactment as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 References to Issue of New Shares**

Any reference in these Rules to the issue of new Shares under the Scheme shall include a transfer of treasury Shares.

**2 Adoption and Duration of Scheme**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Duration**

Subject to Rule 13, the Scheme shall be valid and effective for a period of 10 years commencing on the Adoption Date, after which period no further Options will be granted but the provisions of the Scheme shall remain in full force and effect to the extent necessary to give effect to the exercise of any Options granted prior to the expiry of the 10 year period and which are at that time or become thereafter capable of exercise under the Rules, or otherwise to the extent as may be required in accordance with the provisions of the Scheme.

**3 Offer and Acceptance of Grant of Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Offer of Grant**

Subject to the limits specified in Rule 8 not being exceeded and the restrictions specified in Rule 9 and any applicable regulatory and legal requirements including, if appropriate, any applicable law or regulatory requirement dealing with the offer of securities to the public and any applicable codes of conduct, the Board may offer the grant to any Eligible Person an Option to subscribe for such number of Shares at the Exercise Price in relation to such number of Options under the Scheme as the Board may determine. An Option Offer shall be made to any Eligible Person in such form as the Board may determine from time to time, specifying the number of Shares included in the Option, the Exercise Price, Option Period and other terms of the Option (as referred to in Rule 3.3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Acceptance of Offers of Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** An Option Offer shall be open for acceptance in writing or by electronic communication received by such
person as is designated by the Board for such period (not exceeding 60 days inclusive of, and from, the Offer Date) as the Board may determine
and notify to the Eligible Persons concerned. Option Offers not accepted within this period shall be deemed to have been irrevocably declined.
No Option Offer shall be open for acceptance after the expiry of the duration of the Scheme as specified in Rule 2.1 or after any
person in receipt of such an Option Offer ceases to be an Eligible Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** The grant of an Option shall not have effect until the duplicate letter comprising acceptance of the Option
Offer duly signed by the Eligible Person is received by the Company in accordance with Rule 3.2.1 above. For the avoidance of doubt,
the grant of an Option by the Company will be deemed to have occurred on the Offer Date unless otherwise declined or lapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** The Company shall issue a grant letter (which constitutes an Option Offer) to any Eligible Person who
has accepted an offer in accordance with Rule 3.2.2 and if it so determines, shall do so within 7 days after the end of the period
for acceptance of the offer referred to in Rule 3.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** The Company may if it so determines (but shall not be obliged to do so) issue an Option Certificate. In
the event that no Option Certificate is issued by the Company pursuant to these Rules in relation to an Option, then references in
these Rules to the Option Certificate in respect of that Option shall, unless the context otherwise requires, be to the grant letter
for the grant of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Terms of Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** **Performance Conditions** 

The Board may in its absolute discretion make, in individual cases, the exercise of an Option conditional on the achievement of objective Performance Conditions which shall be documented in the Option Certificate. The Performance Conditions may include certain financial metrics such as (i) share price growth and total shareholder return, measured on an absolute basis and/or relative to a defined comparator group over the relevant performance period; (ii) revenue growth; (iii) other profitability measures, including net income/loss; (iv) research and development efficiency/milestones; (v) cash flow and balance sheet metrics; and (vi) such other measures as the Board considers appropriate. Subject to Rule 12.1.5, the Board may, at its sole discretion, vary, waive or amend any such Performance Condition or may impose entirely different or additional Performance Conditions to those specified in the Option Certificate, to the extent allowable under relevant law or regulatory restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** **Minimum Holding Period** 

The Board may, at its sole discretion, determine in relation to any grant of Options that the Option Holder shall not be entitled to dispose of or otherwise transfer the Shares issued pursuant to the exercise of any such Option for a minimum holding period specified at the time of grant and which shall be specified in the relevant Option Certificate. In such event, the exercise of such Option shall be conditional on the relevant Option Holder confirming in writing at the time of exercise that he or she continues to be bound by the said minimum holding restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.3** **Additional Terms of Options** 

An Option shall be subject to such terms and conditions as may be determined by the Board at the Offer Date and specified in the Option Certificate. Such terms and conditions must not be contrary to the purpose of the Scheme. These terms and conditions may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of Shares to which the Option relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Exercise Price per Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Offer Date of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (if applicable) any Performance Conditions to which exercise of the Option is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the period an Option must be held before it will vest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) (if applicable) any minimum holding period of Shares issued pursuant to the exercise of the Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) lapse conditions which may be different from those in Rule 6 (but not so as to extend the Option
Period beyond 10 years or to provide an advantage to an Option Holder without approval of the Shareholders (where required)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.4** **Minimum vesting period** 

The vesting period for Options may not be shorter than 12 months (other than as set out in Rule 6.5), unless otherwise determined by the Remuneration Committee in respect of an employee or director of the Company or its subsidiaries and where the grant of Options is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to new joiners to replace the share awards they forfeited when leaving the previous employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to Option Holders whose employment, service or engagement is terminated due to death, ill health, serious
injury or disability or upon the occurrence of any out of control event, where the vesting of the Options may accelerate based on the
discretion of the Board (or the Remuneration Committee, as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with performance-based vesting conditions in lieu of time-based vesting criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) later than intended due to administrative and compliance reasons, and in order to put the Option Holders
in the same position as they would have been in had the grant of Options been made earlier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with a mixed or accelerated vesting schedule such as where the Options may vest evenly over a period of
12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.5** **Tax Liability** 

It shall be a term of grant of an Option that an Option Holder shall be liable to pay to the Company or any Member of the Group an amount equal to the aggregate amount of any Tax Liability before the due date for payment of such amount by a Member of the Group. In that event that a Tax Liability becomes due on the exercise of an Option, the Option may not be exercised unless the Option Holder has either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made a payment to the Company or relevant Member of the Group of an amount equal to such Tax Liability;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) entered into arrangements with the Company or other Member of the Group to secure that such payment is
made, whether by authorising the relevant company to procure the sale on his or her behalf of some or all of the Shares to be issued to
the Option Holder on the exercise of the Option and authorising the payment to the relevant company of the relevant amount of the proceeds
of sale or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.6** **Board Discretion** 

Subject to Rule 12, the Board may at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) waive any provision or matter specified in an Option Certificate pursuant to this Rule 3.3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) vary or amend any term or condition attaching to an Option with the agreement of the Option Holder (unless
otherwise permitted to do so in the Board's sole discretion in accordance with these Rules, in which case the agreement of the Option
Holder is not required),

if the Board determines that circumstances exist when to do so would be consistent with the purpose of the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Payment on Grant**

Option Holders are not required to pay for the grant of any Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Non-transferability of Options**

Except for the transmission of an Option on the death of an Option Holder to his/her personal representatives, neither the Option nor any rights in respect of it may be transferred, assigned or otherwise disposed of by any Option Holder to any other person. If an Option Holder transfers, assigns or disposes of any such Option or rights, whether voluntarily or involuntarily, then the relevant Option will immediately lapse.

**4 Vesting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Rounding**

The number of Shares in respect of which the Option vests on any occasion shall be rounded down to the nearest whole Share. Any fractional entitlement shall be carried forward and added to the number of Shares in respect of which the Option vests at the next available vesting date. If there is no other vesting date, then the remaining fraction will be written off and the Option Holder shall have no rights or entitlements in respect of that remaining fraction.

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| | |
|:---|:---|
| **5** | **Exercise** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Exercise of Options** 

Any Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** which has vested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** in respect of which any conditions attaching to the Option have been satisfied or waived by the Board
in its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3** which has not lapsed,

may be exercised at any time, provided that the restriction in Rule 5.4 is not breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Manner of Exercise**

An Option Holder may exercise any or all of his or her Options by notice of exercise in writing in such form as the Board may from time to time require, delivered to such person as is designated by the Board. The notice of exercise of the Option must be completed and signed by the Option Holder or by his or her appointed agent, and must be accompanied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** the relevant Option Certificate or Balance Option Certificate, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** correct payment in full of the total Exercise Price for the number of Shares being subscribed for or in
respect of which the Option is exercised; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** a cashless exercise arrangement, whereby the Option Holder agrees, in a manner and on terms satisfactory
to the Company, to: (i) authorise the Company (or a third-party appointed by the Company) to sell or otherwise dispose of such number
of Shares to be issued upon exercise of the Option as is necessary to cover the total Exercise Price, applicable taxes, and any other
associated costs, and/or (ii) authorise the Company, in its discretion, to withhold or not issue such number of Shares as is sufficient
to satisfy the total Exercise Price, applicable taxes, and any other associated costs, with the balance of Shares to be issued to the
Option Holder; and (iii) enter into any documentation or arrangements reasonably required by
the Company to facilitate such sale, withholding, and settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Exercise in part**

Where an Option is exercised only in part the balance shall remain exercisable on the same terms as originally applied to the whole Option, and a Balance Option Certificate may, if the Board so determines (and it shall not be obliged to do so), be issued accordingly by the Company as soon as possible after the partial exercise. A Balance Option Certificate shall state the remaining number of Shares over which the Option remains capable of exercise and shall be in such form as the Board may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Restrictions on Exercise**

No Option may be exercised in circumstances where such exercise would, in the opinion of the Board, be in breach of applicable laws or applicable rules and regulations (including the Listing Rules).

**6 Lapse and Cancellation of Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Lapse on Expiry of Option Period**

An Option will immediately lapse on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** the expiry of the Option Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** the date when any circumstance referred to in Rule 3.5 occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** subject to Rules 6.2 to 6.5 and 6.7 below, on an Option Holder ceasing to be an Eligible Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Lapse on Cessation of Employment for death, illness or retirement** 

Subject to Rule 6.3, if an Option Holder ceases to be an Eligible Employee by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** the Option Holder's death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** the Option Holder's serious illness or injury which, in the opinion of the Board, renders the Option
Holder concerned unfit to perform the duties of his or her employment and which, in the normal course, would render the Option Holder
unfit to continue performing the duties under his or her Contract for the following 12 months provided such illness or injury is not self-inflicted
or as a result of alcohol or drug abuse; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** the Option Holder's retirement on reaching the applicable retirement age in accordance with the
terms of an Option Holder's Contract or applicable company policy (if any); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.4** the Option Holder's early retirement by agreement with the Option Holder's Employer,

then, subject to Rule 5.4, any outstanding Option Offer which has not been accepted under Rule 3.2 and any unvested Option will immediately lapse and the Option Holder or his or her personal representatives (if appropriate) may (subject to Rules 6.1.1 and 6.1.2) exercise all his or her vested Options as at the date of cessation of employment or directorship and within a period of twelve months thereafter or such longer period as the Board may determine. Any vested Option not exercised prior to the expiry of the above-mentioned period shall lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Lapse on termination for cause**

If the Board determines that any Option Holder (including an Option Holder who has ceased to be an Eligible Employee in circumstances such that his or her Options continue to subsist in accordance with Rule 6.2 or 6.4) is guilty of any misconduct or any other conduct which would justify the termination by the Employer of his or her Contract or appointment for cause (or, in the case of an Option Holder who has ceased to be an Eligible Employee, would have justified the termination of his or her Contract or appointment for cause but which does not become known to the Company until after he or she has ceased employment or appointment with the Employer), then any Option (whether vested or unvested) held by the Option Holder shall immediately lapse (unless the Board resolves otherwise in its absolute discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Lapse on Cessation of Employment for any other reason**

Subject to Rule 6.3, if an Option Holder ceases to be an Eligible Employee for any reason other than those set out in Rule 6.2, then, subject to Rule 5.4, any outstanding Option Offer which has not been accepted under Rule 3.2 and any unvested Option will immediately lapse and the Option Holder or his or her personal representatives (if appropriate) may (subject to Rules 6.1.1 and 6.1.2) exercise all his or her vested Options as at the date of cessation of the employment or directorship within a period of 30 days thereafter or such longer period as the Board may determine. Any vested Option not exercised prior to the expiry of the above-mentioned period shall immediately lapse.

For the purposes of this Rule 6.4, an Option Holder will not be treated as ceasing to be an Eligible Employee if he or she is re-employed by a Member of the Group within seven days. He or she will also not be treated as ceasing to be an Eligible Employee unless he or she ceases to be an employee of any Member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Lapse on a General Offer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.1** If a general or partial offer, whether by way of take-over offer, share repurchase offer, or scheme of
arrangement or otherwise in like manner is made to all Shareholders (or all such Shareholders other than the offeror and/or any person
controlled by the offeror and/or any person associated with or acting in concert with the offeror), the Company shall use all reasonable
endeavours to procure that such offer is extended to all the Option Holders on the same terms, mutatis mutandis, and assuming that they
will become, by the exercise in full of the Options granted to them (whether at the time vested or unvested), Shareholders. If such offer
becomes or is declared unconditional or such scheme of arrangement has been approved by the necessary number of Shareholders at the requisite
meeting(s) prior to the expiry of the Option Period the Option Holder shall, notwithstanding any other terms on which his or her
Options were granted (provided that the Board may in its sole and absolute discretion require that any Performance Condition must first be satisfied), be entitled
to exercise his or her vested and unvested Options at any time up until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the close of such offer (or any revised offer); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the record date for entitlements under a scheme of arrangement,

as applicable ("**Closing Date**"). The Options will immediately lapse on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 Lapse on Winding-up**

If notice is duly given of a resolution for the voluntary winding-up of the Company, vested Options may (subject to Rule 5.4 and Rule 6.1) be exercised prior to the date of the resolution. The Option Holders who have so exercised the vested Options shall accordingly be entitled, in respect of the Shares falling to be allotted and issued upon the exercise of his or her Option, to participate in the distribution of the assets of the Company available in liquidation *pari passu* with the holders of the Shares in issue on the day prior to the date of such resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 Lapse in Other Circumstances**

In relation to any Option Holder who is not an Eligible Employee, the Board may specify at the Offer Date any circumstances in which the Option may lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 Cancellation of Options**

Notwithstanding any other provision in the Scheme (except for Rule 12), the Board may cancel any Option previously granted but which have not yet been exercised by an Option Holder. Unless the Option Holder otherwise agrees, the Board may only cancel an Option if, at the election of the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.1** the Company pays to the Option Holder an amount equal to the Market Value of the Shares underlying the
Option at the date of cancellation as determined by the Board (less the payment of the applicable Exercise Price), after consultation
with the Auditors or an independent financial adviser appointed by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.2** the Board offers to grant to the Option Holder replacement Options (or Share Grants under any Other Scheme)
of equivalent value to the Options to be cancelled as determined by the Board, after consultation with the Auditors or an independent
financial adviser appointed by the Board, provided that the grant of such replacement Options (or Share Grants under any Other Scheme)
shall not cause the limits set out in Rule 8 to be breached; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.3** the Board makes such arrangements as the Option Holder may agree to compensate him or her for the cancellation
of the Option.

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| | |
|:---|:---|
| **7** | **Shares** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Issue of Shares** 

Upon the exercise of an Option by an Option Holder, the Company will allot and issue the relevant number of Shares to the Option Holder as soon as reasonably practicable (and, unless otherwise agreed between the Company and the Option Holder, within 28 Business Days after the date on which (i) correct payment in full of the Exercise Price is received by the Company) or (ii) arrangements for a cashless exercise have been made in accordance with Rule 5.2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Rights**

No dividends (including distributions made upon the liquidation of the Company) will be payable and no voting rights will be exercisable in relation to an Option. No Option Holder shall enjoy any of the rights of a Shareholder by virtue of the grant of an Option unless and until the Shares underlying the Option are actually issued to the Option Holder pursuant to the exercise of such Option. Shares issued on the exercise of an Option will rank equally in all respects with the Shares in issue on the date of exercise. They will not rank for any rights attaching to Shares by reference to a record date preceding the date of exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Consents**

All allotments, issues and transfers of Shares or grant or exercise of Options will be subject to any necessary consents, registrations and/or filings under any relevant enactments or regulations for the time being in force under any relevant local legislation or regulations. The Option Holder will co-operate with the Company where necessary in complying with any requirements to be fulfilled in order to obtain (or avoid the necessity for) any such consent, registration and/or filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Articles of Association**

Any Shares issued and allotted on the exercise of Options will be subject to the articles of association of the Company as amended from time to time.

**8 Maximum Number of Shares Subject to the Scheme**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Scheme Limit**

Subject to Rule 8.2 and Rule 8.3, the total number of new Shares which may be issued by the Company upon the exercise of all Options granted under the Scheme and the vesting or exercise of all Share Grants made under any Other Scheme must not in aggregate exceed (a) 5% of the Shares in issue (excluding treasury Shares) as at the Adoption Date, or (b) 5% of the Shares in issue (excluding treasury Shares) as at the New Approval Date (the "**Scheme Limit**"). Options under the Scheme and Share Grants made under any Other Scheme which have lapsed or have been cashed out in accordance with the terms of the relevant scheme will not be counted for the purpose of calculating the Scheme Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Refreshing the Scheme Limit**

The Board may, with the approval of (a) the Shareholders in the general meeting and (b) the shareholders of the Listed Parent(s) in general meeting if required to do so under the Listing Rules, "refresh" the Scheme Limit under Rule 8.1 (a) every three years or (b) within a three year period with the relevant persons specified in the Listing Rules as required to abstain from voting on the relevant resolution having so abstained and in each case, subject to the requirements of the Listing Rules. In any event, the total number of new Shares which may be issued in respect of Options which may be granted under the Scheme and Share Grants which may be granted under any Other Scheme under the limit as "refreshed" shall not exceed 10% of the Shares in issue (excluding treasury Shares) at the date on which Shareholders approve the "refreshed" limit or (if later) the date on which shareholders of the Listed Parent(s) approve the "refreshed" limit (where applicable) (the "**New Approval Date**"). For the avoidance of doubt, subject to the Listing Rules, (a) Shares in respect of Options granted pursuant to the Scheme or Share Grants granted pursuant to Other Schemes prior to the New Approval Date and (b) treasury Shares (if any) will not be counted for the purpose of calculating the maximum aggregate number of new Shares in respect of which Options may be granted under the Scheme following the New Approval Date under the limit as "refreshed".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Exceeding the Scheme Limit**

The Board may grant Options to any Eligible Person specifically identified by it which would cause the Scheme Limit under Rule 8.1 (including, for the avoidance of doubt, any such limit as "refreshed" under Rule 8.2) to be exceeded, provided that (a) the approval of the Shareholders is obtained in general meeting (and by the shareholders of the Listed Parent(s), if required under the Listing Rules); (b) the Company has, in connection with the seeking of such separate Shareholders' approval, first sent a circular to Shareholders containing such information as may be required by the Listing Rules; and (c) subject always to Rule 8.4 and Rule 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Individual Limit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.1** Subject to Rule 8.4.2 (and subject always to Rule 9), the Board shall not grant any Options
(the "**Relevant Options**") to any Eligible Person which, if exercised, would result in such Eligible Person becoming
entitled to subscribe for such number of new Shares as, when aggregated with the total number of new Shares already issued or to be issued
to him or her under all Options and Share Grants (including vested, exercised and outstanding Options and Share Grants under the relevant
scheme) granted to him or her under the Scheme or any Other Scheme in the 12-month period up to and including the Offer Date of the Relevant
Options, exceeds 1% of the Shares in issue (excluding treasury Shares) at such date.

For the avoidance of doubt, Options and Share Grants which have lapsed or have been cashed out in accordance with the provisions of the Scheme or any Other Scheme shall not be counted toward the limit set out in this Rule 8.4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.2** Notwithstanding Rule 8.4.1, the Board may grant Options to any Eligible Person which would cause
the limit under Rule 8.4.1 in relation to such Eligible Person to be exceeded, but only with the separate approval of the Shareholders
in general meeting (with such Eligible Person and his or her Close Associates (or Associates if such Eligible Person is a Connected Person)
abstaining from voting) and subject to compliance with the Listing Rules. The Company shall also send a circular to its Shareholders containing
such information as may be required by the Listing Rules.

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| | |
|:---|:---|
| **9** | **Restrictions on Grants** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Restriction on Grants to Individuals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** Each grant of Options to a member of the Board, chief executive officer or Substantial Shareholder, or
any of their respective Associates under the Scheme must be approved by the Independent Non-Executive Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** Where any grant of Options to a Substantial Shareholder or any of his or her Associates would result in
the new Shares issued and to be issued in respect of all Options and Share Grants granted pursuant to the Scheme and any Other Schemes
(excluding any Options and Share Grants lapsed or cashed out in accordance with the terms of the Scheme or any Other Schemes) to such
person in the 12-month period up to and including the Offer Date representing in aggregate over 0.1% of the Shares in issue (excluding
treasury Shares), such further grant of Options will be subject to the issue of a circular by the Company and must be approved by the
Shareholders in general meeting in the manner set out in the Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Restriction on the Time of Grant of Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.1** A grant of Options may not be made at any time when the Company is in possession of price sensitive information
or it is reasonably probable that such price sensitive information will be required to be announced in accordance with applicable regulatory
requirements, until (and including) the Dealing Day after such announcement has been made. In particular, a grant may not be made to any
Participant during the period commencing two weeks immediately preceding the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) end of the Company's annual fiscal period and ending after the second full trading day following
publication of the Company's preliminary results announcement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) end of the Company's interim fiscal period and ending after the second full trading day following
publication of the Company's interim results announcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.2** If the Company ceases to be listed on the NASDAQ Global Select Market, Rule 9.2.1 shall not apply
and the blackout period applicable to grants of Options shall be the stricter of the applicable requirements under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Listing Rules and the Model Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the UK Market Abuse Regulation (UK MAR) for so long as the Shares
are listed on the London Stock Exchange plc as may be in force from time to time.

**10 Reorganisation of Capital Structure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Adjustments**

Subject to Rule 10.2 below, in the event of any alteration in the capital structure of the Company whilst any Option remains outstanding, whether by way of capitalisation issue, rights issue, consolidation or subdivision of Shares or reduction of the share capital of the Company in accordance with applicable laws and regulatory requirements (other than an issue of any share capital in satisfaction of a dividend in accordance with applicable laws or an issue of Shares as consideration in respect of a transaction to which the Company is a party), such corresponding adjustments (if any) shall be made to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.1** the number of Shares underlying an Option (insofar as it is unexercised); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.2** the price at which the Options are exercisable,

as the Auditors or independent financial adviser appointed by the Board shall certify in writing to the Board to be in their opinion fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Adjustment of Limits**

The maximum number of new Shares which may be issued under the Scheme and/or the individual limits referred to in Rules 8.1, 8.4 and 9.1.2 will be adjusted, in such manner as the Auditors or independent financial adviser appointed by the Board shall certify in writing to the Board to be fair and reasonable, in the event of any alteration in the capital structure of the Company whether by way of capitalisation issue, rights issue of Shares, consolidation or subdivision of Shares or reduction of the share capital of the Company provided that no such adjustment shall be made in the event of an issue of Shares as consideration in respect of a transaction to which the Company is a party or an issue of any share capital in satisfaction of a dividend in accordance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Conditions Governing Adjustment**

Any adjustment under Rule 10.1 will be made, to the extent practicable, in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.1** Any such adjustment shall be made on the basis that the proportion of the issued share capital of the
Company to which an Option Holder is entitled after such adjustment shall remain the same, rounded to the nearest whole Share, as that
to which he or she was entitled before such adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.2** No such adjustment shall be made the effect of which would be to enable any Share to be issued at less
than its nominal value, or to increase the proportion of the issued share capital of the Company for which any Option Holder would have
been entitled to subscribe had he or she exercised all the Options held by him or her immediately prior to such adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.3** If applicable, the Auditors or independent financial adviser appointed by the Board (as appropriate) must
confirm to the Board in writing that the adjustment satisfies the relevant requirements under the Listing Rules, except where such adjustment
is made on a capitalisation issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Capacity of Auditors or Independent Financial Advisers** 

The capacity of the Auditors or financial advisers in this Rule 10 is that of experts and not of arbitrators and their certification shall be final and binding on the Company and the Option Holder(s) in the absence of fraud or manifest error. The costs of the Auditors or independent financial advisers shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 Notification of Adjustment**

The Company will notify an Option Holder of any adjustments made in accordance with this Rule 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 No limitation on power of Company**

Subject to the provisions of this Rule 10, the existence of any Option shall not affect in any way the right or power of the Company or its Shareholders to make or authorise any or all adjustments, recapitalisations, reorganisations or other changes in the Company's capital structure, or any merger or consolidation of the Company, or any issue of shares, bonds, debentures, preferred or prior preference stocks or other instrument ranking ahead of or convertible into, or otherwise affecting the Shares or the rights thereof, or the dissolution or liquidation of the Company or any sale or transfer of all or any part of the assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

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| | |
|:---|:---|
| **11** | **Clawback** |

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Options granted under the Scheme are subject to the provisions of the clawback policy adopted by the Company, as may be amended from time to time.

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| | |
|:---|:---|
| **12** | **Amendment** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Amendments to the Scheme** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.1** Subject to the provisions of this Rule 12, the Board may amend any of the provisions of the Scheme
(including, without limitation, amendments in order to comply with changes in legal or regulatory requirements and amendments in order
to waive any or be exempt from restrictions imposed by the provisions of the Scheme) at any time, including but not limited to the method
by which an Eligible Person accepts the Option Offer, the method by which an Option may be exercised, and such other amendments to benefit
the administration of the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.2** Subject to the provisions of this Rule 12, the Board may in its absolute discretion provide that
any amendment to the provisions of the Scheme shall apply only to particular Members of the Group which the Board specifies in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.3** The Shareholders in general meeting must approve in advance by ordinary resolution any proposed amendment
of the following to the advantage of Eligible Persons or Option Holders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the purpose of the Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the definitions of "Eligible Employee" or "Eligible Person" in Rule 1 and
the basis of determining the eligibility of "Eligible Person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the limitations on the total number of new Shares which may be issued upon exercise of all Options to
be granted under the Scheme as provided for in Rules 8.1, 8.2, 8.3 and 9.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the maximum entitlement of each Eligible Person under the Scheme as provided in Rules 8.4 and 9.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the definition of "Option Period" in Rule 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the terms of Rules 3.3.1 and 3.3.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the terms of Rule 3.4 regarding payment on grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the basis of determination of the Exercise Price under the Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the voting, dividend, transfer and other rights, including those arising on liquidation of the Company
attaching to the Options (if applicable) and the Shares falling to be issued upon exercise of the Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the duration of the Scheme under Rule 2.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the circumstances under which Options automatically lapse under Rules 6.1, 6.2, 6.3, 6.4, 6.5, 6.6
and 6.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the adjustment provisions applicable in the event of a capitalisation issue, rights issue, subdivision
or consolidation of Shares or reduction or any other variation of the share capital of the Company under Rules 10.1, 10.3 and 10.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the cancellation of Options under Rule 6.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the treatment of Options on termination of the Scheme under Rule 13;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the restriction on the transfer of Options under Rule 3.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the terms of this Rule 12; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the malus and clawback of Options under Rule 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.4** Any amendment to the terms and conditions of these Rules which are of a material nature may only
be made with the approval of the Shareholders save where the amendments take effect automatically under these Rules. The Board's
determination as to whether any proposed alteration to the terms and conditions of the Scheme is material shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.5** Any amendments to the Scheme which require the approval of the Shareholders in a general meeting will
also require the approval of the shareholders of the Listed Parent(s) (if required under the Listing Rules) in general meeting, such
approval to be obtained as nearly simultaneously with the approval of the Shareholders as may be reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** **Amendments to Terms of Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.1** Any material amendments to the terms and conditions of any Options granted under the Scheme may only be
made with the approval of the Shareholders in general meeting. Any changes to the terms of Options granted to an Eligible Person must
be approved by the Board, the Remuneration Committee, the Independent Non-executive Directors of the Company and/or Shareholders in general
meeting (as the case may be) if the initial grant of the Options was approved by the Board, the Remuneration Committee, the Independent
Non-executive Directors of the Company and/or Shareholders in general meeting
(as the case may be) save where the amendments take effect automatically under these Rules. The Board's determination as to whether
any proposed alteration to the terms and conditions of the Scheme is material shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.2** Where the terms and conditions of Options granted to an Eligible Person who is a Substantial Shareholder
of the Company, or any of his or her Associates, are to be amended, the resolution of the Shareholders to approve the amendment is required
save where the amendments take effect automatically under these Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.3** Where the Company has one or more Listed Parent(s), any amendment under Rule 12.2.1 or 12.2.2 may
only be made with the approval of the shareholders of the Listed Parent(s) in general meeting, such approval to be obtained as nearly
simultaneously with the approval of the Shareholders as referred to in Rule 12.2.1 or 12.2.2 as may be reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.4** The amended terms and conditions of the Scheme and the Options and any variation or waiver of any provision
of or pursuant to these Rules shall comply with the Listing Rules, including in particular Chapter 17 of the Listing Rules and
all applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** **Authority of the Board** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.1** Any change to the authority of the Board in relation to any amendment of these Rules may only be
made with the approval of the Shareholders in general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.2** When the Company has one or more Listed Parent(s), any amendment which requires the approval of the Shareholders
under Rule 12.3.1 may only be made with the approval of the shareholders of the Listed Parent(s) in general meeting, such approval
to be obtained as nearly simultaneously with the approval of the Shareholders as referred to in Rule 12.3.1 as may be reasonably
practicable.

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| | |
|:---|:---|
| **13** | **Termination and Suspension** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Termination by Board** 

The Board may terminate the Scheme at any time by resolving that no further Options shall be granted under the Scheme. If the Board decides to terminate the Scheme under this Rule 13.1, then no new Options Offers under the Scheme will be made and the Board may determine whether Options which have been previously granted but not yet exercised shall either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.1** continue to be subject to these Rules (which shall remain in full force and effect to the extent
necessary to give effect to such Options); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.2** be cancelled in accordance with Rule 6.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Automatic Termination** 

The Scheme will terminate automatically in accordance with Rule 2.1 at midnight on the day immediately before the 10th anniversary of the Adoption Date on expiry of the duration of the Scheme as provided for in Rule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 Termination by the Shareholders**

The Scheme may be terminated at any time with the approval of the Shareholders. Following the termination of the Scheme under this Rule 13.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.1** no new Option Offers under the Scheme will be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.2** Options which have been previously granted but not yet exercised shall continue to be valid and exercisable
in accordance with these Rules unless otherwise cancelled in accordance with Rule 6.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** **Suspension** 

The Board may in the event of specific and unusual circumstances (including but not limited to capital operations requiring adjustment or redefinition of the share capital of the Company or significant negative variations in the profit and loss statement or balance sheet of the Company) at any time suspend the exercise of outstanding Options to the extent not contrary to relevant law. Each suspension(s) shall not be for more than three months and shall not exceed twelve months in total. The Board shall give at least eight days written notice to the Option Holders specifying the starting date of suspension, its duration and the expected date of resumption of the relevant suspended rights.

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| | |
|:---|:---|
| **14** | **Disputes** |

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Any dispute arising in connection with the Scheme shall be referred to the decision of the Board in the first instance, which decision shall, in the absence of manifest error, be final and binding on the Company and the Option Holder. Should the Board, in its sole discretion, decide, any dispute referred to it may subsequently be referred to the decision of the Auditors who shall then act as experts and not as arbitrators and whose decision shall, in the absence of manifest error, be final and binding on the Company, the Option Holder. In such cases, the costs of the Auditors shall be shared equally between the Company and the relevant Option Holder.

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| | |
|:---|:---|
| **15** | **General** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.1** Any notice or other document which has to be given to an Eligible Person or Option Holder under or in
connection with the Scheme may be delivered to the Eligible Person or Option Holder or sent by post or facsimile transmission or e-mail
to him/her at his/her home postal address, home or work e-mail address or facsimile number according to the records of his/her Employer
company or such other address as the Company reasonably considers appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.2** Any notice or other document which has to be given to the Company under or in connection with the Scheme
may be marked or addressed for the attention of the Company's HR director (or such other person notified to the Option Holders from
time to time as responsible for the administration of the Scheme) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivered by hand to it at its registered office (or such other place as the Board may from time to time
decide and notify to Option Holders); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sent by registered mail return receipt requested to it at its registered office (or such other place as
the Board may from time to time decide and notify to Option Holders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.3** Notices sent by registered mail shall be pre-paid and shall be deemed to have been received on the date
indicated in the return receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2 Availability of Shares**

Subject to the Shareholders approving in general meeting any necessary increase in the authorised share capital of the Company, the Board will keep available sufficient authorised but unissued Shares for the purpose of allotting Shares on the exercise of any Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.1** The responsibility for administration of the Scheme shall rest with the Board or a duly constituted committee
of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.2** In addition, the Board may appoint an administrator or administrators in relation to the Scheme (or certain
aspects thereof) on such terms as the Board may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.3** The decision of the Board on the interpretation of the Rules or as to whether any circumstances exist
which may affect the treatment of any Option or any Option Holder under these Rules or in any dispute relating to any Option or matter
relating to the Scheme will be final and binding (in the absence of manifest error).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.4** The Board may establish such guidelines or rules for the administration of the Scheme as it may from
time to time determine are appropriate provided such rules or guidelines are consistent with the Rules of the Scheme. In case
of any inconsistency between the Rules of the Scheme and any guidelines or rules set out by the Board, the former shall prevail.
The Board may, in its absolute discretion, set out different guidelines or rules for the administration of the Scheme to apply to
particular groups of Eligible Persons and/or to particular Members of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.5** The Board shall be entitled to establish such arrangements as it deems reasonably necessary with respect
to the mechanisms to implement the vesting of Options and the related registration, recording and reporting matters to ensure that the
Option Holders and the Company can comply with all applicable securities, foreign exchange and tax regulations of all relevant jurisdictions.
Each Option Holder shall authorise the Company to establish all necessary brokerage and other accounts on the Option Holder's behalf
and shall provide to the Company such information as the Board deems necessary in connection with the Company's and the Option Holder's
compliance with the foregoing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **Terms of Employment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.1** For the purposes of this Rule 15.4, "**Employee**" means any Option Holder, any Eligible
Employee or any other Eligible Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.2** This Rule 15.4 applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Company or the Board has full discretion in the operation of the Scheme, or whether the Company
or the Board could be regarded as being subject to any obligations in the operation of the Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during an Employee's employment or employment relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) after the termination of an Employee's employment or employment relationship (whether the termination
is lawful or unlawful).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.3** Nothing in the Rules or the operation of the Scheme forms part of the Contract of employment or employment
relationship of an Employee. The rights and obligations arising from the employment relationship between the Employee and the Company
or any Member of the Group are separate from, and are not affected by, the Scheme. Participation in the Scheme does not create any right
to, or expectation of, continued employment or a continued employment relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.4** The grant of Options on a particular basis in any year does not create any right to or expectation of
the grant of Options on the same basis, or at all, in any future year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.5** No Employee is entitled to participate in the Scheme, or be considered for participation in it, at a particular
level or at all. Participation in one operation of the Scheme does not imply any right to participate, or to be considered for participation,
in any later operation of the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.6** Without prejudice to an Employee's right to exercise an Option subject to and in accordance with
the express terms of the Rules, no Employee has any rights in respect of the exercise or omission to exercise any discretion, or the making
or omission to make any decision, relating to the Option. Any and all discretions, decisions or omissions relating to the Option may operate
to the disadvantage of the Employee, even if this could be regarded as capricious or unreasonable, or could be regarded as in breach of
trust or any implied term between the Employee and his or her Employer, including any implied duty of trust and confidence. Any such implied
term is excluded and overridden by this Rule 15.4.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.7** No Employee has any right to compensation for any loss in relation to the Scheme, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any loss or reduction of any rights or expectations under the Scheme in any circumstances or for any reason
(including lawful or unlawful termination of employment or the employment relationship);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any exercise of a discretion or a decision taken in relation to an Option or to the Scheme, or any failure
to exercise a discretion or take a decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the operation, suspension, termination or amendment of the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.8** Participation in the Scheme is permitted only on the basis that the participant accepts all the provisions
of the Rules, including in particular this Rule 15.4.8. By participating in the Scheme, an Employee waives all rights under the
Scheme, other than the right to exercise an Option subject to and in accordance with the express terms of the Rules, in consideration
for, and as a condition of, the grant of an Option under the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.9** Nothing in the Scheme confers any benefit, right or expectation on a person who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.10** Each of the provisions of this Rule 15.4 is entirely separate and independent from each of the other
provisions. If any provision is found to be invalid then it will be deemed never to have been part of these Rules and, to the extent
that it is possible to do so, this will not affect the validity or enforceability of any of the remaining provisions.

Any person who ceased to be an employee of any Member of the Group because of lawful dismissal or termination of employment or who is under notice of such lawful dismissal or termination of employment will in no circumstances be entitled to claim any compensation in respect of the operation of the Scheme (except as expressly provided for under the Scheme).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5** **Warning** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5.1** The Scheme (and other documents relating to the Scheme) does not constitute an offer or invitation to
the public within the meaning of the Companies (WUMP) Ordinance or the Securities and Futures Ordinance. Shares offered in relation to
the Scheme (and any such documents) may not be offered or sold in Hong Kong by means of any document, except in circumstances which do
not result in the document being a "prospectus" as defined in the Companies (WUMP) Ordinance or which do not constitute an
offer to the public within the meaning of that Ordinance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5.2** No person may issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement,
invitation or document relating to Shares offered in relation to the Scheme, which is directed at, or the contents of which are likely
to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with
respect to shares which are or are intended to be disposed of only to persons outside Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.6 Replacement Option Certificates**

If any Option Certificate is worn out, defaced or lost, the Company may, if the Company so determines (but shall not be obliged to), replace it and may impose such conditions as it wishes to set concerning the surrender, continued validity or any other matter relevant to the original certificate being replaced provided such conditions are reasonable in the circumstances. If an Option is exercised in part, and the balance remains exercisable, the Board may (but shall not be obliged to) provide the Option Holder with a Balance Option Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.7 Withholding**

The Employer may withhold any amount and make any such arrangements, including the sale of any Shares on behalf of an Option Holder, as it considers necessary to meet any liability to taxation or social security contributions in respect of any Option granted to the Option Holder pursuant to the Scheme. These arrangements may include the sale of any Shares on behalf of an Option Holder by the Company or a third party appointed by the Company, unless the Option Holder discharges the liability himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.8 General Notices**

The Option Holder shall be entitled to receive copies of all notices and other documents sent by the Company to Shareholders generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9 Taxation**

Each Option Holder shall pay all taxes and discharge all other liabilities to which he or she may become subject as a result of his or her participation in the Scheme, the receipt of or the exercise of any Option and/or the receipt of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.10 Costs**

The Company will pay the costs of establishing and administering the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.11 Validity**

If any provision of the Scheme or its application to any person or in any circumstances is illegal, invalid or unenforceable to any extent, such illegality, invalidity or unenforceability shall not prejudice the effectiveness of the remainder of the Scheme or the application of such provision to other persons or in other circumstances and each other provision of the Scheme shall be legal, valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.12 Approval of Holding Company**

Where any matters under the Scheme require the approval of the Independent Non-Executive Directors of the Company or the Shareholders, the approval of the Independent Non-Executive Directors of the Company or the shareholders of the Listed Parent(s) (if any) must also be obtained where such approval is required under Chapter 17 of the Listing Rules.

---

| | |
|:---|:---|
| **16** | **Data Protection** |

---

By participating in the Scheme, the Option Holder consents to the holding and processing of personal data provided by the Option Holder to the Company for all purposes relating to the operation of the Scheme. These include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.1** administering and maintaining Option Holder records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.2** providing information to trustees of any employee benefit trust, registrars, brokers or third party administrators
of the Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.3** providing information to future purchasers of the Company or the business in which the Option Holder works;

transferring information about the Option Holder to a country or territory outside the jurisdiction in which the Option Holder's employment is based.

---

| | |
|:---|:---|
| **17** | **Governing Law** |

---

The laws of Hong Kong govern the Scheme and all Options and their construction. The Company, each Member of the Group and each Option Holder must submit to the exclusive jurisdiction of the Hong Kong Courts in all matters relating to the Scheme and any Option.

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2613054d1_ex5-1img001.jpg) | **CONYERS DILL & PEARMAN** |
| ![](tm2613054d1_ex5-1img001.jpg) |  |
| ![](tm2613054d1_ex5-1img001.jpg) | 29<sup>th</sup> Floor |
| ![](tm2613054d1_ex5-1img001.jpg) | One Exchange Square |
| ![](tm2613054d1_ex5-1img001.jpg) | 8 Connaught Place |
| ![](tm2613054d1_ex5-1img001.jpg) | Central |
| ![](tm2613054d1_ex5-1img001.jpg) | Hong Kong |
| ![](tm2613054d1_ex5-1img001.jpg) | T +852 2524 7106 \| F +852 2845 9268 |
| ![](tm2613054d1_ex5-1img001.jpg) | **conyers.com** |

---

9 June 2026

Matter No.: 1015300/111895293

852 2842 9530

Richard.Hall@conyers.com

**HUTCHMED (China) Limited**

48<sup>th</sup> Floor, Cheung Kong Center

2 Queen's Road Central

Hong Kong

Dear Sirs,

Re: **HUTCHMED (China) Limited (the "Company")**

We have acted as special Cayman Islands legal counsel to the Company in connection with a registration statement on Form S-8 filed by the Company with the United States Securities and Exchange Commission (the "**Commission**") on or about the date hereof (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto). The Registration Statement relates to the registration of an aggregate of 43,616,756 ordinary shares par value US$0.10 per share (the "**Plan Shares**") of the Company to be issued pursuant to the rules of the share option scheme of the Company (the "**2026 Plan**" which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

**1.** **DOCUMENTS REVIEWED** 

For the purposes of giving this opinion, we have examined the following documents:

1.1. a copy of the Registration Statement; and

1.2. a copy of the 2026 Plan.

We have also reviewed:

1.3. a copy of the Amended and Restated Memorandum and Articles of Association of the Company in force in June 2021, certified by the Company
Secretary of the Company on 19 May 2026;

1.4. an extract of the written resolutions of the directors of the Company passed on 27 January 2026, certified by a director of the Company
on 19 May 2026; (the "**Board Resolutions** ");

1.5. an extract of the minutes of a meeting of the shareholders of the Company held at the annual general meeting on 12 May 2026, certified
by a director of the Company on 19 May 2026; (the "**Shareholders Resolutions** "
along with the Board Resolutions collectively the "**Extract Resolutions** ");

Partners: Piers J. Alexander, Crystal C. Au-Yeung, Christopher W. H. Bickley, Beverly Y. Cheung, Anna W. T. Chong, Angie Y. Y. Chu, Alexander T. Doyle, Vivien C. S. Fung, Richard J. Hall, Norman Hau, Wynne Lau, Ryan A. McConvey, Teresa F. Tsai, Flora K. Y. Wong

Consultant: David M. Lamb

**BERMUDA \| BRITISH VIRGIN ISLANDS \| CAYMAN ISLANDS**

1.6. a copy of a Certificate of Good Standing issued by the Registrar of Companies in relation to the Company on 1 June 2026 (the "**Certificate Date** "); and

1.7. such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth
below.

**2.** **ASSUMPTIONS** 

We have assumed:

2.1. the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined
by us and the authenticity and completeness of the originals from which such copies were taken;

2.2. that where a document has been examined by us in draft form, it will be or has been executed in the form of that draft, and where a number
of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn to our attention;

2.3. the accuracy and completeness of all factual representations made in the Registration Statement, the 2026 Plan and the other documents
reviewed by us;

2.4. that the resolutions contained in the Extract Resolutions were passed at one or more duly convened, constituted and quorate meetings
or by unanimous written resolutions, remain in full force and effect and have not been rescinded or amended;

2.5. that the Extract Resolutions provided to us fairly and accurately presents the information and summarises the matters referred to therein
and there is nothing that has been omitted therefrom that would make the Extract Resolutions inaccurate or misleading in any respect;

2.6. that there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have any implication in relation
to the opinions expressed herein;

2.7. that upon issue of any Plan Shares by the Company the Company will receive consideration for the full issue price thereof which shall
be equal to at least the par value thereof;

2.8. the validity and binding effect under the laws of the United States of America of the Registration Statement and that the Registration
Statement will be duly filed with the Commission and have become effective;

2.9. that on the date of issuance of any Plan Shares, the Company will have sufficient authorised but unissued ordinary shares par value US$0.10
per share in its share capital; and

2.10. that on the date of issuing any award or Plan Shares under the 2026 Plan the Company is and after issuing any award or Plan Shares under
the 2026 Plan the Company will be able to pay its debts;

2.11. all options and/or awards granted under the 2026 Plan are or were duly authorised in accordance with the terms of the 2026 Plan and the
number of options and/or awards granted under the 2026 Plan are or were within the limit (if any) provided under the 2026 Plan; and

2.12. the Company will comply with all applicable laws of the Cayman Islands where the Company repurchases any Share(s) and transfer such repurchased
Share(s) to any participant under the 2026 Plan.

**conyers.com** \| 2

**3.** **QUALIFICATIONS** 

3.1. We express no opinion as to the enforceability of any provision of the 2026 Plan which purports to fetter the statutory powers of the
Company.

3.2. We express no opinion with respect to the issuance of Plan Shares pursuant to any provision of the 2026 Plan that purports to obligate
the Company to issue Plan Shares following the commencement of a winding up or liquidation.

3.3. We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands. This
opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited to and is given on the basis
of the current law and practice in the Cayman Islands. This opinion is issued solely for your benefit and use in connection with the
matter described herein and is not to be relied upon by any other person, firm or entity or in respect of any other matter.

**4.** **OPINION** 

On the basis of and subject to the foregoing, we are of the opinion that:

4.1. The Company is duly incorporated and existing under the laws of the Cayman Islands and, based on the Certificate of Good Standing, is
in good standing as at the Certificate Date. Pursuant to the Companies Act ()"**Act** "), a company is deemed to be in good
standing if all fees and penalties under the Act have been paid and the Registrar of Companies has no knowledge that the company is in
default under the Act.

4.2. When issued and paid for in accordance with the 2026 Plan, the Plan Shares will be validly issued, fully paid and non-assessable (which
term when used herein means that no further sums are required to be paid by the holders thereof in connection with the issue thereof).

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

---

| |
|:---|
| **/s/ Conyers Dill & Pearman** |
| **Conyers Dill & Pearman** |

---

**conyers.com** \| 3

## Exhibit 23.2

**Exhibit 23.2**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of HUTCHMED (China) Limited of our report dated March 5, 2026 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in HUTCHMED (China) Limited's Annual Report on Form 20-F for the year ended December 31, 2025.

/s/ PricewaterhouseCoopers Zhong Tian LLP<br> Shenzhen, the People's Republic of China<br> June 9, 2026

## Exhibit 23.3

**Exhibit 23.3**

<u>CONSENT OF INDEPENDENT AUDITORS</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of HUTCHMED (China) Limited of our report dated March 5, 2026 relating to the consolidated financial statements of Shanghai Hutchison Pharmaceuticals Limited, which appears in HUTCHMED (China) Limited's Annual Report on Form 20-F for the year ended December 31, 2025.

/s/ PricewaterhouseCoopers Zhong Tian LLP<br> Shanghai, the People's Republic of China<br> June 9, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HUTCHMED (China) Ltd**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Ordinary Shares, US$0.10 par value per share | 457(a) | 43616756 | $2.269 | $98966419.36 | 0.0001381 | $13667.26 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $98966419.36  |  | $13667.26  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $13667.26  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Regarding the "Amount Registered," pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement includes an indeterminate number of additional ordinary shares, par value US$0.10 per share (the "Ordinary Shares") of HUTCHMED (China) Limited (the "Registrant"), which may be offered and issued under the Registrant's 2026 Share Option Scheme (the "2026 Share Option Scheme") to prevent dilution from stock splits, stock dividends or similar transactions. Regarding the "Security Class Title," these shares may be represented by the Registrant's American depositary shares ("ADSs"), each of which represents five Ordinary Shares. The Registrant's ADSs issuable upon deposit of the Ordinary Shares registered hereby have been registered under a separate registration statement on Form F-6 (File No. 333-209930), as amended. Regarding the "Amount Registered," the number represents Ordinary Shares issuable pursuant to options to be granted under the 2026 Share Option Scheme. Regarding the "Proposed Maximum Offering Price Per Unit," it is estimated in accordance with Rules 457(c) and 457(h)(1) under the Securities Act solely for the purpose of calculating the registration fee, is US$2.269 based on the average of the high and low prices of the Ordinary Shares as reported by the Nasdaq Global Select Market on June 3, 2026 (each ADS represents five Ordinary Shares).

---

| |
|:---|
| |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---