REG - Hutchmed China Ltd - Directorate Change

HUTCHMED (China)Announcement

08/05/2024 09:30

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RNS Number : 5905N  Hutchmed (China) Limited  08 May 2024

HUTCHMED Announces Appointment of Independent Non-executive Director and Member of Board Committee

 

 

Hong Kong, Shanghai & Florham Park, NJ  - Wednesday, May 8, 2024:
HUTCHMED (China) Limited ("HUTCHMED (https://www.hutch-med.com/) " or the
"Company") (Nasdaq/AIM: HCM, HKEX: 13) today announces that Dr Renu Bhatia is
appointed as an Independent Non-executive Director and a member of Technical
Committee of the Company with effect from May 13, 2024.

 

Dr Bhatia, a licensed physician, has over 25 years of experience in the
healthcare, finance and fintech, and regulatory sectors.  She is an
experienced board director and chair, with a healthcare and financial services
background in investment banking, asset management, venture capital and
compliance.  The Board of HUTCHMED is of the view that Dr Bhatia will further
enhance the skill set, expertise and knowledge base of the Board as a whole.

 

Mr Simon To, Chairman of HUTCHMED, said "On behalf of the Board, I would like
to extend a warm welcome to Dr Bhatia to the Company.  We believe that her
expertise in the healthcare, finance and fintech sectors will bring fresh
perspective and provide constructive insight to the Board."

 

Dr Bhatia, aged 65, is the chairman and co-founder of Opharmic Technology (HK)
Ltd, a company focusing on the development of ultrasound technology for
non-invasive drug delivery to the eyes.  She is also co-founder of Asia
Fintech Angels which invested in early stage fintech companies. In addition,
Dr Bhatia is an independent non-executive director of Overstone Associates
Limited, a leading UK based data science provider to financial institutions
focused on the art industry.

 

Dr Bhatia is the chairman of the Listing Committee of The Stock Exchange of
Hong Kong Limited.  She also holds positions in public service including
membership of the Business Professional Federation Healthcare Committee and
the Cyberport Entrepreneurship Centre Advisory Group, and acting as an
assessor for the Hong Kong Enterprise Support Scheme Assessment Panel of the
Innovation and Technology Fund. Dr Bhatia started her career in finance at
Goldman Sachs and HSBC Asset Management.

 

Dr Bhatia is a Doctor of Medicine (MBBS) from the University of London and
holds a Master of Business Administration degree from Yale University, and a
Postgraduate Diploma in Therapeutics and Medicine from The University of Hong
Kong.

 

Dr Bhatia has relevant board experience with the following private companies,
currently holding or having held in the past five years the following
directorships:

 

 Current Directorships:            Previous Directorships in the last five years:
 Opharmic Technology (HK) Limited  Asia Prism Ventures Limited

 Overstone Associates Limited      SuperCharger Limited

 Tancho Investments Limited

 

Save for the appointments listed above, Dr Bhatia has held no other
directorships or partnerships during the period of five years prior to her
appointment as a director of HUTCHMED. She does not have any relationship with
any Directors, senior management or substantial or controlling shareholders of
HUTCHMED. Dr Bhatia has confirmed that (a) she has satisfied all the criteria
for independence set out in Rule 3.13(1) to (8) of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited ("HK Listing
Rules"); (b) she had no past or present financial or other interest in the
business of the Company or its subsidiaries or any connection with any core
connected person (as defined in the HK Listing Rules) of the Company; and (c)
there are no other factors that may affect her independence at the time of her
appointment.

 

The initial term of the appointment of Dr Bhatia as an Independent
Non-executive Director of the Company shall end at the next following annual
general meeting of the Company, subject to retirement in accordance with the
Articles of Association of the Company and applicable legal and regulatory
requirements, and thereafter for successive periods of 12 months, unless she
is not re-elected at the next following annual general meeting or her
appointment is otherwise terminated earlier by either party in writing. The
director's fees of Dr Bhatia as an Independent Non-executive Director and
member of the Technical Committee of the Company under her appointment letter
are US$76,000 and US$8,000 per annum respectively.  Such fees are subject to
review from time to time and proration for any incomplete year of service.

 

Dr Bhatia is interested in 16,000 ordinary shares with par value US$0.10 each
in the share capital of the Company, representing approximately 0.002% of its
issued share capital.

 

Save for the information disclosed above, there is no other information in
relation to Dr Bhatia that is required to be disclosed pursuant to Rule 17 and
Schedule 2(g) of the AІM Rules for Companies or Rule 13.51(2) of the HK
Listing Rules and there are no other matters concerning the appointment of Dr
Bhatia that are required to be brought to the attention of the shareholders of
HUTCHMED.

 

 

About HUTCHMED

 

HUTCHMED (Nasdaq/AIM: HCM; HKEX: 13) is an innovative, commercial-stage,
biopharmaceutical company. It is committed to the discovery, global
development and commercialization of targeted therapies and immunotherapies
for the treatment of cancer and immunological diseases. It has approximately
5,000 personnel across all its companies, at the center of which is a team of
about 1,800 in oncology/immunology. Since inception, HUTCHMED has focused on
bringing cancer drug candidates from in-house discovery to patients around the
world, with its first three medicines marketed in China, the first of which is
also marketed in the U.S. For more information, please visit:
www.hutch‑med.com (https://www.hutch-med.com/) or follow us on LinkedIn
(https://www.linkedin.com/company/hutchmed/) .

 

 

 

Forward-Looking Statements

 

This announcement contains forward-looking statements within the meaning of
the "safe harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements reflect HUTCHMED's current
expectations regarding future events. Forward-looking statements involve risks
and uncertainties. Such risks and uncertainties include, among other things,
the risk that current or future appointees to HUTCHMED's board of directors
are not effective in their respective positions, the difficulty in locating
and recruiting suitable candidates for its board of directors and the
management difficulties which may arise from changes in HUTCHMED's board of
directors. Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. For further discussion of these and other risks, see HUTCHMED's
filings with the U.S. Securities and Exchange Commission, on AІM and with The
Stock Exchange of Hong Kong Limited. HUTCHMED undertakes no obligation to
update or revise the information contained in this announcement, whether as a
result of new information, future events or circumstances or otherwise.

 

 

CONTACTS

 

 Investor Enquiries                                                +852 2121 8200 / ir@hutch-med.com

 Media Enquiries
 Ben Atwell / Alex Shaw, FTI Consulting                            +44 20 3727 1030 / +44 7771 913 902 (Mobile) /
                                                                   +44 7779 545 055 (Mobile) / HUTCHMED@fticonsulting.com
                                                                   (mailto:HUTCHMED@fticonsulting.com)
 Zhou Yi, Brunswick                                                +852 9783 6894 (Mobile) / HUTCHMED@brunswickgroup.com
                                                                   (mailto:HUTCHMED@brunswickgroup.com)

 Nominated Advisor
 Atholl Tweedie / Freddy Crossley / Daphne Zhang, Panmure Gordon   +44 20 7886 2500

 

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