REG - Hutchmed China Ltd - Overseas Regulatory Announcement
21/12/2023 10:00
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RNS Number : 6185X Hutchmed (China) Limited 21 December 2023
Overseas Regulatory Announcement -
Continuing Connected Transactions
HUTCHMED (China) Limited ("HUTCHMED (https://www.hutch-med.com/) ") notes the
below text, which is from an announcement released to the Stock Exchange of
Hong Kong Limited on December 21, 2023 pursuant to Chapter 14A of the Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited.
About HUTCHMED
HUTCHMED (Nasdaq/AIM:HCM; HKEX:13) is an innovative, commercial-stage,
biopharmaceutical company. It is committed to the discovery and 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 it 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
(http://www.hutch-med.com/) or follow us on LinkedIn
(https://www.linkedin.com/company/hutchmed/) .
CONTACTS
Investor Enquiries +852 2121 8200 / +1 973 306 4490 / ir@hutch-med.com
(mailto: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
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any
liability whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
HUTCHMED (China) Limited
和黃醫藥（中國）有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 13)
CONTINUING CONNECTED TRANSACTIONS
In anticipation of the expiration of the initial terms of the Framework
Sinopharm Products Supply and Purchase Agreement and the HBYS Brand License
Royalty Agreement on December 31, 2023, on December 21, 2023:
(a) the Company and Sinopharm agreed to renew the Framework Sinopharm
Products Supply and Purchase Agreement with effect from January 1, 2024 for a
period of three years up to and including December 31, 2026; and
(b) the Company and HCMH agreed to renew the HBYS Brand License
Royalty Agreement with effect from January 1, 2024 for a period of three years
up to and including December 31, 2026.
IMPLICATIONS UNDER THE LISTING RULES
(1) Framework Sinopharm Products Supply and Purchase Agreement
As Sinopharm is a substantial shareholder of a subsidiary of the Company, it
is a connected person of the Company and the supply to and purchase from
Sinopharm of products by the Group constitute continuing connected
transactions of the Company under Chapter 14A of the Listing Rules.
In relation to each of (i) the supply of products by the Group and (ii) the
purchase of products by the Group, the highest applicable percentage ratio in
respect of each of the Annual Cap Amounts exceeds 5%. As the transactions are
between the Group and a connected person at the subsidiary level and are on
normal commercial terms, the Directors have approved the transactions and the
independent non-executive Directors have given the confirmation required under
Rule 14A.101 of the Listing Rules, (i) the supply of products by the Group and
(ii) the purchase of products by the Group under the Framework Sinopharm
Products Supply and Purchase Agreement are subject to the reporting,
announcement and annual review requirements, but are exempt from the circular,
independent financial advice and independent shareholders' approval
requirements under Chapter 14A of the Listing Rules.
(2) HBYS Brand License Royalty Agreement
As HWEL is a subsidiary of CK Hutchison, it is a connected person of the
Company by virtue of being an associate of a substantial shareholder of the
Company and the license granted under the HBYS Brand License Royalty Agreement
constitute continuing connected transactions of the Company under Chapter 14A
of the Listing Rules.
As the highest applicable percentage ratio in respect of the annual fee
payable by HCMH under the HBYS Brand License Royalty Agreement, on an annual
basis, exceeds 0.1% but is less than 5%, the transactions contemplated under
the HBYS Brand License Royalty Agreement are subject to the reporting,
announcement and annual review requirements, but are exempt from the circular,
independent financial advice and independent shareholders' approval
requirements under Chapter 14A of the Listing Rules.
CONTINUING CONNECTED TRANSACTIONS
A. FRAMEWORK SINOPHARM PRODUCTS SUPPLY AND PURCHASE AGREEMENT
In the ordinary course of business, Hutchison Sinopharm (i) supplies
prescription drugs to Sinopharm and/or its associates and (ii) purchases
prescription drugs from Sinopharm and/or its associates in accordance with the
terms and conditions of the Framework Sinopharm Products Supply and Purchase
Agreement.
(1) Principal terms
In anticipation of the expiration of the initial term of the Framework
Sinopharm Products Supply and Purchase Agreement on December 31, 2023, on
December 21, 2023, the Company and Sinopharm agreed to renew the Framework
Sinopharm Products Supply and Purchase Agreement with effect from January 1,
2024 for a period of three years up to and including December 31, 2026. All
other terms and conditions of the Framework Sinopharm Products Supply and
Purchase Agreement remain unchanged, the principal terms of which are set out
below:
(a) Subject matter
The parties agreed that at any time during the term of the Framework Sinopharm
Products Supply and Purchase Agreement, the relevant members of the Group and
Sinopharm and/or its associates may from time to time enter into definitive
agreements in relation to any transactions relating to (i) supply of products
by the Group to Sinopharm and/or its associates and (ii) purchase of products
by the Group from Sinopharm and/or its associates upon, and subject to, the
terms and conditions in compliance with the Framework Sinopharm Products
Supply and Purchase Agreement as may be agreed between the relevant parties.
(b) Duration
Three years up to and including December 31, 2026, unless terminated earlier
by either party giving not less than one month's prior written notice or
otherwise in accordance with the terms of the Framework Sinopharm Products
Supply and Purchase Agreement.
(c) Consideration and other terms
The Framework Sinopharm Products Supply and Purchase Agreement provides that
all transactions thereunder must be conducted (i) in the ordinary and usual
course of business of the Group, (ii) on an arm's length basis, (iii) on
normal commercial terms with the supply price and/or purchase price (as the
case may be) being determined with reference to fixed unit prices which are
negotiated on an arm's length basis and (iv) in compliance with, amongst other
things, the Listing Rules and applicable laws.
(2) Historical transaction amounts
The aggregate transaction amount recorded by the Group for the supply of
products by the Group to Sinopharm and/or its associates for the financial
years ended December 31, 2021 and 2022 and the ten months ended October 31,
2023 are as follows:
FY2021 FY2022 Ten months ended October 31, 2023
Aggregate transaction amount US$55.7 million US$69.4 million US$84.8 million
The aggregate transaction amount paid by the Group to Sinopharm and/or its
associates for the purchase of products by the Group for the financial years
ended December 31, 2021 and 2022 and the ten months ended October 31, 2023 are
as follows:
FY2021 FY2022 Ten months ended October 31, 2023
Aggregate transaction amount US$2.6 million US$2.4 million US$3.3 million
(3) Annual Cap Amounts
In relation to the supplying of products by the Group, it is expected that the
maximum annual transaction amount receivable by the Group from Sinopharm
and/or its associates for the three financial years ending December 31, 2024,
2025 and 2026 will not exceed the amounts set out below:
FY2024 FY2025 FY2026
Aggregate transaction amount US$498.0 million US$920.8 million US$1,310.6 million
The annual cap amounts in respect of the supplying of products by the Group
were determined by reference to (i) the historical transaction amounts, (ii)
the estimated increase in sales of existing oncology marketed products through
deeper market penetration and broader market coverage from the potential new
indication of fruquintinib for gastric cancer which is at NDA review stage in
China, (iii) the estimated new contribution of commercial sales from potential
launch of new assets such as sovleplenib and amdizalisib starting in FY2024,
(iv) the estimated increase in overall sales of existing prescription drugs
from the potential expansion of product portfolio and distribution channels
such as private hospitals and drugstores, and (v) the estimated new
contribution of commercial sales from new products acquired through potential
business development activities such as partnerships, in-licensings and
acquisitions.
In relation to the purchase of products by the Group, it is expected that the
maximum annual transaction amount payable by the Group to Sinopharm and/or its
associates for the three financial years ending December 31, 2024, 2025 and
2026 will not exceed the amounts set out below:
FY2024 FY2025 FY2026
Aggregate transaction amount US$10.0 million US$20.0 million US$30.0 million
The annual cap amounts in respect of the purchase of products by the Group
were determined by reference to (i) the historical transaction amounts and
historical growth in purchase volume resulting from the development of
business with new hospital channels, (ii) the supply price for the products
and (iii) the expected further increase in the purchase volume resulting from
the development of business with new hospital channels and expansion of sales
to such new hospital channels.
B. HBYS BRAND LICENSE ROYALTY AGREEMENT
HCMH and HWEL entered into the HBYS Brand License Royalty Agreement on June
15, 2021 pursuant to which HCMH will pay to HWEL an annual fee of HK$12
million (approximately US$1.5 million) in consideration of the grant of the
royalty-free license by HWEL to Hutchison Baiyunshan (a former
non-consolidated joint venture of the Company) and its subsidiary
undertakings.
(1) Principal terms
In anticipation of the expiration of the initial term of the HBYS Brand
License Royalty Agreement (as amended and restated) on December 31, 2023, on
December 21, 2023, the Company and HCMH agreed to renew the HBYS Brand License
Royalty Agreement with effect from January 1, 2024 for a period of three years
up to and including December 31, 2026. All other terms and conditions of the
HBYS Brand License Royalty Agreement remain unchanged, the principal terms of
which are set out below:
(a) Subject matter
In consideration of the grant of the royalty-free right to use the HWL Trade
Marks by HWEL to Hutchison Baiyunshan and its subsidiary undertakings, HCMH
agrees to pay to HWEL an annual fee of HK$12 million.
(b) Duration
Three years up to and including 31 December 2026, unless terminated earlier in
accordance with the terms of the HBYS Brand License Royalty Agreement.
(c) Termination and other terms
The HBYS Brand License Royalty Agreement will terminate upon (i) the change of
name of Hutchison Baiyunshan and its subsidiary undertakings to names that do
not include the "Hutchison Whampoa" names, (ii) the earlier of (a) the
termination of the trade mark license agreements between HWEL (on the one
hand) and Hutchison Baiyunshan and its subsidiary undertakings (on the other
hand) and (b) the complete cessation of the use of the HWL Trade Marks by
Hutchison Baiyunshan and its subsidiary undertakings and (iii) the termination
of the HBYS SPA.
The aggregate fees payable by HCMH under the HBYS Brand License Royalty
Agreement (including any renewal thereof) shall not be more than HK$120
million, even if the HBYS Brand License Royalty Agreement is not terminated
and continues to be renewed after 10 years.
(2) Historical transaction amounts
The fees paid by HCMH to HWEL for the financial years ended December 31, 2021
and 2022 and the financial year ending December 31, 2023 are as follows:
FY2021 FY2022 FY2023
Annual fee HK$12 million HK$12 million HK$12 million
(3) Annual Cap Amounts
The annual fee payable by HCMH under the HBYS Brand License Royalty Agreement
for each financial year ending December 31, 2024, 2025 and 2026 will be HK$12
million.
The annual fee was determined by reference to (i) the historical sales volume
of Hutchison Baiyunshan products and expected future growth, (ii) the portion
of Hutchison Baiyunshan jointly branded products which uses the HWL Trade
Marks and "Baiyunshan" trade marks, (iii) the expected future trend in and
period of such use of the HWL Trade Marks in jointly branded products, (iv)
market royalty rates for the use of a brand in a jointly branded product, and
(v) arm's length negotiation between the Group and HWEL.
C. REASONS FOR, AND THE BENEFITS OF, THE CONTINUING CONNECTED
TRANSACTIONS
(1) Framework Sinopharm Products Supply and Purchase Agreement
Hutchison Sinopharm, a consolidated joint venture of the Company, focuses on
providing logistics, distribution and marketing services for prescription
drugs in China. As of December 31, 2022, Hutchison Sinopharm had a dedicated
team of over 40 commercial staff that focus on marketing over 900 third-party
prescription drug and other products directly to about 730 public and private
hospitals in the Shanghai region and through a network of approximately 55
distributors to cover all other provinces in China.
As of December 31, 2022, Hutchison Sinopharm had over 860 customers of which
approximately 13% were distributors, and the revenue generated from these
distributors accounted for approximately 25% of the revenue of Hutchison
Sinopharm for the year ended December 31, 2022.
The supply of products by Hutchison Sinopharm to Sinopharm, a leading
distributor of pharmaceutical and healthcare products and a leading supply
chain service provider in China, under the Framework Sinopharm Products Supply
and Purchase Agreement, is in line with the business of Hutchison Sinopharm
and enables Hutchison Sinopharm to utilize the distribution network of
Sinopharm.
The purchase of products by Hutchison Sinopharm from Sinopharm under the
Framework Sinopharm Products Supply and Purchase Agreement enables Hutchison
Sinopharm to secure a stable source of the relevant products.
(2) The HBYS Brand License Royalty Agreement
On March 24, 2021, HBYSGH and GL Mountrose Investment Two Limited entered into
the HBYS SPA pursuant to which HBYSGH agreed to sell the entire issued share
capital of HCMGIL (which indirectly held 50% interest in Hutchison Baiyunshan)
to GL Mountrose Investment Two Limited. To facilitate the HBYS Disposal,
HBYSGH agreed pursuant to the HBYS SPA and as a condition to the completion of
the HBYS Disposal that it would procure HWEL to continue to grant the relevant
license to Hutchison Baiyunshan to use the HWL Trade Marks. In order to
satisfy the condition and for HWEL to continue to grant the license, HCMH
entered into the HBYS Brand License Royalty Agreement. The Group had taken
into consideration the amount payable under the HBYS Brand License Royalty
Agreement when the Group evaluated the commercial aspects of the HBYS
Disposal. Please refer to the section headed "Connected Transactions - B.
Non-Exempt Continuing Connected Transactions - 6. HBYS Brand License Royalty
Agreement" in the prospectus of the Company dated June 18, 2021 for further
details.
The term of the HBYS Brand License Royalty Agreement is renewed (i) as the
HBYS Brand License Royalty Agreement has not been terminated according to its
terms and (ii) as agreed by HBYSGH pursuant to the HBYS SPA, to procure HWEL
to continue to grant the relevant license to Hutchison Baiyunshan.
(3) Views of the Directors
The Directors (including the independent non-executive Directors) are of the
view that the Continuing Connected Transactions have been and will be entered
into in the ordinary and usual course of business of the Group and on normal
commercial terms, and their terms are fair and reasonable and in the interests
of the Company and the Shareholders as a whole, and that the relevant Annual
Cap Amounts for the Continuing Connected Transactions are fair and reasonable
and in the interests of the Company and the Shareholders as a whole.
None of the Directors has any material interest in the Continuing Connected
Transactions and no Director was required to abstain from voting on the board
resolutions of the Company approving the Continuing Connected Transactions.
Notwithstanding the foregoing, Mr To Chi Keung, Simon, Ms Edith Shih and Dr
Dan Eldar, being directors of CK Hutchison or its related companies,
voluntarily abstained from voting on the board resolutions of the Company
approving the renewal of the HBYS Brand License Royalty Agreement.
D. IMPLICATIONS UNDER THE LISTING RULES
(1) Framework Sinopharm Products Supply and Purchase Agreement
As Sinopharm is a substantial shareholder of a subsidiary of the Company, it
is a connected person of the Company and the supply to and purchase from
Sinopharm of products by the Group constitute continuing connected
transactions of the Company under Chapter 14A of the Listing Rules.
In relation to each of (i) the supply of products by the Group and (ii) the
purchase of products by the Group, the highest applicable percentage ratio in
respect of each of the Annual Cap Amounts exceeds 5%. As the transactions are
between the Group and a connected person at the subsidiary level and are on
normal commercial terms, the Directors have approved the transactions and the
independent non-executive Directors have given the confirmation required under
Rule 14A.101 of the Listing Rules as set out in paragraph C(3) above, (i) the
supply of products by the Group and (ii) the purchase of products by the Group
under the Framework Sinopharm Products Supply and Purchase Agreement are
subject to the reporting, announcement and annual review requirements, but are
exempt from the circular, independent financial advice and independent
shareholders' approval requirements under Chapter 14A of the Listing Rules.
(2) HBYS Brand License Royalty Agreement
As HWEL is a subsidiary of CK Hutchison, it is a connected person of the
Company by virtue of being an associate of a substantial shareholder of the
Company and the license granted under the HBYS Brand License Royalty Agreement
constitute continuing connected transactions of the Company under Chapter 14A
of the Listing Rules.
As the highest applicable percentage ratio in respect of the annual fee
payable by HCMH under the HBYS Brand License Royalty Agreement, on an annual
basis, exceeds 0.1% but is less than 5%, the transactions contemplated under
the HBYS Brand License Royalty Agreement are subject to the reporting,
announcement and annual review requirements, but are exempt from the circular,
independent financial advice and independent shareholders' approval
requirements under Chapter 14A of the Listing Rules.
E. INFORMATION ON THE PARTIES
(1) The Company
The Company is an innovative, commercial-stage, biopharmaceutical company. It
is committed to the discovery and 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 centre of which is a team of about 1,800 in
oncology/immunology. Since inception, it 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..
(2) Sinopharm
Sinopharm and its subsidiaries are mainly principally engaged in the
distribution of pharmaceutical products to hospitals, other distributors,
retail pharmacy stores and clinics, the distribution of medical devices, the
operation of chain pharmacy stores, and the distribution of laboratory
supplies, manufacture and distribution of chemical reagents, and production
and sale of pharmaceutical products. The ultimate controlling shareholder of
Sinopharm is China National Pharmaceutical Group Co., Ltd., a state-owned
enterprise established in the PRC.
(3) HWEL
HWEL is an indirect wholly-owned subsidiary of CK Hutchison and is principally
engaged in the holding of the trademarks of CK Hutchison group.
F. DEFINITIONS
In this announcement, unless the context otherwise requires, the following
expressions have the following meanings:
"Annual Cap Amounts" the annual cap amounts for the Continuing Connected Transactions for the three
financial years ending December 31, 2024, 2025 and 2026
"CK Hutchison" CK Hutchison Holdings Limited, a company incorporated in the Cayman Islands
with limited liability, the shares of which are listed on the Main Board of
the Stock Exchange (stock code: 1)
"Company" or "HUTCHMED" HUTCHMED (China) Limited, a company incorporated in the Cayman Islands with
limited liability, the shares of which are listed on the Main Board of the
Stock Exchange (stock code: 13), the AIM market of the London Stock Exchange
(stock code: HCM) and in the form of American depositary shares on the NASDAQ
Global Select Market (ticker symbol: HCM)
"Continuing Connected Transactions" the transactions contemplated under the Framework Sinopharm Products Supply
and Purchase Agreement and the HBYS Brand License Royalty Agreement
"Directors" the directors of the Company
"Framework Sinopharm Products Supply and Purchase Agreement" the framework products supply and purchase agreement dated June 15, 2021
entered into between the Company and Sinopharm in relation to (i) supply of
products by the Group to Sinopharm and/or its associates and (ii) purchase of
products by the Group from Sinopharm and/or its associates
"FY" financial year ending or ended December 31
"Group" the Company and its subsidiaries
"HBYS Brand License Royalty Agreement" the brand license royalty agreement dated and as amended and restated with
effect from June 15, 2021 entered into between HCMH and HWEL in relation to
the payment of annual fee by HCMH to HWEL in consideration of the grant of the
royalty-free right to use the HWL Trade Marks by HWEL to Hutchison Baiyunshan
and its subsidiary undertakings
"HBYS Disposal" the disposal by HBYSGH of the entire issued share capital of HCMGIL pursuant
to the HBYS SPA
"HBYS SPA" the sale and purchase agreement dated March 24, 2021 entered into between
HBYSGH and GL Mountrose Investment Two Limited in relation to the sale and
purchase of the entire issued share capital of HCMGIL
"HBYSGH" Hutchison BYS (Guangzhou) Holding Limited, a company incorporated in the
British Virgin Islands with limited liability and a 80% owned subsidiary of
the Company
"HCMGIL" Hutchison Chinese Medicine (Guangzhou) Investment Limited (currently known as
GL Mountrose Chinese Medicine (Guangzhou) Investment Limited), a company
incorporated in the British Virgin Islands with limited liability and a former
indirect 80% owned subsidiary of the Company
"HCMH" Hutchison Chinese Medicine Holding Limited, a company incorporated in the
British Virgin Islands with limited liability and a wholly-owned subsidiary of
the Company
"HK$" Hong Kong dollar, the lawful currency of Hong Kong
"Hong Kong" the Hong Kong Special Administrative Region of the People's Republic of China
"Hutchison Baiyunshan" Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Company Limited, a
company incorporated in the PRC
"Hutchison Sinopharm" Hutchison Whampoa Sinopharm Pharmaceuticals (Shanghai) Company Limited, a
company incorporated in the PRC and a subsidiary of the Company
"HWEL" Hutchison Whampoa Enterprises Limited, a company incorporated in the British
Virgin Islands and a subsidiary of CK Hutchison
"HWL Trade Marks" certain "Hutchison Whampoa"-related trade marks and logos
"Listing Rules" the Rules Governing the Listing of Securities on the Stock Exchange (as
amended and supplemented from time to time)
"PRC" or "China" the People's Republic of China, but for the purposes of this announcement
only, except where the context requires, references to PRC or China exclude
Hong Kong, Macau and Taiwan
"Shareholder(s)" the holders of the shares of the Company
"Sinopharm" Sinopharm Group Co. Ltd., a company incorporated in the PRC with limited
liability, the shares of which are listed on the Main Board of the Stock
Exchange (stock code: 1099)
"Stock Exchange" The Stock Exchange of Hong Kong Limited
"US$" US dollars, the lawful currency of the United States of America
"%" per cent.
About HUTCHMED
HUTCHMED (Nasdaq/AIM:HCM; HKEX:13) is an innovative, commercial-stage,
biopharmaceutical company. It is committed to the discovery and 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 it 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
(http://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 impact of the COVID-19 on general economic, regulatory and political
conditions. 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 and on AIM. 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.
By Order of the Board
Edith Shih
Non-executive Director and Company Secretary
Hong Kong, December 21, 2023
As at the date of this announcement, the Directors of the Company are:
Executive Directors: Non-executive Directors:
Mr TO Chi Keung, Simon Dr Dan ELDAR
(Chairman) Ms Edith SHIH
Dr Weiguo SU Ms Ling YANG
(Chief Executive Officer and
Chief Scientific Officer)
Mr CHENG Chig Fung, Johnny Independent Non-executive Directors:
(Chief Financial Officer)
Mr Paul Rutherford CARTER
(Senior Independent Director)
Mr Graeme Allan JACK
Professor MOK Shu Kam, Tony
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