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REG - Hutchmed China Ltd - Update on Status under HFCAA

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RNS Number : 4977E  Hutchmed (China) Limited  11 March 2022

Update on Status under Holding Foreign Companies Accountable Act

 

Hong Kong, Shanghai & Florham Park, NJ - Friday, March 11, 2022: HUTCHMED
(China) Limited ("HUTCHMED (https://www.hutch-med.com/) " or the "Company")
(Nasdaq/AIM: HCM; SEHK:13) would like to provide an update on its status under
the Holding Foreign Companies Accountable Act (the "Act").

 

On March 8, 2022, as expected in its implementation of the Act, the U.S.
Securities and Exchange Commission (the "SEC") provisionally named the Company
as a Commission-Identified Issuer, following the Company's filing of its
annual report on Form 20-F with the SEC on March 3, 2022. The SEC estimated
that 273 registrants might be identified under the Act as part of its review
of registrants in calendar year 2020. We anticipate that other similarly
situated U.S.-listed companies with operations in Hong Kong and other parts of
China will be added once they file their annual reports with the SEC.

 

The Act is part of a continued regulatory focus in the United States on access
to audit and other information currently protected by national law, in
particular China's, and the preparation of such list is provided for in the
Act and the SEC's implementing rules.  The Act requires the SEC to prohibit
the securities of any "covered issuer," including the Company, from being
traded on any of the U.S. securities exchanges, including the Nasdaq Stock
Market, if the auditor of the covered issuer's financial statements is not
subject to inspection by the U.S. Public Company Accounting Oversight Board
("PCAOB") for three consecutive years, beginning in 2021. Under the current
terms of the Act, the Company's American depositary shares will be delisted
from the Nasdaq Stock Market in early 2024, unless the Act is amended to
exclude the Company or the PCAOB is able to conduct a full inspection of the
Company's auditor during the required timeframe. In addition, legislation is
being considered in the United States to shorten the number of non-inspection
years from three years to two.

 

The Company's American depositary shares, each of which represents five
ordinary shares, trade on the Nasdaq Global Select Market and its ordinary
shares are admitted for trading on the AIM market. In addition, on June 30,
2021, the Company completed a primary listing of its ordinary shares on the
Main Board of The Stock Exchange of Hong Kong Limited ("HKEX") under the stock
code "0013". The shares listed on HKEX and AIM are fully fungible with the
shares represented by the Company's American depositary shares.

 

The Company will continue to monitor market developments and evaluate all
strategic options.

 

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 more than 4,600
personnel across all its companies, at the center of which is a team of about
1,500 in oncology/immunology. Since inception it has advanced 12 cancer drug
candidates from in-house discovery into clinical studies around the world,
with its first three oncology drugs now approved and marketed in China. 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,
unexpected regulatory actions or delays or government regulation generally,
including, among others, the risk that HUTCHMED's American depositary shares
could be barred from trading in the United States as a result of the Holding
Foreign Companies Accountable Act and the rules promulgated thereunder and the
risk that such Act could be amended to shorten the number of non-inspection
years from three years to two years; the risk that the prices of the Company's
securities could be adversely affected if they cease to trade on any
particular market or are subject to trading interruptions or if investors must
take steps to migrate their shares from Nasdaq to the AIM market or HKEX in
order to trade such securities; and general economic and industry conditions,
including uncertainties regarding the effects of the persistently weak
economic and financial environment in many countries, uncertainties regarding
future global exchange rates and uncertainties regarding the impact of the
COVID-19 pandemic. 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 AIM
and with HKEX. 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
 Mark Lee, Senior Vice President    +852 2121 8200
 Annie Cheng, Vice President        +1 (973) 567 3786

 Media Enquiries
 Americas - Brad Miles,             +1 (917) 570 7340 (Mobile)

Solebury Trout                    bmiles@troutgroup.com (mailto:bmiles@troutgroup.com)
 Europe - Ben Atwell / Alex Shaw,   +44 20 3727 1030 / +44 7771 913 902 (Mobile) /

FTI Consulting                    +44 7779 545 055 (Mobile)
                                    HUTCHMED@fticonsulting.com (mailto:HUTCHMED@fticonsulting.com)
 Asia - Zhou Yi,                    +852 9783 6894 (Mobile)

Brunswick                         HUTCHMED@brunswickgroup.com (mailto:HUTCHMED@brunswickgroup.com)

 Nominated Advisor
 Atholl Tweedie / Freddy Crossley,  +44 (20) 7886 2500

Panmure Gordon (UK) Limited

 

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