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    HCM   KYG4672N1198

HUTCHMED (CHINA) LIMITED

(HCM)
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Hutchmed (China) Seeks to Raise More Than US$600 Million in Hong Kong IPO

06/17/2021 | 08:32pm EST

By P.R. Venkat

Hutchmed (China) Ltd. is planning to raise more than US$600 million through a listing in Hong Kong, becoming the latest U.S.-listed Chinese company seeking to tap the Asian financial center's equity market.

Hutchmed (China), which is majority-owned by conglomerate CK Hutchison Holdings Ltd. and specializes in treatments for cancer and immunological diseases, is planning to sell 104 million shares to raise up to 4.68 billion Hong Kong dollars (US$602.8 million), it said Friday.

The Nasdaq-listed company has set a maximum offer price of HK$45 a share.

The planned IPO is the latest in a string of multi-billion-dollar deals happening in Hong Kong, many of which involve Chinese technology startups or other companies catering to China's increasingly affluent consumers.

Earlier this year Tencent Holdings Ltd.-backed Kuaishou Technology, which competes with ByteDance Ltd., raised US$5.4 billion in an IPO. Other companies such as Baidu Inc., which is listed on the Nasdaq, raised nearly US$3.1 billion in its Hong Kong offering.

Hutchmed said Friday that five cornerstone investors, including the Carlyle Group Inc., Canada Pension Plan Investment Board and General Atlantic, had agreed to subscribe to nearly HK$2.54 billion worth of shares ahead of the offering.

The company intends to use the IPO proceeds to fund its business expansion and potential M&A.

Hutchmed expects to finalize the IPO price on June 23 and shares are likely to start trading on the Hong Kong Exchange from June 30.

Morgan Stanley, Jefferies and Credit Suisse are among the banks advising Hutchmed on the offering.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

06-17-21 2031ET

Stocks mentioned in the article
ChangeLast1st jan.
BAIDU, INC. -0.30% 149.84 Delayed Quote.-30.71%
CK HUTCHISON HOLDINGS LIMITED -3.27% 48.85 End-of-day quote.-9.70%
DJ INDUSTRIAL -1.86% 34483.72 Delayed Quote.14.80%
HUTCHMED (CHINA) LIMITED 0.00% 514 Delayed Quote.11.74%
KUAISHOU TECHNOLOGY -0.64% 84.95 End-of-day quote.0.00%
MORGAN STANLEY -2.48% 94.82 Delayed Quote.38.36%
NASDAQ COMP. -1.55% 15537.690666 Real-time Quote.22.46%
TENCENT HOLDINGS LIMITED -0.65% 459.4 End-of-day quote.-18.55%
THE CARLYLE GROUP INC. -3.71% 54.69 Delayed Quote.73.95%
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Analyst Recommendations on HUTCHMED (CHINA) LIMITED
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Financials (USD)
Sales 2021 336 M - -
Net income 2021 -261 M - -
Net cash 2021 484 M - -
P/E ratio 2021 -19,5x
Yield 2021 -
Capitalization 5 853 M 5 828 M -
EV / Sales 2021 16,0x
EV / Sales 2022 11,9x
Nbr of Employees 1 280
Free-Float 51,3%
Chart HUTCHMED (CHINA) LIMITED
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HUTCHMED (China) Limited Technical Analysis Chart | HCM | KYG4672N1198 | MarketScreener
Technical analysis trends HUTCHMED (CHINA) LIMITED
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 4
Last Close Price 6,83 $
Average target price 8,99 $
Spread / Average Target 31,6%
EPS Revisions
Managers and Directors
Christian Hogg Chief Executive Officer & Executive Director
Chig Fung Cheng Chief Financial Officer & Executive Director
Chi Keung To Executive Chairman
Wei Guo Su Executive Director & Chief Scientific Officer
Marek Kania Chief Medical Officer & Managing Director
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