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HCM.GB Hutchison China Meditech Limited

270.00
0.00 (0.00%)
28 Mar 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Hutchison China Meditech Limited AQSE:HCM.GB Aquis Stock Exchange Ordinary Share KYG4672N1198
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 270.00 260.00 280.00 270.00 267.47 270.00 1,000 16:29:58
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Hutchmed (China) Limited LTIP and Share Option Scheme (7938B)

06/06/2023 10:00am

UK Regulatory


Hutchison China Meditech (AQSE:HCM.GB)
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From Mar 2023 to Mar 2024

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TIDMHCM

RNS Number : 7938B

Hutchmed (China) Limited

06 June 2023

Grant of Awards under Long Term Incentive Plan and Share Options under Share Option Scheme

Hong Kong, Shanghai, & Florham Park, NJ: Tuesday , June 6, 2023: HUTCHMED (China) Limited ("HUTCHMED") (Nasdaq/AIM: HCM; HKEX: 13) announces that on June 5, 2023, it granted conditional awards ("LTIP Awards") under the Long Term Incentive Plan adopted by HUTCHMED in 2015 ("LTIP") and share options under the Share Option Scheme adopted by HUTCHMED in 2015 (the "Share Option Scheme").

Aimed at attracting and retaining top talent, the Remuneration Committee of HUTCHMED appointed an independent advisor to conduct a compensation benchmarking research on selected peer group companies. The Remuneration Committee comprehensively reviewed the compensation and share-based incentives policies of HUTCHMED and its subsidiaries (the "Group") and established an attractive policy to ensure the Group is able to recruit and retain top talent. Vesting of share-based awards under the policy is in line with that peer group.

1. Performance-related LTIP Award for the HUTCHMED Financial Year 2023 ("Performance LTIP Awards") - award based on a maximum cash amount, which amount is determined by the achievement of performance targets for the financial year ending December 31, 2023. The performance targets are determined by the Remuneration Committee of HUTCHMED based on the strategic objectives of HUTCHMED.

The shares, to be purchased by the trustee following determination of the cash amount based on actual achievement of performance targets, will then be held by the trustee until the related underlying LTIP Awards are vested. Vesting will occur two business days after the date of announcement of the annual results of HUTCHMED for the financial year ending December 31, 2025. Vesting will also depend upon the continued employment of the award holder with the Group and will otherwise be at the discretion of the Board of Directors of HUTCHMED.

HUTCHMED has granted the Performance LTIP Awards to the following Executive Directors, being persons discharging managerial responsibility ("PDMR") under the UK Market Abuse Regulation:

 
                                       Maximum amount for the Performance 
Award Holder                            LTIP Awards 
-----------------------------------    ---------------------------------- 
 
Dr Weiguo Su (Executive Director,      US$3,289,770 
 Chief Executive Officer and Chief 
 Scientific Officer) 
Mr Johnny Cheng (Executive Director    US$698,224 
 and Chief Financial Officer) 
 

An additional 839 employees of the Group have simultaneously been granted Performance LTIP Awards.

2. Share Option Scheme

HUTCHMED granted share options under its Share Option Scheme to 68 employees to subscribe for a total of 1,221,900 ordinary shares with par value US$0.10 each in the share capital of the Company ("Ordinary Shares") represented by 244,380 American Depositary Shares ("ADSs") (each equivalent to five Ordinary Shares) subject to the acceptance of the grantee. Details of such share options granted are as follows:

 
Date of grant                        :  June 5, 2023 
Exercise price of share options      :  US$12.51 per ADS (equivalent to 
 granted                                 HK$19.52 per Ordinary Share at the 
                                         conversion rate HK$7.8=US$1) (such 
                                         exercise price has been determined 
                                         by reference to the price of the 
                                         Ordinary Shares on The Stock Exchange 
                                         of Hong Kong Limited ("HKEX")) 
Number of share options granted      :  1,221,900 represented by 244,380 
                                         ADSs (five share options shall entitle 
                                         the holder thereof to subscribe 
                                         for one ADS) 
Closing market price of Ordinary     :  US$12.51 per ADS (equivalent to 
 Shares at HKEX on the date of           HK$19.52 per Ordinary Share at the 
 grant                                   conversion rate HK$7.8=US$1) 
Exercise period of the share         :  From June 5, 2023 to June 4, 2033 
 options 
Vesting period of the share options  :  The share options will vest at 25% 
                                         on each of the first, second, third 
                                         and fourth anniversaries of the 
                                         date of grant of the share options. 
Performance targets                  :  No performance targets are stipulated 
                                         in the option grants. One of the 
                                         main purposes of the Share Option 
                                         Scheme is to retain key talent and 
                                         acknowledge and reward their contribution 
                                         to the Group. The share options 
                                         vest over a time period of four 
                                         years and only vest if the grantee 
                                         remains an employee of the Group. 
                                         The Share Option Scheme provides 
                                         the grantees with an opportunity 
                                         to become owners of the Company, 
                                         which aligns their interests with 
                                         those of other shareholders. 
Clawback mechanism                   :  The share options are not currently 
                                         subject to any clawback arrangements. 
                                         The Company is actively considering 
                                         such arrangements in light of the 
                                         new proposed listing standards which 
                                         would require most US-listed companies 
                                         to adopt a policy providing for 
                                         the recoupment of excess incentive-based 
                                         compensation received by current 
                                         or former executive officers due 
                                         to certain misstatements of the 
                                         company's financial reports. The 
                                         proposed listing standards, when 
                                         they become effective, will apply 
                                         to the Company as a foreign private 
                                         issuer listed on Nasdaq. 
 
                                         Having considered that (i) the share 
                                         options to the grantees are partly 
                                         a recognition for their past contributions 
                                         to the Group; (ii) the share options 
                                         are subject to a total vesting period 
                                         of four years; and (iii) the share 
                                         option scheme provides for circumstances 
                                         under which the share options or 
                                         any part thereof shall lapse in 
                                         the event that grantees cease to 
                                         be employed or engaged by the Group 
                                         due to any misconduct or any other 
                                         conduct which would justify the 
                                         termination of their employment 
                                         or appointment for cause, the Remuneration 
                                         Committee and the Board consider 
                                         that an additional clawback provision 
                                         is not necessary at this stage. 
 

HUTCHMED has granted share options to the following Executive Director, being PDMR under the UK Market Abuse Regulation, as well as other eligible employees, as outlined below:

 
Grantees                               Number of share options 
-----------------------------------    ----------------------------------- 
 
Mr Johnny Cheng (Executive Director    61,700 share options represented 
 and Chief Financial Officer)           by 12,340 ADSs 
Other eligible employees               1,160,200 share options represented 
                                        by 232,040 ADSs 
-----------------------------------    ----------------------------------- 
T otal                                 1,221,900 share options represented 
                                        by 244,380 ADSs 
 

As at the date of this announcement, the number of share options available for future grant under the scheme mandate of the Share Option Scheme is 12,426,943.

The notification set out below is provided in accordance with the requirements of the UK Market Abuse Regulation.

Mr Johnny Cheng

 
 1       Details of the person discharging managerial responsibilities/person closely associated 
 
   a)      Name                                                     Mr Johnny Cheng 
        -------------------------------------------------------  ----------------------------------------------------- 
 2       Reason for the notification 
        -------------------------------------------------------------------------------------------------------------- 
 
   a)      Position/status                                          Executive Director and Chief Financial Officer 
        -------------------------------------------------------  ----------------------------------------------------- 
 
   b)      Initial notification/Amendment                           Initial notification 
        -------------------------------------------------------  ----------------------------------------------------- 
 3       Details of the issuer, emission allowance market participant, auction platform, auctioneer 
          or auction monitor 
        -------------------------------------------------------------------------------------------------------------- 
 
   a)      Name                                                     HUTCHMED (China) Limited 
        -------------------------------------------------------  ----------------------------------------------------- 
 
   b)      LEI                                                      2138006X34YDQ6OBYE79 
        -------------------------------------------------------  ----------------------------------------------------- 
 4       Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
          each type of transaction; (iii) each date; and (iv) each place where transactions have been 
          conducted 
        -------------------------------------------------------------------------------------------------------------- 
 
   a)     Description of the financial instrument, type of         Share option over American Depositary Share (each 
          instrument                                               equating to five Ordinary Shares of US$0.10) 
 
          Identification code 
                                                                   Share option over American Depositary Share with 
                                                                   ADS ISIN: US44842L1035 
        -------------------------------------------------------  ----------------------------------------------------- 
 
   b)      Nature of the transaction                               Grant of options in respect of 61,700 Ordinary 
                                                                   Shares represented by 12,340 ADSs under the 
                                                                   Share Option Scheme. 
 
                                                                   The share options granted are exercisable subject 
                                                                   to a vesting schedule of 25% on each of 
                                                                   the first, second, third and fourth anniversaries 
                                                                   of the effective date of grant. 
        -------------------------------------------------------  ----------------------------------------------------- 
                                                                       Price(s)           Volume(s) 
   c)      Price(s) and volume(s)                                               Nil               61,700 
                                                                                      ------------------ 
        -------------------------------------------------------  ----------------------------------------------------- 
 
   d)      Aggregated information                                   N/A 
           -  Aggregated volume 
           -  Price 
        -------------------------------------------------------  ----------------------------------------------------- 
 
   e)      Date of the transaction                                  2023-06-05 
        -------------------------------------------------------  ----------------------------------------------------- 
 
   f)      Place of the transaction                                 Outside a trading venue 
        -------------------------------------------------------  ----------------------------------------------------- 
 

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 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 oncology drugs now approved and marketed in China. For more information, please visit: www.hutch-med.com or follow us on LinkedIn.

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. Forward-looking statements involve risks and uncertainties. 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 on 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) 306 4490 
 
Media Enquiries 
  Americas - Brad Miles,                                     +1 (917) 570 7340 (Mobile) 
   Solebury Strategic Communications                          bmiles@soleburystrat.com 
  Europe - Ben Atwell / Alex Shaw                            +44 20 3727 1030 / +44 7771 913 902 (Mobile) / +44 7779 
   FTI Consulting                                            545 055 (Mobile) | HUTCHMED@fticonsulting.com 
  Asia - Zhou Yi                                             +852 97 83 6894 (Mobile) 
   Brunswick                                                  HUTCHMED@brunswickgroup.com 
 
Nominated Advisor 
  Atholl Tweedie / Freddy Crossley / Daphne Zhang, Panmure 
   Gordon                                                    +44 (20) 7886 2500 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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