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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hutchison China Meditech Ltd | LSE:0J7G | London | Ordinary Share | HUTCHISON CHINA MEDITECH ADR REPRESENTIN |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 33.29 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 838M | 100.78M | - | N/A | 0 |
From Apr 2022 to Apr 2024
TIDMHCM
RNS Number : 6002M
Hutchmed (China) Limited
24 May 2022
Grant of Awards under Long Term Incentive Plan and Share Options under Share Option Scheme
Hong Kong, Shanghai, & Florham Park, NJ: Tuesday , May 24, 2022: HUTCHMED (China) Limited ("HUTCHMED") (Nasdaq/AIM: HCM; HKEX: 13) announces that on May 23, 2022, 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 2022 ("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, 2022. The performance targets will be 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, 2024. 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 following Performance LTIP Awards to the following Executive Directors, being persons discharging managerial responsibility ("PDMR") under the UK Market Abuse Regulation:
Hot Features
Premium
Maximum amount for the Performance
Award Holder LTIP Awards
----------------------------------- ----------------------------------
Dr Weiguo Su (Executive Director, US$3,232,845
Chief Executive Officer and Chief
Scientific Officer)
Mr Johnny Cheng (Executive Director US$680,242
and Chief Financial Officer)
An additional 841 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 86 employees to subscribe for a total of 5,930,820 ordinary shares with par value US$0.10 each in the share capital of the Company ("Ordinary Shares") represented by 1,186,164 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 : May 23, 2022
Exercise price of share options : US$10.75 per ADS (equivalent to
granted HK$16.77 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 : 5,930,820 represented by 1,186,164
ADSs (five share options shall entitle
the holder thereof to subscribe
for one ADS)
Closing market price of Ordinary : US$10.49 per ADS (equivalent to
Shares at HKEX on the date of HK$16.36 per Ordinary Share at the
grant conversion rate HK$7.8=US$1)
Validity period of the share : From May 23, 2022 to May 22, 2032
options
Vesting period of the share options : Except for the share options granted
to Dr Weiguo Su (details are set
out below), 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.
Among the share options granted, a total of 1,307,820 share options represented by 261,564 ADSs were granted to Dr Weiguo Su and Mr Johnny Cheng (Executive Directors of the Company), being PDMRs under the UK Market Abuse Regulation as follows:-
Grantee Number of share options granted Dr Weiguo Su (Executive Director, 861,220 Ordinary Shares represented Chief Executive Officer and Chief by 172,244 ADSs Scientific Officer) Mr Johnny Cheng (Executive Director 446,600 Ordinary Shares represented and Chief Financial Officer) by 89,320 ADSs
For the share options granted to Dr Weiguo Su, the exercise of the share options is conditional upon the fulfilment of certain performance targets relating to the Group over the financial years 2022 to 2024 (the "Performance Targets"). The number of share options to be exercisable will be determined on the date of announcement of the annual results of the Company for the financial year ending December 31, 2024 (the "2024 Results Announcement"). Vesting will occur two business days after the 2024 Results Announcement. The Performance Targets have been determined by the Board and specified in the grant letter of Dr Su. To the extent that the Performance Targets have not been met, the relevant number of share options granted to Dr Su will lapse.
The notification set out below is provided in accordance with the requirements of the UK Market Abuse Regulation.
(a) Dr Weiguo Su
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dr Weiguo Su
------------------------------------------------------- -----------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------------------
a) Position/status Executive Director, Chief Executive Officer and
Chief Scientific 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 Option over American Depositary Share (each
instrument equating to five Ordinary Shares of US$0.10)
Identification code
Option over American Depositary Share with ADS
ISIN: US44842L1035
------------------------------------------------------- -----------------------------------------------------
b) Nature of the transaction Grant of options in respect of 861,220 Ordinary
Shares represented by 172,244 ADSs under the
Share Option Scheme.
The exercise of the share options is conditional
upon the fulfilment of the Performance Targets.
The number of share options to be exercisable will
be determined on the date of the 2024 Results
Announcement. Vesting will occur two business days
after the 2024 Results Announcement. The
Performance Targets have been determined by the
Board and specified in the grant letter of
Dr Su. To the extent the Performance Targets have
not been met, the relevant number of share
options granted to Dr Su will lapse.
------------------------------------------------------- -----------------------------------------------------
Price(s) Volume(s)
c) Price(s) and volume(s) Nil 861,220
-------------------
------------------------------------------------------- -----------------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
------------------------------------------------------- -----------------------------------------------------
e) Date of the transaction 2022-05-23
------------------------------------------------------- -----------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------------------------- -----------------------------------------------------
(b) 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 Option over American Depositary Share (each
instrument equating to five Ordinary Shares of US$0.10)
Identification code
Option over American Depositary Share with ADS
ISIN: US44842L1035
------------------------------------------------------- -----------------------------------------------------
b) Nature of the transaction Grant of options in respect of 446,600 Ordinary
Shares represented by 89,320 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 446,600
-------------------
------------------------------------------------------- -----------------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
------------------------------------------------------- -----------------------------------------------------
e) Date of the transaction 2022-05-23
------------------------------------------------------- -----------------------------------------------------
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 4,600 personnel across all its companies, at the center of which is a team of over 1,700 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 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) 567 3786 Media Enquiries Americas - Brad Miles, +1 (917) 570 7340 (Mobile) Solebury Trout bmiles@troutgroup.com Europe - Ben Atwell / Alex Shaw, +44 20 3727 1030 / +44 7771 913 902 (Mobile) / +44 7779 545 055 (Mobile) FTI Consulting HUTCHMED@fticonsulting.com Asia - Zhou Yi, +852 9783 6894 (Mobile) Brunswick HUTCHMED@brunswickgroup.com Nominated Advisor Atholl Tweedie / Freddy Crossley, Panmure Gordon (UK) Limited +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.
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END
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(END) Dow Jones Newswires
May 24, 2022 06:00 ET (10:00 GMT)
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