By Josh White
Date: Friday 18 Jun 2021
LONDON (ShareCast) - (Sharecast News) - Hutchmed China announced the launch of its Hong Kong public offering on Friday, as part of its global offering of 104 million new shares, proposing the primary listing of its ordinary shares on the main board of the Hong Kong Stock Exchange under the stock code '13'.
The AIM-traded firm, formerly named Hutchison China MediTech which did business as Chi-Med, said it would receive all of the net proceeds from the global offering.
It explained that the offering would initially comprise 13 million new shares under the Hong Kong public offering, and 91 million new shares under the international offering, representing 12.5% and 87.5% of the total number of offer shares respectively, subject to reallocation between the Hong Kong public offering and the international offering for any over-subscriptions in the former, as well as over-allotment.
In addition, the company said it expected to grant its international underwriters an over-allotment option to purchase up to an additional 15.6 million new shares in the international offering, representing no more than 15% of the offer shares initially available.
"The company plans to use the net proceeds from the global offering primarily to advance its late-stage clinical programs as well as its pipeline of clinical-stage and preclinical drug candidates, further strengthen its commercialisation, clinical, regulatory and manufacturing capabilities, fund potential global business development and strategic acquisition opportunities and for general corporate purposes," the Hutchmed board said in its statement.
Morgan Stanley Asia, Jefferies Hong Kong and China International Capital Corporation Hong Kong Securities were the joint sponsors for the proposed global offering.
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Currency | UK Pounds |
Share Price | 306.00p |
Change Today | 2.00p |
% Change | 0.66 % |
52 Week High | 326.00 |
52 Week Low | 173.60 |
Volume | 23,506 |
Shares Issued | 871.26m |
Market Cap | £2,666.04m |
RiskGrade | 226 |
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No dividends found |
Time | Volume / Share Price |
13:41 | 10 @ 305.00p |
13:30 | 585 @ 306.00p |
13:30 | 1,500 @ 306.00p |
12:58 | 1,000 @ 303.13p |
12:44 | 1,000 @ 304.00p |
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