Hutchison China Meditech has submitted a listing application to the Stock Exchange of Hong Kong (SEHK) to apply for the listing of and permission to deal in its shares on the main board of the SEHK.
In addition, the company has proposed to undertake a global offering of its shares. The final structure and size of the potential offering is yet to be determined. The proceeds would be used to fund the late-stage clinical development of its global and China pipeline and advance its pipeline of clinical-stage drug candidates.
CK Hutchison Holdings, which currently holds a 60.2% stake in the company, will also reduce its holdings to below 50% through a secondary sale of a portion of its shares.
Simon To, Chairman of Chi-Med, said: “We expect the listing to enhance liquidity for our shareholders and strengthen our access to capital with a view to ensuring that we can fully realize the considerable potential of our drug portfolio and continue to strive to become a global biopharmaceutical company.”