HCM.L - Hutchison China MediTech Limited

LSE - LSE Delayed price. Currency in GBp
376.00
-2.00 (-0.53%)
At close: 4:35PM GMT
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Previous close378.00
Open391.84
Bid362.00 x 0
Ask0.00 x 0
Day's range376.00 - 391.84
52-week range260.50 - 487.00
Volume22,594
Avg. volume67,561
Market cap2.597B
Beta (5Y monthly)1.05
PE ratio (TTM)N/A
EPS (TTM)-14.00
Earnings date03 Mar 2020
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est65.02
  • Globe Newswire

    Chi-Med to announce 2019 Final Results on Tuesday, March 3, 2020 – adjustment to announcement and presentation logistics due to travel restrictions

    LONDON, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Further to its announcement dated January 31, 2020, Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) announced that its final results for the year ended December 31, 2019 will be released on Tuesday, March 3, 2020. The time has been revised to 12:00 noon Greenwich Mean Time (GMT) / 7:00 am Eastern Standard Time (EST) / 8:00 pm Hong Kong Time (HKT). Due to travel restrictions resulting from the novel coronavirus outbreak, Chi-Med management will not be travelling to London for a live presentation for analysts and investors. Analysts and investors are instead invited to join a conference call and audio webcast presentation with Q&A, conducted by Chi-Med management in Hong Kong and China. The conference call and audio webcast will take place at 1:00 pm GMT / 8:00 am EST / 9:00 pm HKT on Tuesday, March 3, 2020 and will be webcast live via the company website at www.chi-med.com/investors/event-information/. The presentation will be available for downloading before the conference call begins. Details of the conference call dial-in will be provided in the financial results announcement and on the company website. A replay will also be available on the website shortly after the event.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 500 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies for the treatment of cancer and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Reuters - UK Focus

    FOCUS-Coronavirus outbreak begins to disrupt booming China drug trials

    The fast-spreading coronavirus is starting to disrupt testing of experimental medicines in China, posing a threat to plans by global drugmakers that have invested billions of dollars to harness the potential of the Asian economic powerhouse. The U.S. clinical trials database lists nearly 500 studies with a site in the city of Wuhan, which has endured the brunt of an outbreak that has killed more than 1,100 people and infected more than 44,000 in China. About 20% of global trials are now conducted in China, up from about 10% just five years ago, according to GlobalData Plc.

  • Globe Newswire

    Chi-Med Highlights Updated Phase II Savolitinib / Imfinzi® Combination Data in Advanced Papillary Renal Cell Carcinoma at 2020 ASCO Genitourinary Cancers Symposium

    LONDON, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announced the availability of updated results from the Phase II CALYPSO study of the savolitinib / Imfinzi® (durvalumab) combination in a cohort of patients with metastatic papillary renal cell carcinoma (“PRCC”), an investigator initiated study led by Professor Thomas Powles, Lead for Solid Tumour Research at Barts Cancer Centre, and sponsored by Queen Mary University of London. Full data from the PRCC cohort of the CALYPSO study will be presented on Saturday, February 15, 2020, in oral and poster presentations at the annual American Society of Clinical Oncology Genitourinary Cancers Symposium (“ASCO GU”) in San Francisco, CA.Further details from the presentation are as follows:Presentation Title:Overall survival results for durvalumab and savolitinib in metastatic papillary renal cancer Presenting Author:Cristina Suarez Rodriguez, Vall d'Hebron University Hospital and Institute of Oncology, Barcelona, Spain Other Authors:Thomas Powles, James M. G. Larkin, Poulam Patel, Begoña Pérez-Valderrama, Alejo Rodriguez-Vida, Hilary Glen, Fiona Thistlethwaite, Christy Ralph, Srinivasan Gopalakrishnan, Maria Jose Mendez-Vidal, Kelly Mousa, Aaron Prendergast, Laura Vosper, Wing-Kin Liu Abstract :619 / Board D5 Oral Presentation: Rapid Abstract Session C: Renal Cell Cancer Date & Time:Saturday, February 15: 11:35 AM-12:30 PM PST Poster Presentation:Session C: Renal Cell Cancer Date & Time:Saturday, February 15: 7:00 AM-7:55 AM PST Preliminary results of this study (cut-off date of September 25, 2018) were first presented on February 16, 2019 at ASCO-GU.1About PRCC in the CALYPSO studyPRCC is a subtype of kidney cancer that is unusually difficult to treat, with low response rates from current treatment options and no treatments approved for this specific indication. The CALYPSO study is an independently sponsored open-label Phase II study of Imfinzi® in combination with several drug candidates in the treatment of renal cell carcinoma in the U.K. and Spain. Several arms of CALYPSO are evaluating the treatment of PRCC and clear cell renal carcinoma (ccRCC) with savolitinib, a highly selective inhibitor of the MET receptor tyrosine kinase, both as a monotherapy and in combination with Imfinzi® (durvalumab), AstraZeneca’s anti-programmed death-ligand 1 (PD-L1) antibody. CALYPSO enrolls an all-comer PRCC population with planned retrospective molecular profiling. For further details, please refer to clinicaltrials.gov number NCT02819596.About SavolitinibSavolitinib is a potential first-in-class inhibitor of MET, an enzyme which has been shown to function abnormally in many types of solid tumors. Chi-Med designed savolitinib to be a potent and highly selective oral inhibitor, which, through chemical structure modification, addresses human metabolite-related renal toxicity, the primary issue that halted development of several other selective MET inhibitors. In clinical studies to date, involving over 1,000 patients, savolitinib has shown promising signs of clinical efficacy in patients with MET gene alterations in multiple tumor types with an acceptable safety profile. Chi-Med is currently testing savolitinib in global partnership with AstraZeneca, both as a monotherapy and in combination with immunotherapy, targeted therapy and chemotherapy drugs.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 500 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies for the treatment of cancer and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations for the clinical development of savolitinib, plans to initiate clinical studies for savolitinib, its expectations as to whether such studies would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria, changes to clinical protocols or regulatory requirements, unexpected adverse events or safety issues, the ability of drug candidate savolitinib, including as a combination therapies, to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions, to gain commercial acceptance after obtaining regulatory approval, the potential market of savolitinib for a targeted indication and the sufficiency of funding. 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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500 ________________________1 Powles,et al.  A phase II study investigating the safety and efficacy of savolitinib and durvalumab in metastatic papillary renal cancer (CALYPSO).  2019 American Society of Clinical Oncology Genitourinary Cancers Symposium Abstract 545.  Presented on February 16, 2019.

  • Globe Newswire

    Chi-Med Announces the Exercise of Underwriters’ Over-allotment Option for Public Offering of ADSs

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTIONLONDON, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) announced today that the underwriters of its underwritten public offering of American Depositary Shares ("ADSs") on the Nasdaq Global Select Market, previously announced by Chi-Med on January 21, 2020 and January 23, 2020 (the "Offering"), have given notice to Chi-Med that they are exercising their over-allotment option. The underwriters have elected to purchase an additional 333,663 ADSs at the Offering price of US$25.00 per ADS, raising approximately an additional US$8.3 million in gross proceeds for the Company and bringing the total gross proceeds of the Offering to approximately US$118.3 million. Closing of the over-allotment portion is expected to occur on February 10, 2020. After the closing, the total number of ADSs sold by Chi-Med in the Offering will have increased to 4,733,663.BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and Morgan Stanley & Co. LLC (in alphabetical order) are acting as joint global coordinators and joint bookrunners for the Offering.  Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are acting as joint bookrunners, and Canaccord Genuity LLC, CLSA Limited and Panmure Gordon (UK) Limited are acting as co-managers.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 500 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in cancer and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.Information about the OfferingThe Offering is being made pursuant to a shelf registration statement on Form F-3 filed by Chi-Med with the United States Securities and Exchange Commission (“SEC”) that became automatically effective on April 3, 2017.  The final prospectus supplement relating to and describing the terms of the Offering was filed with the SEC on January 23, 2020 and is available on the SEC’s website at www.sec.gov.  Before you invest, you should read the registration statement, prospectus supplement and other documents the issuer has filed with the SEC for more complete information about Chi-Med and the Offering.  Copies of the final prospectus supplement and the accompanying prospectus relating to the Offering may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or e-mail: dg.prospectus_requests@baml.com; or Goldman Sachs & Co. L.L.C., Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.This announcement is not directed to, or intended for distribution or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.The 1,668,315 new ordinary shares to be issued by Chi-Med pursuant to the underwriters’ partial exercise of the over-allotment option (“New Shares”) will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of Chi-Med, including the right to receive all dividends and other distributions declared, made or paid in respect of such shares after the date of issue of the New Shares.Application will be made to the London Stock Exchange for the New Shares to be admitted to the AIM market operated by the London Stock Exchange (“Admission”). It is expected that Admission will become effective at 8:00 a.m. on February 11, 2020.Following admission of the 1,668,315 New Shares to trading on AIM, the issued share capital of Chi-Med will consist of 690,574,765 ordinary shares of US$0.10 each, with each share carrying one right to vote and with no shares held in treasury. This figure of 690,574,765 may be used by shareholders as the denominator for the calculations by which they could determine if they are required to notify their interest in, or a change to their interest in, Chi-Med under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. For illustrative purposes only, the 690,574,765 ordinary shares would be equivalent to 690,574,765 depositary interests (each equating to one ordinary share) which are traded on AIM or, if the depositary interests were converted in their entirety, equivalent to 138,114,953 ADSs (each equating to five ordinary shares) which are traded on the Nasdaq Global Select Market.This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. Forward-Looking StatementsThis announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its management plans and objectives.  Forward-looking statements involve risks and uncertainties.  Such risks and uncertainties include, among other things, the possibility that the closing conditions for the shares being sold as a result of the exercise of the underwriters’ over-allotment option will not be satisfied.  More information about such risks and uncertainties is contained or incorporated by reference in the preliminary prospectus supplement and the accompanying prospectus related to the Offering filed with the SEC. 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 Chi-Med’s filings with the SEC and on AIM.  None of Chi-Med, BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and Morgan Stanley & Co. LLC undertakes any obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.Important NoticeNo prospectus required for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) or admission document for the purposes of the AIM Rules for Companies will be made available in connection with the matters contained in this announcement.In any Member State of the European Economic Area, this announcement is only addressed to and directed at persons who are “Qualified Investors” within the meaning of Article 2(e) of the Prospectus Regulation.  The ADSs are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with Qualified Investors.  This announcement should not be acted upon or relied upon in any Member State of the European Economic Area by persons who are not Qualified Investors.In addition, this communication, in so far as it constitutes an invitation or inducement to enter into investment activity (within the meaning of s21 Financial Services and Markets Act 2000 as amended) in connection with the securities which are the subject of the Offering described in this announcement or otherwise, is being directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc.) of the Order; or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i) to (iv) together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on in the United Kingdom by persons who are not relevant persons.  Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.In connection with the Offering, the underwriters may conduct stabilization activities with respect to the ADSs on Nasdaq, in the over-the-counter market or otherwise, to support the market price of the ADSs at a higher level than that which might otherwise prevail in the open market, in compliance with all applicable laws and regulations, including Regulation M under the U.S. Securities Exchange Act of 1934, as amended. These activities may include short sales, stabilizing transactions and purchases of ordinary shares or ADSs to cover positions created by short sales. Any stabilization action may begin on the date of the final prospectus supplement and, if begun, may be ended at any time but must end no later than 30 calendar days thereafter. However, there is no obligation on the underwriters (or any person acting for them) to conduct any such stabilizing activities, and the stabilization activities may be discontinued at any time. All stabilization activities will be conducted by Goldman Sachs & Co. L.L.C. as stabilization manager (or persons acting on its behalf).CONTACTSInvestor Enquiries        Mark Lee, Senior Vice President +852 2121 8200      Annie Cheng, Vice President +1 (973) 567 3786      David Dible, Citigate Dewe Rogerson +44 7967 566 919 (Mobile)   david.dible@citigatedewerogerson.com      Xuan Yang, Solebury Trout +1 (415) 971 9412 (Mobile)   xyang@troutgroup.com     Media Enquiries        UK & Europe — Anthony Carlisle,+44 7973 611 888 (Mobile)  Citigate Dewe Rogersonanthony.carlisle@cdrconsultancy.co.uk          Americas — Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile)   bmiles@troutgroup.com          Hong Kong & Asia ex-China — Joseph Chi Lo,+852 9850 5033 (Mobile)      Brunswickjlo@brunswickgroup.com  — Zhou Yi,+852 9783 6894 (Mobile)       Brunswickyzhou@brunswickgroup.com     Mainland China — Sam Shen, Edelman+86 136 7179 1029 (Mobile)   sam.shen@edelman.com     Nominated Advisor        Atholl Tweedie, Panmure Gordon (UK) Limited +44 (20) 7886 2500

  • Globe Newswire

    Chi-Med to Announce 2019 Final Results

    LONDON, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) will announce its final results for the year ended December 31, 2019 on Tuesday, March 3, 2020 at 7:00 am Greenwich Mean Time (GMT). A presentation for analysts and investors will be held at 9:00 am GMT (5:00 pm Hong Kong Time) on the same day at Panmure Gordon, One New Change, London, EC4M 9AF, UK. The presentation will be webcast live via the company website at www.chi-med.com/investors/event-information/.  The presentation will be available to download before the analyst presentation begins.For North America based analysts and investors, Chi-Med will also host a conference call with Q&A at 9:00 am Eastern Daylight Time (2:00 pm GMT on the same day).  Details of the analyst presentation and conference call dial-in will be provided in the financial results announcement.  A replay will also be available on the website shortly after each event.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 500 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Hutchison China MediTech Limited Just Released Its Third-Quarter Earnings: Here's What Analysts Think
    Simply Wall St.

    Hutchison China MediTech Limited Just Released Its Third-Quarter Earnings: Here's What Analysts Think

    There's been a notable change in appetite for Hutchison China MediTech Limited (LON:HCM) shares in the week since its...

  • Globe Newswire

    Chi-Med Announces Pricing of US$110 Million Public Offering of ADSs

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTIONLONDON, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) announced today the pricing of the underwritten public offering previously announced by Chi-Med on January 21, 2020. Chi-Med will issue and sell 4,400,000 American Depositary Shares ("ADSs"), each representing five ordinary shares, par value US$0.10 each, of Chi-Med at a price of US$25.00 per ADS on the Nasdaq Global Select Market ("Offering"). The gross proceeds to Chi-Med from the Offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately US$110 million. In addition, Chi-Med has granted the underwriters a 30-day option to purchase up to an additional 660,000 ADSs at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on January 27, 2020, subject to customary closing conditions. Chi-Med will receive all of the net proceeds from the sale of ADSs in the Offering, which it intends to use primarily to fund its ongoing research and clinical development efforts and expand its commercialization capabilities.BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and Morgan Stanley & Co. LLC (in alphabetical order) are acting as joint global coordinators and joint bookrunners for the Offering.  Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are acting as joint bookrunners, and Canaccord Genuity LLC, CLSA Limited and Panmure Gordon (UK) Limited are acting as co-managers.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 500 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in cancer and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.Information about the OfferingThe Offering is being made pursuant to a shelf registration statement on Form F-3 filed by Chi-Med with the United States Securities and Exchange Commission (“SEC”) that became automatically effective on April 3, 2017.  A preliminary prospectus supplement relating to and describing the terms of the Offering was filed with the SEC on January 21, 2020. The final prospectus supplement relating to the Offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.  Before you invest, you should read the registration statement, prospectus supplement and other documents the issuer has filed with the SEC for more complete information about Chi-Med and the Offering.  When available, copies of the final prospectus supplement and the accompanying prospectus relating to the Offering may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or e-mail: dg.prospectus_requests@baml.com; or Goldman Sachs & Co. L.L.C., Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.This announcement is not directed to, or intended for distribution or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.The 22,000,000 new ordinary shares to be issued by Chi-Med pursuant to the Offering (“New Shares”) will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of Chi-Med, including the right to receive all dividends and other distributions declared, made or paid in respect of such shares after the date of issue of the New Shares.Application will be made to the London Stock Exchange for the New Shares to be admitted to the AIM market operated by the London Stock Exchange (“Admission”). It is expected that Admission will become effective at 8:00 a.m. on January 28, 2020.Following admission of the 22,000,000 New Shares to trading on AIM, the issued share capital of Chi-Med will consist of 688,906,450 ordinary shares of US$0.10 each, with each share carrying one right to vote and with no shares held in treasury. This figure of 688,906,450 may be used by shareholders as the denominator for the calculations by which they could determine if they are required to notify their interest in, or a change to their interest in, Chi-Med under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. For illustrative purposes only, the 688,906,450 ordinary shares would be equivalent to 688,906,450 depositary interests (each equating to one ordinary share) which are traded on AIM or, if the depositary interests were converted in their entirety, equivalent to 137,781,290 ADSs (each equating to five ordinary shares) which are traded on the Nasdaq Global Select Market. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. Forward-Looking StatementsThis announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its management plans and objectives.  Forward-looking statements involve risks and uncertainties.  Such risks and uncertainties include, among other things, the possibility that the closing conditions for the Offering will not be satisfied.  More information about such risks and uncertainties is contained or incorporated by reference in the preliminary prospectus supplement and the accompanying prospectus related to the Offering filed with the SEC. 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 Chi-Med’s filings with the SEC and on AIM.  None of Chi-Med, BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and Morgan Stanley & Co. LLC undertakes any obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.Important NoticeNo prospectus required for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) or admission document for the purposes of the AIM Rules for Companies will be made available in connection with the matters contained in this announcement.In any Member State of the European Economic Area, this announcement is only addressed to and directed at persons who are “Qualified Investors” within the meaning of Article 2(e) of the Prospectus Regulation.  The ADSs are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with Qualified Investors.  This announcement should not be acted upon or relied upon in any Member State of the European Economic Area by persons who are not Qualified Investors.In addition, this communication, in so far as it constitutes an invitation or inducement to enter into investment activity (within the meaning of s21 Financial Services and Markets Act 2000 as amended) in connection with the securities which are the subject of the Offering described in this announcement or otherwise, is being directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc.) of the Order; or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i) to (iv) together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on in the United Kingdom by persons who are not relevant persons.  Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.In connection with the Offering, the underwriters may conduct stabilization activities with respect to the ADSs on Nasdaq, in the over-the-counter market or otherwise, to support the market price of the ADSs at a higher level than that which might otherwise prevail in the open market, in compliance with all applicable laws and regulations, including Regulation M under the U.S. Securities Exchange Act of 1934, as amended. These activities may include short sales, stabilizing transactions and purchases of ordinary shares or ADSs to cover positions created by short sales. Any stabilization action may begin on the date of the final prospectus supplement and, if begun, may be ended at any time but must end no later than 30 calendar days thereafter (the "Stabilization Period"). However, there is no obligation on the underwriters (or any person acting for them) to conduct any such stabilizing activities, and the stabilization activities may be discontinued at any time. All stabilization activities will be conducted by Goldman Sachs & Co. L.L.C. as stabilization manager (or persons acting on its behalf).In connection with the Offering, the underwriters may, for stabilization purposes, over-allocate ADSs up to a maximum of 15% of the total number of ADSs comprised in the Offering. For the purposes of allowing them to cover short positions resulting from any such over-allotments and/or from sales of ADSs effected by it during the Stabilization Period, Chi-Med has granted the underwriters the right to purchase or procure purchasers for additional ADSs up to a maximum of 15% of the total number of ADSs comprised in the Offering (the "Over-allotment ADSs") at the public offering price, less the underwriting discount. The underwriters’ right will be exercisable in whole or in part, upon notice by the underwriters, at any time within 30 days of the date of the final prospectus supplement. Any Over-allotment ADSs made available pursuant to the underwriters’ right will be sold on the same terms and conditions as the ADSs being offered pursuant to the Offering and will rank pari passu in all respects with, and form a single class with, the other ADSs.CONTACTS       Investor Enquiries   Mark Lee, Senior Vice President +852 2121 8200  Annie Cheng, Vice President +1 (973) 567 3786  David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile)    david.dible@citigatedewerogerson.com  Xuan Yang, Solebury Trout +1 (415) 971 9412 (Mobile)    xyang@troutgroup.com   Media Enquiries   UK & Europe —Anthony Carlisle,+44 7973 611 888 (Mobile)   Citigate Dewe Rogersonanthony.carlisle@cdrconsultancy.co.uk       Americas —Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile)    bmiles@troutgroup.com       Hong Kong & Asia ex-China — Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile)    jlo@brunswickgroup.com   — Zhou Yi, Brunswick+852 9783 6894 (Mobile)    yzhou@brunswickgroup.com      Mainland China — Sam Shen, Edelman +86 136 7179 1029 (Mobile)    sam.shen@edelman.com      Nominated Advisor   Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Globe Newswire

    Chi-Med Announces Proposed Public Offering of ADSs

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION LONDON, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) announced today that it intends to offer US$110 million of American Depositary Shares ("ADSs"), each representing five ordinary shares, par value US$0.10 each of Chi-Med, on the Nasdaq Global Select Market ("Offering"). Chi-Med intends to grant the underwriters a 30-day option to purchase up to an aggregate of US$16.5 million of additional ADSs at the public offering price, less underwriting discounts and commissions. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or final terms of the Offering. The price for the Offering has not yet been determined.Chi-Med will receive all of the net proceeds from the sale of ADSs in the Offering, if completed, which it intends to use primarily to fund its ongoing research and clinical development efforts and expand its commercialization capabilities.Details of the final terms of the Offering will be determined following the bookbuilding process.BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and Morgan Stanley & Co. LLC (in alphabetical order) are acting as joint global coordinators and joint bookrunners for the Offering. Chi-Med’s directors intend that the Offering would be effected within existing allotment authorities and pre-emption disapplications granted pursuant to shareholder resolutions passed at Chi-Med's annual general meeting held on April 24, 2019. The Offering would therefore not be conditional upon shareholder approval.Shareholders and potential investors should note that the proposed Offering may or may not proceed and are accordingly advised to exercise caution when dealing in the securities of Chi-Med.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 500 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in cancer and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Information about the OfferingThe Offering will be made pursuant to a shelf registration statement on Form F-3 filed by Chi-Med with the United States Securities and Exchange Commission (“SEC”) that became automatically effective on April 3, 2017. A prospectus supplement related to the Offering will be filed with the SEC. Before you invest, you should read the registration statement, prospectus supplement and other documents the issuer has filed with the SEC for more complete information about Chi-Med and the Offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the Offering may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or e-mail: dg.prospectus_requests@baml.com; or Goldman Sachs & Co. L.L.C., Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.In connection with the Offering, Chi-Med, its officers and directors and its largest shareholder, Hutchison Healthcare Holdings Limited (a wholly owned subsidiary of CK Hutchison Holdings Limited), have agreed to a 90-day lock-up on sales or transfers of Chi-Med’s ordinary shares, ADSs or equity-linked securities.This announcement is not directed to, or intended for distribution or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (“MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the Offering with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to Chi-Med and its securities.Forward-Looking StatementsThis announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its management plans and objectives. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, the possibility that the closing conditions for the Offering will not be satisfied. More information about such risks and uncertainties is contained or incorporated by reference in the preliminary prospectus supplement and the accompanying prospectus related to the Offering filed with the SEC. 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 Chi-Med’s filings with the SEC and on AIM. None of Chi-Med, BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and Morgan Stanley & Co. LLC undertakes any obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.Important NoticeNo prospectus required for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) or admission document for the purposes of the AIM Rules for Companies will be made available in connection with the matters contained in this announcement.In any Member State of the European Economic Area, this announcement is only addressed to and directed at persons who are “Qualified Investors” within the meaning of Article 2(e) of the Prospectus Regulation. The ADSs are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with Qualified Investors. This announcement should not be acted upon or relied upon in any Member State of the European Economic Area by persons who are not Qualified Investors.In addition, this communication, in so far as it constitutes an invitation or inducement to enter into investment activity (within the meaning of s21 Financial Services and Markets Act 2000 as amended) in connection with the securities which are the subject of the Offering described in this announcement or otherwise, is being directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc.) of the Order; or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i) to (iv) together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.In connection with the Offering, the underwriters may conduct stabilization activities with respect to the ADSs on Nasdaq, in the over-the-counter market or otherwise, to support the market price of the ADSs at a higher level than that which might otherwise prevail in the open market, in compliance with all applicable laws and regulations, including Regulation M under the U.S. Securities Exchange Act of 1934, as amended. These activities may include short sales, stabilizing transactions and purchases of ordinary shares or ADSs to cover positions created by short sales. Any stabilization action may begin on the date of the final prospectus supplement and, if begun, may be ended at any time but must end no later than 30 calendar days thereafter (the "Stabilization Period"). However, there is no obligation on the underwriters (or any person acting for them) to conduct any such stabilizing activities, and the stabilization activities may be discontinued at any time. All stabilization activities will be conducted by Goldman Sachs & Co. L.L.C. as stabilization manager (or persons acting on its behalf).In connection with the Offering, the underwriters may, for stabilization purposes, over-allocate ADSs up to a maximum of 15% of the total number of ADSs comprised in the Offering. For the purposes of allowing them to cover short positions resulting from any such over-allotments and/or from sales of ADSs effected by it during the Stabilization Period, Chi-Med has granted the underwriters the right to purchase or procure purchasers for additional ADSs up to a maximum of 15% of the total number of ADSs comprised in the Offering (the "Over-allotment ADSs") at the public offering price, less the underwriting discount. The underwriters’ right will be exercisable in whole or in part, upon notice by the underwriters, at any time within 30 days of the date of the final prospectus supplement. Any Over-allotment ADSs made available pursuant to the underwriters’ right will be sold on the same terms and conditions as the ADSs being offered pursuant to the Offering and will rank pari passu in all respects with, and form a single class with, the other ADSs.CONTACTSInvestor Enquiries    Mark Lee, Senior Vice President+852 2121 8200  Annie Cheng, Vice President+1 (973) 567 3786  David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile)   david.dible@citigatedewerogerson.com  Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile)   xyang@troutgroup.com     Media Enquiries   UK & Europe — Anthony Carlisle,+44 7973 611 888 (Mobile)                              Citigate Dewe Rogersonanthony.carlisle@cdrconsultancy.co.uk      Americas — Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile)   bmiles@troutgroup.com      Hong Kong & Asia ex-China — Joseph Chi Lo,+852 9850 5033 (Mobile)                                                       Brunswickjlo@brunswickgroup.com                                                   — Zhou Yi,+852 9783 6894 (Mobile)                                                       Brunswickyzhou@brunswickgroup.com     Mainland China — Sam Shen, Edelman+86 136 7179 1029 (Mobile)   sam.shen@edelman.com     Nominated Advisor   Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Globe Newswire

    Chi-Med Announces that Surufatinib Phase III SANET-p Study Has Already Achieved its Primary Endpoint in Advanced Pancreatic Neuroendocrine Tumors in China and Will Stop Early

    LONDON, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announces that the independent Data Monitoring Committee (“IDMC”) of the Phase III pivotal study of surufatinib in advanced neuroendocrine tumors – pancreatic (“SANET-p”) has completed a pre-planned interim analysis.  The IDMC recommended that the study stops early as the pre-defined primary endpoint of progression free survival (“PFS”) had already been met. Following the early success of this study, Chi-Med now plans to arrange a pre-New Drug Application (“NDA”) meeting with the China National Medical Products Administration (“NMPA”) to discuss the preparation of the NDA for surufatinib for this indication.  Chi-Med intends to submit the results of the SANET-p study for presentation at an upcoming scientific conference. Christian Hogg, Chief Executive Officer of Chi-Med, said, “This positive data is a further important milestone for Chi-Med.  Following surufatinib’s NDA submission for the treatment of non-pancreatic neuroendocrine tumors, these positive results for pancreatic neuroendocrine tumors reinforce that surufatinib has the unique opportunity to address all advanced neuroendocrine tumors.  We believe that no targeted therapies are approved in China or globally for such a broad spectrum of neuroendocrine tumor disease.”In November 2019, the U.S. Food and Drug Administration (“FDA”) granted Orphan Drug designation to surufatinib for the treatment of pancreatic neuroendocrine tumors.  The China NDA for surufatinib for the treatment of advanced non-pancreatic neuroendocrine tumors was accepted for review by the NMPA, and was subsequently granted Priority Review status in December.  Currently Chi-Med is building an oncology-focused sales and marketing team to launch surufatinib if approved in China.About SANET-pSANET-p is a Phase III study in China of surufatinib in patients with low-grade or intermediate-grade advanced pancreatic neuroendocrine tumor patients for whom there is no effective therapy.  In this study, patients are randomized at a 2:1 ratio to receive either 300 mg of surufatinib orally daily or placebo, on a 28-day treatment cycle.  The primary endpoint of the study is to evaluate the PFS, with secondary endpoints including objective response rate (ORR), disease control rate (DCR), time to response (TTR), duration of response (DoR), overall survival (OS), safety, and tolerability.  Additional details may be found at clinicaltrials.gov, using identifier NCT02589821.About Neuroendocrine TumorsNeuroendocrine tumors form in cells that interact with the nervous system or in glands that produce hormones.  They can originate in various parts of the body, most often in the gut or the lungs and can be benign or malignant.  Neuroendocrine tumors are typically classified as pancreatic neuroendocrine tumors or non-pancreatic neuroendocrine tumors.  Approved targeted therapies include Sutent® and Afinitor® for pancreatic neuroendocrine tumors, or well-differentiated, non-functional gastrointestinal or lung neuroendocrine tumors.According to Frost and Sullivan, there were 19,000 newly diagnosed cases of neuroendocrine tumors in the U.S. in 2018.  Importantly, neuroendocrine tumors are associated with a relatively long duration of survival compared to other tumors.  As a result, there were approximately 141,000 estimated patients living with neuroendocrine tumors in the U.S. in 2018 of which over 90%, or approximately 132,000, were non-pancreatic neuroendocrine tumor patients.In China, there were approximately 67,600 newly diagnosed neuroendocrine tumor patients in 2018 and, considering the current incidence to prevalence ratio in China, potentially as many as 300,000 patients living with the disease in the country[1].  It is estimated that approximately 80% of the patients living with neuroendocrine tumors in China are non-pancreatic neuroendocrine tumor patients.About Surufatinib Surufatinib (previously known as HMPL-012 or sulfatinib) is a novel, oral angio-immuno kinase inhibitor that selectively inhibits the tyrosine kinase activity associated with vascular endothelial growth factor receptor (“VEGFR”) and fibroblast growth factor receptor (FGFR), which both inhibit angiogenesis, and colony stimulating factor-1 receptor (CSF-1R), which regulates tumor-associated macrophages, promoting the body’s immune response against tumor cells.  Its unique dual mechanism of action may be very suitable for possible combinations with other immunotherapies.  Surufatinib is in several late-stage and proof-of-concept clinical trials in China and proof-of-concept clinical trials in the U.S.According to Frost & Sullivan, the market for anti-angiogenesis VEGF/VEGFR inhibitors in China has grown from US$500 million in 2015 to over US$1.5 billion in 2019 and is expected to reach US$5 billion by 2026.Chi-Med currently retains all rights to surufatinib worldwide.Non-pancreatic neuroendocrine tumors in China: In November 2019, an NDA for surufatinib for the treatment of patients with advanced non-pancreatic neuroendocrine tumors was accepted for review by the China NMPA.  The NDA is supported by data from the successful SANET-ep study, a Phase III study of surufatinib in advanced neuroendocrine tumors – extra-pancreatic patients in China for whom there is no effective therapy.  A 198-patient interim analysis was conducted in June 2019, leading the IDMC to determine that the study met the pre-defined primary endpoint of PFS and should be stopped early.  The positive results of this trial were highlighted in an oral presentation at the 2019 European Society for Medical Oncology Congress on September 29, 2019.  (clinicaltrials.gov identifier: NCT02588170). Pancreatic neuroendocrine tumors in China: In 2016, we initiated the SANET-p study, which is a pivotal Phase III study in patients with low- or intermediate-grade, advanced pancreatic neuroendocrine tumors in China.  The primary endpoint is PFS (clinicaltrials.gov identifier: NCT02589821). Pancreatic neuroendocrine tumors in the U.S. and Europe: We are planning a U.S. registration study in neuroendocrine tumor patients based on the encouraging data from the Phase II and Phase III studies of surufatinib in neuroendocrine tumors in China (clinicaltrials.gov identifier: NCT02267967), and the ongoing Phase Ib study in the U.S. (clinicaltrials.gov identifier: NCT02549937).  This program was granted Orphan Drug designation by the U.S. FDA.Biliary tract cancer in China: In March 2019, we initiated a Phase IIb/III study comparing surufatinib (HMPL-012 or sulfatinib) with capecitabine in patients with advanced biliary tract cancer whose disease progressed on first-line chemotherapy.  The primary endpoint is OS (clinicaltrials.gov identifier NCT03873532).Immunotherapy combinations: In November 2018 and September 2019, we entered into collaboration agreements to evaluate the safety, tolerability and efficacy of surufatinib in combination with anti-programmed cell death protein 1 (PD-1) monoclonal antibodies.  This included global collaborations to evaluate the combination of surufatinib with Tuoyi®, approved in China by Shanghai Junshi Biosciences Co. Ltd, and with Tyvyt®, approved in China by Innovent Biologics, Inc. About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 500 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies for the treatment of cancer and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.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.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations regarding the NDA approval and launch of surufatinib for the treatment of patients with pancreatic or non-pancreatic NET in China, the further clinical development of surufatinib in these and other indications, its expectations as to whether clinical studies of surufatinib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies.  Forward-looking statements involve risks and uncertainties.  Such risks and uncertainties include, among other things, assumptions regarding the sufficiency of its data to support NDA approval of surufatinib for the treatment of patients with pancreatic or non-pancreatic NET in China, its potential to gain expeditious approvals for surufatinib in other jurisdictions such as the U.S. and EU, the safety profile of surufatinib, the potential for surufatinib to become a new standard of care for pancreatic or non-pancreatic NET patients, its ability to implement and complete its further clinical development plans for surufatinib, its potential commercial launch of surufatinib in China and other jurisdictions and the timing of these events.  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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM.  Chi-Med 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.Inside InformationThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.[1] According to Frost & Sullivan, in 2018, there were 19,000 newly diagnosed cases of NETs in the U.S and an estimated 141,000 patients living with NETs.  The current incidence to prevalence ratio in China is estimated at 4.4, lower than the 7.4 ratio in the U.S. due to lower access to treatment options.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Globe Newswire

    Chi-Med Initiates a Phase II Trial of Surufatinib in Combination with Tuoyi in Patients with Advanced Solid Tumors

    LONDON, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) has initiated a Phase II study in China of surufatinib in combination with Tuoyi (toripalimab) in patients with advanced solid tumors. This follows the recent completion of the Phase I dose finding study and successful establishment of the Phase II combination dosing regimen for surufatinib and Tuoyi. This China Phase II clinical study is part of a global collaboration with Shanghai Junshi Biosciences Co. Ltd. (“Junshi”), to evaluate surufatinib, Chi-Med’s oral angio-immuno kinase inhibitor, in combination with Tuoyi, Junshi’s anti-programmed cell death protein 1 (“PD-1”) monoclonal antibody which was approved by China’s National Medical Products Administration (“NMPA”) in December 2018.  The study is designed to test the potential synergistic anti-tumor effects of the combination’s ability to simultaneously target multiple cell types and signaling pathways in the tumor microenvironment.    The Phase II study plans to explore multiple solid tumor patient populations. The primary outcome measures are objective response rate (ORR) and safety. The secondary outcomes include duration of response (DoR), progression-free survival (“PFS”), disease control rate (DCR) and overall survival (“OS”).  The lead principal investigator of the study is Professor Lin Shen, Vice President of Peking University Hospital and Cancer Institute. Additional details may be found at clinicaltrials.gov, using identifier NCT04169672.Christian Hogg, Chief Executive Officer of Chi-Med, said, “We are excited to move into Phase II development on the surufatinib toripalimab combination and look forward to identifying patient groups that could benefit from this innovative treatment regimen.”In December 2019, surufatinib was granted Priority Review status by the Center for Drug Evaluation (CDE) of China’s NMPA for its New Drug Application (“NDA”) for the treatment of patients with advanced non-pancreatic neuroendocrine tumors (“NET”).In November 2019, the NDA for surufatinib for the treatment of non-pancreatic NET was accepted for review by the NMPA, and the U.S. Food and Drug Administration granted Orphan Drug designation to surufatinib for the treatment of pancreatic NET.About Surufatinib Surufatinib (previously known as HMPL-012 or sulfatinib) is a novel, oral angio-immuno kinase inhibitor that selectively inhibits the tyrosine kinase activity associated with vascular endothelial growth factor receptor (“VEGFR”) and fibroblast growth factor receptor (FGFR), which both inhibit angiogenesis, and colony stimulating factor-1 receptor (CSF-1R), which regulates tumor-associated macrophages, promoting the body’s immune response against tumor cells. Its unique dual mechanism of action may be very suitable for possible combinations with other immunotherapies. Surufatinib is in several late-stage and proof-of-concept clinical trials in China and proof-of-concept clinical trials in the U.S.According to Frost & Sullivan, the market for anti-angiogenesis VEGF/VEGFR inhibitors in China has grown from US$500 million in 2015 to over US$1.5 billion in 2019 and is expected to reach US$5 billion by 2026.Chi-Med currently retains all rights to surufatinib worldwide.Non-Pancreatic NET in China: In 2015, we initiated the SANET-ep study, a Phase III study of surufatinib in advanced neuroendocrine tumors – extra-pancreatic patients in China for whom there is no effective therapy. In June 2019, a 198-patient interim analysis was conducted, leading the independent data monitoring committee to determine that the study met the pre-defined primary endpoint of progression-free survival (“PFS”) and should be stopped early. The positive results were highlighted in an oral presentation at the 2019 European Society for Medical Oncology Congress in September 2019. In November 2019, the NDA was accepted for review by the NMPA (clinicaltrials.gov identifier: NCT02588170) and subsequently granted Priority Review status.Pancreatic NET in China: In 2016, we initiated the SANET-p study, which is a pivotal Phase III study in patients with low- or intermediate-grade, advanced pancreatic NET in China. The primary endpoint is PFS. We expect an interim analysis in the first half of 2020 and enrollment to complete in 2020 (clinicaltrials.gov identifier: NCT02589821).NET in the U.S. and Europe: We are planning a U.S. registration study in NET patients based on the encouraging data from the Phase II and Phase III studies of surufatinib in NET in China (clinicaltrials.gov identifier: NCT02267967), and the ongoing Phase II study in the U.S. (clinicaltrials.gov identifier: NCT02549937). Biliary tract cancer in China: In March 2019, we initiated a Phase IIb/III study comparing surufatinib with capecitabine in patients with advanced biliary tract cancer whose disease progressed on first-line chemotherapy. The primary endpoint is overall survival (OS) (clinicaltrials.gov identifier NCT03873532).Immunotherapy combinations: In November 2018 and September 2019, we entered into collaboration agreements to evaluate the safety, tolerability and efficacy of surufatinib in combination with anti-PD-1 monoclonal antibodies. This included global collaborations to evaluate the combination of surufatinib with Tuoyi, approved in China by Junshi, and with Tyvyt®, approved in China by Innovent Biologics, Inc.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 490 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in cancer and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations for the clinical development of surufatinib in combination therapy with toripalimab, its expectations regarding the NDA approval and launch of surufatinib for the treatment of patients with non-pancreatic NET in China, the further clinical development of surufatinib in non-pancreatic NET, pancreatic NET and other indications, its expectations as to whether clinical studies of surufatinib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties.  Such risks and uncertainties include, among other things, assumptions regarding the sufficiency of its data to support NDA approval of surufatinib for the treatment of patients with non-pancreatic NET in China, its potential to gain expeditious approvals for surufatinib under priority review in China and in other jurisdictions such as the U.S. and EU, the safety profile of surufatinib, the potential for surufatinib to become a new standard of care for non-pancreatic NET patients, its ability to implement and complete its further clinical development plans for surufatinib, its potential commercial launch of surufatinib in China and other jurisdictions and the timing of these events. 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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM.  Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Globe Newswire

    Chi-Med Reports 2019 Interim Results and Provides Updates on Key Clinical Programs

    LONDON, July 30, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announces its unaudited financial results for the six months ended June 30, 2019 and provides updates on key clinical programs.  Major highlights include: * Positive surufatinib China Phase III study in non-pancreatic neuroendocrine tumors (“NET”) – Interim analysis of SANET-ep study confirmed to have met primary endpoint and the Independent Data Monitoring Committee (“IDMC”) recommended the study be un-blinded, a year ahead of schedule.  New Drug Application (“NDA”) is now being prepared for submission during 2019; * Early progress on Elunate® (fruquintinib capsules) with China in-market sales in colorectal cancer (“CRC”) of $11.4 million1 (RMB77.1 million) during H1 2019; Discussions in progress for potential inclusion in the China National Reimbursement Drug List (“NRDL”) at the next update in Q4 2019; * Potential for first savolitinib NDA targeted for H1 2020 – for MET2 Exon 14 deletion non-small cell lung cancer (“NSCLC”) in China. Oral presentations of savolitinib data made at scientific conferences in H1 2019 in lung cancer (monotherapy and combination with Tagrisso®) and kidney cancer (combination with Imfinzi®).  Video webcast presentation at 9:00 a.m. BST and additional conference call at 9:00 a.m. EDT.“Chi-Med’s business is progressing well on all fronts.” said Simon To, Chairman, Chi-Med. “All major clinical readouts in the first half were encouraging, with the stand-out results being surufatinib’s positive Phase III outcome in non-pancreatic NET and savolitinib’s preliminary data in MET Exon 14 deletion NSCLC along with the completion of enrollment of its registration study. We believe these accomplishments have the potential to support Chi-Med’s next two NDA submissions, surufatinib later this year and savolitinib early next year.”“Highly encouraging preliminary data was also reported for the savolitinib / Tagrisso® combination in NSCLC, which led to the initiation of a global registration intent trial by AstraZeneca AB (publ) (“AstraZeneca”), the SAVANNAH study, early this year. Also, recently released preliminary data for the savolitinib / Imfinzi® combination in kidney cancer is promising.” “Our first approved oncology drug, Elunate®, is making progress, with first six-month revenue well ahead, at the same stage, of the five small molecule VEGFR3 inhibitors previously launched by multinational companies in China. In our view, with time and inclusion in the China NRDL, Elunate®’s well documented efficacy and safety profile will make it a formidable competitor.”“Business is as usual for our Commercial Platform, which generated 9% net income growth on a CER4 basis versus same period last year.  This income helps significantly to fund our clinical development programs as well as our discovery engine which produced yet another exciting oncology asset, our ninth, with the IND5 submission of our novel IDH 1/2 inhibitor6 HMPL-306.” “Our organization is expanding rapidly, with our New Jersey-based international clinical and regulatory team scaling up to manage global registration studies on surufatinib and fruquintinib and early development on our B-cell malignancy assets. Our in-house oncology commercial team in China is also growing fast, managing medical affairs and getting ready for the potential launch of surufatinib late next year.”“Looking ahead at the next two years, we expect to accelerate our transformation into a fully integrated and globally-facing biopharmaceutical company with capability to discover, develop and launch multiple novel drug innovations aimed at addressing a broad range of unmet medical needs and benefiting a large number of patients.”FINANCIAL HIGHLIGHTSThe items below are selected financial data for the six months ended June 30, 2019. All monetary figures are expressed in U.S. dollars unless otherwise stated. For more details, please refer to “Financial Review”, “Operations Review” and “Interim Unaudited Condensed Consolidated Financial Statements” below.OVERALL GROUP:  sufficient resources to reach multiple value inflection points on our pipeline * Group revenue $102.2 million (H1-18: $102.2m). * Net loss attributable to Chi‑Med of $45.4 million (H1-18: net loss of $32.7m). * Adjusted Group net cash flows (non-GAAP) was -$63.7 million in H1 2019 including the repayment of a total of $26.9 million in bank loans, leaving the Group with no outstanding bank borrowings.  Cash from our Commercial Platform, as well as payments received from our multinational partners, continued to offset a material part of our research and development (“R&D”) expenses. * Cash resources of $383.6 million at Group level as of June 30, 2019 (December 31, 2018: $420.3m), including cash, cash equivalents and short-term investments of $237.3 million (December 31, 2018: $301.0m) and unutilized bank facilities of $146.3 million (December 31, 2018: $119.3m). INNOVATION PLATFORM: increased investment in R&D driven by expansion of our organization, operations and progress on our clinical development pipeline * Consolidated revenue was $12.0 million (H1-18: $13.6m) mainly due to payments from AstraZeneca and Lilly.  During H1 2019, following the launch of Elunate® in late 2018, we recorded $5.5 million (H1-18: $1.1m) in manufacturing and service fee revenues as well as royalty income from Lilly. * R&D expenses on an as adjusted (non-GAAP) basis increased to $74.5 million (H1-18: $66.7m), primarily driven by the progress in the development of our eight clinical drug candidates, five of which are either in or about to start development outside China; the ramp-up of our small molecule manufacturing operations in Suzhou; expansion of U.S. and international clinical and regulatory operations; and establishment of our oncology commercial infrastructure in China. * Net loss from our Innovation Platform attributable to Chi-Med of $63.8 million (H1-18: net loss of $52.9m) COMMERCIAL PLATFORM:  solid net income growth on a CER basis due to continued progress in our Prescription Drugs business * Total consolidated sales grew 2% (7% at CER) to $90.2 million (H1-18: $88.6m) mainly due to progress on our Prescription Drugs subsidiary Hutchison Sinopharm7 being partially offset by rationalization of certain low contribution products in the Consumer Health business. * Total sales of non-consolidated joint ventures increased 2% (8% at CER) to $276.9 million (H1-18: $271.7m) driven by solid performance on our leading prescription cardiovascular drug, She Xiang Bao Xin (“SXBX”) pill, which grew 9% (15% at CER) to $141.0 million (H1-18: $129.8m).  * Total consolidated net income from our Commercial Platform attributable to Chi-Med increased 3% (9% at CER) to $27.7 million (H1-18: $26.9m).\---U.K. Analysts Meeting and Webcast Scheduled Today at 9:00 a.m. BST (4:00 p.m. HKT) – at Citigate Dewe Rogerson, 8th Floor, Holborn Gate, 26 Southampton Buildings, London WC2A 1AN, UK. Investors may participate in the call at +44 20 3003 2666 (800 900 476 toll free in Hong Kong), or access a live video webcast of the call via Chi-Med’s website at www.chi-med.com/investors/event-information/.U.S. Conference Call Scheduled Today at 9:00 a.m. EDT – to participate in the call from the U.S., please dial 1 866 966 5335.Additional dial-in numbers are also available at Chi-Med's website. For both calls please use conference ID “Chi-Med.”__________________________[1] In-market sales figures for Elunate® are based on information provided by Eli Lilly and Company (“Lilly”); [2] mesenchymal epithelial transition receptor (“MET”); [3] Vascular endothelial growth factor receptor (“VEGFR”); [4] Constant Exchange Rate (“CER”). Certain financial information in this announcement is presented on a constant exchange rate basis, or at CER. These financial measures are not prepared in accordance with U.S. generally accepted accounting principles (GAAP) because they remove the effects of currency movements from our reported results. Please refer to “Use of Non-GAAP Financial Measures and Reconciliation” below for further information relevant to the interpretation of these financial measures and reconciliations of these financial measures to the most comparable GAAP measures; [5] Investigational New Drug (“IND”); [6] Isocitrate dehydrogenase (“IDH”) 1 and 2; [7] Hutchison Whampoa Sinopharm Pharmaceuticals (Shanghai) Company Limited (“Hutchison Sinopharm”). OPERATING HIGHLIGHTSThe points below summarize some of Chi-Med’s operating highlights so far this year. For more details, please refer to “Operations Review” below.SURUFATINIB (HMPL-012 or sulfatinib) – angio-immuno kinase inhibitor of VEGFR 1/2/3, fibroblast growth factor receptor (“FGFR”) 1, and colony stimulating factor-1 receptor (“CSF-1R”): * Positive China Phase III in non-pancreatic NET:  An interim analysis in June 2019 confirmed that the Phase III non-pancreatic NET (SANET-ep) study met its primary endpoint of progression-free survival (“PFS”).  As a result, the IDMC recommended the study be un-blinded, a year ahead of schedule, and preparations are now underway for an NDA submission in late 2019 for this indication in China; * Initiated China Phase II/III in biliary tract cancer (“BTC”):  Based on preliminary Phase Ib/IIa data, we initiated a Phase IIb/III registration study in BTC in China in March 2019; and * Initiated PD-1 combination development:  Received China IND clearance during early 2019 and initiated a Phase I safety run-in study in China of surufatinib plus Tuoyi®, an approved PD-1 monoclonal antibody from Shanghai Junshi Biosciences Co. Ltd. (“Junshi”). FRUQUINTINIB – highly selective tyrosine kinase inhibitor (“TKI”) of VEGFR 1/2/3 – potential best-in-class in terms of both efficacy and safety: * Early progress on Elunate® (fruquintinib capsules) in third-line CRC in China: ° $11.4 million (RMB77.1 million) in sales during H1 2019:  In-market sales of Elunate® to third-parties, as provided by Lilly, in the first full six-month period since its November 25, 2018 launch; ° Progress in reimbursement discussion: Elunate® was included in the Shanghai provincial reimbursement drug list (“RDL”) in June 2019.  Discussions now in-progress for potential inclusion in the China NRDL at the next update in early Q4 2019. * Cleared Phase III interim analysis in second-line gastric cancer: In April 2019, we conducted an interim analysis of the FRUTIGA study in China for futility. The analysis evaluated PFS and overall survival (“OS”) trends after six months of therapy for the first 100 patients in the study. The IDMC recommended to continue the study without changes; and * Initiated PD-1 combination development:  Received China IND clearance in early 2019 and initiated a Phase I study of fruquintinib plus Tyvyt®, an approved PD-1 monoclonal antibody from Innovent Biologics (Suzhou) Co. Ltd. (“Innovent”).  Phase I development of fruquintinib plus genolimzumab, a PD-1 monoclonal antibody under development by Genor Biopharma Co. Ltd. (“Genor”) is also now underway. SAVOLITINIB – potential first-in-class selective MET inhibitor in late-stage clinical development: * Reached enrollment goal in Phase II registration study – MET Exon 14 deletion NSCLC: Encouraging interim data, for 31 evaluable patients, for the China Phase II registration study in MET Exon 14 deletion NSCLC were presented during the 2019 American Association for Cancer Research (“AACR”) Annual Meeting.  We have now reached our enrollment goal for this Phase II registration study, and subject to clinical outcome, with potential to be our first NDA submission for savolitinib in early 2020; * AstraZeneca collaboration, leading global position in EGFR-TKI resistant NSCLC: ° 56% objective response rate (“ORR”) and 7.1 months’ median duration of response – in patients with acquired resistance to Iressa® or Tarceva® driven by MET amplification:  Preliminary TATTON Phase Ib/IIa data for the savolitinib/Tagrisso® combination regimen were presented at the 2019 AACR Annual Meeting for a total of 43 evaluable patients who were T790M- and had not previously received a third-generation EGFR inhibitor; ° 31% ORR and 9.7 months’ median duration of response – in patients with acquired resistance to Tagrisso® driven by MET amplification: Preliminary TATTON Phase Ib/IIa data for the savolitinib/Tagrisso® combination regimen were also presented at the 2019 AACR Annual Meeting for a total of 39 evaluable patients who had reported disease progression after receiving a third-generation EGFR inhibitor.  The SAVANNAH Phase IIb registration intent study, which is being conducted in North and South America, Europe and Asia in this target patient population, dosed its first patient in early 2019; * Emerging signal for savolitinib/Imfinzi® (PD-L1) combination in renal cell carcinoma (“RCC”):  Interim results for the papillary RCC (“PRCC”) cohort of the CALYPSO Phase II study were presented at the 2019 American Society of Clinical Oncology Genitourinary Symposium (“ASCO GU”) reporting a 27% ORR for all 41 patients and a 32% ORR for the 28 previously untreated patients.  The combination was tolerable and associated with durable responses in PRCC. Further progress in early/proof-of-concept clinical trials and discovery, including: * HMPL-523 – potential first-in-class selective Syk inhibitor:  A Phase Ib dose expansion study in both China and Australia accelerated enrollment in H1 2019 in multiple sub-types of non-Hodgkin’s lymphoma (“NHL”).  We intend to use Phase Ib data to guide registration strategy in China during late 2019; and multiple U.S. / Europe sites are also now open for a Phase I/Ib study with patient screening underway. * HMPL-689 – potential best-in-class selective PI3Kδ inhibitor: A recommended dose for Phase II study has been selected based on the China Phase I study; U.S. / Europe IND applications cleared; and * IND submission in China for HMPL-306: A novel selective small molecule TKI of isocitrate dehydrogenase (“IDH”) 1/2, discovered in-house with IND submitted H1 2019.  Major organizational expansion, including: * Expansion of international clinical and regulatory operations:  accelerated expansion of New Jersey team to support development of multiple un-partnered compounds outside of Asia; and * Establishment of China oncology commercial organization: currently numbering about 60 commercial staff, primarily focused on medical affairs and preparation for potential surufatinib launch in late 2020. POTENTIAL UPCOMING KEY EVENTSChina – H2 2019Global – H2 2019 1. Savolitinib – Registration study completion – MET Exon 14 deletion NSCLC (occurred July);1.  HMPL-523 (Syk) – Phase I – Initiate U.S. / E.U. Phase I/Ib in indolent NHL; 2.  Surufatinib – Phase III data (SANET-ep) –presentation at scientific conference;2.  HMPL-689 (PI3Kδ) – Phase I – Initiate U.S. / E.U. Phase I/Ib in indolent NHL; 3.  Surufatinib – NDA submission – in non-pancreatic NET;3.  Savolitinib – Phase II data (VIKTORY) – gastric cancer data (patient tumor molecular profiling). 4.  Fruquintinib – Phase III data (FALUCA) – submit for presentation in NSCLC at conference;  5.  Fruquintinib – Reimbursement – possible Elunate® inclusion in China NRDL in Q4 2019.  China – H1 2020Global – H1  2020 6. Fruquintinib – Phase III interim analysis (FRUTIGA) – 2nd interim in gastric cancer;4. Surufatinib – Phase II/III start – initiate U.S. / E.U. study in pancreatic NET; 7.  Surufatinib – Phase III interim analysis (SANET-p) – planned final interim analysis;5.  Fruquintinib – Phase II/III start – initiate U.S. / E.U. Phase II/III study in metastatic CRC; 8.  Savolitinib – NDA submission – in MET Exon 14 deletion NSCLC;6.  Savolitinib – Phase II data (CALYPSO) – Imfinzi® (PD-L1) combo in RCC; 9.  Surufatinib – Phase Ib/II data – submit for presentation of BTC at conference;7.  Savolitinib – Phase II registration study (SAVANNAH) interim analysis – in NSCLC; 10\. HMPL-523 – Phase II study start – potential registration study indolent NHL.     FINANCIAL GUIDANCEWe are providing the following updated Financial Guidance for the year ending December 31, 2019.  Our updated guidance takes into account the weakening of the RMB, which was down 6% against the U.S. dollar during H1 2019 (using the average exchange rate for the period) relative to the same period last year due to global macroeconomic factors.  We expect this trend to continue through the balance of 2019, and this depreciation of the RMB has the effect of reducing our R&D expenses in China in U.S. dollar terms.  In addition, we have both expanded and extended existing studies of surufatinib and fruquintinib in the U.S. ahead of upcoming regulatory authority end of Phase II meetings.  This will move certain start-up costs of our global Phase II/III registration studies on surufatinib and fruquintinib into 2020.  2019 Previous Guidance2019 Current  Guidance  Adjustments      Adjusted R&D Expenses$(160) – (200) million$(130) – (170) million$(30) million Adjusted Group Net Cash Flows excluding financing activities$(120) – (150) million$(90) – (120) million$(30) million      Use of Non-GAAP Financial Measures – References in this announcement to adjusted R&D expenses, adjusted Group net cash flows and adjusted Group net cash flows excluding financing activities and financial measures reported at CER are based on non-GAAP financial measures. Please see the “Use of Non-GAAP Financial Measures and Reconciliation” below for further information relevant to the interpretation of these financial measures and reconciliations of these financial measures to the most comparable GAAP measures. About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 440 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Richard Gray / Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500    ReferencesUnless the context requires otherwise, references in this announcement to the “Group,” the “Company,” “Chi-Med,” “Chi-Med Group,” “we,” “us,” and “our,” mean Hutchison China MediTech Limited and its consolidated subsidiaries and joint ventures unless otherwise stated or indicated by context.Past Performance and Forward-Looking StatementsThe performance and results of operations of the Group contained within this announcement are historical in nature, and past performance is no guarantee of future results of the Group. 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. These forward-looking statements can be identified by words like “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “pipeline,” “could,” “potential,” “believe,” “first-in-class,” “best-in-class,” “designed to,” “objective,” “guidance,” “pursue,” or similar terms, or by express or implied discussions regarding potential drug candidates, potential indications for drug candidates, a potential SEHK listing and concurrent global offering of our securities or by discussions of strategy, plans, expectations or intentions. You should not place undue reliance on these statements. Such forward-looking statements are based on the current beliefs and expectations of management regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. There can be no guarantee that any of our drug candidates will be approved for sale in any market, or that any approvals which are obtained will be obtained at any particular time, or that any such drug candidates will achieve any particular revenue or net income levels. In particular, management’s expectations could be affected by, among other things: unexpected regulatory actions or delays or government regulation generally; the uncertainties inherent in research and development, including the inability to meet our key study assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria and funding requirements, changes to clinical protocols, unexpected adverse events or safety, quality or manufacturing issues; the inability of a drug candidate to meet the primary or secondary endpoint of a study; the inability of a drug candidate to obtain regulatory approval in different jurisdictions or gain commercial acceptance after obtaining regulatory approval; global trends toward health care cost containment, including ongoing pricing pressures; uncertainties regarding actual or potential legal proceedings, including, among others, actual or potential product liability litigation, litigation and investigations regarding sales and marketing practices, intellectual property disputes, and government investigations generally; and general economic and industry conditions, including uncertainties regarding the effects of the persistently weak economic and financial environment in many countries and uncertainties regarding future global exchange rates. For further discussion of these and other risks, see Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med is providing the information in this announcement as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.In addition, this announcement contains statistical data and estimates that Chi-Med obtained from industry publications and reports generated by third-party market research firms. Although Chi-Med believes that the publications, reports and surveys are reliable, Chi-Med has not independently verified the data and cannot guarantee the accuracy or completeness of such data. You are cautioned not to give undue weight to this data. Such data involves risks and uncertainties and are subject to change based on various factors, including those discussed above. Inside InformationThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.EndsFINANCIAL REVIEWChi-Med Group revenue for the six months ended June 30, 2019 was $102.2 million (H1-18: $102.2m).  Revenue from the Commercial Platform increased to $90.2 million (H1-18: $88.6m) driven mainly by continued progress on our Hutchison Sinopharm business. Revenue from the Innovation Platform decreased to $12.0 million in the first half of 2019 (H1-18: $13.6m), reflecting a transitioning from a focus on earning service fees from our partners through development collaborations to reporting product sales revenue and royalty income from the commercial launch of our innovations such as Elunate®. It should be noted that Group revenues do not include the revenues of our two large-scale, 50/50 joint ventures in China, Shanghai Hutchison Pharmaceuticals Limited (“SHPL”) and Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Company Limited (“HBYS”), since these are accounted for using the equity method.    In the first half of 2019, our Commercial Platform, which is a material source of profit and cash for Chi-Med, recorded an operating profit of $30.8 million (H1-18: $31.0m). This reflected growth in SHPL’s coronary artery disease business offset by the halt of service fees from Seroquel® and weakening of the RMB against the U.S. dollar.  The Innovation Platform incurred an operating loss of $63.9 million (H1-18: operating loss of $53.1m) as a result of progress on virtually all aspects of our R&D operations in support of our pipeline of eight novel drug candidates.Net corporate unallocated expenses, primarily Chi-Med Group overhead and operating costs, increased to $7.3 million (H1-18: $4.9m) mainly due to organizational expansion and increased professional fees associated with preparations for our potential listing on The Stock Exchange of Hong Kong Limited (“SEHK”).Consequently, Chi-Med Group’s operating loss was $40.3 million (H1-18: operating loss of $27.0m).The aggregate of interest and income tax expenses of Chi-Med Group, as well as net income attributable to non-controlling interests was $5.0 million (H1-18: $5.7m).The resulting total Group net loss attributable to Chi-Med was $45.4 million (H1-18: net loss of $32.7m).As a result, Group net loss attributable to Chi-Med in the first half of 2019 was $0.07 per ordinary share / $0.34 per American depositary share (“ADS”), compared to net loss attributable to Chi-Med of $0.05 per ordinary share / $0.25 per ADS, in H1 2018.Cash and FinancingWe have used, and will continue to use, financial discipline in aiming to partially offset increasing clinical investment with cash generated in our operating activities. This includes cash from dividends paid by our non-consolidated Commercial Platform joint ventures, collaboration payments received from our multinational pharmaceutical company partners, and now increasingly net income, manufacturing and royalty revenues from our launched products.  These cash inflows offset a material portion of our R&D expenses, and as a result, total Chi-Med Group net cash flows, excluding financing activities, during the first half of 2019 was -$34.2 million despite R&D expenses of $74.5 million, both on an as adjusted (non-GAAP) basis.As of June 30, 2019, we had available cash resources of $383.6 million (December 31, 2018: $420.3m) at the Chi-Med Group level. This included cash and cash equivalents and short-term investments of $237.3 million (December 31, 2018: $301.0m) and unutilized bank borrowing facilities of $146.3 million (December 31, 2018: $119.3m). In addition, as of June 30, 2019, our non-consolidated joint ventures (SHPL, HBYS and Nutrition Science Partners Limited) held $64.0 million (December 31, 2018: $59.2m) in available cash resources.Outstanding bank loans, at the Chi-Med Group level, as of June 30, 2019 amounted to nil (December 31, 2018: $26.7m). Also, as of June 30, 2019, our non-consolidated joint ventures had no outstanding bank loans.Equity Capital Markets (“ECM”) updateIn mid-April 2019, Chi-Med announced our proposed intention to list our shares on the SEHK.  We continue to consider this however, our listing application and potential concurrent global offering remain subject to, among other things, market conditions.In July 2019, our largest shareholder CK Hutchison1 completed most of its previously announced plan to reduce its shareholding in Chi-Med to below 50% by reducing its shareholding from 60.2% to 51.2%.  Upon the shareholding of CK Hutchison in Chi-Med falling below 50%, Chi-Med will no longer be a consolidated subsidiary of CK Hutchison thereby reducing the impact on CK Hutchison’s earnings of Chi-Med’s investment in the accelerated development of its global pipeline.  Going forward CK Hutchison is expected to remain Chi-Med’s largest shareholder for the foreseeable future and Chi-Med will continue to benefit from the long term support of its founding shareholder.We believe that our current cash resources including short-term investments, along with our cash flow from operations, dividend payments and potential bank borrowings, are sufficient for Chi-Med to reach multiple value inflection points on our pipeline.  We also have the added potential to access non-dilutive finance that could be derived from the disposal of certain non-core Commercial Platform assets. This provides us with considerable flexibility on the type, and timing, of any future ECM activities._________________________[1] CK Hutchison Holdings Limited (“CK Hutchison”) (SEHK: 1), a multinational conglomerate with revenues of $58 billion in 2018 and employing over 300,000 people in over 50 countries across the world.  OPERATIONS REVIEWINNOVATION PLATFORMChi-Med’s pipeline of novel drug candidates has been created and developed by our Innovation Platform, an in-house R&D operation which was started in 2002. Since then, we have built a large team of about 440 scientists and staff (December 31, 2018: ~420) based mainly in China. We operate a fully-integrated drug discovery and development operation covering chemistry, biology, pharmacology, toxicology, chemistry and manufacturing controls for clinical and commercial supply, clinical and regulatory and other functions. Looking ahead, we plan to further expand and leverage this platform to produce and commercialize a stream of novel drug candidates with global potential that can improve the treatment of patients with cancer and autoimmune diseases globally.Innovation Platform revenue in H1 2019 was $12.0 million (H1-18: $13.6m) mainly from service fee payments from AstraZeneca and Lilly in addition to initial product revenue and royalties from Elunate®.   We are gradually transitioning the revenue model of our Innovation Platform from a fee for service model, in which Chi-Med provided multi-national partners services associated with research and clinical development, to one focused on generating revenues from product sales and royalty income from our innovative drugs.Net loss attributable to Chi-Med increased to $63.8 million (H1-18: net loss of $52.9m) as a result of increased R&D expenses of $74.5 million (H1-18: $66.7m) on an as adjusted (non-GAAP) basis driven by progress on virtually all aspects of our R&D operations in support of our pipeline of eight drug candidates.Since inception, the Innovation Platform has dosed over 4,800 patients/subjects, with over 400 in H1 2019, in clinical trials of our drug candidates in over 30 active or completed studies.Product Pipeline ProgressSAVOLITINIB (AZD6094)Savolitinib is a potent and selective inhibitor of MET, an enzyme which has been shown to function abnormally in many types of solid tumors. In clinical studies to date in over 1,000 patients globally, savolitinib has shown promising signs of clinical efficacy in patients with MET gene alterations in lung cancer, kidney cancer, and gastric cancer with an acceptable safety profile.We are currently testing savolitinib in global partnership with AstraZeneca, both as a monotherapy and in combinations.  Two ongoing studies, which subject to positive clinical outcome, are designed to support NDA submission in lung cancer. Several additional studies, mostly proof-of-concept, have reported or will report in 2019 and subject to outcomes could warrant further development.Savolitinib – Lung cancer: MET is an increasingly important target in NSCLC. The table below shows a summary of the clinical studies for savolitinib in lung cancer patients.TreatmentName, Line, Patient FocusSites PhaseStatus/PlanNCT Savolitinib monotherapyMET Exon 14 deletionChina II RegistrationTarget enrollment completedNCT02897479 Savolitinib and Tagrisso®TATTON: 2L/3L EGFRm+; EGFR TKI refractory; MET+Global Ib/IICompleted enrollment; preliminary data presented at AACR 2019NCT02143466 Savolitinib and Tagrisso®SAVANNAH: 2L/3L EGFRm+; Tagrisso® refractory; MET+Global II (potential registration)Initiated in Dec 2018NCT03778229 Savolitinib and Iressa®2L EGFRm; Iressa® ref; MET+China Ib/IICompletedNCT02374645 MET Exon 14 deletion NSCLC (NCT02897479) – It is estimated that 2-3% of NSCLC patients have MET Exon 14 deletion, which is believed to play an important role in driving tumor growth.Recent data from the 2019 ASCO Meeting showed that two selective MET inhibitors in development outside of China, capmatinib and tepotinib, had an overall ORR ranging from 41% to 68% in clinical studies in MET Exon 14 deletion NSCLC patients.  Xalkori®, a multi-kinase inhibitor with MET inhibitory activity, demonstrated a lower ORR of approximately 32% in clinical studies.We are conducting a Phase II registration intent study of savolitinib as a monotherapy for MET Exon 14 deletion NSCLC patients who have progressed following prior systemic therapy, or unable to receive chemotherapy.  During 2019 AACR, interim data were presented on 41 treated patients, of which only 31 patients were efficacy evaluable. The overall data was encouraging, with efficacy in-line with other selective MET inhibitors, supporting the continuation of the study as originally planned. Treatment emergent CTC grade ≥3 adverse events with greater than 5% incidence related to savolitinib treatment were increased aspartate aminotransferase (7%) and increased alanine aminotransferase (7%). We have now reached our enrollment goal for this Phase II registration study, and subject to clinical outcome later this year, this indication has high potential to be savolitinib’s first NDA in H1 2020.Tagrisso® (osimertinib) resistance in NSCLC: Since its U.S. Food and Drug Administration (FDA) approval in November 2015, Tagrisso® has been established as an important treatment for EGFR mutation positive NSCLC and has now been approved in over 80 countries. Tagrisso® global sales were $1.9 billion in 2018, its third year since launch, and $1.4 billion in the first half of 2019 making it AstraZeneca’s highest selling medicine.Given the significant use of Tagrisso® for EGFR mutation positive NSCLC, understanding the mechanism of acquired resistance, following Tagrisso® treatment, is a key clinical question to inform the next treatment choice.At the European Society of Medical Oncology Congress in 2018, AstraZeneca presented data on the acquired resistance spectrum detected in circulating tumor cells in patient plasma after progression on Tagrisso® when used in the first-line (FLAURA) and second-line T790M (AURA3) Phase III studies. MET amplification was the most frequent mechanism of acquired resistance to Tagrisso®, with 15% of patients in the FLAURA study, and 19% of patients in AURA3 study exhibiting MET amplification after treatment with Tagrisso®.TATTON study (Part B) and TATTON study (Part D); Phase Ib/II expansion studies of savolitinib in combination with Tagrisso® in NSCLC EGFR mutation positive TKI refractory patients (NCT02143466) – In 2016, we initiated a global Phase Ib/II expansion study in NSCLC, the TATTON (Part B) study, aiming to recruit sufficient MET gene amplified patients who had progressed after prior treatment with EGFR inhibitors to support a decision on global Phase II/III registration strategy. First-generation EGFR TKI, such as Iressa® and Tarceva®, refractory patients with acquired resistance driven by MET amplificationIn March 2019, preliminary TATTON (Part B) data were presented at AACR 2019 aimed at expanding and corroborating preliminary data presented at the World Conference on Lung Cancer (“WCLC”) in 2017.  The AACR 2019 presentation also included median duration of response data for the first time, since it was not mature at the time of WCLC 2017.  Data for the savolitinib in combination with Tagrisso® was presented for a total of 43 evaluable patients (46 total patients) who were T790M- and who had not previously received a third-generation EGFR inhibitor.  There were 24 confirmed responses (56% of efficacy evaluable patients), four unconfirmed responses, 12 other patients with stable disease, for a total of 40 patients who experienced disease control (93% of efficacy evaluable patients). The median duration of response was 7.1 months, with an interquartile range from 4.1 months to 10.7 months. CTC grade ≥3 adverse events with greater than 5% incidence independent of causality were increased aspartate aminotransferase (8%), increased neutrophil count (8%), fatigue (7%) and pain (7%).In late 2017, the TATTON study (Part D) was initiated to study Tagrisso® combined with a lower savolitinib dose (300 mg once daily) in the context of maximizing long-term tolerability of the combination. Enrollment has now been completed, patients continue to be treated and clinical data continues to mature.Tagrisso® or another experimental third-generation EGFR TKI refractory patients with acquired resistance driven by MET amplificationAlso in March 2019 at AACR, further TATTON (Part B) preliminary data, for the savolitinib in combination with Tagrisso®, were presented for a total of 39 evaluable patients, that had progressed on Tagrisso® monotherapy and harbored MET amplification. There were 12 confirmed responses (31% of evaluable patients), five unconfirmed responses and 16 patients with stable disease, totaling 33 patients who experienced disease control (85% of efficacy evaluable patients). The median duration of response was 9.7 months, with an interquartile range from 5.5 months to an incalculable higher figure at the time of data cut-off.  Overall the combination regimen of savolitinib and Tagrisso® was tolerable with the only CTC grade ≥3 adverse event with greater than 5% incidence independent of causality was decreased appetite (6%).SAVANNAH (NCT03778229) – Based on the encouraging results of the multiple TATTON studies, AstraZeneca has initiated a global Phase II study of savolitinib / Tagrisso® combination in EGFR mutation positive NSCLC patients who have progressed following first or second-line Tagrisso® therapy due to MET amplification – The SAVANNAH study is a single-arm study, in North and South America, Europe and Asia, targeting an interim analysis and regulatory agency discussion in mid-2020 which will guide registration strategy for this indication.Savolitinib / Iressa® combination (NCT02374645) – Separately, a Phase Ib study combining AstraZeneca’s first-generation EGFR TKI Iressa® with savolitinib has been completed in China. Chi-Med and AstraZeneca are evaluating this opportunity in the context of the evolving treatment paradigm for EGFRm NSCLC.Savolitinib – Kidney cancer: The table below shows a summary of the clinical studies for savolitinib in kidney cancer patients.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT Savolitinib and Imfinzi®CALYPSO: Papillary RCCUK/SpainIIInterim - Presented at ASCO GU 2019NCT02819596 Savolitinib and Imfinzi®CALYPSO: Clear cell RCC; VEGFR TKI refractoryUK/SpainIIEnrolling - Data late 2019/early 2020NCT02819596 Savolitinib and Immunotherapy Combinations – Immunotherapy combinations are rapidly changing the treatment landscape in kidney cancer.  Anti-PD-L1 antibodies have been associated with clinical benefits in metastatic RCC, and MET dysregulation has been considered to play an important role in the pathogenesis of RCC.  Moreover, it is believed that the MET signaling pathway may have a complex interplay with the immune system through recruitment of immune suppressive cells such as neutrophils.CALYPSO Phase II in RCC of savolitinib with Imfinzi® PD-L1 inhibitor combination (NCT02819596) – The CALYPSO study is an investigator initiated open-label Phase I/II study of savolitinib in combination with Imfinzi®, an anti-PD-L1 antibody owned by AstraZeneca.  The study is evaluating treatment of PRCC and clear cell RCC patients at sites in the U.K. and Spain.PRCC cohort – Interim data for the PRCC cohort of the CALYPSO Phase II study were presented at 2019 ASCO GU showing encouraging efficacy across all PRCC patients (with or without MET amplification). The interim CALYPSO data, reported ORR of 27% (11/41), while median PFS was 5.3 months (95% CI: 1.5-12.0 months). Median OS was immature/not reached. For previously untreated patients (n=28), ORR was 32% (9/28). The combination was tolerable with edema (10%), nausea (5%), and transaminitis (5%) being most frequent treatment related Grade ≥3 adverse events. The investigators concluded that the Imfinzi® / savolitinib combination is associated with encouraging clinical efficacy and durable responses in PRCC.  The CALYPSO study continues, with further data expected to be presented at an upcoming scientific conference in 2020.Savolitinib – Gastric cancer: Multiple Phase II studies have been conducted in Asia to study savolitinib in MET-driven gastric cancer patients. A total of well over 1,000 gastric cancer patients had been screened in these studies and those patients with confirmed MET-driven disease were treated. The table below shows a summary of our clinical trials for savolitinib in gastric cancer patients.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT Savolitinib monotherapyGastric cancer (MET  amplification) and VIKTORY (in South Korea)China & South KoreaIb/IICompleted in China; VIKTORY complete; to publish 2019NCT01985555 / NCT02449551 Savolitinib and Taxotere®VIKTORY: Gastric cancer  (MET amplification)South KoreaIIEnrollment stopped (Patients directed to savolitinib mono due to high efficacy observed)NCT02447406 Savolitinib and Taxotere®VIKTORY: Gastric cancer    (MET over-expression)South KoreaIINCT02447380 Savolitinib monotherapy in MET amplified gastric cancer patients (NCT01985555 / NCT02449551) – Preliminary results were presented at the Chinese Society of Clinical Oncology conference in late 2017 for the efficacy evaluable MET gene amplified patients in China. This China study concluded that savolitinib monotherapy demonstrated promising anti-tumor efficacy in gastric cancer patients with MET gene amplification, and the potential benefit to these patients clearly warranted further exploration.The South Korean study, known as VIKTORY, and is an umbrella study with MET amplification as one of its cohorts, is run and sponsored by the Samsung Medical Center in South Korea. The VIKTORY Phase II study is now complete and the full data set is expected to be published in a scientific journal in 2019.Savolitinib – Prostate cancer: The table below shows a summary of the clinical study for savolitinib in prostate cancer patients.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT Savolitinib monotherapyMetastatic Castration-Resistant Prostate CancerCanadaIIEnrollingNCT03385655 This study is an umbrella study and is sponsored by the Canadian Cancer Trials Group.  The study targets to enroll approximately 500 patients with savolitinib being one of four cohorts.FRUQUINTINIB (ELUNATE®)Fruquintinib is a highly selective and potent oral inhibitor of VEGFR 1/2/3 that was designed to be a global best-in-class VEGFR inhibitor for many types of solid tumors. VEGFR inhibitors play a pivotal role in tumor-related angiogenesis, cutting off the blood supply that a tumor needs to grow rapidly.Fruquintinib was designed to improve kinase selectivity in comparison to other approved small molecule TKIs, to minimize off-target toxicities, improve tolerability and provide more consistent target coverage. The high tolerability in patients to date, along with fruquintinib’s low potential for drug-drug interaction based on preclinical assessment, suggests that it may be highly suitable for combinations with other anti-cancer therapies.The global market for anti-angiogenesis therapies was estimated at over $16 billion in 2018, including both monoclonal antibodies and small molecules approved in around 30 tumor settings.Chi-Med retains all rights to fruquintinib outside of China and is partnered with Lilly in China.The table below shows a summary of the clinical studies for fruquintinib.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT Fruquintinib monotherapyFRESCO: ≥3L CRC; chemotherapy refractoryChinaIIIApproved and launchedNCT02314819 Fruquintinib monotherapy3L/4L CRC; Stivarga®/Lonsurf® ref./intol. US/EUIbUS/EU Ph.II/III registration study in planningNCT03251378 Fruquintinib and paclitaxelFRUTIGA: 2L gastric cancerChinaIIIEnrolling; Interim analysis conducted in early 2019NCT03223376 Fruquintinib monotherapyFALUCA: 3L NSCLC; chemotherapy refractoryChinaIIICompleted. Failed to meet primary endpointNCT02691299 Fruquintinib and Iressa®1L NSCLC; EGFRmChinaIIEnrollment completedNCT02976116 Fruquintinib and genolimzumab (PD-1)2L metastatic CRC/NSCLCChinaIbEnrollingNCT03977090 Fruquintinib and Tyvyt® (PD-1)Solid tumorsChinaIb/IIEnrollingNCT03903705 Fruquintinib and Tyvyt® (PD-1)Solid tumorsUSIIn planningTBD Fruquintinib – Colorectal Cancer:Fruquintinib capsules, sold under the brand name Elunate®, were approved for marketing in China by the National Medical Products Administration (“NMPA”) in September 2018 and commercially launched by Lilly in late November 2018. Elunate® is for the treatment of patients with metastatic CRC that have been previously treated with fluoropyrimidine, oxaliplatin and irinotecan, including those who have previously received anti-VEGF therapy and/or anti-EGFR therapy (RAS wild type).Elunate® launch update: Pricing – Elunate® was launched with an initial retail price of RMB21,960 ($3,260) per cycle, on a four-week per cycle basis paid for out-of-pocket by patients in China.  To broaden access to Elunate®, Lilly has implemented a means-based patient access program, whereby patients pay for three 28-day cycles of Elunate® (cycles one, two and five) at the full price. Outside of these three paid-for cycles, Elunate® is provided for at no cost.Reimbursement – During the first half of 2019 both Lilly and Chi-Med have been actively working to expand government reimbursement of Elunate® in China.  In early 2019 Elunate was included in the reimbursement list for Zhuhai, a city of 1.6 million people, and in June 2019 it was included into the Shanghai provincial reimbursement drug list covering 15.0 million patients. More importantly, we are now focused on potentially trying to secure inclusion in the next update of the NRDL which is expected to be finalized in early Q4 2019.  Inclusion in the NRDL would trigger distribution of Elunate® in all state-run hospital pharmacies in China and open up reimbursement for the over 317 million people included in the main medical insurance program for urban employees in China.In-market Sales performance – Sales of Elunate®, as provided by Lilly, totaled $11.4 million (RMB77.1 million) in the first half of 2019 (H1-2018: nil) resulted primarily from out-of-pocket payments from patients with support via the means-tested patient access program. This represents first six-month revenue for Elunate® that is well ahead, at the same stage, of the five small molecule VEGFR inhibitors previously launched by multinational companies in China. These products, all reported on a CER basis, include: Nexavar® (sorafenib, Bayer AG) launched in 2006 with 2007 sales of $18.6 million (RMB125.1m); Sutent® (sunitinib, Pfizer, Inc.), launched in 2007 with 2008 sales of $7.4 million (RMB49.9m); Inlyta® (axitinib, Pfizer, Inc.), launched in 2015 with 2016 sales of $12.1 million (RMB81.6m); Votrient® (pazopanib, Novartis International AG), launched in 2017 with 2018 sales of $12.5 million (RMB84.0m); and Stivarga® (regorafenib, Bayer AG), launched in 2017 with first six-month sales of $4.7 million (RMB32.0m) and 2018 sales of $21.2 million (RMB142.7m).Chi-Med Revenues in H1 2019 from Elunate® – Chi-Med receives four types of revenue from Lilly associated with Elunate®: (1) manufacturing product sales; (2) royalties; (3) fees for development-related services; and (4) reimbursement of development costs of certain initial indications.  With the commercial launch of Elunate® we are transitioning to a model in which our main revenues from Lilly will be manufacturing product sales and royalties. During the first half of 2019, Chi-Med reported revenues from Lilly totaling $6.1 million (H1-18: $6.0m) including manufacturing product sales of $3.0 million (H1-18: nil); royalties of $1.7 million (H1-18: nil); service fees of $0.8 million (H1-18: $1.1m); and clinical trial cost reimbursement of $0.6 million (H1-18: $4.9m).Outlook for Elunate® in colorectal cancer (CRC) – Elunate®’s main competitor in third-line CRC in China is Stivarga® (regorafenib), a first generation small molecule multi-kinase inhibitor, from Bayer AG.  Stivarga® in-market sales in China, which were $21.2 million in the whole of 2018, increased rapidly to $19.7 million (RMB133m) in Q1 2019.  Growth was likely as a result of its inclusion in the NRDL in October 2018, and entry into hospital pharmacies, as well as its approval in second-line hepatocellular carcinoma in March 2018. The efficacy and safety-profile advantages for Elunate® over Stivarga® in third-line CRC are well documented, with Stivarga® carrying a black-box safety warning for liver toxicity in the United States.  In the FRESCO study, Elunate® demonstrated a tolerable liver safety profile which could be very important for advanced CRC patients, particularly the high proportion of those with liver metastases. Furthermore, patients in the FRESCO study who had prior exposure to anti-VEGF therapies derived robust benefit from Elunate® treatment, a clear point of differentiation as compared to Stivarga®. Global development of fruquintinib in CRC – We are currently enrolling a Phase Ib study in the U.S. and have begun planning for a Phase II/III registration study in the United States and Europe in third or fourth-line metastatic CRC patients who are resistant to or intolerant of prior treatment with Stivarga® or Lonsurf® (a cytotoxic chemotherapy agent approved in third-line CRC in various countries excluding China).  We expect to begin this study in 2020.Fruquintinib – Gastric Cancer:Phase III study of fruquintinib in combination with paclitaxel in gastric cancer (second-line) (NCT03223376) – In October 2017, we initiated the FRUTIGA study, a randomized, double-blind, Phase III study in China to evaluate the efficacy and safety of fruquintinib combined with paclitaxel compared with paclitaxel monotherapy for second-line treatment of advanced gastric cancer. Over 500 patients are expected to be enrolled into the FRUTIGA study at a 1:1 ratio with the primary endpoint of this study being OS.  Enrollment is expected to be completed in mid-2020 with top line results in early 2021.In April 2019, we conducted an interim analysis of the FRUTIGA study for futility. The analysis evaluated PFS and OS trends after six months of therapy for the first 100 patients recruited into the study. The IDMC recommended to continue the study without changes.Fruquintinib – NSCLC:Phase III study of fruquintinib monotherapy in third-line NSCLC (NCT02691299) – In November 2018, we announced the outcome of FALUCA, the Phase III trial of fruquintinib in advanced NSCLC patients in China who have failed two lines of systemic chemotherapy. The trial did not meet the primary endpoint to demonstrate a statistically significant increase in OS compared to placebo. However, fruquintinib demonstrated a statistically significant improvement in all secondary endpoints including PFS, ORR, disease control rate (“DCR”) and duration of response as compared to the placebo. The safety profile of the trial was in line with that observed in prior clinical studies. We intend to present a detailed analysis of the study in September at WCLC 2019 in Barcelona, Spain.Phase II study of fruquintinib in combination with Iressa® in first-line NSCLC (NCT02976116) – In early 2017, we initiated a multi-center, single-arm, open-label, dose-finding Phase II study of fruquintinib in combination with Iressa® in China in the first-line setting for patients with advanced or metastatic NSCLC with EGFR activating mutations. We have enrolled about 50 patients in this study with the objective of evaluating the safety and tolerability as well as the efficacy of the combination therapy.Preliminary interim data for this study were presented in late 2017 at WCLC, showing an encouraging response and safety profile. Fruquintinib’s safety and tolerability profile, resulting from its high kinase selectivity, combined with better flexibility to manage treatment emergent toxicities due to its shorter half-life than monoclonal antibody anti-angiogenesis therapies, makes it a suitable combination partner for EGFR TKIs. The primary objective of this exploratory study is to determine the safety and tolerability and median PFS of the fruquintinib and Iressa® combination. The study is now complete and we expect to submit data for presentation at an upcoming scientific conference.Fruquintinib – Combinations with Checkpoint Inhibitors:In November 2018, we entered into two collaboration agreements to evaluate the safety, tolerability and efficacy of fruquintinib in combination with checkpoint inhibitors. These include a global collaboration with Innovent to evaluate the combination of fruquintinib with Innovent’s Tyvyt® (sintilimab, IBI308), a PD-1 monoclonal antibody approved in China in late 2018 and a China collaboration with Genor to evaluate the fruquintinib combination with genolimzumab (GB226), a PD-1 monoclonal antibody being developed by Genor. Phase I studies have now been initiated to establish the safe and effective dose regimens for the fruquintinib combinations with either Tyvyt® or genolimzumab, respectively.SURUFATINIB (HMPL-012 OR SULFATINIB)Surufatinib is an oral small molecule angio-immuno kinase inhibitor targeting VEGFR 1, 2 and 3, FGFR1 and CSF-1R kinases that may simultaneously block tumor angiogenesis and immune evasion. Its angio-immuno kinase profile seems to support surufatinib as an attractive candidate for exploration of possible combinations with checkpoint inhibitors against various cancers.Chi-Med currently retains all rights to surufatinib worldwide.Surufatinib, as a monotherapy, is in proof-of-concept clinical trials in the U.S. and late-stage clinical trials in China. A summary of these clinical studies is shown in the table below.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT Surufatinib monotherapySANET-ep: Non-pancreatic NETChinaIIIMet primary endpoint; preparing NDANCT02588170 Surufatinib monotherapySANET-p: Pancreatic NETChinaIIIInterim analysis early 2020NCT02589821 Surufatinib monotherapy2L Pancreatic NET; Sutent®/Afinitor® refractoryUS/EUIbUS/EU Ph.II/III registration study in planningNCT02549937 Surufatinib monotherapyChemotherapy refractory BTCChinaII/IIIEnrollingNCT03873532 Surufatinib and Tuoyi® (PD-1)Solid tumorsUSIIn planningTBD Surufatinib and Tuoyi® (PD-1)Solid tumorsChinaIEnrollingNCT03879057 Surufatinib – Neuroendocrine Tumors (NET):NETs begin in the specialized cells of the body’s neuroendocrine system.  Cells have traits of both hormone-producing endocrine cells and nerve cells.  NETs are found throughout the body’s organ system and have a highly complex and fragmented epidemiology with approximately 55-75% of NETs originating in the gastro-entero pancreatic (“GEP”) system of the gastrointestinal tract and pancreas, 25-30% originate in the lung or bronchus, and a further 10-20% originate from other or unknown origins.There were 19,000 newly diagnosed cases of NET in the U.S. in 2018.  Importantly, NETs are associated with a relatively long duration of survival compared to other tumors. As a result, there were approximately 141,000 estimated patients living with NETs in the U.S. in 2018.  Of this number, up to 90%, or approximately 132,000, were non-pancreatic NET patients.  In China there were approximately 67,600 newly diagnosed NET patients in 2018 and, while no prevalence data exists in China, considering the U.S. incidence to prevalence ratio, there could be as many as 490,000 patients living with the disease. Until such time as NET patients in China are diagnosed earlier and given broader access to treatment options we expect that estimated Prevalence to Incidence ratio in China will likely be lower than that currently observed in the U.S.NETs can be functional, releasing hormones and peptides that cause symptoms like diarrhea and flushing, or non-functional with no symptoms, but on a high level, NET is classified as either early- or advanced-disease.Early NETs are generally functional and well-differentiated, looking like healthy cells, growing slowly with a low Mitotic count (mitosis is process by which tumor cells grow and divide) and a low Ki-67 index (Ki-67 is a protein that increases as cells divide). Treatments for early NETs include somatostatin analogue subcutaneous injections, such as Sandostatin LAR® (octreotide) and Somatuline Depot® (lanreotide) and Afinitor® for well-differentiated, non-functional gastrointestinal and lung NETs. Somatostatin analogues help alleviate symptoms and slow NET growth, but have limited tumor reduction efficacy and are approved and reimbursed in China. Afinitor® is not approved for use in gastrointestinal and lung NETs in China.Advanced NETs are generally poorly differentiated, looking less like healthy cells, growing more quickly with generally a higher Mitotic count and Ki-67 index. Approved targeted therapies outside China, for patients with advanced NETs include Sutent® and Afinitor®, both oral treatments, for pancreatic NET and Lutathera® (177 Lu-Dotatate), a somatostatin receptor targeting radiotherapy, is approved for somatostatin receptor-positive GEP NETs.  Lutathera® is a subcutaneous injection, which has a half-life of 72 hours and requires radiopharmaceutical-qualified physicians to administer the drug, making it impractical today for the China market. In China, Sutent® and Afinitor® are only approved for pancreatic NET and no targeted therapies are approved for the approximately 80% of NET patients with non-pancreatic NET.Phase III study of surufatinib monotherapy in non-pancreatic NET (SANET-ep) (NCT02588170) – In 2015, we initiated the SANET-ep study, which is a Phase III study in China in patients with low- or intermediate-grade advanced extra-pancreatic NET. In this study, patients are randomized at a 2:1 ratio to receive either an oral dose of 300 mg of surufatinib or placebo once daily on a 28-day treatment cycle. The primary endpoint is PFS, with secondary endpoints including ORR, DCR, duration of response, OS, safety and tolerability.In June 2019, at the interim analysis of our SANET-ep study, the IDMC confirmed that the trial met its primary endpoint of superiority in PFS as compared to placebo. As a result, the study was un-blinded a year ahead of schedule, and preparations for an NDA submission are now underway for this indication in China.We believe the benefit of surufatinib as a monotherapy to patients with extra-pancreatic NET in China could be significant as compared to the minimal treatment alternatives currently available to them. We expect to submit the results of this trial for publication or presentation at a scientific conference in late 2019.Phase III study of surufatinib monotherapy in pancreatic NET (SANET-p) (NCT02589821) – In 2016, we initiated the SANET-p study, which is a Phase III study in China in patients with low- or intermediate-grade, advanced pancreatic NET. In this study, patients are randomized at a 2:1 ratio to receive either an oral dose of 300 mg of surufatinib or a placebo once daily on a 28-day treatment cycle. The primary endpoint is PFS, with secondary endpoints including ORR, DCR, duration of response, OS, safety and tolerability. We expect to conduct a final interim analysis in early 2020.Global development of surufatinib in NET – Surufatinib is currently in a Phase Ib study in the U.S. in pancreatic NET patients that are refractory to Sutent® and Afinitor®.   Planning is currently underway for a global Phase II/III study that is expected to initiate during H1 2020.   Surufatinib – Biliary Tract Cancer (BTC):Phase Ib/IIa study of surufatinib monotherapy in BTC (NCT02966821) – In early 2017, we began a Phase Ib/IIa proof-of-concept study in patients with BTC, a heterogeneous group of rare malignancies arising from the biliary tract epithelia. This is a major unmet medical need for patients who have progressed on first-line chemotherapy, and there is currently no standard of care for these patients. Phase IIb/III study of surufatinib monotherapy in second line BTC (NCT03873532) – In March 2019, based on our preliminary Phase Ib/IIa data we initiated a registration-intent Phase IIb/III study comparing surufatinib with capecitabine in patients with advanced BTC whose disease progressed on first-line chemotherapy.  The study is a randomized, open-label, active-control, multi-center, study investigating the effects of surufatinib versus the chemotherapy agent capecitabine, as a second-line therapy in patients with unresectable or metastatic BTC.  The primary endpoint is OS. Secondary outcomes include PFS, ORR, DCR, duration of response, quality of life, tumor biomarkers, and safety.Surufatinib – Combinations with Checkpoint Inhibitors:In November 2018, we entered into collaboration agreements to evaluate the safety, tolerability and efficacy of surufatinib in combination with checkpoint inhibitors. These include a global collaboration to evaluate the combination of surufatinib with Junshi’s Tuoyi® (toripalimab, JS001), a PD-1 monoclonal antibody approved in China in late 2018.  A Phase I safety run-in study of surufatinib in combination with Tuoyi® in China is enrolling.HMPL-523HMPL-523 is an oral inhibitor targeting Syk, a key protein involved in B-cell signaling. We currently retain all rights to HMPL-523 worldwide. The table below shows a summary of the clinical studies for HMPL-523.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT HMPL-523 monotherapyIndolent non-Hodgkin’s lymphomaAustraliaIbEnrollingNCT02503033 HMPL-523 monotherapyIndolent non-Hodgkin’s lymphomaUS/EUIEnrollingNCT03779113 HMPL-523 monotherapyMultiple sub-types of B-cell malignanciesChinaI/IbEnrollingNCT02857998 HMPL-523 and Vidaza®Acute myeloid leukemiaChinaIEnrollingNCT03483948 HMPL-523 monotherapyImmune thrombocytopenia purpuraChinaI/IbEnrollingNCT03951623  Phase Ib studies of HMPL-523 in indolent non-Hodgkin’s lymphoma and multiple subtypes of B cell malignancies (NCT02503033/NCT02857998) – In 2016 and 2017, we initiated Phase I studies of HMPL-523 in hematological cancer in Australia and China respectively which to-date in dose escalation and expansion have enrolled over 150 non-Hodgkin’s lymphoma patients. Since early 2018, we have been increasing the number of active clinical sites, in Australia and China to support a large dose expansion program in a broad range of hematological cancers. We intend to use safety and efficacy data from these Phase I/Ib dose escalation/expansion studies in B-cell malignancies to guide the registration strategy in China during late 2019.Phase I study of HMPL-523 in indolent non-Hodgkin’s lymphoma (NCT03779113) – Our IND applications for HMPL-523 were cleared in the U.S. in mid-2018 and Europe in early-2019, multiple sites are now initiated and patient screening is underway.  We anticipate treatment of our first indolent non-Hodgkin’s lymphoma patients, in this Phase I dose escalation study, in the U.S. and Europe in the second half of 2019.Phase I study of HMPL-523 in combination with Vidaza® in acute myeloid leukemia (NCT03483948) – In October 2018, we initiated a Phase I study of HMPL-523 in combination with Vidaza® (azacitidine), an approved hypomethylating agent, in elderly patients with acute myeloid leukemia in China. This is a Phase I, open-label, multicenter study to evaluate the safety, pharmacokinetics (“PK”) and preliminary efficacy of the combination in previously untreated elderly patients with acute myeloid leukemia. The primary outcome measure is safety with a secondary endpoint of efficacy. The two-stage study will have a dose escalation and dose expansion stage.Phase I/Ib study of HMPL-523 in patients with immune thrombocytopenia purpura (“ITP”) – We are also considering immunology applications for HMPL-523 including ITP, an autoimmune disorder characterized by low platelet count and an increased bleeding risk. Despite availability of several treatments with differing mechanisms of action, a significant proportion of patients develop resistance to treatment and are prone to relapse.  There is also a significant population of patients who have limited sensitivity to currently available agents and are in need of a new approach to treatment.  A Phase I/Ib study in ITP in China is now screening patients for enrollment.HMPL-689HMPL-689 is a novel, highly selective and potent small molecule inhibitor targeting the isoform PI3Kδ, a key component in the B-cell receptor signaling pathway. We have designed HMPL-689 with superior PI3Kδ isoform selectivity than currently available agents. HMPL-689's PK properties are favorable with good oral absorption, moderate tissue distribution and low clearance in preclinical PK studies. We also expect that HMPL-689 will have low risk of drug accumulation and drug-to-drug interaction.We currently retain all rights to HMPL-689 worldwide. The table below shows a summary of the clinical studies for HMPL-689.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT HMPL-689 monotherapyHealthy volunteersAustraliaICompletedNCT02631642 HMPL-689 monotherapyIndolent non-Hodgkin’s lymphomaUS/EUIIn planningNCT03786926 HMPL-689 monotherapyIndolent non-Hodgkin’s lymphomaChinaIbEnrollingNCT03128164 In 2016, we completed a Phase I, first-in-human, dose escalation study in healthy adult volunteers in Australia to evaluate the pharmacokinetics and safety profile following single oral dosing HMPL-689. Results were as expected with linear pharmacokinetics properties and tolerable safety profile. In late 2017, we initiated a Phase I dose escalation study in patients with hematologic malignancies and have recently completed selection of a recommended Phase II dose.  We are now conducting a Phase Ib expansion in China; and have also opened clinical sites in the U.S. and Europe in order to start a Phase I study this year.EPITINIB (HMPL-813)Epitinib is a potent and highly selective oral EGFR inhibitor which has demonstrated brain penetration and efficacy in both pre-clinical and clinical studies. Epitinib is designed to improve blood-brain barrier penetration of the drug, allowing for high drug exposure in the brain. We currently retain all rights to epitinib worldwide. The table below shows a summary of the clinical studies for epitinib.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT Epitinib monotherapyGlioblastomaChinaIb/IIEnrollingNCT03231501 Epitinib monotherapyEGFR-mutation NSCLC with brain metastasisChinaIbCompletedNCT02590952 Glioblastoma: Glioblastoma is a very aggressive disease with poor prognosis. There are currently no targeted therapies approved for glioblastoma. EGFR gene amplification has been identified in about half of glioblastoma patients, according to The Cancer Genome Atlas Research Network, and hence is a potential therapeutic target in glioblastoma. In March 2018, we initiated a Phase Ib/II, multi-center, single-arm, open-label study to evaluate the efficacy and safety of epitinib as a monotherapy in patients with EGFR gene amplified, histologically confirmed glioblastoma. Enrollment is ongoing.HMPL-453HMPL-453 is a highly selective and potent, small molecule that targets FGFR 1/2/3, a sub-family of receptor tyrosine kinases. A growing body of evidence has demonstrated the oncogenic potential of FGFR aberrations in driving tumor growth, promoting angiogenesis, and conferring resistance mechanisms to oncology therapies. Targeting the FGF/FGFR signaling pathway has therefore attracted attention from biopharmaceutical companies and has become an important exploratory target for new anti-tumor target therapies. We currently retain all rights to HMPL-453 worldwide. The table below shows a summary of the clinical studies for HMPL-453.TreatmentName, Line, Patient FocusSitesPhaseStatus/PlanNCT HMPL-453 monotherapySolid tumorsChinaIEnrollingNCT03160833 In June 2017, we initiated a Phase I clinical trial of HMPL-453 in China. This Phase I study is a multi-center, single-arm, open-label, two-stage study to evaluate safety, tolerability, pharmacokinetics and preliminary efficacy of HMPL-453 monotherapy in patients with solid tumors harboring FGFR genetic alterations. Enrollment is ongoing and planning for further development is underway.THELIATINIB (HMPL-309)Theliatinib is a novel small molecule EGFR inhibitor. Tumors with wild-type EGFR activation, for instance, through gene amplification or protein over-expression, are less sensitive to EGFR TKIs such as Iressa® and Tarceva® due to sub-optimal binding affinity. Theliatinib was designed with strong affinity to the wild-type EGFR kinase and has demonstrated five to ten times the potency than Tarceva® in pre-clinical trials. As a result, we believe that theliatinib could potentially be more effective than existing EGFR TKI products and benefit patients with tumor types with high incidence of wild-type EGFR activation.We currently retain all rights to theliatinib worldwide. Phase I/Ib studies of theliatinib are complete and we are now looking at alternative uses of theliatinib and could consider the potential for use in combinations with immunotherapy.DISCOVERY RESEARCH & PRECLINICAL DEVELOPMENT We continue to create differentiated novel oncology and immunology treatments with global potential.These novel drug candidates reflect our core R&D philosophy in treating cancer and immunological diseases through multiple modalities and mechanisms. These include furthering pre-clinical programs for therapies addressing aberrant genetic drivers, inactivated T-cell response, and insufficient T-cell response.  The aim of our in-house discovery organization is to submit a novel drug candidate for clinical development each year or so.Importantly, we will continue to design drug candidates with profiles that enable them to be used in innovative combinations with other selective inhibitors, chemotherapy agents and immunotherapies. Such combination therapies enable treatment of cancer via multiple pathways and modalities simultaneously, which has the potential to significantly improve treatment outcomes.In June 2019 we submitted an IND application to the NMPA for HMPL-306, a novel small molecule dual-inhibitor of IDH 1 and 2 enzymes.  IDH1 and IDH2 mutations have been implicated as drivers of certain hematological malignancies, gliomas and solid tumors, particularly amongst acute myeloid leukemia (AML) patients.COMMERCIAL PLATFORMOur Commercial Platform is a large-scale, high-performance drug marketing and distribution platform covering over 330 cities and towns in China with approximately 3,300 sales personnel. It targets multiple therapeutic areas with several household-name brands.  Built over the past 18 years, it is focused on two main business areas.First, our Prescription Drugs business is a higher-margin/profit business operated through our joint ventures Hutchison Sinopharm and SHPL, in which we nominate management and run the day-to-day operations. Aspects of our Prescription Drugs business form a core strategic platform that we plan to use to launch our Innovation Platform drugs once approved in China. Second, our Consumer Health business is a profitable and cash flow generating business primarily selling market-leading, household-name over-the-counter (“OTC”) pharmaceutical products through our non-consolidated joint venture HBYS.During the first half of 2019, global macroeconomic factors including, but not limited to, the trade discussions between the United States and China contributed to a 6% depreciation in the value of the RMB against the U.S. dollar versus H1 2018.  As a result, in addition to reporting changes in performance in our normal U.S. dollar method, we also report changes in performance at constant exchange rate (CER) which is a non-GAAP measure. Please refer to “Use of Non-GAAP Financial Measures and Reconciliation” below for further information relevant to the interpretation of these financial measures and reconciliations of these financial measures to the most comparable GAAP measures.During the first half of 2019, the Commercial Platform delivered continued solid growth in sales and net income growth on a CER basis.  Consolidated sales of our Commercial Platform’s subsidiaries grew by 2% (7% at CER) to $90.2 million (H1-18: $88.6m). The sales of our Commercial Platform’s non-consolidated joint ventures, SHPL and HBYS, also grew by 2% (8% at CER) to $276.9 million (H1-18: $271.7m). This resulted in consolidated net income attributable to Chi-Med from our Commercial Platform up 3% (9% at CER) to $27.7 million (H1-18: $26.9m).PRESCRIPTION DRUGS BUSINESS:In H1 2019, consolidated sales of our Prescription Drugs subsidiaries increased by 7% (13% at CER) to $72.6 million (H1-18: $68.0m), despite the halt of the Seroquel® business as detailed below. The consolidated net income attributable to Chi-Med from our Prescription Drugs business was up 5% (11% at CER) to $21.8 million (H1-18: $20.8m). The Prescription Drugs business represented 79% of our overall Commercial Platform net income in H1 2019 (H1-18: 77%).SHPL: Our own-brand Prescription Drugs business, operated through our non-consolidated joint venture SHPL, is a well-established large-scale business. In H1 2019, SHPL delivered sales growth of 4% (10% at CER) at $158.9 million (H1-18: $152.7m), as a result of both volume and price growth on SXBX pill.SXBX pill: SHPL’s main product is SXBX pill, an oral vasodilator and pro-angiogenesis prescription therapy approved to treat coronary artery disease, which includes stable/unstable angina, myocardial infarction and sudden cardiac death. There are over one million deaths due to coronary artery disease per year in China, with this number set to rise due to an aging population with high levels of smoking (28% of adults), increasing levels of obesity (30% of adults are overweight) and hypertension (25% of adults). SXBX pill is the third largest botanical prescription drug in this indication in China, with market share in 2018 of 17.0% (2017: 15.4%) nationally and 48.0% (2017: 47.0%) in Shanghai.Sales of SXBX pill have grown more than twenty-fold since 2001 due to continued geographical expansion of sales coverage, including 9% (15% at CER) to $141.0 million in H1 2019 (H1-18: $129.8m).SXBX pill is protected by a formulation patent that expires in 2029 and is one of less than two dozen proprietary prescription drugs represented on China's National Essential Medicines List, which means that all Chinese state-owned health care institutions are required to carry the drug. SXBX pill is a low-cost drug, fully reimbursed in all provinces in China, listed on China’s Low Price Drug List with an average daily cost of RMB4.52 (H1-18: RMB4.17), or approximately $0.67.In January 2019, SHPL was awarded the 2018 State Scientific and Technological Progress Award (“SSTPA”) – Second Prize, which was presented by President Xi Jinping, Premier Li Keqiang and other state leaders of the PRC at the National Science and Technology Awards Ceremony. The award was given for a study, conducted by SHPL and several academic and medical institutions in China, on the basis of the substance, mechanism of action, clinical evidence and production chain control of SXBX pill.  This SHPL award was one of only two such SSTPA awards given this year to studies in the botanical drug industry. The SHPL operation is large-scale in both the commercial and manufacturing areas. The commercial team now has about 2,400 medical sales representatives which allows for the promotion and scientific detailing of our prescription drug products not just in hospitals in provincial capitals and medium-sized cities, but also in the majority of county-level hospitals in China.SHPL’s GMP-certified factory located 40 kilometers south of Shanghai in Fengpu district holds 74 drug product manufacturing licenses and is operated by about 540 manufacturing staff. This factory, opened in 2017, has approximately tripled SHPL’s capacity and therefore positions us well for continued long-term growth.Concor®: Concor® (Bisoprolol tablets) is a cardiac beta1-receptor blocker, relieving hypertension and reducing high blood pressure. Concor® is the number two beta-blocker in China in 2018 with an approximately 24% (2017: 18%) national market share in China’s beta-blocker drug market and 63% of China’s generic bisoprolol market. In early 2019, we re-structured our collaboration agreement with Merck Serono on Concor®, making territorial adjustments and expanding SHPL operations on Concor® into nine provinces in China (2018: six), markets that contain about 600 million people.  Hutchison Sinopharm: Our Prescription Drugs commercial services business, which in addition to commercializing certain of our own products, provides distribution and marketing services to third-party pharmaceutical companies in China.  In H1 2019, Hutchison Sinopharm sales grew by 7% (13% at CER) to $72.6 million (H1-18: $68.0m) as a result of broad scale expansion which was partially offset by the halt of Seroquel® commercial operations.Hutchison Sinopharm has a dedicated team of over 200 commercial staff focused on three key areas of operation. Firstly, a commercial team that markets over 700 third-party prescription drug products directly to over 360 public and private hospitals in the Shanghai region and through a network of 50 distributors to cover all other provinces in China. Second, a commercial team that markets Chi-Med’s own science-based infant nutrition products in over 8,000 outlets in China and through a Customer Relationship Management network with over 23,000 promoters and over 200,000 members.Third, during the second half of 2018 we began establishing an oncology commercial organization within Hutchison Sinopharm, which is cross-charged in full to the Innovation Platform.  The oncology team, which currently has about 60 dedicated staff covering 25 provinces in China, is focused on medical affairs activities to support enrollment of our Innovation Platform clinical studies in China as well as preparation for the potential upcoming commercial launch of surufatinib late next year.  Given the strategic importance of this activity, we are now preparing to move the oncology commercial organization into our 99.8%-owned Innovation Platform.Seroquel® update:  Seroquel® (quetiapine tablets) is an anti-psychotic therapy approved for bi-polar disorder and schizophrenia. Since early 2015, Hutchison Sinopharm has been the exclusive marketing agent for Seroquel® tablets in China.  In June 2018, AstraZeneca sold and licensed its rights to Seroquel® to Luye Pharma Group, Ltd., including its rights in China. The terms of our agreement with AstraZeneca were assigned to Luye Pharma Hong Kong Ltd. (‘‘Luye HK’’). In May 2019, we received a notice from Luye HK purporting to terminate our agreement. We believe that Luye HK has no basis for termination and intend to vigorously enforce our rights under the current agreement. During 2018 and the first half of 2019, net income from our Seroquel® business represented approximately 4.0% ($1.7m) and 1.3% ($0.4m) respectively of the net income attributable to Chi-Med from our Commercial Platform.CONSUMER HEALTH BUSINESS:In H1 2019, sales of our Consumer Health subsidiaries decreased by 15% (13% at CER) to $17.6 million (H1-18: $20.6m) due primarily to rationalization of certain low contribution products. The consolidated net income attributable to Chi-Med from our Consumer Health business was down 4% (up 2% at CER) to $5.9 million (H1-18: $6.1m). The Consumer Health business represented 21% of our overall Commercial Platform net income in H1 2019 (H1-18: 23%).HBYS: Our primarily OTC business operated through our non-consolidated joint venture, HBYS, focuses on the manufacture, marketing and distribution of OTC and certain prescription pharmaceutical products. In H1 2019, HBYS sales fell 1% (up 5% at CER) to $118.0 million (H1-18: $119.0m), as a result of a decrease in sales of Fu Fang Dan Shen (“FFDS”) due to heightened competitive activity, offset by the increase of sales of our second wave products.Its Bai Yun Shan brand is a market-leading, household name, established over 40 years ago, and is known by the majority of Chinese consumers. In addition to about 1,000 manufacturing staff in Guangdong and Anhui and 185 drug product licenses, HBYS has a commercial team of about 900 sales staff that covers the national retail pharmacy channel in China.FFDS tablets and Banlangen granules: FFDS tablets (angina) and Banlangen granules (anti-viral cold/flu), the two main products of HBYS, are generic OTC drugs with leading national market share in 2018 in China of 38% (2017: 38%) and 54% (2017: 53%), respectively. In H1 2019, the combined sales of these products decreased by 6% (0% at CER) at $66.4 million (H1-18: $70.7m). Banlangen sales were down 1% (up 6% at CER) to $37.7 million (H1-18: $37.9m) as a result of a similar flu season to early 2018. FFDS sales were down 13% (7% at CER) to $28.7 million (H1-18: $32.8m) due to heightened competitive activity.Given the relative market maturity, and highly competitive environment, for FFDS and Banlangen, HBYS has invested significant resources in recent years into building out a second wave of products.  These products, including Nao Xin Qing tablets (cerebrovascular diseases) and Kou Yan Qing granules (periodontitis), made solid progress during the first half of 2019 growing 20% (28% at CER) to $33.5 million (H1-18: $27.8m).    HBYS property update: HBYS’s vacant Plot 2 (26,700 sqm.) in Guangzhou has been listed for sale as part of the Guangzhou municipal government’s urban redevelopment scheme plan for three years. We expect the auction value for Plot 2 to be well over $100 million of which 40 to 50% would be paid to HBYS as compensation for return of the land use rights. In addition, the move away from HBYS’s larger Plot 1 (59,400 sqm.) will be contingent on how the Bozhou factory develops, but, when auctioned, we anticipate that based on recent precedent land transactions, Plot 1 could bring HBYS compensation per square meter comparable to Plot 2.Hutchison Healthcare Limited (“HHL”) and Hutchison Hain Organic Holdings Limited (“HHOH”): HHL, HHOH and other minor entities are subsidiaries involved in the commercialization of health-related consumer products. Sales of such products in H1 2019 decreased by 15% (13% at CER) to $17.6 million (H1-18: $20.6m) resulting from a rationalization of certain low contribution products primarily under HHOH.Commercial Platform dividends: The profits of the Commercial Platform continue to pass on to the Chi-Med Group through dividend payments primarily from our non-consolidated joint ventures, SHPL and HBYS. Dividends of $18.2 million (H1-18: $23.5m) were paid from these joint ventures to the Chi-Med Group level during the first half of 2019.  Net income from SHPL and HBYS have totaled over $600 million since 2005, of which $423 million has been declared in dividends to Chi-Med and its partners, with the balance retained by the joint ventures as cash or used primarily to fund factory upgrades and expansion. As of June 30, 2019, SHPL and HBYS held in aggregate $47.3 million in cash and cash equivalents, with no outstanding bank borrowings. Christian Hogg Chief Executive Officer July 30, 2019 USE OF NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONIn addition to financial information prepared in accordance with U.S. GAAP, this announcement also contains certain non-GAAP financial measures based on management’s view of performance including: * Adjusted R&D expenses; * Adjusted Group net cash flows and adjusted Group net cash flows excluding financing activities; and * CER.Management uses such measures internally for planning and forecasting purposes and to measure the Chi-Med Group’s overall performance. We believe these adjusted financial measures provide useful and meaningful information to us and investors because they enhance investors’ understanding of the continuing operating performance of our business and facilitate the comparison of performance between past and future periods. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. Other companies may define these measures in different ways.Adjusted R&D expenses: We exclude the impact of the revenue received from external customers and cost of goods of our Innovation Platform, which is reinvested into our clinical trials, to derive our adjusted R&D expenses. Revenue received from external customers of our Innovation Platform consists of milestone and other payments from our collaboration partners. The variability of such payments makes the identification of trends in our ongoing R&D activities more difficult. We believe the presentation of adjusted R&D expenses provides useful and meaningful information about our ongoing R&D activities by enhancing investors’ understanding of the scope of our normal, recurring operating R&D expenses.Adjusted Group net cash flows and adjusted Group net cash flows excluding financing activities: We include the change in short-term investments for the period to the change in cash and cash equivalents for the period to derive our adjusted Group net cash flows, and exclude the net cash (used in)/generated from financing activities for the period to derive our adjusted Group net cash flows excluding financing activities. We believe the presentation of adjusted Group net cash flows and adjusted Group net cash flows excluding financing activities provides useful and meaningful information about the use of our cash resources.CER: We remove the effects of currency movements from period-to-period comparisons by retranslating the current period’s performance at previous period’s foreign currency exchange rates. Because we have significant operations in China, the RMB to U.S. dollar exchange rates used for translation may have a significant effect on our reported results. We believe the presentation at CER provides useful and meaningful information because it facilitates period-to-period comparisons of our results and increases the transparency of our underlying performance.Reconciliation of GAAP to adjusted R&D expenses:$’millionsSix Months Ended June 30, 2019Six Months Ended June 30, 2018 Segment operating loss – Innovation Platform(63.9)(53.1) Less: Segment revenue from external customers – Innovation Platform(12.0)(13.6) Add: Cost of goods – third parties1.4 -      Adjusted R&D expenses(74.5)(66.7) Reconciliation of GAAP change in cash and cash equivalents and short-term investments to Adjusted Group net cash flows and Adjusted Group net cash flows excluding financing activities:$’millionsH1 20192019 Current Guidance2019 Previous Guidance Cash and cash equivalents and short-term investments at end of period237.3 180-210*150-180* Less: Cash and cash equivalents and short-term investments at beginning of year(301.0)(300)(300)      Adjusted Group net cash flows(63.7)(90)-(120)(120)-(150) Add: Net cash used in financing activities for the period29.5 —*—* Adjusted Group net cash flows excluding financing  activities(34.2)(90)-(120)(120)-(150) * For the purposes of this reconciliation, 2019 guidance for net cash used in or generated from financing activities for the year is not provided and as such, cash and cash equivalents and short-term investments at the end of year excludes the effect of any net cash used in or generated from financing activities for the year.Reconciliation of GAAP sales and net income attributable to Chi-Med—Commercial Platform to CER:$’millions (except %)Six Months Ended Growth Amount Growth % June 30, 2019June 30, 2018 ActualCERExchange effect Actual growth %CER growth %Exchange effect % Consolidated sales           Commercial Platform90.288.6 1.6 6.4 (4.8) 2%7%-5% — Prescription Drugs72.668.0 4.6 9.1 (4.5) 7%13%-6% — Consumer Health17.620.6 (3.0)(2.7)(0.3) -15%-13%-2% Non-consolidated joint venture sales276.9271.7 5.2 22.3 (17.1) 2%8%-6% — SHPL158.9152.7 6.2 15.8 (9.6) 4%10%-6% — HBYS118.0119.0 (1.0)6.5 (7.5) -1%5%-6%                         Consolidated net income attributable to Chi-Med  Commercial Platform27.726.9 0.8 2.4 (1.6) 3%9%-6% — Prescription Drugs21.820.8 1.0 2.3 (1.3) 5%11%-6% — Consumer Health5.96.1 (0.2)0.1 (0.3) -4%2%-6%                         Sales of Key Products           — SXBX pill141.0129.8 11.2 19.7 (8.5) 9%15%-6% — FFDS and Banlangen66.470.7 (4.3)(0.2)(4.1) -6%0%-6%   — FFDS28.732.8 (4.1)(2.3)(1.8) -13%-7%-6%   — Banlangen37.737.9 (0.2)2.1 (2.3) -1%6%-7% — Nao Xin Qing and Kou Yan Qing33.527.8 5.7 7.7 (2.0) 20%28%-8%              INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  Hutchison China MediTech Limited Condensed Consolidated Balance Sheets (in US$’000, except share data)    NoteJune 30, 2019December 31, 2018   (Unaudited)  Assets    Current assets    Cash and cash equivalents383,360 86,036  Short-term investments4153,928 214,915  Accounts receivable—third parties542,758 40,176  Inventories614,223 12,309  Other current assets 15,227 17,105  Total current assets 309,496 370,541  Property, plant and equipment 17,669 16,616  Right-of-use assets76,792 —  Investments in equity investees8146,977 138,318  Deferred issuance costs 7,506 —  Other assets 6,774 6,643  Total assets 495,214 532,118  Liabilities and shareholders’ equity    Current liabilities    Accounts payable926,145 25,625  Other payables, accruals and advance receipts1075,567 56,327  Lease liabilities73,529 —  Other current liabilities 5,364 3,527  Total current liabilities 110,605 85,479  Lease liabilities73,714 —  Long-term bank borrowings11— 26,739  Other liabilities 7,858 7,645  Total liabilities 122,177 119,863  Commitments and contingencies12   Company’s shareholders’ equity    Ordinary shares; $0.10 par value; 1,500,000,000 shares authorized; 666,577,450 and 666,577,450 shares issued at June 30, 2019 and December 31, 2018 respectively1366,658 66,658  Additional paid-in capital 510,699 505,585  Accumulated losses (229,067)(183,004) Accumulated other comprehensive loss (400)(243) Total Company’s shareholders’ equity 347,890 388,996  Non-controlling interests 25,147 23,259  Total shareholders’ equity 373,037 412,255  Total liabilities and shareholders’ equity 495,214 532,118  The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.  Hutchison China MediTech Limited Condensed Consolidated Statements of Operations (Unaudited, in US$’000, except share and per share data)     Six Months Ended June 30,  Note2019 2018  Revenues    Goods —third parties 86,858 79,463  —related parties17(i)3,732 3,449  Services —commercialization—third parties 2,584 5,653  —collaboration research and development—third parties 7,056 8,548  —research and development—related parties17(i)252 5,076  Other collaboration revenue—royalties—third parties 1,715 —  Total revenues15102,197 102,189  Operating expenses    Costs of goods—third parties (74,051)(65,422) Costs of goods—related parties (2,610)(2,455) Costs of services—commercialization—third parties (1,929)(4,001) Research and development expenses16(69,287)(60,053) Selling expenses (7,501)(9,392) Administrative expenses (18,830)(14,549) Total operating expenses (174,208)(155,872) Loss from operations (72,011)(53,683) Other income, net of other expenses 3,710 3,188  Loss before income taxes and equity in earnings of equity investees (68,301)(50,495) Income tax expense18(2,462)(2,680) Equity in earnings of equity investees, net of tax827,308 23,050  Net loss (43,455)(30,125) Less: Net income attributable to non-controlling interests (1,914)(2,566) Net loss attributable to the Company (45,369)(32,691) Losses per share attributable to the Company—basic and diluted (US$ per share)19(0.07)(0.05) Number of shares used in per share calculation—basic and diluted19665,553,637 663,894,540  Note: The losses per share attributable to the Company—basic and diluted presented were adjusted retroactively for each of the six months ended June 30, 2019 and 2018 to take into account the share split approved by ordinary resolution at the Extraordinary General Meeting of the Company held on May 29, 2019, pursuant to which each ordinary share was subdivided into 10 ordinary shares with effect from May 30, 2019.The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.  Hutchison China MediTech Limited Condensed Consolidated Statements of Comprehensive Loss (Unaudited, in US$’000)    Six Months Ended June 30,  2019 2018  Net loss(43,455)(30,125) Other comprehensive income   Foreign currency translation (loss)/gain(179)3,445  Total comprehensive loss(43,634)(26,680) Less: Comprehensive income attributable to non-controlling interests(1,892)(2,870) Total comprehensive loss attributable to the Company(45,526)(29,550) The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.  Hutchison China MediTech Limited Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited, in US$’000, except share data in ‘000)    Ordinary Shares NumberOrdinary Shares ValueAdditional Paid-in CapitalAccumulated LossesAccumulated Other Comprehensive Income/(Loss)Total Company’s Shareholders’ EquityNon- controlling InterestsTotal Shareholders’ Equity As at January 1, 2018664,47066,447496,960 (108,184)5,430 460,653 23,230 483,883  Net (loss)/income——— (32,691)— (32,691)2,566 (30,125) Issuances in relation to share option exercises85686634 — — 720 — 720  Share-based compensation         Share options——2,784 — — 2,784 7 2,791  Long-term incentive plan (“LTIP”)——2,575 — — 2,575 7 2,582   ——5,359 — — 5,359 14 5,373  LTIP—treasury shares acquired and held by Trustee——(5,451)— — (5,451)— (5,451) Transfer between reserves——15 (15)— — — —  Foreign currency translation adjustments——— — 3,141 3,141 304 3,445  As at June 30, 2018665,32666,533497,517 (140,890)8,571 431,731 26,114 457,845  As at December 31, 2018666,57766,658505,585 (183,004)(243)388,996 23,259 412,255  Impact of change in accounting policy (Note 2)——— (655)— (655)(16)(671) As at January 1, 2019666,57766,658505,585 (183,659)(243)388,341 23,243 411,584  Net (loss)/income——— (45,369)— (45,369)1,914 (43,455) Share-based compensation         Share options——4,118 — — 4,118 9 4,127  LTIP——1,303 — — 1,303 3 1,306   ——5,421 — — 5,421 12 5,433  LTIP—treasury shares acquired and held by Trustee——(346)— — (346)— (346) Transfer between reserves——39 (39)— — — —  Foreign currency translation adjustments——— — (157)(157)(22)(179) As at June 30, 2019666,57766,658510,699 (229,067)(400)347,890 25,147 373,037  The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.  Hutchison China MediTech Limited Condensed Consolidated Statements of Cash Flows (Unaudited, in US$’000)     Six Months Ended June 30,  Note2019 2018  Net cash used in operating activities21(30,045)(18,596) Investing activities    Purchases of property, plant and equipment (3,848)(2,079) Deposits in short-term investments (329,102)(491,169) Proceeds from short-term investments 390,089 517,035  Investment in an equity investee — (8,000) Net cash generated from investing activities 57,139 15,787  Financing activities    Proceeds from issuance of ordinary shares14(i)— 720  Purchases of treasury shares14(ii)(346)(5,451) Dividends paid to non-controlling shareholders of subsidiaries17(iii)(1,282)—  Proceeds from bank borrowings11— 26,923  Repayment of bank borrowings11(26,923)(30,000) Payment of issuance costs (964)(34) Net cash used in financing activities (29,515)(7,842) Net decrease in cash and cash equivalents (2,421)(10,651) Effect of exchange rate changes on cash and cash equivalents (255)715    (2,676)(9,936) Cash and cash equivalents    Cash and cash equivalents at beginning of period 86,036 85,265  Cash and cash equivalents at end of period 83,360 75,329  The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.Hutchison China MediTech Limited Notes to the Interim Unaudited Condensed Consolidated Financial Statements1\. Organization and Nature of BusinessHutchison China MediTech Limited (the “Company”) and its subsidiaries (together the “Group”) are principally engaged in researching, developing, manufacturing and selling pharmaceuticals and healthcare products. The Group and its equity investees have research and development facilities and manufacturing plants in the People’s Republic of China (the “PRC”) and sell their products mainly in the PRC and Hong Kong.LiquidityAs at June 30, 2019, the Group had accumulated losses of US$229,067,000 primarily due to its spending in drug research and development (“Drug R&D”) activities. The Group regularly monitors current and expected liquidity requirements to ensure that it maintains sufficient cash balances and adequate credit facilities to meet its liquidity requirements in the short and long term. As at June 30, 2019, the Group had cash and cash equivalents of US$83,360,000, short-term investments of US$153,928,000 and unutilized bank borrowing facilities of US$146,282,000. Short-term investments comprised of bank deposits maturing over three months. The Group’s operating plan includes the continued receipt of dividends from certain of its equity investees. Dividends received from equity investees for the six months ended June 30, 2019 and 2018 were US$18,173,000 and US$23,526,000 respectively.Based on the Group’s operating plan, the existing cash and cash equivalents, short-term investments and unutilized bank borrowing facilities are considered to be sufficient to meet the cash requirements to fund planned operations and other commitments for at least the next twelve months (the look-forward period used).2\. Summary of Significant Accounting PoliciesPrinciples of Consolidation and Basis of PresentationThe interim unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements, except for the adoption of Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) as described below. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for the fair statement of results for the periods presented, have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year or any other interim period.The comparative year-end condensed balance sheet data was derived from the annual audited consolidated financial statements, but is condensed to the same degree as the interim condensed balance sheet data.The interim unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users have read or have access to the annual audited consolidated financial statements for the preceding fiscal year.The preparation of interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the interim unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in determining items such as useful lives of property, plant and equipment, write-down of inventories, allowance for doubtful accounts, share-based compensation, impairments of long-lived assets, impairment of other intangible asset and goodwill, income tax expenses, tax valuation allowances, revenues and cost accruals from research and development projects. Actual results could differ from those estimates.LeasesSummary of impact of applying ASC 842The Group applied ASC 842 to its various leases at the date of initial application of January 1, 2019. As a result, the Group has changed its accounting policy for leases as detailed below. The core principle of ASC 842 is that a lessee should recognize the assets and liabilities that arise from leases. Therefore, the Group recognizes in the condensed consolidated balance sheets liabilities to make lease payments (the lease liabilities) and right-of-use assets representing its right to use the underlying assets for their lease terms. The Group applied ASC 842 using the optional transition method by recognizing the cumulative effect as an adjustment to opening accumulated losses as at January 1, 2019. The comparative information prior to January 1, 2019 has not been adjusted and continues to be reported under ASC 840, Leases (“ASC 840”).The Group assessed lease agreements as at January 1, 2019 under ASC 842, except for short-term leases. The Group elected the short-term lease exception for leases with a term of 12 months or less and recognizes lease expenses for such leases on a straight-line basis over the lease term and does not recognize right-of-use assets or lease liabilities accordingly. As a result of this assessment, the Group recorded an aggregate US$0.7 million in additional lease expenses as a cumulative adjustment to opening accumulated losses upon adoption. Additionally, the Group recognized right-of-use assets and lease liabilities of US$5.7 million and US$6.4 million respectively as at January 1, 2019.The lease liabilities were measured at the present value of the remaining lease payments, discounted using the lessees’ incremental borrowing rate as at January 1, 2019. The Group’s weighted average incremental borrowing rate applied on January 1, 2019 was 3.97% per annum.A reconciliation of the Group’s reported operating lease commitments as at December 31, 2018 and the Group’s lease liabilities recognized upon adoption of ASC 842 as at January 1, 2019 is as follows: (in US$’000) Operating lease commitments as at December 31, 2018 (note (a))8,835  Less: Leases not commenced as at January 1, 2019(3,676) Less: Short-term leases(5) Add: Adjustment as a result of the treatment for a termination option (note (b))1,409  Less: Discount under the lessees’ incremental borrowing rate as at January 1, 2019(206) Lease liabilities recognized as at January 1, 20196,357  Notes:(a) Future aggregate minimum payments under non-cancellable operating leases under ASC 840 were as follows:    December 31, 2018  (in US$’000) Not later than 1 year3,026 Between 1 to 2 years2,735 Between 2 to 3 years1,056 Between 3 to 4 years882 Between 4 to 5 years810 Later than 5 years326 Total minimum lease payments8,835 (b) The Group leases its corporate offices in Hong Kong through a support service agreement with an indirect subsidiary of CK Hutchison Holdings Limited (“CK Hutchison”), which is the Company’s ultimate holding company. The support service agreement may be terminated by giving 3-month advance notice; therefore, there was no lease commitment beyond the 3-month advance notice period as at December 31, 2018. This termination option is not considered probable of exercise for the purposes of applying ASC 842.The Group recognized right-of-use assets as at January 1, 2019 measured at their carrying amounts as if ASC 842 had been applied since their commencement dates, but discounted using the lessees’ incremental borrowing rate as at January 1, 2019.Recognized right-of-use assets upon adoption were as follows: (in US$’000) Offices4,877 Factories383 Others487  5,747 There were no adjustments to net cash generated from/(used in) operating activities, investing activities or financing activities in the condensed consolidated statement of cash flows.In applying ASC 842 for the first time, the Group has used the following practical expedients permitted by the standard: (i) no reassessment of whether any expired or existing contracts are or contain leases; (ii) no reassessment of the lease classification for any expired or existing leases; (iii) the exclusion of initial direct costs for the measurement of the right-of-use assets at the date of initial application; and (iv) the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.Updated accounting policy—ASC 842In an operating lease, a lessee obtains control of only the use of the underlying asset, but not the underlying asset itself. An operating lease is recognized as a right-of-use asset with a corresponding liability at the date which the leased asset is available for use by the Group. The Group recognizes an obligation to make lease payments equal to the present value of the lease payments over the lease term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option.Lease liabilities include the net present value of the following lease payments: (i) fixed payments; (ii) variable lease payments; and (iii) payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option, if any. Lease liabilities exclude the following payments that are generally accounted for separately: (i) non-lease components, such as maintenance and security service fees and value added tax, and (ii) any payments that a lessee makes before the lease commencement date. The lease payments are discounted using the interest rate implicit in the lease or if that rate cannot be determined, the lessee’s incremental borrowing rate being the rate that the lessee would have to pay to borrow the funds in its currency and jurisdiction necessary to obtain an asset of similar value, economic environment and terms and conditions.An asset representing the right to use the underlying asset during the lease term is recognized that consists of the initial measurement of the operating lease liability, any lease payments made to the lessor at or before the commencement date less any lease incentives received, any initial direct cost incurred by the Group and any restoration costs.After commencement of the operating lease, the Group recognizes lease expenses on a straight-line basis over the lease term. The right-of-use asset is subsequently measured at cost less accumulated amortization and any impairment provision. The amortization of the right-of-use asset represents the difference between the straight-line lease expense and the accretion of interest on the lease liability each period. The interest amount is used to accrete the lease liability and to amortize the right-of-use asset. There is no amount recorded as interest expense.Payments associated with short-term leases are recognized as lease expenses on a straight-line basis over the period of the leases.Subleases of right-of-use assets are accounted for similar to other leases. As an intermediate lessor, the Group separately accounts for the head-lease and sublease unless it is relieved of its primary obligation under the head-lease. Sublease income is recorded on a gross basis separate from the head-lease expenses. If the total remaining lease cost on the head-lease is more than the anticipated sublease income for the lease term, this is an indicator that the carrying amount of the right-of-use asset associated with the head-lease may not be recoverable, and the right-of-use asset will be assessed for impairment.3\. Cash and Cash Equivalents June 30, 2019December 31, 2018  (in US$’000) Cash at bank and on hand71,86078,556 Bank deposits maturing in three months or less (note (a))11,5007,480  83,36086,036 Denominated in:   US$ (note (b))59,45958,291 RMB (note (b))19,44323,254 UK Pound Sterling (“£”) (note (b))122331 Hong Kong dollar (“HK$”)4,3364,160  83,36086,036 Notes: (a) The weighted average effective interest rate on bank deposits for the six months ended June 30, 2019 and the year ended December 31, 2018 was 2.47% per annum and 1.98% per annum respectively (with maturity ranging from 5 to 35 days and 7 to 90 days respectively). (b) Certain cash and bank balances denominated in RMB, US$ and £ were deposited with banks in the PRC. The conversion of these balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the PRC government.4\. Short-term Investments June 30, 2019December 31, 2018  (in US$’000) Bank deposits maturing over three months (note)   Denominated in:   US$153,548214,538 HK$380377  153,928214,915 Note: The weighted average effective interest rate on bank deposits for the six months ended June 30, 2019 and the year ended December 31, 2018 was 2.77% per annum and 2.18% per annum respectively (with maturity ranging from 91 to 97 days and 91 to 100 days respectively).5\. Accounts Receivable—Third PartiesAccounts receivable from contracts with customers, net of allowance for doubtful accounts, consisted of the following: June 30, 2019December 31, 2018  (in US$’000) Accounts receivable, gross42,779 40,217  Allowance for doubtful accounts(21)(41) Accounts receivable, net42,758 40,176  Substantially all accounts receivable are denominated in RMB, US$ and HK$ and are due within one year from the end of the reporting periods. The carrying values of accounts receivable approximate their fair values due to their short-term maturities.Movements on the allowance for doubtful accounts: 2019 2018   (in US$’000) As at January 141 258  Increase in allowance for doubtful accounts14 279  Decrease in allowance due to subsequent collection(34)(235) Write-off— (1) Exchange difference— 2  As at June 3021 303  6\. InventoriesInventories, net of provision for excess and obsolete inventories, consisted of the following: June 30, 2019December 31, 2018  (in US$’000) Raw materials1,865652 Finished goods12,35811,657  14,22312,309 7\. LeasesThe Group leases various offices, factories and other assets. Lease contracts are typically within a period of 1 to 5 years.Leases consisted of the following: June 30, 2019  (in US$’000) Right-of-use assets  Offices (note (a))6,038 Factories251 Others (note (b))503 Total right-of-use assets6,792 Lease liabilities—current3,529 Lease liabilities—non-current3,714 Total lease liabilities7,243 Notes: (a) Includes (i) US$0.2 million right-of-use asset for offices in the United States of America that is leased through July 2023 which includes an option to renew the lease up to an additional 3 years; and (ii) US$1.2 million right-of-use asset for corporate offices in Hong Kong that is leased through May 2021 which includes a termination option with 3 months advance notice. The renewal and termination options were not recognized as part of the right-of-use assets and lease liabilities. (b) Includes US$0.4 million right-of-use asset for retail space in the United Kingdom that is leased through May 2022 which the Group has subleased through May 2022.Lease activities are summarized as follows: Six Months Ended June 30, 2019  (in US$’000) Lease expenses:  Short-term leases with lease terms equal or less than 12 months38  Leases with lease terms greater than 12 months1,655   1,693  Sublease rental income61  Cash paid on lease liabilities(1,782) Non-cash: Lease liabilities recognized from obtaining right-of-use assets2,453  The weighted average remaining lease term and the weighted average discount rate as at June 30, 2019 was 2.85 years and 4.20% respectively.Future lease payments are as follows: June 30, 2019  (in US$’000) Lease payments:  Not later than 1 year3,764  Between 1 to 2 years1,973  Between 2 to 3 years862  Between 3 to 4 years650  Between 4 to 5 years457  Total lease payments (note)7,706  Less: Discount factor(463) Total lease liabilities7,243  Note: Excludes future lease payments on lease not commenced as at June 30, 2019 in the aggregate amount of US$0.9 million.8\. Investments in Equity InvesteesInvestments in equity investees consisted of the following: June 30, 2019December 31, 2018  (in US$’000) Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Company Limited (“HBYS”)59,69560,992 Shanghai Hutchison Pharmaceuticals Limited (“SHPL”)78,59368,812 Nutrition Science Partners Limited (“NSPL”)8,1508,102 Other539412  146,977138,318 All of the equity investees are private companies and there are no quoted market prices available for their shares.Summarized financial information for the significant equity investees HBYS, SHPL and NSPL is as follows:(i)         Summarized balance sheets Commercial PlatformInnovation Platform  Consumer Health HBYSPrescription Drugs SHPLDrug R&D NSPL  June 30, 2019December 31, 2018June 30, 2019December 31, 2018June 30, 2019December 31, 2018  (in US$’000) Current assets126,654 116,020 138,493 124,512 16,698 17,320  Non-current assets98,552 100,353 97,568 98,532 — —  Current liabilities(86,064)(73,974)(77,644)(84,357)(398)(1,117) Non-current liabilities(16,874)(17,302)(7,077)(6,909)— —  Net assets122,268 125,097 151,340 131,778 16,300 16,203  Non-controlling interests(2,877)(3,113)— — — —   119,391 121,984 151,340 131,778 16,300 16,203  (ii)        Summarized statements of operations Commercial PlatformInnovation Platform  Consumer Health HBYSPrescription Drugs SHPLDrug R&D NSPL(note(a))  Six Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,  2019 2018 2019 2018 20192018   (in US$’000) Revenue118,047 118,983 158,874 152,717 ——  Gross profit64,527 59,155 114,687 108,802 ——  Interest income81 37 289 407 13443  Finance cost(9)(135)— — ——  Profit/(loss) before taxation14,272 14,306 49,534 45,942 97(4,818) Income tax expense (note (b))(2,286)(2,362)(7,479)(7,127)——  Net income/(loss)11,986 11,944 42,055 38,815 97(4,818) Non-controlling interests223 39 — — ——  Net income/(loss) attributable to the shareholders of equity investee12,209 11,983 42,055 38,815 97(4,818) Notes:  (a) NSPL did not have any activity for the six months ended June 30, 2019 and primarily incurred research and development expenses during the six months ended June 30, 2018.(b) The main entities within the HBYS and SHPL groups have been granted the High and New Technology Enterprise (“HNTE”) status. Accordingly, the entities were eligible to use a preferential income tax rate of 15% for the six months ended June 30, 2019 and 2018.For the six months ended June 30, 2019 and 2018, other immaterial equity investees had net income of approximately US$255,000 and US$120,000 respectively.(iii)       Reconciliation of summarized financial informationReconciliation of the summarized financial information presented to the carrying amount of investments in equity investees is as follows: Commercial PlatformInnovation Platform(note)  Consumer Health HBYSPrescription Drugs SHPLDrug R&D NSPL  2019 20182019 2018 20192018   (in US$’000) Opening net assets after non-controlling interests as at January 1121,984 110,616131,778 132,731 16,20338,401  Impact of change in accounting policy (ASC 842)(19)—(2)— ——  Net income/(loss) attributable to the shareholders of equity investee12,209 11,98342,055 38,815 97(4,818) Dividends declared(14,615)—(21,731)(31,538)——  Other comprehensive (loss)/income(168)1,693(760)2,339 ——  Investments— —— — —16,000  Closing net assets after non-controlling interests as at June 30119,391 124,292151,340 142,347 16,30049,583  Group’s share of net assets59,695 62,14675,670 71,173 8,15024,792  Goodwill— —2,923 3,103 ——  Carrying amount of investments as at June 3059,695 62,14678,593 74,276 8,15024,792  Note: The Innovation Platform includes other immaterial equity investees. As at June 30, 2019 and December 31, 2018, the aggregate carrying amount of investments in NSPL and other immaterial equity investees was approximately US$8,689,000 and US$8,514,000 respectively.The equity investees had the following capital commitments: June 30, 2019  (in US$’000) Property, plant and equipment  Contracted but not provided for1,750 9\. Accounts Payable June 30, 2019December 31, 2018  (in US$’000) Accounts payable—third parties19,21714,158 Accounts payable—non-controlling shareholders of subsidiaries (Note 17(iv))4,1324,960 Accounts payable—related party (Note 17(ii))2,7966,507  26,14525,625 Substantially all accounts payable are denominated in RMB and US$ and due within one year from the end of the reporting period. The carrying values of accounts payable approximate their fair values due to their short-term maturities.10\. Other Payables, Accruals and Advance ReceiptsOther payables, accruals and advance receipts consisted of the following: June 30, 2019December 31, 2018  (in US$’000) Accrued salaries and benefits9,6028,715 Accrued research and development expenses42,96028,883 Accrued selling and marketing expenses4,5304,675 Accrued administrative and other general expenses7,7516,181 Deferred government incentives5051,817 Deposits1,2961,230 Dividend payable to a non-controlling shareholder of a subsidiary (Note 17(iv))—1,282 Accrued issuance costs6,542— Others2,3813,544  75,56756,327 11\. Bank BorrowingsBank borrowings consisted of the following: June 30, 2019December 31, 2018  (in US$’000) Non-current—26,739 The weighted average interest rate for outstanding bank borrowings for the six months ended June 30, 2019 and the year ended December 31, 2018 was 3.29% per annum and 2.79% per annum respectively. The carrying amounts of the Group’s bank borrowings were denominated in HK$. The Group had fully repaid the bank borrowings in June 2019 and there were no outstanding bank borrowings as at June 30, 2019.(i)         3-year term loan and 18-month revolving loan facilitiesIn November 2017, the Group through its subsidiary, entered into facility agreements with a bank for the provision of unsecured credit facilities in the aggregate amount of HK$400,000,000 (US$51,282,000). The credit facilities included (i) a HK$210,000,000 (US$26,923,000) 3-year term loan facility and (ii) a HK$190,000,000 (US$24,359,000) 18-month revolving loan facility. The term loan bore interest at 1.50% over the Hong Kong Interbank Offered Rate (“HIBOR”) per annum and an upfront fee of HK$1,575,000 (US$202,000). The revolving loan facility bore interest at 1.25% over HIBOR per annum. The term loan was drawn in May 2018 and was fully repaid in June 2019. The revolving loan facility expired in May 2019.(ii)        2-year revolving loan facilitiesIn August 2018, the Group through its subsidiary, entered into two separate facility agreements with banks for the provision of unsecured credit facilities in the aggregate amount of HK$507,000,000 (US$65,000,000). The first credit facility is a HK$351,000,000 (US$45,000,000) revolving loan facility, with a term of 2 years and an annual interest rate of 1.35% over HIBOR. The second credit facility is a HK$156,000,000 (US$20,000,000) revolving loan facility, with a term of 2 years and an annual interest rate of 1.35% over HIBOR. These credit facilities are guaranteed by the Company. As at June 30, 2019 and December 31, 2018, no amount has been drawn from either of the revolving loan facilities.In February 2017, the Group through its subsidiary, entered into two separate facility agreements with the banks for the provision of unsecured credit facilities in the aggregate amount of HK$546,000,000 (US$70,000,000). The first credit facility included (i) a HK$156,000,000 (US$20,000,000) term loan facility and (ii) a HK$195,000,000 (US$25,000,000) revolving loan facility, both with a term of 18 months and an annual interest rate of 1.25% over HIBOR. The second credit facility included (i) a HK$78,000,000 (US$10,000,000) term loan facility and (ii) a HK$117,000,000 (US$15,000,000) revolving loan facility, both with a term of 18 months and an annual interest rate of 1.25% over HIBOR. The term loans from the first and second credit facilities were repaid in May 2018. Both revolving loan facilities were terminated in August 2018.(iii)       3-year revolving loan facility and 3-year term loan and revolving loan facilitiesIn November 2018, the Group through its subsidiary renewed a 3-year revolving loan facility with a bank in the aggregate amount of HK$234,000,000 (US$30,000,000) with an annual interest rate of 0.85% over HIBOR. This credit facility is guaranteed by the Company. As at June 30, 2019 and December 31, 2018, no amount has been drawn from the revolving loan facility.In May 2019, the Group through its subsidiary, entered into a separate facility agreement with the bank for the provision of additional unsecured credit facilities in the aggregate amount of HK$400,000,000 (US$51,282,000). The 3-year credit facilities include (i) a HK$210,000,000 (US$26,923,000) term loan facility and (ii) a HK$190,000,000 (US$24,359,000) revolving loan facility, both with an annual interest rate of 0.85% over HIBOR, and an upfront fee of HK$819,000 (US$105,000) on the term loan. These credit facilities are guaranteed by the Company. As at June 30, 2019, no amount has been drawn from either of these credit facilities.The Group’s bank borrowings are repayable as from the dates indicated as follows: June 30, 2019December 31, 2018  (in US$’000) Not later than 1 year—— Between 1 to 2 years—26,923  —26,923 As at June 30, 2019 and December 31, 2018, the Group had unutilized bank borrowing facilities of HK$1,141,000,000 (US$146,282,000) and HK$931,000,000 (US$119,359,000) respectively.12\. Commitments and ContingenciesCapital commitmentsThe Group had the following capital commitments: June 30, 2019  (in US$’000) Property, plant and equipment  Contracted but not provided for3,679 The Group does not have any other significant commitments or contingencies.13. Ordinary SharesPursuant to a resolution passed in the Annual General Meeting on April 24, 2019, the Company’s authorized share capital was increased from US$75,000,000 to US$150,000,000 by the addition of 75,000,000 ordinary shares of US$1.00 each (equivalent to 750,000,000 ordinary shares of US$0.10 each after the share split effective on May 30, 2019) in the share capital of the Company.Pursuant to a resolution passed in the Extraordinary General Meeting on May 29, 2019, with effect from May 30, 2019, each ordinary share of the Company was subdivided into 10 ordinary shares and the par value per ordinary share was changed from US$1.00 to US$0.10. All Company ordinary share and per share amounts presented were adjusted retroactively as the share split was effective when the interim unaudited condensed consolidated financial statements were issued.As at June 30, 2019, the Company is authorized to issue 1,500,000,000 ordinary shares.A summary of ordinary share transactions (in thousands) is as follows: 20192018 As at January 1666,577664,470 Share option exercises—856 As at June 30666,577665,326 Each ordinary share is entitled to one vote. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors of the Company.14\. Share-based Compensation(i)         Share-based Compensation of the CompanyThe Company conditionally adopted a share option scheme on June 4, 2005 (as amended on March 21, 2007) and such scheme has a term of 10 years. It expired in 2016 and no further share options can be granted. Another share option scheme was conditionally adopted on April 24, 2015 (the “HCML Share Option Scheme”). Pursuant to the HCML Share Option Scheme, the Board of Directors of the Company may, at its discretion, offer any employees and directors (including Executive and Non-executive Directors but excluding Independent Non-executive Directors) of the Company, holding companies of the Company and any of their subsidiaries or affiliates, and subsidiaries or affiliates of the Company share options to subscribe for shares of the Company.As at June 30, 2019, the aggregate number of shares issuable under the HCML Share Option Scheme is 23,130,970 ordinary shares and the aggregate number of shares issuable under the prior share option scheme which expired in 2016 is 1,845,180 ordinary shares. Additionally, the number of shares authorized but unissued was 833,422,550 ordinary shares.Share options granted are generally subject to a four-year vesting schedule, depending on the nature and the purpose of the grant. Share options subject to the four-year vesting schedule, in general, vest 25% upon the first anniversary of the vesting commencement date as defined in the grant letter, and 25% every subsequent year. However, certain share option grants may have a different vesting schedule as approved by the Board of Directors of the Company. No outstanding share options will be exercisable or subject to vesting after the expiry of a maximum of eight to ten years from the date of grant.A summary of the Company’s share option activity and related information is as follows: Number of share optionsWeighted average exercise price in £ per shareWeighted average remaining contractual life (years)Aggregate intrinsic value (in £’000) Outstanding at January 1, 201811,264,120 1.776.2943,158 Granted10,606,260 4.69   Exercised(2,107,080)1.40   Cancelled(1,208,450)4.30   Outstanding at December 31, 201818,554,850 3.317.3515,158 Granted180,000 4.22   Cancelled(648,090)4.65   Expired(59,850)4.65   Outstanding at June 30, 201918,026,910 3.286.7915,817 Vested and exercisable at December 31, 20188,032,040 1.684.8414,843 Vested and exercisable at June 30, 201910,270,760 2.295.2915,570 In estimating the fair value of share options granted, the following assumptions were used in the Polynomial model for awards granted in the periods indicated: Year Ended December 31,Six Months Ended June 30,  2011 2013 2016 2017 2018 2019  Weighted average grant date fair value of share options (in £ per share)0.18 0.32 0.90 1.27 1.67 1.51  Significant inputs into the valuation model (weighted average):       Exercise price (in £ per share)0.44 0.61 1.97 3.11 4.69 4.22  Share price at effective date of grant (in £ per share)0.43 0.61 1.97 3.11 4.66 4.22  Expected volatility (note (a))46.6%36.0%39.0%36.3%37.6%37.7% Risk-free interest rate (note (b))3.13%3.16%1.00%1.17%1.46%1.08% Contractual life of share options (in years)10 10 8 10 10 10  Expected dividend yield (note (c))0%0%0%0%0%0% Notes:(a) The Company calculated its expected volatility with reference to the historical volatility prior to the issuances of share options.(b) The risk-free interest rates used in the Polynomial model are with reference to the sovereign yield of the United Kingdom because the Company’s ordinary shares are currently listed on AIM and denominated in £.(c) The Company has not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore uses an expected dividend yield of zero in the Polynomial model.The Company will issue new shares to satisfy share option exercises. The following table summarizes the Company’s share option exercises: Six Months Ended June 30,  20192018  (in US$’000) Cash received from share options exercised—720 Total intrinsic value of share options exercised—4,817 The Group recognizes compensation expense on a graded vesting approach over the requisite service period. The following table presents share-based compensation expense included in the Group’s condensed consolidated statements of operations: Six Months Ended June 30,  20192018  (in US$’000) Research and development expenses3,7562,616 Administrative expenses371175  4,1272,791 As at June 30, 2019, the total unrecognized compensation cost was US$10,391,000, and will be recognized on a graded vesting approach over the weighted average remaining service period of 2.86 years.(ii)        LTIPThe Company grants awards under the LTIP to participating directors and employees, giving them a conditional right to receive ordinary shares of the Company or the equivalent ADS (collectively the “Awarded Shares”) to be purchased by the Trustee up to a cash amount. Vesting will depend upon continued employment of the award holder with the Group and will otherwise be at the discretion of the Board of Directors of the Company. Additionally, some awards are subject to change based on annual performance targets prior to their determination date.LTIP awards prior to the determination datePerformance targets vary by award, and may include targets for shareholder returns, free cash flows, revenues, net profit after taxes and the achievement of clinical and regulatory milestones. As the extent of achievement of the performance targets is uncertain prior to the determination date, a probability based on management’s assessment on the achievement of the performance target has been assigned to calculate the amount to be recognized as an expense over the requisite period with a corresponding entry to liability.LTIP awards after the determination dateUpon the determination date, the Company will pay a determined monetary amount, up to the maximum cash amount based on the actual achievement of the performance target specified in the award, to the Trustee to purchase the Awarded Shares. Any cumulative compensation expense previously recognized as a liability will be transferred to additional paid-in capital, as an equity-settled award. If the performance target is not achieved, no Awarded Shares of the Company will be purchased and the amount previously recorded in the liability will be reversed through share-based compensation expense.Granted awards under the LTIP are as follows:Grant dateMaximum cash amount per annum (in US$ millions)Covered financial yearsPerformance target determination date October 19, 20151.82014-2016note (a) March 24, 20160.3note (b)note (b) March 15, 20170.4note (c)note (c) March 15, 2017 and August 2, 20176.02017-2019note (d) December 15, 20170.52018-2019note (d) August 6, 20180.12018-2019note (d) December 14, 20181.52019note (d) Notes:  (a) The annual performance target determination date is the date of the announcement of the Group’s annual results for the covered financial year and vesting occurs one business day after the publication date of the annual report of the Company for the financial year falling two years after the covered financial year to which the LTIP award relates.(b) This award does not stipulate performance targets and is subject to a vesting schedule of 25% on each of the first, second, third and fourth anniversaries of the date of grant.(c) This award did not stipulate performance targets and vested one business day after the publication date of the annual report for the 2017 financial year.(d) The annual performance target determination date is the date of the announcement of the Group’s annual results for the covered financial year and vesting occurs two business days after the announcement of the Group’s annual results for the financial year falling two years after the covered financial year to which the LTIP award relates.The Trustee has been set up solely for the purpose of purchasing and holding the Awarded Shares during the vesting period on behalf of the Group using funds provided by the Group. On the determination date, if any, the Company will determine the cash amount, based on the actual achievement of each annual performance target, for the Trustee to purchase the Awarded Shares. The Awarded Shares will then be held by the Trustee until they are vested.The Trustee’s assets include treasury shares and funds for additional treasury shares, trustee fees and expenses. The number of treasury shares (in the form of ordinary shares or ADS of the Company) purchased and held by the Trustee were as follows: Number of treasury sharesCost (in US$’000) As at January 1, 2018559,775 1,957  Purchased795,005 5,451  Vested(233,750)(731) As at December 31, 20181,121,030 6,677  Purchased60,430 346  Vested(240,150)(944) As at June 30, 2019941,310 6,079  For the six months ended June 30, 2019 and 2018, US$254,000 and US$93,000 of the LTIP awards were forfeited respectively.The following table presents the share-based compensation expenses recognized under the LTIP awards: Six Months Ended June 30,  20192018  (in US$’000) Research and development expenses543878 Selling and administrative expenses827723  1,3701,601 Recorded with a corresponding credit to:   Liability590789 Additional paid-in capital780812  1,3701,601 For the six months ended June 30, 2019 and 2018, US$526,000 and US$1,770,000 were reclassified from liability to additional paid-in capital respectively upon LTIP awards reaching the determination date. As at June 30, 2019 and December 31, 2018, US$1,299,000 and US$1,235,000 were recorded as liabilities respectively for LTIP awards prior to the determination date.As at June 30, 2019, the total unrecognized compensation cost was approximately US$3,624,000, which considers expected performance targets and the amount expected to vest, and will be recognized over the requisite periods.15\. RevenuesThe following table presents disaggregated revenue: Six Months Ended June 30, 2019  Innovation PlatformCommercial PlatformTotal  (in US$’000) Goods—Manufacturing2,994—2,994 Goods—Distribution—87,59687,596 Services7,3082,5849,892 Royalties1,715—1,715  12,01790,180102,197      Third parties11,76586,44898,213 Related parties (Note 17(i))2523,7323,984  12,01790,180102,197  Six Months Ended June 30, 2018  Innovation PlatformCommercial PlatformTotal  (in US$’000) Goods—Distribution—82,91282,912 Services13,6245,65319,277  13,62488,565102,189      Third parties8,54885,11693,664 Related parties (Note 17(i))5,0763,4498,525  13,62488,565102,189 16\. Research and Development ExpensesResearch and development expenses are summarized as follows: Six Months Ended June 30,  20192018  (in US$’000) Clinical trial related costs43,70740,244 Personnel compensation and related costs21,91717,282 Other research and development expenses3,6632,527  69,28760,053 17\. Significant Transactions with Related Parties and Non-Controlling Shareholders of SubsidiariesThe Group has the following significant transactions with related parties and non-controlling shareholders of subsidiaries, which were carried out in the normal course of business at terms determined and agreed by the relevant parties.(i)         Transactions with related parties: Six Months Ended June 30,  20192018  (in US$’000) Sales to:   Indirect subsidiaries of CK Hutchison3,7323,449 Revenue from research and development services from:   Equity investees2525,076 Purchases from:   Equity investees1,2221,197 Rendering of marketing services from:   Indirect subsidiaries of CK Hutchison198256 An equity investee2,6826,561  2,8806,817 Rendering of support services from:   An indirect subsidiary of CK Hutchison465455 (ii)        Balances with related parties included in: June 30, 2019December 31, 2018  (in US$’000) Accounts receivable—related parties   Indirect subsidiaries of CK Hutchison (note (a))1,7942,709 An equity investee (note (a))—73  1,7942,782 Accounts payable   An equity investee (note (a))2,7966,507 Amounts due from related parties   Equity investees (note (a))894889 Amounts due to related parties   An indirect subsidiary of CK Hutchison (note (b))290432 Other deferred income   An equity investee (note (c))1,2451,356 Notes:(a) Balances with related parties are unsecured, repayable on demand and interest‑free. The carrying values of balances with related parties approximate their fair values due to their short‑term maturities.(b) Amounts due to an indirect subsidiary of CK Hutchison are unsecured, repayable on demand and interest-bearing if not settled within one month.(c) Other deferred income represents amounts recognized from granting of promotion and marketing rights.(iii)       Transactions with non-controlling shareholders of subsidiaries: Six Months Ended June 30,  20192018  (in US$’000) Sales12,14610,506 Purchases6,3978,113 Interest expense—39 Dividend paid1,282— (iv)       Balances with non-controlling shareholders of subsidiaries included in: June 30, 2019December 31, 2018  (in US$’000) Accounts receivable—third parties5,6315,070 Accounts payable4,1324,960 Other payables, accruals and advance receipts   Dividend payable—1,282 Other non-current liabilities   Loan579579 18\. Income Taxes Six Months Ended June 30,  20192018  (in US$’000) Current tax   HK (note (a))220289 PRC (note (b))8221,010 U.S. (note (c))347104 Deferred income tax1,0731,277 Income tax expense2,4622,680 Notes:(a) The Company, two subsidiaries incorporated in the British Virgin Islands and its Hong Kong subsidiaries are subject to Hong Kong profits tax which has been provided for at the rate of 16.5% on the estimated assessable profits less estimated available tax losses in each entity.(b) Taxation in the PRC has been provided for at the applicable rate on the estimated assessable profits less estimated available tax losses, if any, in each entity. Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate is 25%. In addition, the EIT Law provides for, among others, a preferential tax rate of 15% for companies which qualify as HNTE. Hutchison MediPharma Limited and its wholly-owned subsidiary Hutchison MediPharma (Suzhou) Limited qualify as a HNTE up to December 31, 2019 and 2020 respectively.Pursuant to the EIT law, a 10% withholding tax is levied on dividends paid by PRC companies to their foreign investors. A lower withholding tax rate of 5% is applicable under the China-HK Tax Arrangement if direct foreign investors with at least 25% equity interest in the PRC companies are Hong Kong tax residents, and meet the conditions or requirements pursuant to the relevant PRC tax regulations regarding beneficial ownership. Since the equity holders of the major subsidiaries and equity investees of the Company are Hong Kong incorporated companies and Hong Kong tax residents, and meet the aforesaid conditions or requirements, the Company has used 5% to provide for deferred tax liabilities on retained earnings which are anticipated to be distributed. As at June 30, 2019 and December 31, 2018, the amounts accrued in deferred tax liabilities relating to withholding tax on dividends were determined on the basis that 100% of the distributable reserves of the major subsidiaries and equity investees operating in the PRC will be distributed as dividends.(c) The Company’s subsidiary in the U.S. with operations in New York State is subject to U.S. federal and state taxes, and have been provided for at approximately 21% and 9% on the estimated assessable profit respectively. Certain income receivable by the Company is subject to U.S. withholding tax of 30%.The reconciliation of the Group’s reported income tax expense to the theoretical tax amount that would arise using the tax rates of the Company against the Group’s loss before income taxes and equity in earnings of equity investees is as follows: Six Months Ended June 30,  2019 2018   (in US$’000) Loss before income taxes and equity in earnings of equity investees(68,301)(50,495) Tax calculated at the statutory tax rate of the Company(11,270)(8,332) Tax effects of:   Different tax rates available in different jurisdictions1,351 893  Tax valuation allowance13,309 10,231  Preferential tax deduction(2,908)(1,763) Expenses not deductible for tax purposes1,094 690  Utilization of previously unrecognized tax losses(49)(2) Withholding tax on undistributed earnings of PRC entities1,386 1,323  Others(451)(360) Income tax expense2,462 2,680  19\. Losses per Share(i)         Basic losses per shareBasic losses per share is calculated by dividing the net loss attributable to the Company by the weighted average number of outstanding ordinary shares in issue during the period. Treasury shares held by the Trustee are excluded from the weighted average number of outstanding ordinary shares in issue for purposes of calculating basic losses per share. Six Months Ended June 30,  2019 2018  Weighted average number of outstanding ordinary shares in issue665,553,637 663,894,540  Net loss attributable to the Company (US$’000)(45,369)(32,691) Losses per share attributable to the Company (US$ per share)(0.07)(0.05) (ii)        Diluted losses per shareDiluted losses per share is calculated by dividing net loss attributable to the Company by the weighted average number of outstanding ordinary shares in issue and dilutive ordinary share equivalents outstanding during the period. Dilutive ordinary share equivalents include shares issuable upon the exercise or settlement of share option and LTIP awards issued by the Company using the treasury stock method.For the six months ended June 30, 2019 and 2018, the share options and LTIP awards issued by the Company were not included in the calculation of diluted losses per share because of their anti-dilutive effect. Therefore, diluted losses per share was equal to basic losses per share for the six months ended June 30, 2019 and 2018.Note: The losses per share attributable to the Company—basic and diluted presented were adjusted retroactively for each of the six months ended June 30, 2019 and 2018 to take into account the share split approved by ordinary resolution at the Extraordinary General Meeting of the Company held on May 29, 2019, pursuant to which each ordinary share was subdivided into 10 ordinary shares with effect from May 30, 2019.20\. Segment ReportingThe Group determines its operating segments from both business and geographic perspectives as follows: (i) Innovation Platform (Drug R&D): focuses on discovering, developing and commercializing targeted therapeutics in oncology and autoimmune diseases, and the provision of research and development services; and (ii) Commercial Platform: comprises of the manufacture, marketing and distribution of prescription and over-the-counter pharmaceuticals in the PRC as well as consumer health products through Hong Kong. The Commercial Platform is further segregated into two core business areas:             (a) Prescription Drugs: comprises the development, manufacture, distribution, marketing and sale of prescription pharmaceuticals; and             (b) Consumer Health: comprises the development, manufacture, distribution, marketing and sale of over-the-counter pharmaceuticals and consumer health products.Innovation Platform and Prescription Drugs businesses under the Commercial Platform are primarily located in the PRC. The locations for Consumer Health business under the Commercial Platform are further segregated into the PRC and Hong Kong.The performance of the reportable segments is assessed based on three measurements: (a) losses or earnings of subsidiaries before interest income, interest expense, income tax expenses and equity in earnings of equity investees, net of tax (“Adjusted (LBIT)/EBIT” or “Adjusted LBIT”), (b) equity in earnings of equity investees, net of tax and (c) operating (loss)/profit.The segment information is as follows: Six Months Ended June 30, 2019  Innovation PlatformCommercial Platform     Drug R&DPrescription DrugsConsumer Health      PRCPRCPRCHong KongSubtotalUnallocatedTotal  (in US$’000) Revenue from external customers12,017 72,6186,19211,37090,180— 102,197  Adjusted (LBIT)/EBIT(64,231)2,1914649713,626(10,069)(70,674) Interest income205 30162482,808 3,061  Equity in earnings of equity investees, net of tax176 21,0276,105—27,132— 27,308  Operating (loss)/profit(63,850)23,2486,58597330,806(7,261)(40,305) Interest expense— ————688 688  Income tax expense120 6241381429041,438 2,462  Net (loss)/income attributable to the Company(63,813)21,8155,54238527,742(9,298)(45,369) Depreciation/amortization2,191 80114513678 2,405  Additions to non-current assets (other than financial instruments and deferred tax assets)3,300 2,624932,6367 5,943                 As at June 30, 2019  Innovation PlatformCommercial Platform    Drug R&DPrescription DrugsConsumer Health     PRCPRCPRCHong KongSubtotalUnallocatedTotal  (in US$’000) Total assets97,488134,00265,79011,626211,418186,308495,214 Property, plant and equipment16,3173476934576159117,669 Right-of-use assets2,7532,381344632,8781,1616,792 Leasehold land1,157—————1,157 Goodwill—2,779407—3,186—3,186 Other intangible asset—315——315—315 Investments in equity investees8,68978,59359,695—138,288—146,977              Six Months Ended June 30, 2018  Innovation PlatformCommercial Platform     Drug R&DPrescription DrugsConsumer Health      PRCPRCPRCHong KongSubtotalUnallocatedTotal  (in US$’000) Revenue from external customers13,624 67,9506,55914,05688,565— 102,189  Adjusted (LBIT)/EBIT(50,718)3,4574561,5845,497(7,619)(52,840) Interest income26 23732622,701 2,789  Equity in earnings of equity investees, net of tax(2,349)19,4085,991—25,399— 23,050  Operating (loss)/profit(53,041)22,8886,4541,61630,958(4,918)(27,001) Interest expense— ——3939405 444  Income tax expense20 8131242641,2011,459 2,680  Net (loss)/income attributable to the Company(52,930)20,7685,49764926,914(6,675)(32,691) Depreciation/amortization1,584 6812109014 1,688  Additions to non-current assets (other than financial instruments and deferred tax assets)1,564 5714265 1,595                  As at December 31, 2018  Innovation PlatformCommercial Platform    Drug R&DPrescription DrugsConsumer Health     PRCPRCPRCHong KongSubtotalUnallocatedTotal  (in US$’000) Total assets100,388118,44567,35211,686197,483234,247532,118 Property, plant and equipment15,2232047141869370016,616 Leasehold land1,174—————1,174 Goodwill—2,779407—3,186—3,186 Other intangible asset—347——347—347 Investments in equity investees8,51468,81260,992—129,804—138,318          Revenue from external customers is after elimination of inter‑segment sales. Sales between segments are carried out at mutually agreed terms.There was one customer which accounted for over 10% of the Group’s revenue for the six months ended June 30, 2019 and 2018 respectively.Unallocated expenses mainly represent corporate expenses which include corporate employee benefit expenses and the relevant share-based compensation expenses. Unallocated assets mainly comprise cash and cash equivalents and short-term investments.A reconciliation of Adjusted LBIT to net loss is as follows: Six Months Ended June 30,  2019 2018   (in US$’000) Adjusted LBIT(70,674)(52,840) Interest income3,061 2,789  Equity in earnings of equity investees, net of tax27,308 23,050  Interest expense(688)(444) Income tax expense(2,462)(2,680) Net loss(43,455)(30,125)       21\. Note to Condensed Consolidated Statements of Cash FlowsReconciliation of net loss for the period to net cash used in operating activities: Six Months Ended June 30,  2019 2018   (in US$’000) Net loss(43,455)(30,125) Adjustments to reconcile net loss to net cash used in operating activities   Depreciation and amortization2,405 1,688  Share-based compensation expense—share options4,127 2,791  Share-based compensation expense—LTIP1,370 1,601  Equity in earnings of equity investees, net of tax(27,308)(23,050) Dividends received from equity investees18,173 23,526  Changes in right-of-use assets(929)—  Other adjustments1,107 990  Changes in working capital   Accounts receivable—third parties(2,562)(6,053) Inventories(2,113)2,041  Accounts payable520 (5,057) Other payables, accruals and advance receipts14,606 10,215  Lease liabilities764 —  Other changes in working capital3,250 2,837  Total changes in working capital14,465 3,983  Net cash used in operating activities(30,045)(18,596)       22\. LitigationFrom time to time, the Group may become involved in litigation relating to claims arising from the ordinary course of business. The Group believes that there are currently no claims or actions pending against the Group, the ultimate disposition of which could have a material adverse effect on the Group’s results of operations, financial position or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. When an unfavorable outcome occurs, there exists the possibility of a material adverse impact on the Group’s financial position and results of operations for the periods in which the unfavorable outcome occurs, and potentially in future periods.On May 17, 2019, Luye Pharma Hong Kong Ltd. issued a notice to the Group purporting to terminate a distribution agreement that granted the Group exclusive commercial rights to Seroquel in the PRC for failure to meet a pre-specified target. The Group disagrees with this assertion and believes that they have no basis for termination, and therefore intends to enforce its rights under the current agreement. On July 29, 2019, the Group initiated arbitration in Hong Kong. Accordingly, no adjustment has been made to Seroquel-related balances as at June 30, 2019, including accounts receivable, inventories, long-term prepayment and accounts payable of US$1.1 million, US$0.1 million, US$1.2 million and US$2.2 million respectively.23\. Subsequent EventsThe Group evaluated subsequent events through July 30, 2019, which is the date when the interim unaudited condensed consolidated financial statements were issued.

  • Globe Newswire

    Chi-Med to Present at the 38th Annual JP Morgan Healthcare Conference

    LONDON, Jan. 06, 2020 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announces that Christian Hogg, Chief Executive Officer, will present at the 38th Annual JP Morgan Healthcare Conference on Wednesday, January 15, 2020 at 1:00pm PST in San Francisco, CA.  The presentation will be webcast live and can be accessed at www.chi-med.com in the Shareholder Information section under “Events, Circulars & Forms”. Investors interested in listening to the live webcast should log on before the start time to download any software required. A replay of the event will be available shortly thereafter, for 90 days.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 490 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Forward Looking StatementsThis press release 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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Globe Newswire

    Chi-Med’s New Drug Application for Surufatinib in Non-Pancreatic Neuroendocrine Tumors Granted Priority Review in China

    LONDON, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announces that the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (“NMPA”) has granted Priority Review status to the New Drug Application (“NDA”) for surufatinib for the treatment of patients with advanced non-pancreatic neuroendocrine tumors (“NET”). “Surufatinib is our second drug to be granted priority review by the NMPA,” says Christian Hogg, Chief Executive Officer of Chi-Med. “We are working closely with the NMPA as they review our NDA for the treatment of non-pancreatic NET. Surufatinib being granted priority review is a positive step forward in potentially bringing this innovative drug to patients, who currently have very limited treatment options.”In November 2019, the NDA for surufatinib for the treatment of non-pancreatic NET was accepted for review by the NMPA, and the U.S. Food and Drug Administration granted Orphan Drug designation to surufatinib for the treatment of pancreatic NET.About Surufatinib Surufatinib (previously known as HMPL-012 or sulfatinib) is a novel, oral angio-immuno kinase inhibitor that selectively inhibits the tyrosine kinase activity associated with vascular endothelial growth factor receptor (“VEGFR”) and fibroblast growth factor receptor (FGFR), which both inhibit angiogenesis, and colony stimulating factor-1 receptor (CSF-1R), which regulates tumor-associated macrophages, promoting the body’s immune response against tumor cells.  Its unique dual mechanism of action may be very suitable for possible combinations with other immunotherapies. Surufatinib is in several late-stage and proof-of-concept clinical trials in China and proof-of-concept clinical trials in the U.S.According to Frost & Sullivan, the market for anti-angiogenesis VEGF/VEGFR inhibitors in China has grown from US$500 million in 2015 to over US$1.5 billion in 2019 and is expected to reach US$5 billion by 2026.Chi-Med currently retains all rights to surufatinib worldwide.Non-Pancreatic neuroendocrine tumors in China: In 2015, we initiated the SANET-ep study, a Phase III study of surufatinib in advanced neuroendocrine tumors – extra-pancreatic patients in China for whom there is no effective therapy. In June 2019, a 198 patient interim analysis was conducted, leading the independent data monitoring committee to determine that the study met the pre-defined primary endpoint of progression-free survival (“PFS”) and should be stopped early. In November 2019, the NDA was accepted for review by the NMPA.Pancreatic neuroendocrine tumors in China: In 2016, we initiated the SANET-p study, which is a pivotal Phase III study in patients with low- or intermediate-grade, advanced pancreatic neuroendocrine tumors in China. The primary endpoint is PFS. We expect an interim analysis in the first half of 2020 and enrollment to complete in 2020 (clinicaltrials.gov identifier: NCT02589821).Neuroendocrine tumors in the U.S. and Europe: We are planning a U.S. registration study in neuroendocrine tumors patients based on the encouraging data from the Phase II and Phase III studies of surufatinib in neuroendocrine tumors in China (clinicaltrials.gov identifier: NCT02267967), and the ongoing Phase Ib study in the U.S. (clinicaltrials.gov identifier: NCT02549937).Biliary tract cancer in China: In March 2019, we initiated a Phase IIb/III study comparing surufatinib with capecitabine in patients with advanced biliary tract cancer whose disease progressed on first-line chemotherapy. The primary endpoint is overall survival (OS) (clinicaltrials.gov identifier NCT03873532).Immunotherapy combinations: In November 2018 and September 2019, we entered into collaboration agreements to evaluate the safety, tolerability and efficacy of surufatinib in combination with anti-programmed cell death protein 1 (PD-1) monoclonal antibodies. This included global collaborations to evaluate the combination of surufatinib with Tuoyi®, approved in China by Shanghai Junshi Biosciences Co. Ltd, and with Tyvyt®, approved in China by Innovent Biologics, Inc.About Neuroendocrine Tumors (NET)Neuroendocrine tumors form in cells that interact with the nervous system or in glands that produce hormones. They can originate in various parts of the body, most often in the gut or the lungs and can be benign or malignant. Neuroendocrine tumors are typically classified as pancreatic neuroendocrine tumors or non-pancreatic neuroendocrine tumors. Approved targeted therapies include Sutent® and Afinitor® for pancreatic neuroendocrine tumors, or well-differentiated, non-functional gastrointestinal or lung neuroendocrine tumors.According to Frost and Sullivan, there were 19,000 newly diagnosed cases of neuroendocrine tumors in the U.S. in 2018. Importantly, neuroendocrine tumors are associated with a relatively long duration of survival compared to other tumors. As a result, there were approximately 141,000 estimated patients living with neuroendocrine tumors in the U.S. in 2018 of which over 90%, or approximately 132,000, were non-pancreatic neuroendocrine tumor patients.In China, there were approximately 67,600 newly diagnosed neuroendocrine tumor patients in 2018 and, considering the current incidence to prevalence ratio in China, potentially as many as 300,000 patients living with the disease in the country1. It is estimated that approximately 80% of the patients living with neuroendocrine tumors in China are non-pancreatic neuroendocrine tumor patients.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 490 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations regarding the NDA approval and launch of surufatinib for the treatment of patients with non-pancreatic NET in China, the further clinical development of surufatinib in non-pancreatic NET, pancreatic NET and other indications, its expectations as to whether clinical studies of surufatinib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding the sufficiency of its data to support NDA approval of surufatinib for the treatment of patients with non-pancreatic NET in China, its potential to gain expeditious approvals for surufatinib under priority review in China and in other jurisdictions such as the U.S. and EU, the safety profile of surufatinib, the potential for surufatinib to become a new standard of care for non-pancreatic NET patients, its ability to implement and complete its further clinical development plans for surufatinib, its potential commercial launch of surufatinib in China and other jurisdictions and the timing of these events. 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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500 1 According to Frost & Sullivan, in 2018, there were 19,000 newly diagnosed cases of NETs in the U.S and an estimated 141,000 patients living with NETs. The current incidence to prevalence ratio in China is estimated at 4.4, lower than the 7.4 ratio in the U.S. due to lower access to treatment options.

  • Globe Newswire

    Chi-Med’s Elunate® (Fruquintinib Capsules) Included in the National Reimbursement Drug List in China

    LONDON, Nov. 28, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announces that Elunate® (fruquintinib capsules), its national class 1 targeted anticancer drug for the treatment of patients with advanced colorectal cancer (“CRC”), has been included in the updated National Reimbursement Drug List (“NRDL”) released by China’s National Healthcare Security Administration (“NHSA”).  “Elunate® is Chi-Med’s first novel oncology drug commercially launched in China,” commented Mr. Christian Hogg, Chief Executive Officer of Chi-Med.  “The inclusion in the NRDL is a very important step forward to broaden availability and patient access to Elunate® across China.  We now look forward to our partner, Eli Lilly and Company (“Lilly”), to capitalize on the opportunity provided by this important government policy to accelerate the accessibility of Elunate® to patients across China.”Dr. Yizhe Wang, Senior VP of Lilly China and Head of Oncology and Bio-medicines, said, “We are very glad to see Elunate® included in the NRDL, and we want to thank the medical experts involved in the selection process for their support.  Elunate® is a new treatment option for patients with advanced colorectal cancer, and has helped several thousand patients since its launch.  We believe that this will further improve its affordability, help patients reduce their economic burden and improve their lives.”About the National Reimbursement Drug List (NRDL)In recent years, the government in China has placed great importance on improving the public affordability of drug use.  The National Healthcare Security Administration (“NHSA”) regularly convenes a broad network of experts in medicine, pharmacology and pharmacoeconomics to identify innovative drugs to be considered for inclusion in the NRDL.  This has led to rapid expansion of reimbursement of Category B drugs, which increasingly include novel oncology drugs.  Reimbursement of Category B drugs requires varying degrees of copayment from patients, depending on their province of residence or type of NHSA insurance scheme enrollment.In this 2019 update, the NHSA has added and renewed over 20 Category B oncology drugs to the NRDL, including Elunate®.  Effective January 1, 2020, these newly included NRDL drugs will be made available in all state-run hospital pharmacies in China and reimbursement will commence for patients included in NHSA insurance schemes.About Colorectal CancerGlobally, colorectal cancer is the third most commonly diagnosed cancer and the second leading cause of cancer-related deaths, according to Frost & Sullivan.  Nearly 1.8 million new cases of colorectal cancer occurred in 2018.  There were about 140,300 new colorectal cancer cases in the United States and 426,700 in China during 2018.  The five-year survival rate of colorectal cancer is currently estimated to be approximately 64.5% in the US and 56.9% in China.  Metastatic colorectal cancer represents approximately 20% of newly diagnosed cases in the US and 25% in China. About Elunate® (fruquintinib capsules)Elunate® (fruquintinib capsules) was approved for marketing in China by the National Medical Products Administration (“NMPA”) in September 2018 and commercially launched by Lilly in late November 2018.  Elunate® is for the treatment of patients with metastatic CRC that have been previously treated with fluoropyrimidine, oxaliplatin and irinotecan, including those who have previously received anti-VEGF therapy and/or anti-EGFR therapy (RAS wild type).  Results of the FRESCO study, a Phase III pivotal registration trial of fruquintinib in 416 patients with CRC in China, were published in The Journal of the American Medical Association, JAMA, in June 2018 (clinicaltrials.gov identifier: NCT02314819). Fruquintinib is a highly selective and potent oral inhibitor of vascular endothelial growth factor receptor (“VEGFR”) 1/2/3.  VEGFR inhibitors play a pivotal role in blocking tumor angiogenesis.  Fruquintinib was designed to improve kinase selectivity to minimize off-target toxicities, improve tolerability and provide more consistent target coverage.  The generally good tolerability in patients to date, along with fruquintinib’s low potential for drug-drug interaction based on preclinical assessment, suggests that it may be highly suitable for combinations with other anti-cancer therapies.Chi-Med retains all rights to fruquintinib outside of China and is partnered with Lilly in China.Ongoing Clinical Development of FruquintinibGlobal development of fruquintinib in CRC: We are currently enrolling a Phase Ib study in the United States and have initiated planning for a Phase II/III registration study in the United States and Europe in third or fourth-line metastatic CRC patients who are resistant to or intolerant of prior treatment with Stivarga® or Lonsurf® (a cytotoxic chemotherapy agent approved in third-line CRC in various countries excluding China).  We expect to begin this study in 2020.Gastric Cancer in China: In October 2017, we initiated the FRUTIGA study, a randomized, double-blind, Phase III study in China to evaluate the efficacy and safety of fruquintinib combined with paclitaxel (Taxol®) compared with paclitaxel monotherapy in the treatment of patients with advanced gastric adenocarcinoma or gastroesophageal junction (GEJ) adenocarcinoma who have progressed after first-line standard chemotherapy (clinicaltrials.gov identifier: NCT03223376).  Over 500 patients are expected to be enrolled into the FRUTIGA study at a 1:1 ratio with the primary endpoint of this study being overall survival (“OS”).  Enrollment is expected to be completed in mid-2020 with top line results in early 2021.  In April 2019, we conducted an interim analysis of the FRUTIGA study for futility.  The analysis evaluated PFS and OS trends after six months of therapy for the first 100 patients recruited into the study.  The Independent Data Monitoring Committee (IDMC) recommended to continue the study without changes.Lung cancer in China: Fruquintinib is being studied in a Phase II study in combination with Iressa® (gefitinib) in patients with untreated advanced or metastatic non-small cell lung cancer (clinicaltrials.gov identifier NCT02976116).  Preliminary results were highlighted at the 18th World Conference on Lung Cancer in October 2017.  The study is now complete and results were presented in an oral presentation at the European Society of Medical Oncology (ESMO) Asia Congress on November 23, 2019.Immunotherapy combinations: In November 2018, we entered into two collaboration agreements to evaluate the safety, tolerability and efficacy of fruquintinib in combination with checkpoint inhibitors.  These include a global collaboration with Innovent to evaluate the combination of fruquintinib with Innovent’s Tyvyt® (sintilimab, IBI308), a PD-1 monoclonal antibody approved in China in late 2018 and a China collaboration with Genor to evaluate the fruquintinib combination with genolimzumab (GB226), a PD-1 monoclonal antibody being developed by Genor.  Phase I studies have been initiated to establish the safe and effective dose regimens for the fruquintinib combinations with either Tyvyt® or genolimzumab, respectively.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 490 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations for the commercialization of Elunate® in China, the potential benefits of Elunate®, the further clinical development of fruquintinib, plans to initiate further clinical studies for fruquintinib, its expectations as to whether such studies would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties.  Such risks and uncertainties include, among other things, assumptions regarding the commercial acceptance of Elunate®, the ability of NRDL inclusion to broaden availability and patient access to Elunate®, clinical trial enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria, changes to clinical protocols or regulatory requirements, unexpected adverse events or safety issues, the ability of drug candidate fruquintinib, including as a combination therapy, to meet the primary or secondary endpoint of a study, to obtain regulatory approval for a targeted indication in different jurisdictions and the sufficiency of funding. In addition, as certain studies rely on the use of Tyvyt® and genolimzumab as combination therapeutics with fruquintinib, such risks and uncertainties include assumptions regarding the safety, efficacy, supply and continued regulatory approval for Tyvyt® and genolimzumab.  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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM.  Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Globe Newswire

    Chi-Med Announces Surufatinib Granted FDA Orphan Drug Designation for Pancreatic Neuroendocrine Tumors

    LONDON, Nov. 25, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announces that the U.S. Food and Drug Administration (“FDA”) has granted Orphan Drug designation to surufatinib for the treatment of pancreatic neuroendocrine tumors (“NET”). “NET is an area of significant unmet medical need. The current treatment options are very limited,” said Christian Hogg, CEO of Chi-Med. “The FDA granting Orphan designation is a positive step and continues to reinforce the importance of our research and development in bringing surufatinib to more patients in need.” If approved by the FDA as an orphan treatment, surufatinib will be entitled to seven years of market exclusivity for the approved indication. Orphan Drug designation also affords certain development cost benefits in the U.S.Surufatinib is under investigation in multiple solid tumors in China and the U.S., both as a monotherapy and in combination with immunotherapies.Surufatinib is the second novel oncology drug discovered by Chi-Med to successfully complete a Phase III trial in China. A New Drug Application (“NDA”) for surufatinib for the treatment of patients with advanced non-pancreatic NET was accepted for review by the China National Medical Products Administration (NMPA) on November 11, 2019.About FDA Orphan Drug DesignationThe FDA Orphan Drug Designation Program provides orphan status to drugs and biologics which are defined as those intended for the safe and effective treatment, diagnosis or prevention of rarer diseases/disorders that affect fewer than 200,000 people in the U.S., or that affect more than 200,000 persons but are not expected to recover the costs of developing and marketing a treatment drug. About Surufatinib Surufatinib (previously known as HMPL-012 or sulfatinib) is a novel, oral angio-immuno kinase inhibitor that selectively inhibits the tyrosine kinase activity associated with vascular endothelial growth factor receptor (“VEGFR”) and fibroblast growth factor receptor (FGFR), which both inhibit angiogenesis, and colony stimulating factor-1 receptor (CSF-1R), which regulates tumor-associated macrophages, promoting the body’s immune response against tumor cells.  Its unique dual mechanism of action may be very suitable for possible combinations with other immunotherapies.  Surufatinib is in several late-stage and proof-of-concept clinical trials in China and proof-of-concept clinical trials in the U.S.According to Frost & Sullivan, the market for anti-angiogenesis VEGF/VEGFR inhibitors in China has grown from US$500 million in 2015 to over US$1.5 billion in 2019 and is expected to reach US$5 billion by 2026.Chi-Med currently retains all rights to surufatinib worldwide.Non-Pancreatic neuroendocrine tumors in China: In 2015, we initiated the SANET-ep study, a Phase III study of surufatinib in advanced neuroendocrine tumors – extra-pancreatic patients in China for whom there is no effective therapy. In June 2019, a 198 patient interim analysis was conducted, leading the independent data monitoring committee to determine that the study met the pre-defined primary endpoint of progression-free survival (“PFS”) and should be stopped early. Pancreatic neuroendocrine tumors in China: In 2016, we initiated the SANET-p study, which is a pivotal Phase III study in patients with low- or intermediate-grade, advanced pancreatic neuroendocrine tumors in China.  The primary endpoint is PFS.  We expect an interim analysis in the first half of 2020 and enrollment to complete in 2020 (clinicaltrials.gov identifier: NCT02589821). Neuroendocrine tumors in the U.S. and Europe: We are planning a U.S. registration study in neuroendocrine tumors patients based on the encouraging data from the Phase II and Phase III studies of surufatinib in neuroendocrine tumors in China (clinicaltrials.gov identifier: NCT02267967), and the ongoing Phase Ib study in the U.S. (clinicaltrials.gov identifier: NCT02549937).Biliary tract cancer in China: In March 2019, we initiated a Phase IIb/III study comparing surufatinib with capecitabine in patients with advanced biliary tract cancer whose disease progressed on first-line chemotherapy.  The primary endpoint is overall survival (OS) (clinicaltrials.gov identifier NCT03873532).Immunotherapy combinations: In November 2018 and September 2019, we entered into collaboration agreements to evaluate the safety, tolerability and efficacy of surufatinib in combination with anti-programmed cell death protein 1 (PD-1) monoclonal antibodies.  This included global collaborations to evaluate the combination of surufatinib with Tuoyi®, approved in China by Shanghai Junshi Biosciences Co. Ltd, and with Tyvyt®, approved in China by Innovent Biologics, Inc.About Neuroendocrine Tumors (NET)Neuroendocrine tumors form in cells that interact with the nervous system or in glands that produce hormones.  They can originate in various parts of the body, most often in the gut or the lungs and can be benign or malignant.  Neuroendocrine tumors are typically classified as pancreatic neuroendocrine tumors or non-pancreatic neuroendocrine tumors.  Approved targeted therapies include Sutent® and Afinitor® for pancreatic neuroendocrine tumors, or well-differentiated, non-functional gastrointestinal or lung neuroendocrine tumors.According to Frost and Sullivan, there were 19,000 newly diagnosed cases of neuroendocrine tumors in the U.S. in 2018.  Importantly, neuroendocrine tumors are associated with a relatively long duration of survival compared to other tumors.  As a result, there were approximately 141,000 estimated patients living with neuroendocrine tumors in the U.S. in 2018 of which over 90%, or approximately 132,000, were non-pancreatic neuroendocrine tumor patients.In China, there were approximately 67,600 newly diagnosed neuroendocrine tumor patients in 2018 and, considering the current incidence to prevalence ratio in China, potentially as many as 300,000 patients living with the disease in the country1.  It is estimated that approximately 80% of the patients living with neuroendocrine tumors in China are non-pancreatic neuroendocrine tumor patients.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 470 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations regarding the NDA approval and launch of surufatinib for the treatment of patients with non-pancreatic NET in China, the further clinical development of surufatinib in this and other indications, its expectations as to whether clinical studies of surufatinib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies.  Forward-looking statements involve risks and uncertainties.  Such risks and uncertainties include, among other things, assumptions regarding the sufficiency of its data to support NDA approval of surufatinib for the treatment of patients with non-pancreatic NET in China, its potential to gain expeditious approvals for surufatinib in other jurisdictions such as the U.S. and EU, the safety profile of surufatinib, the potential for surufatinib to become a new standard of care for non-pancreatic NET patients, its ability to implement and complete its further clinical development plans for surufatinib, its potential commercial launch of surufatinib in China and other jurisdictions and the timing of these events.  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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM.  Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500 _______________________________ 1 According to Frost & Sullivan, in 2018, there were 19,000 newly diagnosed cases of NETs in the U.S and an estimated 141,000 patients living with NETs.  The current incidence to prevalence ratio in China is estimated at 4.4, lower than the 7.4 ratio in the U.S. due to lower access to treatment options.

  • Globe Newswire

    Chi-Med Highlights Oral Presentations at 2019 ESMO Asia Annual Meeting

    LONDON, Nov. 23, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) will share analyses from two clinical studies of savolitinib and fruquintinib at the fifth European Society for Medical Oncology Asia Congress (“ESMO Asia”) on November 22 to 24, 2019 in Singapore. Savolitinib: the TATTON study was selected as a late-breaking presentation in the Presidential Session at ESMO Asia.Presentation Title:TATTON Expansion Cohorts: A Phase Ib Study of Osimertinib Plus Savolitinib in Patients (pts) with EGFR-Mutant, MET-Positive NSCLC Following Disease Progression on a Prior EGFR-TKI Presenting Author:Ji-Youn Han, Center for Lung Cancer, National Cancer Center, Korea Other Authors:Lecia V. Sequist, Myung-Ju Ahn, Byoung Chul Cho, Helena Yu, Sang-We Kim, James C-H Yang, Jong Seok Lee, Wu-Chou Su, Dariusz Kowalski, Sergey Orlov, Mireille Cantarini, Remy B. Verheijen, Anders Mellemgaard, Paul Frewer, Xiaoling Ou, Geoffrey Oxnard Abstract :LBA2 Session:Presidential Session Date & Time: Saturday, November 23, 2019, 11:40 AM Location:Suntec Singapore Convention & Exhibition Centre, Hall 406    Earlier results of this study (cut-off date of August 31, 2017) were first presented on October 17, 2017 at the World Conference on Lung Cancer (WCLC).1  Interim results from this study (cut-off date of February 28, 2018) were presented on March 31, 2019 at the American Association of Cancer Research (AACR) Annual Meeting2 (clinicaltrials.gov identifier: NCT02143466). The TATTON trial supports SAVANNAH, an ongoing Phase II clinical trial exploring the combination of savolitinib and Tagrisso® to overcome mesenchymal epithelial transition receptor (“MET”)-driven endothelial growth factor receptor (“EGFR”)-tyrosine kinase inhibitors (“TKI”) resistance following treatment with Tagrisso® (clinicaltrials.gov identifier: NCT03778229).Savolitinib is a potent and selective inhibitor of MET, an enzyme which has been shown to function abnormally in many types of solid tumors.  In clinical studies to date in over 1,000 patients globally, savolitinib has shown promising signs of clinical efficacy in patients with MET gene alterations in lung cancer, kidney cancer, and gastric cancer with an acceptable safety profile.  Chi-Med is currently testing savolitinib in global partnership with AstraZeneca, both as a monotherapy and in combinations. Fruquintinib (Elunate®): Final results from the Phase II study of fruquintinib in combination with Iressa® in China in the first-line setting for patients with advanced or metastatic non-small cell lung cancer (“NSCLC”) with EGFR activating mutations will be presented.  The primary objective of this exploratory study is to determine the safety and tolerability and median progression-free survival (PFS) of the fruquintinib and Iressa® combination. Presentation Title:Phase II Study of Fruquintinib Plus Gefitinib in Stage IIIb/IV NSCLC Patients Harboring EGFR Activating Mutations Presenting Author:Shun Lu, Shanghai Chest Hospital, Shanghai Jiao Tong University Other Authors:Jianying Zhou, Xiaomin Niu, Yiping Chen, Weiguo Su Abstract :478O Session:Mini Oral session - Thoracic cancers Date & Time:Saturday, November 23, 2019, 5:00 PM Location:Suntec Singapore Convention & Exhibition Centre, Hall 407    Earlier results of this study (cut-off date of October 10, 2017) were first presented on October 15, 2017 at the World Conference on Lung Cancer (WCLC)3 (clinicaltrials.gov identifier: NCT02976116).   Fruquintinib is a highly selective and potent oral inhibitor of vascular endothelial growth factor receptor (“VEGFR”) 1/2/3.  VEGFR inhibitors play a pivotal role in blocking tumor angiogenesis.  Fruquintinib was designed to improve kinase selectivity to minimize off-target toxicities, improve tolerability and provide more consistent target coverage.  Chi-Med retains all rights to fruquintinib outside of China and is partnered with Eli Lilly and Company in China.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 470 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations for the clinical development of fruquintinib and savolitinib, plans to initiate clinical studies for fruquintinib and savolitinib, its expectations as to whether such studies would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria, changes to clinical protocols or regulatory requirements, unexpected adverse events or safety issues, the ability of drug candidates fruquintinib and savolitinib, including as a combination therapies, to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions, to gain commercial acceptance after obtaining regulatory approval, the potential market of fruquintinib and savolitinib for a targeted indication and the sufficiency of funding. 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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500 _______________ 1 Ahn M-J, et al. TATTON Phase Ib Expansion Cohort: Osimertinib Plus Savolitinib for Patients with EGFR-mutant MET-amplified NSCLC After Progression on Prior EGFR-TKI. 2017 World Lung Cancer Congress (WCLC) Abstract 8985. Presented on October 17, 2017. 2 Sequist LA, Lee JS, Han JY, et al: TATTON phase 1b expansion cohort: Osimertinib plus savolitinib for patients with EGFR-mutant, MET-amplified NSCLC after progression on prior third-generation epidermal growth factor receptor tyrosine kinase inhibitor. 2019 AACR Annual Meeting (AACR) Abstract CT033. Presented on March 31, 2019. 3 Lu, et al.  A Phase II study of fruquintinib in combination with gefitinib in stage IIIb/IV NSCLC patients harboring EGFR activating mutations. 2017 World Lung Cancer Congress (WCLC) Abstract JCSE 01.12.  Presented on October 15, 2017.

  • How Much Of Hutchison China MediTech Limited (LON:HCM) Do Institutions Own?
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    How Much Of Hutchison China MediTech Limited (LON:HCM) Do Institutions Own?

    Every investor in Hutchison China MediTech Limited (LON:HCM) should be aware of the most powerful shareholder groups...

  • Globe Newswire

    Chi-Med Announces NDA Acceptance in China for Surufatinib in Non-Pancreatic Neuroendocrine Tumors

    LONDON, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announces that its New Drug Application (“NDA”) for surufatinib for the treatment of patients with advanced non-pancreatic neuroendocrine tumors (“NET”) has been accepted for review by the China National Medical Products Administration. The NDA is supported by data from the successful SANET-ep study, a Phase III study of surufatinib in advanced neuroendocrine tumors – extra-pancreatic patients in China for whom there is no effective therapy. The positive results of this trial were highlighted in an oral presentation at the 2019 European Society for Medical Oncology Congress on September 29, 2019.Christian Hogg, Chief Executive Officer of Chi-Med commented, “This NDA filing puts us on track for the potential approval and launch of surufatinib in China, an important development for NET patients with limited treatment options. In order to maximize patient access to surufatinib upon regulatory approval, we are now building our own dedicated commercial oncology organization and expect to be ready to cover all relevant hospitals and clinics in China at the time of launch.”“We believe surufatinib has robust efficacy, tolerability and combinability with a dual angio-immuno kinase inhibition profile, which may make it an attractive treatment in China,” Mr. Hogg added. Chi-Med currently retains all worldwide rights to surufatinib. Surufatinib is under investigation in multiple solid tumors in China, the U.S. and Europe, both as a monotherapy and in combination with immunotherapies.Surufatinib is Chi-Med’s second in-house discovered novel oncology drug to reach NDA submission in China, following the launch of fruquintinib last year for colorectal cancer under the brand name Elunate®.About Neuroendocrine Tumors (NET)Neuroendocrine tumors form in cells that interact with the nervous system or in glands that produce hormones. They can originate in various parts of the body, most often in the gut or the lungs and can be benign or malignant. Neuroendocrine tumors are typically classified as pancreatic neuroendocrine tumors or other neuroendocrine tumors. Approved targeted therapies include Sutent® and Afinitor® for pancreatic neuroendocrine tumors, or well-differentiated, non-functional gastrointestinal or lung neuroendocrine tumors.According to Frost and Sullivan, there were 19,000 newly diagnosed cases of neuroendocrine tumors in the U.S. in 2018. Importantly, neuroendocrine tumors are associated with a relatively long duration of survival compared to other tumors.  As a result, there were approximately 141,000 estimated patients living with neuroendocrine tumors in the U.S. in 2018 of which over 90%, or approximately 132,000, were non-pancreatic neuroendocrine tumor patients.In China, there were approximately 67,600 newly diagnosed neuroendocrine tumor patients in 2018 and, considering the current incidence to prevalence ratio in China, potentially as many as 300,000 patients living with the disease in the country1. It is estimated that approximately 80% of the patients living with neuroendocrine tumors in China are non-pancreatic neuroendocrine tumor patients.About SANET-epSANET-ep is a randomized, double-blind, placebo-controlled, multi-center, Phase III study comparing surufatinib orally daily with placebo in patients with low- or intermediate-grade advanced extra-pancreatic neuroendocrine tumors for whom there is no effective therapy. In June 2019, a 198 patient interim analysis was conducted, leading the Independent Data Monitoring Committee (IDMC) to determine that the study met the pre-defined primary endpoint of progression-free survival (“PFS”) and should be stopped early. 84% of the patients in the study had disease with pathological grade 2. 41% of patients had disease originating outside of the gastrointestinal (GI) tract and the lung or with unknown origin. Surufatinib reduced the risk of progression or death by 67%. Median PFS per investigator assessment was 9.2 months for patients treated with surufatinib, as compared to 3.8 months for patients in the placebo group (hazard ratio [HR] 0.334; 95% confidence interval [CI] 0.223-0.499; p<0.0001). The efficacy of surufatinib was seen across all subgroups, and supported by statistically significant improvement as measured by secondary efficacy endpoints including objective response rate (ORR), disease control rate (DCR), time to response (TTR), duration of response (DoR), safety, and tolerability. Efficacy was also supported by Blinded Independent Image Review Committee (BIIRC) assessment. Overall survival (OS) data was not mature, with only 18.7% OS events at data cut-off. The safety profile was consistent with observations in prior clinical studies.  Additional details may be found at clinicaltrials.gov, using identifier NCT02588170.About Surufatinib Surufatinib (previously known as HMPL-012 or sulfatinib) is a novel, oral angio-immuno kinase inhibitor that selectively inhibits the tyrosine kinase activity associated with vascular endothelial growth factor receptors (“VEGFR”) and fibroblast growth factor receptor (FGFR), which both inhibit angiogenesis, and colony stimulating factor-1 receptor (CSF-1R), which regulates tumor-associated macrophages, promoting the body’s immune response against tumor cells. Its unique dual mechanism of action may be very suitable for possible combinations with other immunotherapies. Surufatinib is in several late-stage and proof-of-concept clinical trials in China and proof-of-concept clinical trials in the U.S.According to Frost & Sullivan, the market for VEGF/VEGFR inhibitors in China has grown from US$500 million in 2015 to over US$1.5 billion in 2019 and is expected to reach US$5 billion by 2026.Chi-Med currently retains all rights to surufatinib worldwide.Pancreatic neuroendocrine tumors in China: In 2016, we initiated the SANET-p study, which is a pivotal Phase III study in patients with low- or intermediate-grade, advanced pancreatic neuroendocrine tumors in China. The primary endpoint is PFS. We expect an interim analysis in the first half of 2020 and enrollment to complete in 2020 (clinicaltrials.gov identifier: NCT02589821). Neuroendocrine tumors in the U.S. and Europe: The encouraging data from the Phase II and Phase III studies of surufatinib in neuroendocrine tumors  in China (clinicaltrials.gov identifier: NCT02267967), and the ongoing Phase Ib study in the U.S. (clinicaltrials.gov identifier: NCT02549937), have led us to decide to proceed with planning a registration study in neuroendocrine tumors patients.Biliary tract cancer in China: In March 2019, we initiated a Phase IIb/III study comparing surufatinib with capecitabine in patients with advanced biliary tract cancer whose disease progressed on first-line chemotherapy. The primary endpoint is OS (clinicaltrials.gov identifier NCT03873532).Immunotherapy combinations: In November 2018 and September 2019, we entered into collaboration agreements to evaluate the safety, tolerability and efficacy of surufatinib in combination with anti-programmed cell death protein 1 (PD-1) monoclonal antibodies. This included global collaborations to evaluate the combination of surufatinib with Tuoyi®, approved in China by Shanghai Junshi Biosciences Co. Ltd, and with Tyvyt®, approved in China by Innovent Biologics, Inc.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has over 470 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.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. These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations regarding the NDA approval and launch of surufatinib for the treatment of patients with non-pancreatic NET in China, the further clinical development of surufatinib in this and other indications, its expectations as to whether clinical studies of surufatinib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding the sufficiency of its data to support NDA approval of surufatinib for the treatment of patients with non-pancreatic NET in China, its potential to gain expeditious approvals for surufatinib in other jurisdictions such as the U.S. and EU, the safety profile of surufatinib, the potential for surufatinib to become a new standard of care for non-pancreatic NET patients, its ability to implement and complete its further clinical development plans for surufatinib, its potential commercial launch of surufatinib in China and other jurisdictions and the timing of these events. 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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med 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.Inside InformationThis announcement contains inside information for the purpose of Article 7 of Regulation (EU) No 596/2014.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500 1 According to Frost & Sullivan, in 2018, there were 19,000 newly diagnosed cases of NETs in the U.S and an estimated 141,000 patients living with NETs. Current Prevalence to Incidence ratio in China is estimated at 4.4, lower than the 7.4 ratio in the U.S. due to lower access to treatment options.

  • Globe Newswire

    Chi-Med highlights publication of Phase II data showing promising efficacy for Savolitinib in MET-amplified gastric cancers

    LONDON, Oct. 17, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today highlighted the publication of results from the Phase II VIKTORY (targeted agent eValuation In gastric cancer basKeT KORea studY) trial in Cancer Discovery, a journal of the American Association of Cancer Research1. The principal study investigator was Dr. Jeeyun Lee, Associate Professor at the Division of Hematology-Oncology, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, Korea.  The research article titled “Tumor Genomic Profiling Guides Patients with Metastatic Gastric Cancer to Targeted Treatment: The VIKTORY Umbrella Trial” in the October 2019 issue of Cancer Discovery details the VIKTORY study, which was designed to classify patients with metastatic gastric cancer based on clinical sequencing and focused on eight different biomarker groups, including MET amplification, to assign patients to one of the 10 associated clinical trials in second-line treatment.Dr. Lee and colleagues classified 772 patients with gastric cancer and successfully sequenced 715 patients (92.6%). Based on this sequencing, MET amplification was observed in 3.5% of patients (25/715). Of the 10 associated clinical trials under the VIKTORY umbrella, the highest objective response rate (“ORR”) was observed in the MET amplification savolitinib monotherapy trial, which reported an ORR of 50% (10/20, 95% CI: 28.0 – 71.9). Dr. Lee and colleagues concluded that the savolitinib monotherapy trial also met the pre-specified 6-week progression free survival rate, indicating that it is worthy of further exploration in the MET amplification subset of patients with gastric cancer.Gastric cancer was the third leading cause of cancer related mortality in 2018, causing 783,000 deaths worldwide. The prognosis of patients with metastatic gastric cancer remains extremely poor, with a median overall survival of less than 12 months with cytotoxic chemotherapy.About SavolitinibSavolitinib is a potential first-in-class inhibitor of MET, an enzyme which has been shown to function abnormally in many types of solid tumors. Chi-Med designed savolitinib to be a potent and highly selective oral inhibitor, which, through chemical structure modification, addresses human metabolite-related renal toxicity, the primary issue that halted development of several other selective MET inhibitors. In clinical studies to date, involving over 900 patients, savolitinib has shown promising signs of clinical efficacy in patients with MET gene alterations in multiple tumor types with an acceptable safety profile. Chi-Med is currently testing savolitinib in partnership with AstraZeneca in Phase Ib/II studies, in multiple solid tumor indications, both as a monotherapy and in combinations.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has over 470 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations for the clinical development of savolitinib, plans to initiate clinical studies for savolitinib, its expectations as to whether such studies would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria, changes to clinical protocols or regulatory requirements, unexpected adverse events or safety issues, the ability of drug candidate savolitinib to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions and to gain commercial acceptance after obtaining regulatory approval, the potential market of savolitinib for a targeted indication and the sufficiency of funding. In addition, as certain studies rely on the use of Tagrisso®, Iressa® and Imfinzi® as combination therapeutics with savolitinib, such risks and uncertainties include assumptions regarding the safety, efficacy, supply and continued regulatory approval of Tagrisso®, Iressa® and Imfinzi®. 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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500 __________________________1 Jeeyun Lee, Seung Tae Kim et al.  Tumor Genomic Profiling Guides Patients with Metastatic Gastric Cancer to Targeted Treatment: The VIKTORY Umbrella Trial.  Cancer Discov October 1 2019 (9) (10) 1388-1405; DOI: 10.1158/2159-8290.CD-19-0442.

  • Globe Newswire

    Innovent and Chi-Med Expand Global Collaboration to Evaluate the Combination of Sintilimab and Surufatinib in Solid Tumors

    SUZHOU, China and LONDON, Oct. 10, 2019 (GLOBE NEWSWIRE) -- Innovent Biologics, Inc. (“Innovent”) (HKEX: 01801) and Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today announced the expansion of their global collaboration agreement to evaluate the safety and efficacy of Innovent’s Tyvyt® (sintilimab injection), a fully human anti-programmed cell death protein 1 (anti-PD-1) monoclonal antibody, in combination with Chi-Med’s surufatinib, a novel inhibitor of vascular endothelial growth factor receptor (VEGFR), fibroblast growth factor receptor 1 (FGFR1) and colony stimulating factor-1 receptor (CSF-1R), in patients with advanced solid tumors. The expansion builds on the existing global collaboration agreement between the two companies on sintilimab in combination with Chi-Med’s highly selective VEGFR inhibitor, fruquintinib. The expansion of the global collaboration will allow Innovent and Chi-Med to jointly explore the potential application of Tyvyt® and surufatinib combination therapy in solid tumors with global unmet medical needs. Clinical studies with this new combination will be conducted both in the United States and in China. The combination of Tyvyt® and surufatinib is expected to have synergistic anti-tumor effects by simultaneously targeting multiple cell types and signaling pathways in the tumor microenvironment. Preclinical studies have suggested that surufatinib is able to inhibit angiogenesis, block the accumulation of tumor associated macrophages and promote infiltration of effector T cells into tumors, all of which could contribute to improve anti-tumor activity of Tyvyt® (sintilimab injection).“Sintilimab, co-developed by Innovent and Eli Lilly and Company, has gained broad recognition by the market, due to its profiles in safety and efficacy. Through partnership with other companies, we are exploring more sintilimab-based combination therapies. We already saw some promising results out of such combinations,” said Dr. Michael Yu, Chairman and Chief Executive Officer of Innovent. “We are excited to further collaborate with Chi-Med to develop the combination therapy of sintilimab and surufatinib, hoping more patients will benefit from this potential therapy globally.”“We believe that the future of oncology treatments increasingly lies in combining therapies, utilizing multiple mechanisms of action to greatly improve the treatment of solid tumors,” said Mr. Christian Hogg, Chief Executive Officer of Chi-Med. “Our unique next-generation anti-angiogenesis VEGFR inhibitors, with high selectivity and tolerability, make them ideal candidates for combinations with immunotherapy agents such as PD-1/L1 monoclonal antibodies. Our existing collaboration with Innovent on fruquintinib is progressing well. We are excited to expand our collaboration to include surufatinib and look forward to bringing the benefits of these combined therapies to more patients in China and around the world.”About Tyvyt® (Sintilimab Injection)Tyvyt® (sintilimab injection) is an innovative drug jointly developed in China by Innovent and Eli Lilly and Company. Innovent is also conducting clinical studies of sintilimab injection in the United States. Tyvyt® (sintilimab injection) is a type of immunoglobulin G4 monoclonal antibody, which binds to PD-1 molecules on the surface of T-cells, blocks the PD-1/ PD-1 Ligand-1 (PD-L1) pathway and reactivates T-cells to kill cancer cells. Tyvyt® (sintilimab injection) is the only PD-1 antibody in China branded by both a local biopharmaceutical company and a global pharmaceutical company. Tyvyt® (sintilimab injection) has been granted marketing approval by the National Medical Products Administration (NMPA) for relapsed or refractory classical Hodgkin’s lymphoma (r/r cHL) and has been included in the 2019 Guidelines of Chinese Society of Clinical Oncology (CSCO) for Lymphoid Malignancies. Innovent is currently conducting more than 20 clinical studies for sintilimab injection to evaluate its safety and efficacy in a wide variety of cancer indications, including eight registration or pivotal clinical trials.About Surufatinib Discovered and developed solely by Chi-Med, surufatinib (previously known as HMPL-012 or sulfatinib) is a novel, oral drug candidate that selectively inhibits the tyrosine kinase activity associated with VEGFR and FGFR, which both inhibit angiogenesis, as well as CSF-1R, which regulates tumor-associated macrophages, promoting the body’s immune response against tumor cells. Surufatinib’s unique dual mechanism of action may be very suitable for possible combinations with other immunotherapies.Surufatinib is in several late-stage and proof-of-concept clinical trials in China, for indications such as neuroendocrine tumors and biliary tract cancer. In June 2019, an interim analysis of a Phase III study in patients with non-pancreatic neuroendocrine tumors in China confirmed that the study had met its primary endpoint early. Detailed results from this study were orally presented at the 2019 European Society for Medical Oncology Congress on September 29, 2019, and preparations are underway for a New Drug Application submission in China.Surufatinib is also in proof-of-concept clinical trials in the United States. Chi-Med currently retains all rights to surufatinib worldwide.About Innovent Inspired by the spirit of "Start with Integrity, Succeed through Action,” Innovent’s mission is to develop and commercialize high quality biopharmaceutical products that are affordable to ordinary people. Established in 2011, Innovent is committed to developing, manufacturing and commercializing high quality innovative medicines for the treatment of oncology, autoimmune, metabolic and other major diseases. On October 31, 2018, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 01801.HK.Since it was founded, Innovent has developed a fully-integrated platform which includes R&D, CMC (Chemistry, Manufacturing, and Controls), clinical development and commercialization capabilities. Leveraging the platform, the company has built a robust pipeline of 21 innovative assets in the fields of oncology, autoimmune, metabolic diseases and other major therapeutic areas. 16 have entered into clinical development, four have entered Phase III clinical trials, three monoclonal antibodies have their New Drug Application (NDA) under review and three of them have been granted with priority review status, and one, Tyvyt® (sintilimab injection), is now approved for relapsed or refractory classical Hodgkin’s lymphoma (r/r cHL).Innovent has built an international team of advanced talents in high-end biological drug development and commercialization, including many overseas experts. The company has also entered into strategic collaborations with Eli Lilly and Company, Adimab, Incyte, Hanmi and other international pharmaceutical companies. Innovent strives to work with all relevant parties to help advance China’s biopharmaceutical industry, improve drug availability to ordinary people and enhance the quality of the patients’ lives. For more information, please visit: www.innoventbio.com.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 470 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Forward-Looking StatementsThis press release contains forward‑looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements reflect Chi‑Med’s current expectations regarding future events, including its expectations for the clinical development of surufatinib and fruquintinib, including in combinations with sintilimab, plans to initiate further clinical studies for surufatinib and fruquintinib as monotherapies or in combinations, its expectations as to whether such studies would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward‑looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria, changes to clinical protocols or regulatory requirements, unexpected adverse events or safety issues, the ability of drug candidate surufatinib and fruquintinib as monotherapies or in combinations to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions, to gain commercial acceptance after obtaining regulatory approval, the potential market of surufatinib and fruquintinib for a targeted indication and the sufficiency of funding. In addition, as the combination studies rely on the use of sintilimab as a combination therapeutic with surufatinib and fruquintinib, such risks and uncertainties include assumptions regarding the safety, efficacy, supply and regulatory approval of sintilimab.  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 Chi‑Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi‑Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.Innovent ContactsMedia:pr@innoventbio.com+86 512-6956 6088Investors:ir@innoventbio.com+86 512-6956 6088Chi-Med ContactsInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Globe Newswire

    Chi-Med Initiates an International Phase I/Ib Trial of HMPL-523 in Patients with Advanced Relapsed or Refractory Lymphoma

    LONDON, Oct. 04, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) has initiated an international Phase I/Ib study of HMPL-523, its novel spleen tyrosine kinase (“Syk”) inhibitor, in patients with relapsed or refractory lymphoma.  The first patient was dosed on September 26, 2019 in the U.S. The international clinical study, with sites in the U.S. and Europe, is a multi-center, open-label, two-stage study, including dose escalation and expansion, investigating the effects of HMPL-523 administered orally to patients with relapsed or refractory lymphoma.  The primary outcome measures are safety and tolerability.  Secondary outcomes include pharmacokinetic (PK) measurements and preliminary efficacy such as objective response rate (ORR).  The lead investigator of the study is Dr. Nathan Fowler, Associate Professor, Department of Lymphoma/Myeloma, The University of Texas MD Anderson Cancer Center, Houston, TX.  Additional details may be found at clinicaltrials.gov, using identifier NCT03779113.This study complements the ongoing Phase Ib dose expansion program of HMPL-523 in Australia (clinicaltrials.gov identifier: NCT02503033) and China (clinicaltrials.gov identifiers: NCT02857998 and NCT03483948) addressing a broad range of hematological cancers.  Preliminary results of the dose escalation stage in a Phase I study in China of HMPL-523 in patients with relapsed or refractory B-cell lymphomas were presented in 20181.  Outside of oncology, HMPL-523 is in Phase I study in patients with Immune Thrombocytopenia (ITP) in China (clinicaltrials.gov identifier: NCT03951623).About HMPL-523 HMPL-523 is a novel, highly selective and potent small molecule inhibitor for oral administration targeting spleen tyrosine kinase, also known as Syk.  Syk is a major component in B-cell receptor signaling and is an established therapeutic target in multiple subtypes of B-cell lymphomas.  Because B cell malignancies are heterogeneous and patients commonly experience relapse despite current therapies, there is a recognized need for new therapeutics.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 470 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations for the clinical development of HMPL-523, including in combination with azacitidine, plans to initiate clinical studies for HMPL-523 as a monotherapy or in combinations, its expectations as to whether such studies would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies.  Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria, changes to clinical protocols or regulatory requirements, unexpected adverse events or safety issues, the ability of drug candidate HMPL-523 as a monotherapy or in combinations to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions, to gain commercial acceptance after obtaining regulatory approval, the potential market of HMPL-523 for a targeted indication and the sufficiency of funding.  In addition, as one of the Phase I studies in China relies on the use of azacitidine as combination therapeutics with HMPL-523, such risks and uncertainties include assumptions regarding the safety, efficacy, supply and continued regulatory approval of azacitidine.  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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM.  Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500 __________________________ 1 Zhu, J et al., Preliminary Results from a Phase 1 Study of HMPL-523, a Highly Selective Syk Inhibitor, in Chinese Patients with Mature B-Cell Lymphomas. Blood. 2018; 132:5324. Published 2018 Nov 21. doi: https://doi.org/10.1182/blood-2018-99-111648.

  • Investors Who Bought Hutchison China MediTech (LON:HCM) Shares Five Years Ago Are Now Up 152%
    Simply Wall St.

    Investors Who Bought Hutchison China MediTech (LON:HCM) Shares Five Years Ago Are Now Up 152%

    Hutchison China MediTech Limited (LON:HCM) shareholders have seen the share price descend 20% over the month. But that...

  • Globe Newswire

    CK Hutchison prices offering of Chi-Med share capital enabling deconsolidation and confirms its intention to hold Chi-Med as a strategic investment for the long term

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTIONLONDON, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) announces that its shareholder CK Hutchison Holdings Limited (“CK Hutchison”) (SEHK: 1)1 has priced an offering to sell approximately 1.3% of the total outstanding share capital in Chi-Med through an underwritten public offering, which would reduce its stake in Chi-Med from 51.1% to 49.9% (the “Offering”).  The offering price was US$17.65 per American depositary share (“ADS”).  Each ADS represents five ordinary shares, par value US$0.10. CK Hutchison has previously announced that, upon completion of the Offering, it has no intention of selling additional Chi-Med shares for the foreseeable future. Canning Fok, Group Co-Managing Director of CK Hutchison, commented: “Upon completion of the Offering, we will have achieved our previously announced objective of reducing our shareholding in Chi-Med to below 50%, and this will enable CK Hutchison to deconsolidate Chi-Med in the financial statements of CK Hutchison.” CK Hutchison plans to maintain its shareholding in Chi-Med as a strategic investment for the long term as it continues to strive to become a global biopharmaceutical company. About CK Hutchison Listed on The Stock Exchange of Hong Kong Limited, CK Hutchison Holdings Limited (CK Hutchison) is a renowned multinational conglomerate committed to innovation and technology with businesses spanning the globe.  With operations in over 50 countries and over 300,000 employees worldwide, CK Hutchison has five core businesses - ports and related services, retail, infrastructure, energy and telecommunications. CK Hutchison reported turnover of approximately HKD453 billion (USD58 billion) and HKD217 billion (USD28 billion) for the year ended 31 December 2018 and for the six months ended 30 June 2019 respectively.For more information, please visit www.ckh.com.hk About Chi-Med Chi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 470 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.Information about the OfferingBofA Merrill Lynch, Goldman Sachs (Asia) L.L.C. and J.P. Morgan (in alphabetical order) are acting as joint lead bookrunners for the Offering.The Offering will be made pursuant to a shelf registration statement on Form F-3 filed by Chi-Med with the United States Securities and Exchange Commission (“SEC”) that became automatically effective on April 3, 2017.  A prospectus supplement related to the Offering will be filed with the SEC and available on the SEC website at www.sec.gov.  Electronic copies of the prospectus supplement and the accompanying prospectus relating to the Offering may be obtained from BofA Securities, Inc, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or e-mail: dg.prospectus_requests@baml.com; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com.In connection with the Offering, HHHL has agreed to a 90-day lock-up on sales or transfers of Chi-Med’s ordinary shares, ADSs or equity-linked securities.This announcement is not directed to, or intended for distribution or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. Forward-Looking StatementsThis announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its and CK Hutchison’s management plans and objectives.  Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, the possibility that the closing conditions for the Offering will not be satisfied.  More information about such risks and uncertainties is contained or incorporated by reference in the preliminary prospectus supplement and the accompanying prospectus related to the Offering filed with the SEC. 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 Chi-Med’s filings with the SEC and on AIM.  None of Chi-Med, CK Hutchison, BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. or J.P. Morgan undertakes any obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.Important NoticeNo prospectus required for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation") or admission document for the purposes of the AIM Rules for Companies will be made available in connection with the matters contained in this announcement. In any Member State of the European Economic Area, this announcement is only addressed to and directed at persons who are “Qualified Investors” within the meaning of Article 2(e) of the Prospectus Regulation.  The ADSs are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with Qualified Investors.  This announcement should not be acted upon or relied upon in any Member State of the European Economic Area by persons who are not Qualified Investors.In addition, this communication, in so far as it constitutes an invitation or inducement to enter into investment activity (within the meaning of s21 Financial Services and Markets Act 2000 as amended) in connection with the securities which are the subject of the Offering described in this announcement or otherwise, is being directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc.) of the Order; or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i) to (iv) together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on in the United Kingdom by persons who are not relevant persons.  Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@soleburytrout.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@soleburytrout.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500 1 CK Hutchison holds its shares in Chi-Med through Hutchison Healthcare Holdings Limited (“HHHL”), a wholly owned subsidiary of CK Hutchison.

  • Globe Newswire

    CK Hutchison offers 1.3% of Chi-Med’s share capital aiming to deconsolidate and hold Chi-Med as a strategic investment for the long term

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTIONLONDON, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) announces that its shareholder CK Hutchison Holdings Limited (“CK Hutchison”) (SEHK: 1)1 is launching an offering to sell approximately 1.3% of the total outstanding share capital in Chi-Med’s through an underwritten public offering, which would reduce its stake in Chi-Med from 51.1% to 49.9% (the “Offering”).   CK Hutchison has announced that, upon completion of the Offering, it has no intention of selling additional Chi-Med shares for the foreseeable future. Canning Fok, Group Co-Managing Director of CK Hutchison, commented: “Upon completion of the Offering, we will have achieved our previously announced objective of reducing our shareholding in Chi-Med to below 50%, and this will enable CK Hutchison to deconsolidate Chi-Med in the financial statements of CK Hutchison.” CK Hutchison plans to maintain its shareholding in Chi-Med as a strategic investment for the long term as it continues to strive to become a global biopharmaceutical company. About CK HutchisonListed on The Stock Exchange of Hong Kong Limited, CK Hutchison Holdings Limited (CK Hutchison) is a renowned multinational conglomerate committed to innovation and technology with businesses spanning the globe.  With operations in over 50 countries and over 300,000 employees worldwide, CK Hutchison has five core businesses - ports and related services, retail, infrastructure, energy and telecommunications. CK Hutchison reported turnover of approximately HKD453 billion (USD58 billion) and HKD217 billion (USD28 billion) for the year ended 31 December 2018 and for the six months ended 30 June 2019 respectively.For more information, please visit www.ckh.com.hk______________________ 1 CK Hutchison holds its shares in Chi-Med through Hutchison Healthcare Holdings Limited (“HHHL”), a wholly owned subsidiary of CK Hutchison.About Chi-Med Chi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products.  Its Innovation Platform, Hutchison MediPharma, has about 470 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases.  It has a portfolio of eight cancer drug candidates currently in clinical studies around the world.  Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market.  For more information, please visit: www.chi-med.com.Information about the OfferingBofA Merrill Lynch, Goldman Sachs (Asia) L.L.C. and J.P. Morgan (in alphabetical order) are acting as joint lead bookrunners for the Offering.The Offering will be made pursuant to a shelf registration statement on Form F-3 filed by Chi-Med with the United States Securities and Exchange Commission (“SEC”) that became automatically effective on April 3, 2017.  A prospectus supplement related to the Offering will be filed with the SEC.  Before you invest, you should read the registration statement, prospectus supplement and other documents the issuer has filed with the SEC for more complete information about Chi-Med and the Offering.  You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.  Electronic copies of the prospectus supplement and the accompanying prospectus relating to the Offering may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or e-mail: dg.prospectus_requests@baml.com; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com.In connection with the Offering, HHHL has agreed to a 90-day lock-up on sales or transfers of Chi-Med’s ordinary shares, American depositary shares (“ADSs”) or equity-linked securities.This announcement is not directed to, or intended for distribution or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.  In addition, market soundings (as defined in MAR) were taken in respect of the Offering with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR.  This inside information is set out in this announcement.  Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to Chi-Med and its securities.Forward-Looking StatementsThis announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its and CK Hutchison’s management plans and objectives.  Forward-looking statements involve risks and uncertainties.  Such risks and uncertainties include, among other things, the possibility that the closing conditions for the Offering will not be satisfied.  More information about such risks and uncertainties is contained or incorporated by reference in the preliminary prospectus supplement and the accompanying prospectus related to the Offering filed with the SEC. 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 Chi-Med’s filings with the SEC and on AIM.  None of Chi-Med, CK Hutchison, BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. or J.P. Morgan undertakes any obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.Important NoticeNo prospectus required for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation") or admission document for the purposes of the AIM Rules for Companies will be made available in connection with the matters contained in this announcement. In any Member State of the European Economic Area, this announcement is only addressed to and directed at persons who are “Qualified Investors” within the meaning of Article 2(e) of the Prospectus Regulation.  The ADSs are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with Qualified Investors.  This announcement should not be acted upon or relied upon in any Member State of the European Economic Area by persons who are not Qualified Investors.In addition, this communication, in so far as it constitutes an invitation or inducement to enter into investment activity (within the meaning of s21 Financial Services and Markets Act 2000 as amended) in connection with the securities which are the subject of the Offering described in this announcement or otherwise, is being directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc.) of the Order; or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i) to (iv) together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on in the United Kingdom by persons who are not relevant persons.  Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com  Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@soleburytrout.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@soleburytrout.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

  • Globe Newswire

    Chi-Med to Discuss Surufatinib Phase III and U.S. Phase I/Ib Efficacy and Safety Data Presented at the 2019 ESMO Annual Meeting

    – Surufatinib achieved primary endpoint, reducing the risk of progression or death by 67% in patients with non-pancreatic neuroendocrine tumors (“NET”) in the Phase III SANET-ep study – – Preparations underway for the potential submission of surufatinib New Drug Application (“NDA”) by year end 2019 for non-pancreatic NET tumors in China –– Treatment options are limited for the 90% of all global NET patients whose tumors originate outside of the pancreas.  Surufatinib represents an important potential advancement for these patients –– Conference call and webcast to be held on Monday, September 30, 2 p.m. Barcelona time to review surufatinib data –LONDON, Sept. 29, 2019 (GLOBE NEWSWIRE) -- Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM) today presented the results of the Phase III study of surufatinib in advanced neuroendocrine tumors – extra-pancreatic (SANET-ep) at the 2019 European Society for Medical Oncology Congress (“ESMO”). The study has met the pre-defined primary endpoint of progression free survival (“PFS”) early. Patients treated with surufatinib were 67% less likely to see their disease progress or die as compared to patients on placebo control, assessed by local investigators.Chi-Med is holding an investor conference call and webcast on Monday, September 30 to review the SANET-ep data. In addition, safety and tolerability data presented from an ongoing U.S. Phase Ib study of surufatinib in pancreatic NET patients who are refractory to Sutent® and Afinitor® will also be discussed.SANET-ep – Phase III study in patients with extra-pancreatic (non-pancreatic) NET in China:As announced in June 2019, the independent Data Monitoring Committee (“IDMC”) for the trial recommended that the study stop early because it had met the pre-defined primary endpoint of PFS during a planned interim analysis. Preparations are now underway for the potential NDA submission by year end 2019 for this indication in China.At data cut-off as of March 31, 2019, 198 patients were randomized 2:1 to treatment with either 300 mg of surufatinib orally daily (N=129) or placebo control (N=69) on a 28-day cycle.  Median PFS per investigator assessment was 9.2 months for patients treated with surufatinib, as compared to 3.8 months for patients in the placebo group (hazard ratio [“HR”] 0.334; 95% confidence interval [“CI”] 0.223-0.499; p<0.0001).The efficacy of surufatinib was seen across all subgroups, and supported by statistically significant improvement as measured by secondary efficacy endpoints including objective response rate (“ORR”), disease control rate (“DCR”), time to response (“TTR”), duration of response (“DoR”), safety, and tolerability.  Efficacy was also supported by Blinded Independent Image Review Committee (“BIIRC”) assessment.  Overall survival (“OS”) data was not mature, with only 18.7% OS events at data cut-off.  Surufatinib was generally well-tolerated in this study and the safety profile is consistent with observations in prior clinical studies.Dr. Jianming Xu, co-lead investigator for the SANET-ep study, Head of the Department of Gastrointestinal Oncology, The Fifth Medical Center, General Hospital of the People’s Liberation Army in Beijing, said: “The SANET-ep results showed that surufatinib meaningfully benefited Chinese patients with progressive, advanced extra-pancreatic NET, across multiple measures of efficacy and was generally well tolerated.  Importantly, these positive results were achieved in patients regardless of tumor origin and in patients who received prior systematic treatment for their disease.” Dr. Lin Shen, co-lead investigator for the SANET-ep study, Vice President of the Beijing Cancer Hospital and Head of its Department of Gastroenterological Oncology, said: “NET is a disease that many oncologists encounter in their practices.  Both in China and globally, options are limited for NET patients whose tumors originate outside of the pancreas.  These patients account for over 90% of all NET cases.  The SANET-ep results represent an important potential advancement in clinical practice for these patients.” Summary of key efficacy results: Surufatinib (n=129)Placebo (n=69)Hazard Ratio (95% CI), p-value Primary endpoint:      PFS (investigator assessment) 9.2 months3.8 months0.334 (0.223-0.499), p<0.0001 Secondary endpoints:      ORR10.3%0%(5.6%-17.0%), p=0.0051   DCR86.5%65.6%Odds Ratio 3.3 (1.5-7.3), p=0.0022   TTR3.7 months (1.8, 5.5)   DoR5.6 months (2.0, 17.5) Investor Audio Webcast and Conference Call Scheduled on Monday at 2 p.m. Barcelona Time (1 p.m. London time, 8 a.m. New York time, 8 p.m. Hong Kong time): Participating on the webcast will be members of the Chi-Med management team as well as Dr. James Yao, Chair of Gastrointestinal Oncology at MD Anderson Cancer Center and one of the lead investigators for Chi-Med’s ongoing Phase I/Ib surufatinib study in NET.  Toll-free dial-in numbers are as follows: U.K. 0808 109 0700; U.S. 1 866 966 5335; Mainland China 4001 200558; and Hong Kong 800 900 476.Presentation slides will be posted before the call begins.  Additional numbers and the slides will be available at www.chi-med.com/event-information/, and a replay will also be available shortly after the event.Additional details from the SANET-ep study presentation include: * Patient Characteristics: 83.8% of the patients in the study had disease with pathological grade 2.  41.4% of patients had disease originating outside of the gastrointestinal (GI) tract and the lung or with unknown origin.  67.2% of patients received prior systematic anti-tumor treatment for their disease, including chemotherapy (39.9%), somatostatin analogue (31.8%), and everolimus (9.1%).  More patients in the surufatinib group received prior loco-regional therapy (34.1%) relative to the placebo group (23.3%).  These therapies, such as chemoembolization, radiofrequency ablation of the surrounding organs, may lead to challenges in evaluating lesions in those organs.  A higher proportion of patients in the placebo group had Eastern Cooperation Oncology Group (ECOG) performance score of 0 (66.7%) than in the surufatinib group (55.8%).     * Subgroup analyses: PFS improvement was seen in multiple pre-specified subgroups, regardless of site of primary tumor (gastrointestinal or other), whether patients received prior systematic treatment for their disease, and irrespective of their baseline ECOG performance status.    * Safety profile is consistent with previous reports and surufatinib is generally well-tolerated.  The most common Grade ≥3 adverse events (“AEs”) among surufatinib treated patients were hypertension (36.4% vs. 13.2%) and proteinuria (19.4% vs. 0%).  Any Grade ≥3 AEs occurred in 76.6% of patients who received surufatinib compared to 33.8% of patients who received placebo, and 17.8% of surufatinib patients had an AE leading to discontinuation of treatment compared to 5.9% in the placebo group.      * BIIRC Assessment:  A BIIRC performed tumor assessment retrospectively in parallel, which was used for supportive sensitivity analysis of PFS.  BIIRC median PFS was not a primary or secondary endpoint of the study.  Median PFS per pre-specified BIIRC was 7.4 months for patients treated with surufatinib, as compared to 3.9 months for patients in the placebo group (HR 0.657; 0.442-0.977; p=0.0372).  As differences between investigator and BIIRC reviews are often observed in global NET studies, post-hoc blinded image adjudication by independent reviewers, who are particularly experienced with evaluating NET patients, was conducted for the 35 patients with PFS discrepancy ≥ 4 cycles between BIIRC and investigator assessment.  Per the post-hoc blinded image adjudication, median BIIRC PFS was unchanged, although the hazard ratio was 0.570 (CI 0.381-0.852), with p-value of 0.0065. Additional details may be found at clinicaltrials.gov, using identifier NCT02588170.  A copy of the presentation will be available at www.chi-med.com.Surufatinib Phase I/Ib study in the USSafety and tolerability data of surufatinib in western patients were presented at ESMO 2019 as a poster on Sunday, September 29, including data on 15 patients (12 efficacy evaluable) with heavily treated pancreatic NET.  The study confirmed 300mg as the recommended Phase 2 dose (RP2D), the same as that used in the China studies.  Preliminary data shows promising anti-tumor activity in the pancreatic NET patients, with ORR of 13.3% and DCR of 73.3%.  Additional details may be found at clinicaltrials.gov, using identifier NCT02549937.About Neuroendocrine TumorsNeuroendocrine tumors form in cells that interact with the nervous system or in glands that produce hormones.  They can originate in various parts of the body, most often in the gut or the lungs and can be benign or malignant.  Neuroendocrine tumors are typically classified as pancreatic neuroendocrine tumors or other neuroendocrine tumors.  Approved targeted therapies include Sutent® and Afinitor® for pancreatic neuroendocrine tumors, or well-differentiated, non-functional gastrointestinal or lung neuroendocrine tumors. According to Frost and Sullivan, there were 19,000 newly diagnosed cases of neuroendocrine tumors in the U.S. in 2018.  Importantly, neuroendocrine tumors are associated with a relatively long duration of survival compared to other tumors. As a result, there were approximately 141,000 estimated patients living with neuroendocrine tumors in the U.S. in 2018 of which over 90%, or approximately 132,000, were non-pancreatic neuroendocrine tumor patients.In China there were approximately 67,600 newly diagnosed neuroendocrine patients in 2018 and, considering the U.S. incidence to prevalence ratio, potentially as many as 300,000 patients living with the disease.About SurufatinibDiscovered and developed solely by Chi-Med, surufatinib (previously known as HMPL-012 or sulfatinib) is a novel, oral drug candidate that selectively inhibits the tyrosine kinase activity associated with vascular endothelial growth factor receptor (VEGFR) and fibroblast growth factor receptor (FGFR), which both inhibit angiogenesis, as well as colony stimulating factor-1 receptor (CSF-1R), which regulates tumor-associated macrophages, promoting the body’s immune response against tumor cells.  Surufatinib’s unique dual mechanism of action may be very suitable for possible combinations with other immunotherapies.  Surufatinib is in proof-of-concept clinical trials in the U.S. and several proof-of-concept and late-stage clinical trials in China for indications such as neuroendocrine tumors and biliary tract cancer.About Chi-MedChi-Med (AIM/Nasdaq: HCM) is an innovative biopharmaceutical company which researches, develops, manufactures and markets pharmaceutical products. Its Innovation Platform, Hutchison MediPharma, has about 440 scientists and staff focusing on discovering, developing and commercializing targeted therapeutics and immunotherapies in oncology and autoimmune diseases. It has a portfolio of eight cancer drug candidates currently in clinical studies around the world. Chi-Med’s Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products, covering an extensive network of hospitals across China.Chi-Med is headquartered in Hong Kong and is dual-listed on the AIM market of the London Stock Exchange and the Nasdaq Global Select Market. For more information, please visit: www.chi-med.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Chi-Med’s current expectations regarding future events, including its expectations for the clinical development of surufatinib, plans to initiate clinical studies for surufatinib, its expectations as to whether such studies would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria, changes to clinical protocols or regulatory requirements, unexpected adverse events or safety issues, the ability of surufatinib, including in combination therapies, to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions, to gain commercial acceptance after obtaining regulatory approval, the potential market of surufatinib for a targeted indication and the sufficiency of funding. 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 Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise CONTACTSInvestor Enquiries  Mark Lee, Senior Vice President+852 2121 8200 Annie Cheng, Vice President+1 (973) 567 3786 David Dible, Citigate Dewe Rogerson+44 7967 566 919 (Mobile) david.dible@citigatedewerogerson.com Xuan Yang, Solebury Trout+1 (415) 971 9412 (Mobile) xyang@troutgroup.com    Media Enquiries  UK & Europe – Anthony Carlisle, Citigate Dewe Rogerson+44 7973 611 888 (Mobile) anthony.carlisle@cdrconsultancy.co.uk Americas – Brad Miles, Solebury Trout+1 (917) 570 7340 (Mobile) bmiles@troutgroup.com Hong Kong & Asia ex-China– Joseph Chi Lo, Brunswick+852 9850 5033 (Mobile) jlo@brunswickgroup.com  – Zhou Yi, Brunswick+852 9783 6894 (Mobile) yzhou@brunswickgroup.com Mainland China – Sam Shen, Edelman+86 136 7179 1029 (Mobile) sam.shen@edelman.com    Nominated Advisor  Atholl Tweedie, Panmure Gordon (UK) Limited+44 (20) 7886 2500

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