HUTCHMED (HCM) 6-K 31 Jul 24 2024 Q2 HUTCHMED Reports 2024 Interim Results and Provides Business Updates Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2024
Document and Entity Information
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Entity File Number	001-37710
Entity Registrant Name	HUTCHMED (CHINA) LIMITED
Entity Address, Address Line One	48th Floor, Cheung Kong Center
Entity Address, Address Line Two	2 Queen’s Road Central
Entity Address, Country	HK
Entity Central Index Key	0001648257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 203,953,000	$ 283,589,000
Short-term investments	598,500,000	602,747,000
Accounts receivable	156,916,000	116,894,000
Other receivables, prepayments and deposits	14,714,000	14,889,000
Amounts due from related parties	$ 27,736,000	$ 28,462,000
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Parties [Member]	Related Parties [Member]
Inventories	$ 46,441,000	$ 50,258,000
Total current assets	1,048,260,000	1,096,839,000
Property, plant and equipment	94,815,000	99,727,000
Investment in an equity investee	80,519,000	48,411,000
Other non-current assets	37,274,000	34,796,000
Total assets	1,260,868,000	1,279,773,000
Current liabilities
Accounts payable	43,398,000	36,327,000
Other payables, accruals and advance receipts	249,218,000	271,399,000
Short-term bank borrowings	26,468,000	31,155,000
Deferred revenue	48,152,000	57,639,000
Other current liabilities	6,052,000	6,507,000
Total current liabilities	373,288,000	403,027,000
Long-term bank borrowings	55,632,000	48,189,000
Deferred revenue, non-current portion	60,625,000	69,480,000
Other non-current liabilities	19,305,000	15,690,000
Total liabilities	508,850,000	536,386,000
Commitments and contingencies
Company's shareholders' equity
Ordinary shares; $0.10 par value; 1,500,000,000 shares authorized; 871,359,720 shares and 871,256,270 shares issued at June 30, 2024 and December 31, 2023 respectively	87,136,000	87,126,000
Additional paid-in capital	1,507,550,000	1,522,447,000
Accumulated losses	(845,068,000)	(870,869,000)
Accumulated other comprehensive loss	(9,534,000)	(8,163,000)
Total Company's shareholders' equity	740,084,000	730,541,000
Non-controlling interests	11,934,000	12,846,000
Total shareholders' equity	752,018,000	743,387,000
Total liabilities and shareholders' equity	$ 1,260,868,000	$ 1,279,773,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Ordinary shares, par value (in US$ per share)	$ 0.10	$ 0.10
Ordinary shares, authorized (in shares)	1,500,000,000	1,500,000,000
Ordinary shares, issued (in shares)	871,359,720	871,256,270

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue	$ 305,681	$ 532,874
Operating expenses
Research and development expenses	(95,256)	(144,633)
Selling expenses	(27,351)	(26,423)
Administrative expenses	(30,460)	(41,840)
Total operating expenses	(333,202)	(421,220)
(Loss)/income from operations	(27,521)	111,654
Other income, net	22,765	25,434
(Loss)/income before income taxes and equity in earnings of an equity investee	(4,756)	137,088
Income tax expense	(2,886)	(2,730)
Equity in earnings of an equity investee, net of tax	33,807	35,110
Net income	26,165	169,468
Less: Net income attributable to non-controlling interests	(364)	(917)
Net income attributable to the Company	$ 25,801	$ 168,551
Earnings per share attributable to the Company - basic (US$ per share)	$ 0.03	$ 0.20
Earnings per share attributable to the Company - diluted (US$ per share)	$ 0.03	$ 0.19
Number of shares used in per share calculation-basic (in shares)	856,030,704	846,928,863
Number of shares used in per share calculation-diluted (in shares)	872,534,466	866,990,610
Third parties
Revenue
Total revenue	$ 303,443	$ 528,376
Related parties
Revenue
Total revenue	2,238	4,498
Goods | Third parties
Revenue
Total revenue	204,574	209,247
Operating expenses
Cost of goods and services	(151,681)	(182,380)
Goods | Related parties
Revenue
Total revenue	2,002	4,252
Operating expenses
Cost of goods and services	(987)	(2,536)
Services -commercialization
Revenue
Total revenue	28,222	25,359
Services -commercialization | Third parties
Revenue
Total revenue	28,222	25,359
Operating expenses
Cost of goods and services	(27,467)	(23,408)
Services -collaboration research and development
Revenue
Total revenue	35,740	28,718
Services -collaboration research and development | Third parties
Revenue
Total revenue	35,740	28,718
Services -research and development
Revenue
Total revenue	236	246
Services -research and development | Related parties
Revenue
Total revenue	236	246
Other collaboration revenue -royalties
Revenue
Total revenue	34,907	14,982
Other collaboration revenue -royalties | Third parties
Revenue
Total revenue	$ 34,907	14,982
Other collaboration revenue -licensing
Revenue
Total revenue		250,070
Other collaboration revenue -licensing | Third parties
Revenue
Total revenue		$ 250,070

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 26,165	$ 169,468
Other comprehensive loss
Foreign currency translation loss	(1,590)	(6,245)
Total comprehensive income	24,575	163,223
Less: Comprehensive income attributable to non-controlling interests	(145)	(573)
Total comprehensive income attributable to the Company	$ 24,430	$ 162,650

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Ordinary Shares	Additional Paid-in Capital	Accumulated Losses	Accumulated Other Comprehensive Loss	Total Company's Shareholders' Equity	Non-controlling Interests	Total
Balance at Dec. 31, 2022	$ 86,478	$ 1,497,273	$ (971,481)	$ (1,903)	$ 610,367	$ 26,503	$ 636,870
Balance (in shares) at Dec. 31, 2022	864,775
Net income			168,551		168,551	917	169,468
Issuances in relation to share option exercises	$ 138	920			1,058		1,058
Issuances in relation to share option exercises (in shares)	1,386
Share-based compensation - Share options		3,236			3,236	3	3,239
Share-based compensation - Long-term incentive plan ("LTIP")		13,844			13,844	(33)	13,811
Share-based compensation		17,080			17,080	(30)	17,050
LTIP-treasury shares acquired and held by Trustee		(9,071)			(9,071)		(9,071)
Dividends declared to non-controlling shareholders of subsidiaries						(9,068)	(9,068)
Transfer between reserves		127	(127)
Divestment of an equity investee		(49)		4	(45)		(45)
Foreign currency translation adjustments				(5,901)	(5,901)	(344)	(6,245)
Balance at Jun. 30, 2023	$ 86,616	1,506,280	(803,057)	(7,800)	782,039	17,978	800,017
Balance (in shares) at Jun. 30, 2023	866,161
Balance at Dec. 31, 2022	$ 86,478	1,497,273	(971,481)	(1,903)	610,367	26,503	636,870
Balance (in shares) at Dec. 31, 2022	864,775
Balance at Dec. 31, 2023	$ 87,126	1,522,447	(870,869)	(8,163)	730,541	12,846	743,387
Balance (in shares) at Dec. 31, 2023	871,256
Net income			25,801		25,801	364	26,165
Issuances in relation to share option exercises	$ 10	218			228		228
Issuances in relation to share option exercises (in shares)	103
Share-based compensation - Share options		1,429			1,429	3	1,432
Share-based compensation - Long-term incentive plan ("LTIP")		19,520			19,520	(60)	19,460
Share-based compensation		20,949			20,949	(57)	20,892
LTIP-treasury shares acquired and held by Trustee		(36,064)			(36,064)		(36,064)
Dividends declared to non-controlling shareholders of subsidiaries						(1,000)	(1,000)
Foreign currency translation adjustments				(1,371)	(1,371)	(219)	(1,590)
Balance at Jun. 30, 2024	$ 87,136	$ 1,507,550	$ (845,068)	$ (9,534)	$ 740,084	$ 11,934	$ 752,018
Balance (in shares) at Jun. 30, 2024	871,359

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash (used in)/generated from operating activities	$ (39,832)	$ 226,403
Investing activities
Purchases of property, plant and equipment	(10,108)	(24,359)
Refund of leasehold land deposit	426
Deposits in short-term investments	(991,056)	(835,092)
Proceeds from short-term investments	995,303	519,638
Dividends received from divestment of Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Company Limited		23,856
Net cash used in investing activities	(5,435)	(315,957)
Financing activities
Proceeds from issuances of ordinary shares	228	1,058
Purchases of treasury shares	(36,064)	(9,071)
Dividends paid to non-controlling shareholders of subsidiaries	(1,000)	(9,068)
Proceeds from bank borrowings	8,466	22,911
Repayment of bank borrowings	(4,192)
Net cash (used in)/generated from financing activities	(32,562)	5,830
Net decrease in cash and cash equivalents	(77,829)	(83,724)
Effect of exchange rate changes on cash and cash equivalents	(1,807)	(6,558)
Net decrease in cash and cash equivalents, including effect of exchange rate changes	(79,636)	(90,282)
Cash and cash equivalents
Cash and cash equivalents at beginning of period	283,589	313,278
Cash and cash equivalents at end of period	$ 203,953	$ 222,996

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2024
Organization and Nature of Business
Organization and Nature of Business	1. Organization and Nature of Business HUTCHMED (China) Limited (the “Company”) and its subsidiaries (together the “Group”) are principally engaged in researching, developing, manufacturing and marketing pharmaceutical products. The Group and its equity investee 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, including Hong Kong and Macau. In addition, the Group has established international operations in the United States of America (the “US”) and Europe. The Company’s ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited and the AIM market of the London Stock Exchange, and its American depositary shares (“ADS”) are traded on the Nasdaq Global Select Market. Liquidity As at June 30, 2024, the Group had accumulated losses of US$845,068,000 primarily due to its spending in drug research and development 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, 2024, the Group had cash and cash equivalents of US$203,953,000, short-term investments of US$598,500,000 and unutilized bank borrowing facilities of US$62,608,000. Short-term investments comprised of bank deposits maturing over three months. 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 from the issuance date of the interim unaudited condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2 . Summary of Significant Accounting Policies Basis of Presentation ​ The interim unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by US 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. 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 US 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 revenue and expenses during the reporting period. Recent Accounting Pronouncements Amendments that have been issued by the Financial Accounting Standards Board or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Group’s condensed consolidated financial statements.

Cash and Cash Equivalents and S

Cash and Cash Equivalents and Short-term Investments	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents and Short-term Investments
Cash and Cash Equivalents and Short-term Investments	3 . Cash and Cash Equivalents and Short-term Investments ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ ​ (in US$ ’ 000) Cash and Cash Equivalents ​ ​ ​ ​ Cash at bank and on hand ​ 105,995 ​ 129,968 Bank deposits maturing in three months or less ​ 97,958 ​ 153,621 ​ ​ 203,953 ​ 283,589 Short-term Investments ​ ​ ​ ​ Bank deposits maturing over three months (note) ​ 598,500 ​ 602,747 ​ ​ 802,453 ​ 886,336 ​ Note: The maturities for short-term investments ranged from 91 to 186 days and 91 to 187 days for the six months ended June 30, 2024 and the year ended December 31, 2023 respectively. Certain cash and bank balances denominated in Renminbi (“RMB”), US dollar (“US$”) and UK Pound Sterling (“£”) were deposited with banks in the PRC. The conversion of these balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the PRC government. Cash and cash equivalents and short-term investments were denominated in the following currencies: ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) US$ ​ 744,276 ​ 836,718 RMB ​ 52,782 ​ 45,772 Hong Kong dollar (“HK$”) ​ 4,870 ​ 3,114 £ ​ 446 ​ 713 Others ​ 79 ​ 19 ​ ​ 802,453 ​ 886,336 ​

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2024
Accounts Receivable
Accounts Receivable	4. Accounts Receivable Accounts receivable from contracts with customers consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ ​ (in US$ ’ 000) Accounts receivable—third parties ​ 156,931 ​ 115,169 Accounts receivable—a related party (Note 15(ii)) ​ 10 ​ 1,896 Allowance for credit losses ​ (25) ​ (171) Accounts receivable, net ​ 156,916 ​ 116,894 ​ Substantially all accounts receivable are denominated in RMB, US$ and HK$ and are due within one year from the end of the reporting period. The carrying values of accounts receivable approximate their fair values due to their short-term maturities. An aging analysis for accounts receivable—third parties based on the relevant invoice dates is as follows: ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Not later than 3 months 138,947 ​ 96,057 Between 3 months to 6 months 12,165 ​ 11,507 Between 6 months to 1 year 4,720 ​ 6,439 Later than 1 year 1,099 ​ 1,166 Accounts receivable—third parties 156,931 ​ 115,169 ​ Movements on the allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ (in US$ ’ 000) As at January 1 ​ 171 ​ 60 Increase in allowance for credit losses ​ 25 ​ 150 Decrease in allowance due to subsequent collection ​ (168) ​ (17) Exchange difference ​ (3) ​ (4) As at June 30 ​ 25 ​ 189 ​

Other Receivables, Prepayments

Other Receivables, Prepayments and Deposits	6 Months Ended
	Jun. 30, 2024
Other Receivables, Prepayments and Deposits
Other Receivables, Prepayments and Deposits	5. Other Receivables, Prepayments and Deposits Other receivables, prepayments and deposits consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ ​ (in US$ ’ 000) Prepayments ​ 7,082 ​ 7,108 Interest receivables 2,842 ​ 2,936 Deposits ​ 1,057 ​ 1,065 Value-added tax receivables ​ 363 ​ 2,166 Others 3,370 ​ 1,614 ​ 14,714 ​ 14,889 ​ No allowance for credit losses has been made for other receivables, prepayments and deposits for the six months ended June 30, 2024 and the year ended December 31, 2023.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventories
Inventories	6 . Inventories Inventories, net of provision for excess and obsolete inventories, consisted of the following: ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Raw materials ​ 24,794 ​ 26,784 Finished goods ​ 21,647 ​ 23,474 ​ ​ 46,441 ​ 50,258 ​

Investment in an Equity Investe

Investment in an Equity Investee	6 Months Ended
	Jun. 30, 2024
Investment in an Equity Investee
Investments in an Equity Investee	7 . Investment in an Equity Investee Investment in an equity investee consisted of the following: ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Shanghai Hutchison Pharmaceuticals Limited (“SHPL”) ​ 80,519 ​ 48,411 ​ The equity investee is a private company and there is no quoted market price available for its equity. ​ Summarized financial information for SHPL is as follows: (i) Summarized balance sheets ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Current assets ​ 237,504 ​ 201,025 Non-current assets ​ 69,310 ​ 73,939 Current liabilities ​ (146,504) ​ (179,649) Non-current liabilities ​ (4,026) ​ (3,687) Net assets ​ 156,284 ​ 91,628 ​ ​ (ii) Summarized statements of operations ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Revenue 225,208 ​ 235,271 Gross profit 166,758 ​ 175,750 Interest income 338 ​ 438 Finance cost (note (a)) — ​ (1,022) Profit before taxation ​ 80,213 ​ 84,064 Income tax expense (note (b)) ​ (12,294) ​ (13,840) Net income (note (c)) 67,919 ​ 70,224 ​ Notes: (a) Finance cost was from the accretion of the discount recorded on the dividends payable. (b) The main entity within the SHPL group has been granted the High and New Technology Enterprise status (the latest renewal of this status covers the years from 2023 to 2025). Accordingly, the entity was eligible to use a preferential income tax rate of 15% for the six months ended June 30, 2024 and 2023. (c) Net income is before elimination of unrealized profits on transactions with the Group. The amounts eliminated were approximately US$152,000 and US$2,000 for the six months ended June 30, 2024 and 2023 respectively. (iii) Reconciliation of summarized financial information Reconciliation of the summarized financial information presented to the carrying amount of investment in an equity investee is as follows: ​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ (in US$ ’ 000) Opening net assets as at January 1 ​ 91,628 ​ 141,433 Net income ​ 67,919 ​ 70,224 Dividends declared ​ — ​ (146,974) Deemed distribution ​ (690) ​ — Discount on dividends payable ​ — ​ 3,654 Other comprehensive (loss)/income ​ (2,573) ​ 1,785 Closing net assets as at June 30 ​ 156,284 ​ 70,122 Group’s share of net assets ​ 78,142 ​ 35,061 Goodwill ​ 2,744 ​ 2,795 Elimination of unrealized profits on downstream sales ​ (367) ​ (116) Carrying amount of investment as at June 30 ​ 80,519 ​ 37,740 ​ SHPL had the following capital commitments: ​ ​ ​ ​ ​ June 30, ​ 2024 ​ (in US$ ’ 000) Property, plant and equipment ​ ​ Contracted but not provided for ​ 1,361 ​

Accounts Payable

Accounts Payable	6 Months Ended
	Jun. 30, 2024
Accounts Payable
Accounts Payable	8. Accounts Payable ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Accounts payable 43,398 ​ 36,327 ​ 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. ​ An aging analysis based on the relevant invoice dates is as follows: ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Not later than 3 months 37,817 ​ 33,233 Between 3 months to 6 months 3,446 ​ 1,058 Between 6 months to 1 year 1,018 ​ 941 Later than 1 year 1,117 ​ 1,095 ​ ​ 43,398 ​ 36,327 ​

Other Payables, Accruals and Ad

Other Payables, Accruals and Advance Receipts	6 Months Ended
	Jun. 30, 2024
Other Payables, Accruals and Advance Receipts
Other Payables, Accruals and Advance Receipts	9 . Other Payables, Accruals and Advance Receipts Other payables, accruals and advance receipts consisted of the following: ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Accrued research and development expenses ​ 142,667 ​ 153,737 Accrued salaries and benefits ​ 26,249 ​ 45,048 Accrued selling and marketing expenses ​ 17,930 ​ 16,340 Accrued capital expenditures ​ 16,368 ​ 23,659 Accrued administrative and other general expenses ​ 15,737 ​ 15,777 Advances for inventory purchases ​ 6,076 ​ 1,896 Value-added tax payables ​ 3,146 ​ 121 Amounts due to related parties (Note 15(ii)) ​ 2,150 ​ 2,162 Deposits ​ 1,633 ​ 1,564 Deferred government grants ​ 635 ​ 740 Others ​ 16,627 ​ 10,355 ​ ​ 249,218 ​ 271,399 ​

Bank Borrowings

Bank Borrowings	6 Months Ended
	Jun. 30, 2024
Bank Borrowings
Bank Borrowings	10 . Bank Borrowings Bank borrowings consisted of the following: ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Current ​ 26,468 ​ 31,155 Non-current ​ 55,632 ​ 48,189 ​ ​ 82,100 ​ 79,344 ​ The weighted average interest rate for outstanding bank borrowings for the six months ended June 30, 2024 and the year ended December 31, 2023 was 3.09% per annum and 3.41% per annum respectively. The carrying amounts of the Group’s outstanding bank borrowings as at June 30, 2024 and December 31, 2023 were denominated in RMB. ​ (i) Short-term working capital loan facility In November 2023, a subsidiary entered into a short-term working capital loan facility with a bank in the amount of RMB300,000,000 (US$41,154,000) with an annual interest rate at the 1-year China Loan Prime Rate (“LPR”) less 0.95%. As at June 30, 2024 and December 31, 2023, RMB192,941,000 (US$26,468,000) and RMB222,941,000 (US$31,155,000) were drawn from the facility respectively. (ii) 10-year fixed asset loan facility In October 2021, a subsidiary entered into a 10-year fixed asset loan facility agreement with the bank for the provision of a secured credit facility in the amount of RMB754,880,000 (US$103,554,000) with an annual interest rate at the 5-year China LPR less 0.8% (which was supplemented in June 2022) and interest payments commencing upon completion of construction of the underlying buildings. This credit facility is guaranteed by the immediate holding company of the subsidiary and secured by the underlying leasehold land and buildings. As at June 30, 2024 and December 31, 2023, RMB405,542,000 (US$55,632,000) and RMB344,840,000 (US$48,189,000) were utilized from the fixed asset loan facility respectively. For the six months ended June 30, 2024 and the year ended December 31, 2023, nil and US$1,047,000 were related to capitalized interest. The Group’s bank borrowings are repayable as from the dates indicated as follows: ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Not later than 1 year ​ 26,468 ​ 31,155 Between 1 to 3 years ​ 5,159 ​ 3,192 Between 3 to 4 years ​ 3,685 ​ 2,872 Between 4 to 5 years ​ 11,054 ​ 6,384 Later than 5 years ​ 35,734 ​ 35,741 ​ ​ 82,100 ​ 79,344 ​ As at June 30, 2024 and December 31, 2023, the Group had unutilized bank borrowing facilities of US$62,608,000 and US$68,069,000 respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies The Group had the following capital commitments: ​ ​ ​ ​ ​ June 30, ​ 2024 ​ (in US$ ’ 000) Property, plant and equipment ​ ​ Contracted but not provided for ​ 1,613 ​ The Group does not have any other significant commitments or contingencies.

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2024
Share-based Compensation
Share-based Compensation	1 2 . Share-based Compensation (i) Share-based Compensation of the Company The Company conditionally adopted a share option scheme on April 24, 2015 (as amended on April 27, 2020) (the “Share Option Scheme”). Pursuant to the 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, 2024, the aggregate number of shares issuable under the Share Option Scheme was 41,977,648 ordinary shares. The Company will issue new shares to satisfy share option exercises. Additionally, the number of shares authorized but unissued was 628,640,280 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 ten years from the date of grant. A summary of the Company’s share option activity and related information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ Number of ​ Weighted average ​ remaining ​ Aggregate ​ ​ share ​ exercise price in ​ contractual life ​ intrinsic value ​ options US$ per share (years) (in US$ ’ 000) Outstanding at January 1, 2023 ​ 39,521,395 ​ 4.34 ​ 6.55 ​ 11,525 Granted ​ 1,221,900 ​ 2.50 ​ ​ ​ ​ Exercised ​ (6,480,930) ​ 2.30 ​ ​ ​ ​ Cancelled ​ (2,832,340) ​ 4.61 ​ ​ ​ ​ Expired ​ (1,893,370) ​ 5.55 ​ ​ ​ ​ Outstanding at December 31, 2023 ​ 29,536,655 ​ 4.57 ​ 6.67 ​ 9,924 Granted (note) ​ 1,359,561 ​ 3.63 ​ ​ ​ ​ Exercised ​ (103,450) ​ 2.20 ​ ​ ​ ​ Cancelled ​ (661,800) ​ 4.63 ​ ​ ​ ​ Expired ​ (826,925) ​ 5.41 ​ ​ ​ ​ Outstanding at June 30, 2024 ​ 29,304,041 ​ 4.50 ​ 6.30 ​ 7,910 Vested and exercisable at December 31, 2023 ​ 18,198,170 ​ 5.10 ​ 5.91 ​ 1,753 Vested and exercisable at June 30, 2024 ​ 21,511,195 ​ 4.93 ​ 5.61 ​ 2,728 ​ Note: This was granted to an executive director in March 2024 where the number of share options exercisable is subject to certain performance targets based on a market condition covering the 3-year period from 2023 to 2025 which has been reflected in estimating the grant date fair value. The grant date fair value of such award is US$1.29 per share using the Monte Carlo simulation model. Vesting of such award will occur in March 2026 if the performance targets are met. ​ In estimating the fair value of share options granted, the following assumptions were used in the Monte Carlo simulation model for the award granted during the six months ended June 30, 2024 and Polynomial model for the award granted during the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Year Ended ​ June 30, 2024 December 31, 2023 ​ Weighted average grant date fair value of share options (in US$ per share) 1.29 ​ 1.14 ​ Significant inputs into the valuation model (weighted average): ​ ​ ​ ​ Exercise price (in US$ per share) 3.63 ​ 2.50 ​ Share price at effective date of grant (in US$ per share) 3.63 ​ 2.50 ​ Expected volatility (note (a)) 54.3 % 53.3 % Risk-free interest rate (note (b)) 4.15 % 3.69 % Contractual life of share options (in years) 10 ​ 10 ​ Expected dividend yield (note (c)) 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 reference the US Treasury yield curves. (c) The Company has not declared or paid any dividends and does not currently expect to do so prior to the exercise of the granted share options, and therefore uses an expected dividend yield of zero in the valuation models. 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, ​ 2024 2023 ​ ​ (in US$ ’ 000) Cash received from share option exercises ​ 228 ​ 1,058 Total intrinsic value of share option exercises ​ 161 ​ 1,898 ​ 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, ​ 2024 2023 ​ (in US$ ’ 000) Research and development expenses ​ 801 ​ 1,664 Selling and administrative expenses ​ 597 ​ 1,522 Cost of revenue ​ 34 ​ 53 ​ ​ 1,432 ​ 3,239 ​ As at June 30, 2024, the total unrecognized compensation cost was US$4,078,000 and will be recognized on a graded vesting approach over the weighted average remaining service period of 1.80 years. (ii) LTIP The 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 excluding any cash elected payments. 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 date Performance targets vary by award, and may include targets for shareholder returns, financings, revenue, net income/(loss) after taxes and the achievement of clinical, regulatory, business development and manufacturing 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 date Upon the determination date, based on the actual achievement of performance target, the amount previously recorded in the liability will be adjusted through share-based compensation expense. 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. Granted awards under the LTIP are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum cash ​ ​ ​ ​ amount ​ Covered ​ Performance target Grant date ​ (in US$ millions) ​ financial years ​ determination date June 5, 2023 ​ 54.9 ​ 2023 ​ note (a) March 13, 2024 ​ 0.7 ​ note (b) ​ note (b) ​ 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 two (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. ​ 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 Company using funds provided by the Company. 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 ordinary shares equivalent) held by the Trustee were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Cost ​ treasury shares (in US$ ’ 000) As at January 1, 2023 ​ 19,601,375 ​ 76,064 Purchased ​ 2,725,515 ​ 9,071 Vested ​ (4,714,205) ​ (18,148) As at December 31, 2023 ​ 17,612,685 ​ 66,987 Purchased ​ 10,259,133 ​ 36,064 Vested ​ (10,952,145) ​ (41,371) As at June 30, 2024 ​ 16,919,673 ​ 61,680 ​ For the six months ended June 30, 2024 and 2023, US$8,574,000 and US$5,041,000 of the LTIP awards were forfeited respectively based on the determined or estimated monetary amount as at the forfeiture date. The following table presents the share-based compensation expense recognized under the LTIP awards: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Research and development expenses 6,398 ​ 5,700 Selling and administrative expenses 3,203 ​ 4,614 Cost of revenue ​ 279 ​ 237 ​ ​ 9,880 ​ 10,551 Recorded with a corresponding credit to: ​ ​ ​ ​ Liability ​ 2,844 ​ 1,303 Additional paid-in capital ​ 7,036 ​ 9,248 ​ 9,880 ​ 10,551 ​ For the six months ended June 30, 2024 and 2023, US$12,424,000 and US$4,563,000 were reclassified from liability to additional paid-in capital respectively upon LTIP awards reaching the determination date. As at June 30, 2024 and December 31, 2023, US$577,000 and US$10,502,000 were recorded in liabilities respectively. As at June 30, 2024, the total unrecognized compensation cost was approximately US$30,121,000, which considers expected performance targets and the amounts expected to vest, and will be recognized over the requisite periods. ​

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue
Revenue	13. Revenue The following table presents revenue disaggregated by contract type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2024 ​ Oncology/ ​ ​ ​ ​ Immunology ​ Other Ventures ​ Total ​ ​ (in US$ ’ 000) Invoiced Goods—Marketed Products 64,667 ​ — ​ 64,667 —Distribution — ​ 137,044 ​ 137,044 Services—Commercialization of Marketed Products 28,222 ​ — ​ 28,222 — Research and Development ​ 236 ​ — ​ 236 License & Collaborations—Services ​ 35,740 ​ — ​ 35,740 — Royalties ​ 34,907 ​ — ​ 34,907 — Manufacturing supply ​ 4,865 ​ — ​ 4,865 ​ 168,637 ​ 137,044 ​ 305,681 ​ ​ ​ ​ ​ ​ Third parties 168,401 ​ 135,042 ​ 303,443 Related parties (Note 15(i)) 236 ​ 2,002 ​ 2,238 ​ ​ 168,637 ​ 137,044 ​ 305,681 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ ​ Oncology/ ​ ​ ​ Immunology ​ Other Ventures ​ Total ​ ​ (in US$ ’ 000) Invoiced Goods—Marketed Products 39,808 ​ — ​ 39,808 —Distribution ​ — ​ 173,691 ​ 173,691 Services—Commercialization of Marketed Products 25,359 ​ — ​ 25,359 — Research and Development ​ 246 ​ — ​ 246 License & Collaborations—Services 28,718 ​ — ​ 28,718 — Royalties ​ 14,982 ​ — ​ 14,982 — Licensing ​ 250,070 ​ — ​ 250,070 ​ ​ 359,183 ​ 173,691 ​ 532,874 ​ ​ ​ ​ ​ ​ ​ Third parties 358,937 ​ 169,439 ​ 528,376 Related parties (Note 15(i)) 246 ​ 4,252 ​ 4,498 ​ ​ 359,183 ​ 173,691 ​ 532,874 ​ ​ The following table presents liability balances from contracts with customers: ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Deferred revenue Current—Oncology/Immunology segment (note (a)) 48,100 ​ 57,566 Current—Other Ventures segment (note (b)) 52 ​ 73 ​ 48,152 ​ 57,639 Non-current—Oncology/Immunology segment (note (a)) 60,625 ​ 69,480 Total deferred revenue (note (c) and (d)) 108,777 ​ 127,119 ​ Notes: (a) Oncology/Immunology segment deferred revenue relates to unamortized upfront and milestone payments, invoiced amounts for royalties where the customer has not yet completed the in-market sale and other advance consideration received. (b) Other Ventures segment deferred revenue relates to payments in advance from customers for goods that have not been transferred and services that have not been rendered to the customer as at the reporting date. (c) Estimated deferred revenue to be recognized over time as from the date indicated is as follows: ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Not later than 1 year 48,152 ​ 57,639 Between 1 to 2 years 33,502 ​ 32,797 Between 2 to 3 years 21,418 ​ 30,918 Between 3 to 4 years 1,169 ​ 844 Later than 4 years 4,536 ​ 4,921 ​ 108,777 ​ 127,119 ​ (d) As at January 1, 2024, deferred revenue was US$127.1 million, of which US$26.3 million was recognized during the six months ended June 30, 2024. ​ License and collaboration agreement with Takeda Pharmaceuticals On January 23, 2023, the Group and Takeda Pharmaceuticals International AG (“Takeda”) entered into an exclusive out-licensing agreement (the “Takeda Agreement”) in territories outside of Mainland China, Hong Kong and Macau (the “Territory”) to further the global development, commercialization and manufacturing of Fruzaqla, also known as fruquintinib, a targeted oncology therapy for the treatment of various types of solid tumors. Under the terms of the Takeda Agreement, the Group is entitled to receive a series of payments up to US$1.13 billion, including upfront, regulatory, development and commercial sales milestone payments, plus royalties on net sales in the Territory. Fruzaqla was successfully approved for commercialization in the US in November 2023, which triggered a regulatory approval milestone of US$35 million. ​ Upfront and milestone payments according to the Takeda Agreement received up to June 30, 2024 are summarized as follows: ​ ​ ​ ​ ​ (in US$ ’ 000) Upfront payment 400,000 Regulatory approval milestone payment achieved 35,000 ​ Note: As of June 30, 2024, US$298.1 million of the upfront payment and US$33.3 million of the regulatory approval milestone payment were recognized as revenue, including $18.1 million and $1.3 million respectively during the six months ended June 30, 2024. The Takeda Agreement has the following material performance obligations: (1) the licenses for the development and commercialization of Fruzaqla in the Territory and the manufacture of Fruzaqla for use in the Territory, (2) manufacturing supply and (3) services for research and development including ongoing clinical trials and regulatory submissions and manufacturing technology transfer. The transaction price for these performance obligations includes the upfront payment, service cost reimbursements, milestone payments and sales-based royalties. Milestone payments are not included in the transaction price until they become probable that a significant reversal of revenue would not occur, which is generally when the criteria to receive the specified milestone are achieved. The allocation of the transaction price to each relevant performance obligation was based on the relative standalone selling price of each performance obligation determined at the inception of the contract. Variable consideration is allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation if the terms of the variable consideration relate to the satisfaction of the respective performance obligation and the amount allocated is consistent with the amount expected to be received for the satisfaction of the respective performance obligation. The standalone selling price of the licenses for the development and commercialization of Fruzaqla in the Territory and the manufacture of Fruzaqla for use in the Territory and manufacturing supply was determined using a discounted cash flow method based on the probability-weighted present value of forecasted cash flows associated with out-licensing Fruzaqla in the Territory, and the standalone selling price of the services for research and development of ongoing clinical trials, regulatory submissions and manufacturing technology transfer was determined using a cost plus margin approach based on the present value of estimated future service costs plus a reasonable margin. Significant assumptions included in the determination of the standalone selling prices for each performance obligation identified including forecasted revenue, probabilities of regulatory approvals, estimated future service costs, margin rates and discount rates. Based on these estimations, proportionate amounts of transaction price to be allocated to the licenses, and other performance obligations were 62% and 38% respectively at contract inception. Control of the licenses to Fruzaqla was transferred at the inception date of the agreement and consequently, amounts allocated to this performance obligation were recognized at inception. Manufacturing supply is recognized at a point in time when the control of the goods is transferred. Services are performed over the term of the Takeda Agreement and amounts allocated are recognized over time using a percentage-of-completion method. Royalties are recognized as future sales occur as they meet the requirements for the sales-usage based royalty exception. ​ Revenue recognized under the Takeda Agreement is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Manufacturing supply—Invoiced Marketed Products sales 24,806 ​ — ​ 4,865 ​ — Services—Research and Development ​ 14,389 ​ 10,372 ​ 14,524 ​ 8,615 Royalties—Marketed Products ​ 18,028 ​ — Licensing—Allocated from upfront and milestone payments ​ — ​ 250,070 ​ 76,612 ​ 269,057 ​

Research and Development Expens

Research and Development Expenses	6 Months Ended
	Jun. 30, 2024
Research and Development Expenses
Research and Development Expenses	14 . Research and Development Expenses Research and development expenses are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ (in US$ ’ 000) Clinical trial related costs ​ 55,728 ​ 94,909 Personnel compensation and related costs ​ 36,858 ​ 45,410 Other research and development expenses ​ 2,670 ​ 4,314 ​ ​ 95,256 ​ 144,633 ​ The Group has entered into multiple collaborative arrangements under ASC 808 to evaluate the combination of the Group’s drug compounds with the collaboration partners’ drug compounds. For the six months ended June 30, 2024 and 2023, the Group has incurred research and development expenses of US$4.1 million and US$8.1 million respectively, related to such collaborative arrangements.

Significant Transactions with R

Significant Transactions with Related Parties and Non-Controlling Shareholders of Subsidiaries	6 Months Ended
	Jun. 30, 2024
Significant Transactions with Related Parties and Non-Controlling Shareholders of Subsidiaries
Significant Transactions with Related Parties and Non-Controlling Shareholders of Subsidiaries	15. Significant Transactions with Related Parties and Non-Controlling Shareholders of Subsidiaries The 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, ​ 2024 2023 ​ (in US$ ’ 000) Sales to: ​ ​ ​ ​ Indirect subsidiaries of CK Hutchison Holdings Limited (“CK Hutchison”) ​ 4 ​ 1,008 An equity investee ​ 1,998 ​ 3,244 ​ ​ 2,002 ​ 4,252 Revenue from research and development services from: ​ ​ ​ ​ An equity investee ​ 236 ​ 246 Purchase from: ​ ​ ​ ​ An equity investee ​ 1,452 ​ 1,911 Rendering of marketing services from: ​ ​ ​ ​ Indirect subsidiaries of CK Hutchison ​ — ​ 59 Rendering of management services from: ​ ​ ​ ​ An indirect subsidiary of CK Hutchison ​ 535 ​ 498 ​ (ii) Balances with related parties included in: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Accounts receivable—a related party ​ ​ ​ ​ An equity investee (note (a)) ​ 10 ​ 1,896 Amounts due from related parties ​ ​ ​ ​ An indirect subsidiary of CK Hutchison (note (a)) ​ — ​ 228 An equity investee (note (a) and (b)) ​ 27,736 ​ 28,234 ​ ​ 27,736 ​ 28,462 ​ ​ ​ ​ ​ Other payables, accruals and advance receipts ​ ​ ​ ​ Indirect subsidiaries of CK Hutchison (note (c) and (e)) ​ 1,870 ​ 2,017 An equity investee (note (a) and (d)) ​ 280 ​ 145 ​ ​ 2,150 ​ 2,162 Other non-current liabilities ​ ​ ​ ​ An equity investee (note (d)) ​ 179 ​ 450 An indirect subsidiary of CK Hutchison (note (e)) ​ 7,820 ​ 7,619 ​ ​ 7,999 ​ 8,069 ​ 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. No allowance for credit losses has been made for amounts due from related parties for the six months ended June 30, 2024 and the year ended December 31, 2023. (b) As at June 30, 2024 and December 31, 2023, dividends receivable of US$26,632,000 and US$27,130,000 was included in amounts due from related parties. (c) Amounts due to indirect subsidiaries of CK Hutchison are unsecured, repayable on demand and interest-bearing if not settled within one month. (d) Includes other deferred income representing amounts recognized from granting of commercial, promotion and marketing rights. (e) As at June 30, 2024 and December 31, 2023, a branding liability payable of US$1,538,000 was included in amounts due to related parties under other payables, accruals and advance receipts. As at June 30, 2024 and December 31, 2023, US$7,820,000 and US$7,619,000 of the branding liability payable was included in other non-current liabilities. (iii) Transactions with non-controlling shareholders of subsidiaries: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Sales 29,395 ​ 35,933 Purchases 127 ​ 3,199 Dividends declared 1,000 ​ 9,068 Distribution service ​ 108 ​ — ​ (iv) Balances with non-controlling shareholders of subsidiaries included in: ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Accounts receivable 8,750 ​ 7,824 Accounts payable 92 ​ 27 Other payables, accruals and advance receipts 324 ​ 309 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Taxes
Income Taxes	16 . Income Taxes (i) Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Current tax ​ ​ ​ ​ HK ​ 1 ​ 6 PRC ​ 868 ​ 976 US and others ​ 86 ​ 52 Total current tax ​ 955 ​ 1,034 Deferred income tax expense ​ 1,931 ​ 1,696 Income tax expense ​ 2,886 ​ 2,730 ​ 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)/income before income taxes and equity in earnings of an equity investee is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ (in US$ ’ 000) (Loss)/income before income taxes and equity in earnings of an equity investee ​ (4,756) ​ 137,088 Tax calculated at the statutory tax rate of the Company ​ (785) ​ 22,620 Tax effects of: ​ ​ ​ ​ Different tax rates applicable in different jurisdictions ​ 625 ​ (1,423) Tax valuation allowance ​ 6,513 ​ (2,898) Preferential tax rate difference ​ (32) ​ (39) Preferential tax deduction and credits ​ (8,405) ​ (17,735) Expenses not deductible for tax purposes ​ 7,548 ​ 2,829 Utilization of previously unrecognized tax losses ​ (3) ​ (39) Withholding tax on undistributed earnings of PRC entities ​ 1,670 ​ 1,755 Income not subject to tax ​ (2,852) ​ (2,478) Temporary difference ​ (1,615) ​ (127) Others ​ 222 ​ 265 Income tax expense ​ 2,886 ​ 2,730 ​

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share
Earnings Per Share	17. Earnings Per Share (i) Basic earnings per share Basic earnings per share is calculated by dividing the net income 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 earnings per share. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 Weighted average number of outstanding ordinary shares in issue 856,030,704 ​ 846,928,863 Net income attributable to the Company (US$’000) 25,801 ​ 168,551 Basic earnings per share attributable to the Company (US$ per share) 0.03 ​ 0.20 ​ (ii) Diluted earnings per share Diluted earnings per share is calculated by dividing net income 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 options and LTIP awards issued by the Company using the treasury stock method. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 Weighted average number of outstanding ordinary shares in issue 856,030,704 846,928,863 Effect of share options and LTIP awards 16,503,762 20,061,747 Weighted average number of outstanding ordinary shares in issue and dilutive ordinary share equivalents outstanding 872,534,466 866,990,610 Net income attributable to the Company (US$’000) 25,801 168,551 Diluted earnings per share attributable to the Company (US$ per share) 0.03 0.19 ​

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting
Segment Reporting	18 . Segment Reporting The Group’s operating segments are as follows: (i) Oncology/Immunology: focuses on discovering, developing, and commercializing targeted therapies and immunotherapies for the treatment of cancer and immunological diseases. Oncology/Immunology is further segregated into two core business areas: (a) R&D: comprises research and development activities covering drug discovery, development, manufacturing and regulatory functions, out-licensing of in-house developed drugs, as well as administrative activities to support research and development operations; and (b) Marketed Products: comprises the invoiced sales, marketing, manufacture and distribution of drugs developed from research and development activities including out-licensed marketed products. (ii) Other Ventures: comprises other commercial businesses which include the sales, marketing, manufacture and distribution of other prescription drugs and healthcare products. The performance of the reportable segments is assessed based on segment net (loss)/income attributable to the Company. The segment information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2024 ​ ​ Oncology/Immunology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ R&D ​ Marketed Products ​ ​ ​ Ventures ​ ​ ​ ​ ​ ​ ​ US and ​ ​ ​ ​ ​ US and ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Others Subtotal PRC Others Subtotal Subtotal PRC Unallocated Total ​ (in US$ ’ 000) Revenue from external customers ​ 7,063 ​ 33,778 ​ 40,841 ​ 84,962 ​ 42,834 ​ 127,796 ​ 168,637 ​ 137,044 ​ — ​ 305,681 Interest income ​ 417 ​ 1 ​ 418 ​ — ​ — ​ — ​ 418 ​ 116 ​ 20,040 ​ 20,574 Interest expense ​ (914) ​ — ​ (914) ​ — ​ — ​ — ​ (914) ​ (362) ​ (200) ​ (1,476) Equity in earnings of an equity investee, net of tax ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 33,807 ​ — ​ 33,807 Income tax expense ​ (100) ​ (479) ​ (579) ​ (530) ​ — ​ (530) ​ (1,109) ​ (97) ​ (1,680) ​ (2,886) Net (loss)/income attributable to the Company ​ (84,530) ​ 16,693 ​ (67,837) ​ 14,771 ​ 38,424 ​ 53,195 ​ (14,642) ​ 34,149 ​ 6,294 ​ 25,801 Depreciation/ amortization ​ (5,937) ​ (139) ​ (6,076) ​ — ​ — ​ — ​ (6,076) ​ (130) ​ (46) ​ (6,252) Additions to non-current assets (other than financial instruments and deferred tax assets) ​ 3,763 ​ — ​ 3,763 ​ — ​ — ​ — ​ 3,763 ​ 1,929 ​ 1,234 ​ 6,926 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ Oncology/Immunology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ R&D ​ Marketed Products ​ ​ ​ Ventures ​ ​ ​ ​ ​ ​ US and ​ ​ ​ US and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Others Subtotal PRC Others Subtotal Subtotal PRC Unallocated Total ​ (in US$ ’ 000) Total assets ​ 178,012 ​ 30,377 ​ 208,389 ​ 69,807 ​ 38,944 ​ 108,751 ​ 317,140 ​ 193,885 ​ 749,843 ​ 1,260,868 Property, plant and equipment ​ 93,375 ​ 777 ​ 94,152 ​ — ​ — ​ — ​ 94,152 ​ 498 ​ 165 ​ 94,815 Right-of-use assets ​ 2,813 ​ 481 ​ 3,294 ​ — ​ — ​ — ​ 3,294 ​ 1,858 ​ 1,240 ​ 6,392 Leasehold land ​ 10,931 ​ — ​ 10,931 ​ — ​ — ​ — ​ 10,931 ​ — ​ — ​ 10,931 Goodwill ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 3,015 ​ — ​ 3,015 Investment in an equity investee ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 80,519 ​ — ​ 80,519 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ Oncology/Immunology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ R&D ​ Marketed Products ​ ​ ​ Ventures ​ ​ ​ ​ ​ ​ ​ US and ​ ​ ​ ​ ​ US and ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Others Subtotal PRC Others Subtotal Subtotal PRC Unallocated Total ​ (in US$ ’ 000) Revenue from external customers ​ 9,977 ​ 269,057 ​ 279,034 ​ 80,149 ​ — ​ 80,149 ​ 359,183 ​ 173,691 ​ — ​ 532,874 Interest income ​ 438 ​ 1 ​ 439 ​ — ​ — ​ — ​ 439 ​ 238 ​ 15,198 ​ 15,875 Interest expense ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (224) ​ (224) Equity in earnings of an equity investee, net of tax ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 35,110 ​ — ​ 35,110 Income tax expense ​ (86) ​ (7) ​ (93) ​ 107 ​ — ​ 107 ​ 14 ​ (939) ​ (1,805) ​ (2,730) Net (loss)/income attributable to the Company ​ (83,628) ​ 205,010 ​ 121,382 ​ 12,971 ​ — ​ 12,971 ​ 134,353 ​ 37,180 ​ (2,982) ​ 168,551 Depreciation/ amortization ​ (3,263) ​ (250) ​ (3,513) ​ — ​ — ​ — ​ (3,513) ​ (165) ​ (134) ​ (3,812) Additions to non-current assets (other than financial instruments and deferred tax assets) ​ 30,296 ​ 110 ​ 30,406 ​ — ​ — ​ — ​ 30,406 ​ 243 ​ 15 ​ 30,664 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Oncology/Immunology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ R&D ​ Marketed Products ​ ​ ​ Ventures ​ ​ ​ ​ ​ ​ US and ​ ​ ​ US and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Others Subtotal PRC Others Subtotal Subtotal PRC Unallocated Total ​ (in US$ ’ 000) Total assets ​ 177,601 ​ 24,687 ​ 202,288 ​ 61,472 ​ 2,129 ​ 63,601 ​ 265,889 ​ 163,311 ​ 850,573 ​ 1,279,773 Property, plant and equipment ​ 98,034 ​ 918 ​ 98,952 ​ — ​ — ​ — ​ 98,952 ​ 564 ​ 211 ​ 99,727 Right-of-use assets ​ 3,454 ​ 551 ​ 4,005 ​ — ​ — ​ — ​ 4,005 ​ 366 ​ 294 ​ 4,665 Leasehold land ​ 11,261 ​ — ​ 11,261 ​ — ​ — ​ — ​ 11,261 ​ — ​ — ​ 11,261 Goodwill ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 3,064 ​ — ​ 3,064 Other intangible asset ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 21 ​ — ​ 21 Investment in an equity investee ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 48,411 ​ — ​ 48,411 ​ Revenue from external customers is after elimination of inter-segment sales. Sales between segments are carried out at mutually agreed terms. The amounts eliminated attributable to sales between PRC and US and others under R&D in Oncology/Immunology segment were US$10,934,000 and US$17,303,000 for the six months ended June 30, 2024 and 2023 respectively. ​ A summary of customers which accounted for over 10% of the Group’s revenue for the six months ended June 30, 2024 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Customer A 76,612 269,057 Customer B 45,396 (note) ​ Note: Customer did not account for over 10% of the Group’s revenue during the six months ended June 30, 2023. Customer A and B are included in Oncology/Immunology. Unallocated expenses mainly represent corporate expenses which include corporate administrative costs, corporate employee benefit expenses and the relevant share-based compensation expense, net of interest income. Unallocated assets mainly comprise cash and cash equivalents and short-term investments.

Note to Consolidated Statements

Note to Consolidated Statements of Cash Flows	6 Months Ended
	Jun. 30, 2024
Note to Consolidated Statements of Cash Flows
Note to Consolidated Statements of Cash Flows	19 . Note to Consolidated Statements of Cash Flows Reconciliation of net income for the period to net cash (used in)/generated from operating activities: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Net income ​ 26,165 ​ 169,468 Adjustments to reconcile net income to net cash (used in)/generated from operating activities ​ ​ ​ ​ Depreciation and amortization ​ 6,252 ​ 3,812 Share-based compensation expense—share options ​ 1,432 ​ 3,239 Share-based compensation expense—LTIP ​ 9,880 ​ 10,551 Equity in earnings of an equity investee, net of tax ​ (33,807) ​ (35,110) Dividends received from SHPL ​ — ​ 14,615 Other adjustments ​ 709 ​ (798) Changes in operating assets and liabilities ​ ​ ​ ​ Accounts receivable ​ (39,879) ​ (31,348) Other receivables, prepayments and deposits ​ (393) ​ (2,296) Amounts due from related parties ​ 228 ​ — Inventories ​ 3,636 ​ 2,815 Accounts payable ​ 7,071 ​ (16,540) Other payables, accruals and advance receipts ​ (4,410) ​ (34,188) Deferred revenue ​ (16,363) ​ 142,003 Others ​ (353) ​ 180 Total changes in operating assets and liabilities ​ (50,463) ​ 60,626 Net cash (used in)/generated from operating activities ​ (39,832) ​ 226,403 ​

Litigation

Litigation	6 Months Ended
	Jun. 30, 2024
Litigation
Litigation	2 0 . Litigation From 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 financial position, results of operations 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, results of operations or cash flows for the periods in which the unfavorable outcome occurs, and potentially in future periods. On May 17, 2019, Luye Pharma Hong Kong Ltd. (“Luye”) 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 Luye have no basis for termination. As a result, the Group commenced legal proceedings in 2019 in order to seek damages. On October 21, 2021 (and a decision on costs and interest in December 2021), the Group was awarded an amount of RMB253.2 million (equivalent to US$34.7 million) with interest of 5.5% per annum from the date of the award until payment and recovery of costs of approximately US$2.2 million (collectively the “Award”). On June 27, 2022, Luye provided the Group a bank guarantee of up to RMB286.0 million to cover the Award amounts, pending the outcome of an application by Luye to the High Court of Hong Kong to set aside the Award and subsequent appeals. On July 26, 2022, Luye’s application to set aside the Award was dismissed by the High Court with costs awarded in favor of the Group. On October 7, 2022, Luye filed a Notice of Appeal to the Court of Appeal regarding the dismissal and the notice was accepted on November 8, 2022. On June 6, 2023, an appeal hearing filed by Luye was heard by the Court of Appeal and judgment is awaited. The legal proceedings are ongoing and as no Award amounts have been received as at the issuance date of these condensed consolidated financial statements, no Award amounts have been recognized and no adjustment has been made to Seroquel-related balances as at June 30, 2024. Such Seroquel-related balances include accounts receivable, long-term prepayment, accounts payable and other payables of US$1.1 million, US$0.1 million, US$0.9 million and US$1.1 million respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events
Subsequent Events	2 1 . Subsequent Events The Group evaluated subsequent events through July 31, 2024, which is the date when the interim unaudited condensed consolidated financial statements were issued. On July 2, 2024, pursuant to the terms of the strategic partnership agreement entered on January 5, 2021, Inmagene Biopharmaceuticals (“Inmagene”) completed the exercise of options for the exclusive licenses to further develop, manufacture and commercialize two drug candidates worldwide, and the Group received 140,636,592 Inmagene ordinary shares representing approximately 7.5% of shares (fully diluted) in Inmagene.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ The interim unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by US 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. 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 US 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 revenue and expenses during the reporting period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Amendments that have been issued by the Financial Accounting Standards Board or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Group’s condensed consolidated financial statements.

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Short-term Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents and Short-term Investments
Schedule of cash and cash equivalents and short term investments	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ ​ (in US$ ’ 000) Cash and Cash Equivalents ​ ​ ​ ​ Cash at bank and on hand ​ 105,995 ​ 129,968 Bank deposits maturing in three months or less ​ 97,958 ​ 153,621 ​ ​ 203,953 ​ 283,589 Short-term Investments ​ ​ ​ ​ Bank deposits maturing over three months (note) ​ 598,500 ​ 602,747 ​ ​ 802,453 ​ 886,336 ​ Note: The maturities for short-term investments ranged from 91 to 186 days and 91 to 187 days for the six months ended June 30, 2024 and the year ended December 31, 2023 respectively. ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) US$ ​ 744,276 ​ 836,718 RMB ​ 52,782 ​ 45,772 Hong Kong dollar (“HK$”) ​ 4,870 ​ 3,114 £ ​ 446 ​ 713 Others ​ 79 ​ 19 ​ ​ 802,453 ​ 886,336 ​

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Receivable
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ ​ (in US$ ’ 000) Accounts receivable—third parties ​ 156,931 ​ 115,169 Accounts receivable—a related party (Note 15(ii)) ​ 10 ​ 1,896 Allowance for credit losses ​ (25) ​ (171) Accounts receivable, net ​ 156,916 ​ 116,894
Schedule of aging analysis based on the relevant invoice dates	​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Not later than 3 months 138,947 ​ 96,057 Between 3 months to 6 months 12,165 ​ 11,507 Between 6 months to 1 year 4,720 ​ 6,439 Later than 1 year 1,099 ​ 1,166 Accounts receivable—third parties 156,931 ​ 115,169
Schedule of movements on the allowance for credit losses	​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ (in US$ ’ 000) As at January 1 ​ 171 ​ 60 Increase in allowance for credit losses ​ 25 ​ 150 Decrease in allowance due to subsequent collection ​ (168) ​ (17) Exchange difference ​ (3) ​ (4) As at June 30 ​ 25 ​ 189 ​

Other Receivables, Prepayment_2

Other Receivables, Prepayments and Deposits (Tables)	6 Months Ended
	Jun. 30, 2024
Other Receivables, Prepayments and Deposits
Schedule of other receivables, prepayments and deposits	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ ​ (in US$ ’ 000) Prepayments ​ 7,082 ​ 7,108 Interest receivables 2,842 ​ 2,936 Deposits ​ 1,057 ​ 1,065 Value-added tax receivables ​ 363 ​ 2,166 Others 3,370 ​ 1,614 ​ 14,714 ​ 14,889

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventories
Schedule of inventories, net of provision for excess and obsolete inventories	​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Raw materials ​ 24,794 ​ 26,784 Finished goods ​ 21,647 ​ 23,474 ​ ​ 46,441 ​ 50,258 ​

Investment in an Equity Inves_2

Investment in an Equity Investee (Tables)	6 Months Ended
	Jun. 30, 2024
Investment in an Equity Investee
Summary of an equity investee	​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Shanghai Hutchison Pharmaceuticals Limited (“SHPL”) ​ 80,519 ​ 48,411 ​
Summary of balance sheets for SHPL	​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Current assets ​ 237,504 ​ 201,025 Non-current assets ​ 69,310 ​ 73,939 Current liabilities ​ (146,504) ​ (179,649) Non-current liabilities ​ (4,026) ​ (3,687) Net assets ​ 156,284 ​ 91,628
Summary of statements of operations for SHPL	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Revenue 225,208 ​ 235,271 Gross profit 166,758 ​ 175,750 Interest income 338 ​ 438 Finance cost (note (a)) — ​ (1,022) Profit before taxation ​ 80,213 ​ 84,064 Income tax expense (note (b)) ​ (12,294) ​ (13,840) Net income (note (c)) 67,919 ​ 70,224 ​ Notes: (a) Finance cost was from the accretion of the discount recorded on the dividends payable. (b) The main entity within the SHPL group has been granted the High and New Technology Enterprise status (the latest renewal of this status covers the years from 2023 to 2025). Accordingly, the entity was eligible to use a preferential income tax rate of 15% for the six months ended June 30, 2024 and 2023. (c) Net income is before elimination of unrealized profits on transactions with the Group. The amounts eliminated were approximately US$152,000 and US$2,000 for the six months ended June 30, 2024 and 2023 respectively.
Summary of reconciliation of the financial information presented to the carrying amount of investment in SHPL	​ ​ ​ ​ ​ ​ ​ 2024 2023 ​ (in US$ ’ 000) Opening net assets as at January 1 ​ 91,628 ​ 141,433 Net income ​ 67,919 ​ 70,224 Dividends declared ​ — ​ (146,974) Deemed distribution ​ (690) ​ — Discount on dividends payable ​ — ​ 3,654 Other comprehensive (loss)/income ​ (2,573) ​ 1,785 Closing net assets as at June 30 ​ 156,284 ​ 70,122 Group’s share of net assets ​ 78,142 ​ 35,061 Goodwill ​ 2,744 ​ 2,795 Elimination of unrealized profits on downstream sales ​ (367) ​ (116) Carrying amount of investment as at June 30 ​ 80,519 ​ 37,740
Summary of SHPL capital commitments	​ ​ ​ ​ ​ June 30, ​ 2024 ​ (in US$ ’ 000) Property, plant and equipment ​ ​ Contracted but not provided for ​ 1,361 ​

Accounts Payable (Tables)

Accounts Payable (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Payable
Schedule of accounts payable	​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Accounts payable 43,398 ​ 36,327 ​
Schedule of aging analysis based on the relevant invoice dates	​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Not later than 3 months 37,817 ​ 33,233 Between 3 months to 6 months 3,446 ​ 1,058 Between 6 months to 1 year 1,018 ​ 941 Later than 1 year 1,117 ​ 1,095 ​ ​ 43,398 ​ 36,327 ​

Other Payables, Accruals and _2

Other Payables, Accruals and Advance Receipts (Tables)	6 Months Ended
	Jun. 30, 2024
Other Payables, Accruals and Advance Receipts
Schedule of other payables, accruals and advance receipts	​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Accrued research and development expenses ​ 142,667 ​ 153,737 Accrued salaries and benefits ​ 26,249 ​ 45,048 Accrued selling and marketing expenses ​ 17,930 ​ 16,340 Accrued capital expenditures ​ 16,368 ​ 23,659 Accrued administrative and other general expenses ​ 15,737 ​ 15,777 Advances for inventory purchases ​ 6,076 ​ 1,896 Value-added tax payables ​ 3,146 ​ 121 Amounts due to related parties (Note 15(ii)) ​ 2,150 ​ 2,162 Deposits ​ 1,633 ​ 1,564 Deferred government grants ​ 635 ​ 740 Others ​ 16,627 ​ 10,355 ​ ​ 249,218 ​ 271,399 ​

Bank Borrowings (Tables)

Bank Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Bank Borrowings
Schedule of bank borrowings	​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Current ​ 26,468 ​ 31,155 Non-current ​ 55,632 ​ 48,189 ​ ​ 82,100 ​ 79,344 ​
Schedule of maturities of bank borrowings	​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Not later than 1 year ​ 26,468 ​ 31,155 Between 1 to 3 years ​ 5,159 ​ 3,192 Between 3 to 4 years ​ 3,685 ​ 2,872 Between 4 to 5 years ​ 11,054 ​ 6,384 Later than 5 years ​ 35,734 ​ 35,741 ​ ​ 82,100 ​ 79,344 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies
Schedule of capital commitments	​ ​ ​ ​ ​ June 30, ​ 2024 ​ (in US$ ’ 000) Property, plant and equipment ​ ​ Contracted but not provided for ​ 1,613

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share Option Scheme
Share-based Compensation
Schedule of share option activity and related information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ Number of ​ Weighted average ​ remaining ​ Aggregate ​ ​ share ​ exercise price in ​ contractual life ​ intrinsic value ​ options US$ per share (years) (in US$ ’ 000) Outstanding at January 1, 2023 ​ 39,521,395 ​ 4.34 ​ 6.55 ​ 11,525 Granted ​ 1,221,900 ​ 2.50 ​ ​ ​ ​ Exercised ​ (6,480,930) ​ 2.30 ​ ​ ​ ​ Cancelled ​ (2,832,340) ​ 4.61 ​ ​ ​ ​ Expired ​ (1,893,370) ​ 5.55 ​ ​ ​ ​ Outstanding at December 31, 2023 ​ 29,536,655 ​ 4.57 ​ 6.67 ​ 9,924 Granted (note) ​ 1,359,561 ​ 3.63 ​ ​ ​ ​ Exercised ​ (103,450) ​ 2.20 ​ ​ ​ ​ Cancelled ​ (661,800) ​ 4.63 ​ ​ ​ ​ Expired ​ (826,925) ​ 5.41 ​ ​ ​ ​ Outstanding at June 30, 2024 ​ 29,304,041 ​ 4.50 ​ 6.30 ​ 7,910 Vested and exercisable at December 31, 2023 ​ 18,198,170 ​ 5.10 ​ 5.91 ​ 1,753 Vested and exercisable at June 30, 2024 ​ 21,511,195 ​ 4.93 ​ 5.61 ​ 2,728 ​ Note: This was granted to an executive director in March 2024 where the number of share options exercisable is subject to certain performance targets based on a market condition covering the 3-year period from 2023 to 2025 which has been reflected in estimating the grant date fair value. The grant date fair value of such award is US$1.29 per share using the Monte Carlo simulation model. Vesting of such award will occur in March 2026 if the performance targets are met. ​
Schedule of assumptions used in estimating the fair value of share options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Year Ended ​ June 30, 2024 December 31, 2023 ​ Weighted average grant date fair value of share options (in US$ per share) 1.29 ​ 1.14 ​ Significant inputs into the valuation model (weighted average): ​ ​ ​ ​ Exercise price (in US$ per share) 3.63 ​ 2.50 ​ Share price at effective date of grant (in US$ per share) 3.63 ​ 2.50 ​ Expected volatility (note (a)) 54.3 % 53.3 % Risk-free interest rate (note (b)) 4.15 % 3.69 % Contractual life of share options (in years) 10 ​ 10 ​ Expected dividend yield (note (c)) 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 reference the US Treasury yield curves. (c) The Company has not declared or paid any dividends and does not currently expect to do so prior to the exercise of the granted share options, and therefore uses an expected dividend yield of zero in the valuation models.
Schedule of share option exercises	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Cash received from share option exercises ​ 228 ​ 1,058 Total intrinsic value of share option exercises ​ 161 ​ 1,898
Schedule of share-based compensation expenses	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ (in US$ ’ 000) Research and development expenses ​ 801 ​ 1,664 Selling and administrative expenses ​ 597 ​ 1,522 Cost of revenue ​ 34 ​ 53 ​ ​ 1,432 ​ 3,239 ​
LTIP
Share-based Compensation
Schedule of granted awards	​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum cash ​ ​ ​ ​ amount ​ Covered ​ Performance target Grant date ​ (in US$ millions) ​ financial years ​ determination date June 5, 2023 ​ 54.9 ​ 2023 ​ note (a) March 13, 2024 ​ 0.7 ​ note (b) ​ note (b) ​ 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 two (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. ​
Schedule of treasury shares (in ordinary shares equivalent) held by the Trustee	​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Cost ​ treasury shares (in US$ ’ 000) As at January 1, 2023 ​ 19,601,375 ​ 76,064 Purchased ​ 2,725,515 ​ 9,071 Vested ​ (4,714,205) ​ (18,148) As at December 31, 2023 ​ 17,612,685 ​ 66,987 Purchased ​ 10,259,133 ​ 36,064 Vested ​ (10,952,145) ​ (41,371) As at June 30, 2024 ​ 16,919,673 ​ 61,680
Schedule of share-based compensation expenses	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Research and development expenses 6,398 ​ 5,700 Selling and administrative expenses 3,203 ​ 4,614 Cost of revenue ​ 279 ​ 237 ​ ​ 9,880 ​ 10,551 Recorded with a corresponding credit to: ​ ​ ​ ​ Liability ​ 2,844 ​ 1,303 Additional paid-in capital ​ 7,036 ​ 9,248 ​ 9,880 ​ 10,551 ​

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2024 ​ Oncology/ ​ ​ ​ ​ Immunology ​ Other Ventures ​ Total ​ ​ (in US$ ’ 000) Invoiced Goods—Marketed Products 64,667 ​ — ​ 64,667 —Distribution — ​ 137,044 ​ 137,044 Services—Commercialization of Marketed Products 28,222 ​ — ​ 28,222 — Research and Development ​ 236 ​ — ​ 236 License & Collaborations—Services ​ 35,740 ​ — ​ 35,740 — Royalties ​ 34,907 ​ — ​ 34,907 — Manufacturing supply ​ 4,865 ​ — ​ 4,865 ​ 168,637 ​ 137,044 ​ 305,681 ​ ​ ​ ​ ​ ​ Third parties 168,401 ​ 135,042 ​ 303,443 Related parties (Note 15(i)) 236 ​ 2,002 ​ 2,238 ​ ​ 168,637 ​ 137,044 ​ 305,681 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ ​ Oncology/ ​ ​ ​ Immunology ​ Other Ventures ​ Total ​ ​ (in US$ ’ 000) Invoiced Goods—Marketed Products 39,808 ​ — ​ 39,808 —Distribution ​ — ​ 173,691 ​ 173,691 Services—Commercialization of Marketed Products 25,359 ​ — ​ 25,359 — Research and Development ​ 246 ​ — ​ 246 License & Collaborations—Services 28,718 ​ — ​ 28,718 — Royalties ​ 14,982 ​ — ​ 14,982 — Licensing ​ 250,070 ​ — ​ 250,070 ​ ​ 359,183 ​ 173,691 ​ 532,874 ​ ​ ​ ​ ​ ​ ​ Third parties 358,937 ​ 169,439 ​ 528,376 Related parties (Note 15(i)) 246 ​ 4,252 ​ 4,498 ​ ​ 359,183 ​ 173,691 ​ 532,874
Schedule of liability balances from contracts with customers	​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Deferred revenue Current—Oncology/Immunology segment (note (a)) 48,100 ​ 57,566 Current—Other Ventures segment (note (b)) 52 ​ 73 ​ 48,152 ​ 57,639 Non-current—Oncology/Immunology segment (note (a)) 60,625 ​ 69,480 Total deferred revenue (note (c) and (d)) 108,777 ​ 127,119 ​ Notes: (a) Oncology/Immunology segment deferred revenue relates to unamortized upfront and milestone payments, invoiced amounts for royalties where the customer has not yet completed the in-market sale and other advance consideration received. (b) Other Ventures segment deferred revenue relates to payments in advance from customers for goods that have not been transferred and services that have not been rendered to the customer as at the reporting date. (c) Estimated deferred revenue to be recognized over time as from the date indicated is as follows: ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Not later than 1 year 48,152 ​ 57,639 Between 1 to 2 years 33,502 ​ 32,797 Between 2 to 3 years 21,418 ​ 30,918 Between 3 to 4 years 1,169 ​ 844 Later than 4 years 4,536 ​ 4,921 ​ 108,777 ​ 127,119 ​ (d) As at January 1, 2024, deferred revenue was US$127.1 million, of which US$26.3 million was recognized during the six months ended June 30, 2024.
License and collaboration agreement with Takeda Pharmaceuticals
Schedule of summarized upfront and cumulative milestone payments	​ ​ ​ ​ ​ (in US$ ’ 000) Upfront payment 400,000 Regulatory approval milestone payment achieved 35,000
Schedule of revenue recognized under the agreement	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Manufacturing supply—Invoiced Marketed Products sales 24,806 ​ — ​ 4,865 ​ — Services—Research and Development ​ 14,389 ​ 10,372 ​ 14,524 ​ 8,615 Royalties—Marketed Products ​ 18,028 ​ — Licensing—Allocated from upfront and milestone payments ​ — ​ 250,070 ​ 76,612 ​ 269,057 ​

Research and Development Expe_2

Research and Development Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Research and Development Expenses
Summary of research and development expenses	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ (in US$ ’ 000) Clinical trial related costs ​ 55,728 ​ 94,909 Personnel compensation and related costs ​ 36,858 ​ 45,410 Other research and development expenses ​ 2,670 ​ 4,314 ​ ​ 95,256 ​ 144,633

Significant Transactions with_2

Significant Transactions with Related Parties and Non-Controlling Shareholders of Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2024
Significant Transactions with Related Parties and Non-Controlling Shareholders of Subsidiaries
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ (in US$ ’ 000) Sales to: ​ ​ ​ ​ Indirect subsidiaries of CK Hutchison Holdings Limited (“CK Hutchison”) ​ 4 ​ 1,008 An equity investee ​ 1,998 ​ 3,244 ​ ​ 2,002 ​ 4,252 Revenue from research and development services from: ​ ​ ​ ​ An equity investee ​ 236 ​ 246 Purchase from: ​ ​ ​ ​ An equity investee ​ 1,452 ​ 1,911 Rendering of marketing services from: ​ ​ ​ ​ Indirect subsidiaries of CK Hutchison ​ — ​ 59 Rendering of management services from: ​ ​ ​ ​ An indirect subsidiary of CK Hutchison ​ 535 ​ 498
Schedule of balances with related parties	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2024 2023 ​ (in US$ ’ 000) Accounts receivable—a related party ​ ​ ​ ​ An equity investee (note (a)) ​ 10 ​ 1,896 Amounts due from related parties ​ ​ ​ ​ An indirect subsidiary of CK Hutchison (note (a)) ​ — ​ 228 An equity investee (note (a) and (b)) ​ 27,736 ​ 28,234 ​ ​ 27,736 ​ 28,462 ​ ​ ​ ​ ​ Other payables, accruals and advance receipts ​ ​ ​ ​ Indirect subsidiaries of CK Hutchison (note (c) and (e)) ​ 1,870 ​ 2,017 An equity investee (note (a) and (d)) ​ 280 ​ 145 ​ ​ 2,150 ​ 2,162 Other non-current liabilities ​ ​ ​ ​ An equity investee (note (d)) ​ 179 ​ 450 An indirect subsidiary of CK Hutchison (note (e)) ​ 7,820 ​ 7,619 ​ ​ 7,999 ​ 8,069 ​ 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. No allowance for credit losses has been made for amounts due from related parties for the six months ended June 30, 2024 and the year ended December 31, 2023. (b) As at June 30, 2024 and December 31, 2023, dividends receivable of US$26,632,000 and US$27,130,000 was included in amounts due from related parties. (c) Amounts due to indirect subsidiaries of CK Hutchison are unsecured, repayable on demand and interest-bearing if not settled within one month. (d) Includes other deferred income representing amounts recognized from granting of commercial, promotion and marketing rights. (e) As at June 30, 2024 and December 31, 2023, a branding liability payable of US$1,538,000 was included in amounts due to related parties under other payables, accruals and advance receipts. As at June 30, 2024 and December 31, 2023, US$7,820,000 and US$7,619,000 of the branding liability payable was included in other non-current liabilities.
Schedule of transactions with non-controlling shareholders of subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Sales 29,395 ​ 35,933 Purchases 127 ​ 3,199 Dividends declared 1,000 ​ 9,068 Distribution service ​ 108 ​ —
Schedule of balances with non-controlling shareholders of subsidiaries	​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 ​ ​ (in US$ ’ 000) Accounts receivable 8,750 ​ 7,824 Accounts payable 92 ​ 27 Other payables, accruals and advance receipts 324 ​ 309 ​

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Taxes
Schedule of components of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Current tax ​ ​ ​ ​ HK ​ 1 ​ 6 PRC ​ 868 ​ 976 US and others ​ 86 ​ 52 Total current tax ​ 955 ​ 1,034 Deferred income tax expense ​ 1,931 ​ 1,696 Income tax expense ​ 2,886 ​ 2,730
Schedule of reconciliation of the Group's reported income tax expense to the theoretical tax amount	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ (in US$ ’ 000) (Loss)/income before income taxes and equity in earnings of an equity investee ​ (4,756) ​ 137,088 Tax calculated at the statutory tax rate of the Company ​ (785) ​ 22,620 Tax effects of: ​ ​ ​ ​ Different tax rates applicable in different jurisdictions ​ 625 ​ (1,423) Tax valuation allowance ​ 6,513 ​ (2,898) Preferential tax rate difference ​ (32) ​ (39) Preferential tax deduction and credits ​ (8,405) ​ (17,735) Expenses not deductible for tax purposes ​ 7,548 ​ 2,829 Utilization of previously unrecognized tax losses ​ (3) ​ (39) Withholding tax on undistributed earnings of PRC entities ​ 1,670 ​ 1,755 Income not subject to tax ​ (2,852) ​ (2,478) Temporary difference ​ (1,615) ​ (127) Others ​ 222 ​ 265 Income tax expense ​ 2,886 ​ 2,730 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share
Schedule of basic earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 Weighted average number of outstanding ordinary shares in issue 856,030,704 ​ 846,928,863 Net income attributable to the Company (US$’000) 25,801 ​ 168,551 Basic earnings per share attributable to the Company (US$ per share) 0.03 ​ 0.20 ​
Schedule of diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 Weighted average number of outstanding ordinary shares in issue 856,030,704 846,928,863 Effect of share options and LTIP awards 16,503,762 20,061,747 Weighted average number of outstanding ordinary shares in issue and dilutive ordinary share equivalents outstanding 872,534,466 866,990,610 Net income attributable to the Company (US$’000) 25,801 168,551 Diluted earnings per share attributable to the Company (US$ per share) 0.03 0.19 ​

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting
Schedule of segment information for the reportable segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2024 ​ ​ Oncology/Immunology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ R&D ​ Marketed Products ​ ​ ​ Ventures ​ ​ ​ ​ ​ ​ ​ US and ​ ​ ​ ​ ​ US and ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Others Subtotal PRC Others Subtotal Subtotal PRC Unallocated Total ​ (in US$ ’ 000) Revenue from external customers ​ 7,063 ​ 33,778 ​ 40,841 ​ 84,962 ​ 42,834 ​ 127,796 ​ 168,637 ​ 137,044 ​ — ​ 305,681 Interest income ​ 417 ​ 1 ​ 418 ​ — ​ — ​ — ​ 418 ​ 116 ​ 20,040 ​ 20,574 Interest expense ​ (914) ​ — ​ (914) ​ — ​ — ​ — ​ (914) ​ (362) ​ (200) ​ (1,476) Equity in earnings of an equity investee, net of tax ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 33,807 ​ — ​ 33,807 Income tax expense ​ (100) ​ (479) ​ (579) ​ (530) ​ — ​ (530) ​ (1,109) ​ (97) ​ (1,680) ​ (2,886) Net (loss)/income attributable to the Company ​ (84,530) ​ 16,693 ​ (67,837) ​ 14,771 ​ 38,424 ​ 53,195 ​ (14,642) ​ 34,149 ​ 6,294 ​ 25,801 Depreciation/ amortization ​ (5,937) ​ (139) ​ (6,076) ​ — ​ — ​ — ​ (6,076) ​ (130) ​ (46) ​ (6,252) Additions to non-current assets (other than financial instruments and deferred tax assets) ​ 3,763 ​ — ​ 3,763 ​ — ​ — ​ — ​ 3,763 ​ 1,929 ​ 1,234 ​ 6,926 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ Oncology/Immunology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ R&D ​ Marketed Products ​ ​ ​ Ventures ​ ​ ​ ​ ​ ​ US and ​ ​ ​ US and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Others Subtotal PRC Others Subtotal Subtotal PRC Unallocated Total ​ (in US$ ’ 000) Total assets ​ 178,012 ​ 30,377 ​ 208,389 ​ 69,807 ​ 38,944 ​ 108,751 ​ 317,140 ​ 193,885 ​ 749,843 ​ 1,260,868 Property, plant and equipment ​ 93,375 ​ 777 ​ 94,152 ​ — ​ — ​ — ​ 94,152 ​ 498 ​ 165 ​ 94,815 Right-of-use assets ​ 2,813 ​ 481 ​ 3,294 ​ — ​ — ​ — ​ 3,294 ​ 1,858 ​ 1,240 ​ 6,392 Leasehold land ​ 10,931 ​ — ​ 10,931 ​ — ​ — ​ — ​ 10,931 ​ — ​ — ​ 10,931 Goodwill ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 3,015 ​ — ​ 3,015 Investment in an equity investee ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 80,519 ​ — ​ 80,519 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ Oncology/Immunology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ R&D ​ Marketed Products ​ ​ ​ Ventures ​ ​ ​ ​ ​ ​ ​ US and ​ ​ ​ ​ ​ US and ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Others Subtotal PRC Others Subtotal Subtotal PRC Unallocated Total ​ (in US$ ’ 000) Revenue from external customers ​ 9,977 ​ 269,057 ​ 279,034 ​ 80,149 ​ — ​ 80,149 ​ 359,183 ​ 173,691 ​ — ​ 532,874 Interest income ​ 438 ​ 1 ​ 439 ​ — ​ — ​ — ​ 439 ​ 238 ​ 15,198 ​ 15,875 Interest expense ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (224) ​ (224) Equity in earnings of an equity investee, net of tax ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 35,110 ​ — ​ 35,110 Income tax expense ​ (86) ​ (7) ​ (93) ​ 107 ​ — ​ 107 ​ 14 ​ (939) ​ (1,805) ​ (2,730) Net (loss)/income attributable to the Company ​ (83,628) ​ 205,010 ​ 121,382 ​ 12,971 ​ — ​ 12,971 ​ 134,353 ​ 37,180 ​ (2,982) ​ 168,551 Depreciation/ amortization ​ (3,263) ​ (250) ​ (3,513) ​ — ​ — ​ — ​ (3,513) ​ (165) ​ (134) ​ (3,812) Additions to non-current assets (other than financial instruments and deferred tax assets) ​ 30,296 ​ 110 ​ 30,406 ​ — ​ — ​ — ​ 30,406 ​ 243 ​ 15 ​ 30,664 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Oncology/Immunology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ R&D ​ Marketed Products ​ ​ ​ Ventures ​ ​ ​ ​ ​ ​ US and ​ ​ ​ US and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PRC Others Subtotal PRC Others Subtotal Subtotal PRC Unallocated Total ​ (in US$ ’ 000) Total assets ​ 177,601 ​ 24,687 ​ 202,288 ​ 61,472 ​ 2,129 ​ 63,601 ​ 265,889 ​ 163,311 ​ 850,573 ​ 1,279,773 Property, plant and equipment ​ 98,034 ​ 918 ​ 98,952 ​ — ​ — ​ — ​ 98,952 ​ 564 ​ 211 ​ 99,727 Right-of-use assets ​ 3,454 ​ 551 ​ 4,005 ​ — ​ — ​ — ​ 4,005 ​ 366 ​ 294 ​ 4,665 Leasehold land ​ 11,261 ​ — ​ 11,261 ​ — ​ — ​ — ​ 11,261 ​ — ​ — ​ 11,261 Goodwill ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 3,064 ​ — ​ 3,064 Other intangible asset ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 21 ​ — ​ 21 Investment in an equity investee ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 48,411 ​ — ​ 48,411 ​
Summary of customers which accounted for over 10% of the Group's revenue	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Customer A 76,612 269,057 Customer B 45,396 (note) ​ Note: Customer did not account for over 10% of the Group’s revenue during the six months ended June 30, 2023.

Note to Consolidated Statemen_2

Note to Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2024
Note to Consolidated Statements of Cash Flows
Schedule of reconciliation of net income for the period to net cash (used in)/generated from operating activities	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ (in US$ ’ 000) Net income ​ 26,165 ​ 169,468 Adjustments to reconcile net income to net cash (used in)/generated from operating activities ​ ​ ​ ​ Depreciation and amortization ​ 6,252 ​ 3,812 Share-based compensation expense—share options ​ 1,432 ​ 3,239 Share-based compensation expense—LTIP ​ 9,880 ​ 10,551 Equity in earnings of an equity investee, net of tax ​ (33,807) ​ (35,110) Dividends received from SHPL ​ — ​ 14,615 Other adjustments ​ 709 ​ (798) Changes in operating assets and liabilities ​ ​ ​ ​ Accounts receivable ​ (39,879) ​ (31,348) Other receivables, prepayments and deposits ​ (393) ​ (2,296) Amounts due from related parties ​ 228 ​ — Inventories ​ 3,636 ​ 2,815 Accounts payable ​ 7,071 ​ (16,540) Other payables, accruals and advance receipts ​ (4,410) ​ (34,188) Deferred revenue ​ (16,363) ​ 142,003 Others ​ (353) ​ 180 Total changes in operating assets and liabilities ​ (50,463) ​ 60,626 Net cash (used in)/generated from operating activities ​ (39,832) ​ 226,403 ​

Organization and Nature of Bu_2

Organization and Nature of Business (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Organization and Nature of Business
Accumulated losses	$ (845,068,000)	$ (870,869,000)
Cash and cash equivalents	203,953,000	283,589,000
Short-term investments	598,500,000	602,747,000
Unutilized bank borrowing facilities	$ 62,608,000	$ 68,069,000

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Short-term Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents and Short-term Investments
Cash at bank and on hand	$ 105,995,000	$ 129,968,000
Bank deposits maturing in three months or less	97,958,000	153,621,000
Cash and cash equivalents	203,953,000	283,589,000
Bank deposits maturing over three months	598,500,000	602,747,000
Cash and cash equivalents and short-term investments	$ 802,453,000	$ 886,336,000
Minimum
Cash and Cash Equivalents and Short-term Investments
Maturities for short-term investments (in days)	91 days	91 days
Maximum
Cash and Cash Equivalents and Short-term Investments
Maturities for short-term investments (in days)	186 days	187 days

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Short-term Investments - Denominated in different currencies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents and Short-term Investments
Cash and cash equivalents and short-term investments	$ 802,453	$ 886,336
US$
Cash and Cash Equivalents and Short-term Investments
Cash and cash equivalents and short-term investments	744,276	836,718
RMB
Cash and Cash Equivalents and Short-term Investments
Cash and cash equivalents and short-term investments	52,782	45,772
Hong Kong dollar ("HK$")
Cash and Cash Equivalents and Short-term Investments
Cash and cash equivalents and short-term investments	4,870	3,114
£
Cash and Cash Equivalents and Short-term Investments
Cash and cash equivalents and short-term investments	446	713
Others
Cash and Cash Equivalents and Short-term Investments
Cash and cash equivalents and short-term investments	$ 79	$ 19

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable
Allowance for credit losses	$ (25)	$ (171)
Accounts receivable, net	156,916	116,894
Third parties
Accounts Receivable
Accounts receivable	156,931	115,169
A related party
Accounts Receivable
Accounts receivable	$ 10	$ 1,896

Accounts Receivable- Aging anal

Accounts Receivable- Aging analysis based on the relevant invoice dates (Details) - Third parties - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable
Accounts receivable	$ 156,931	$ 115,169
Not later than 3 months
Accounts Receivable
Accounts receivable	138,947	96,057
Between 3 months to 6 months
Accounts Receivable
Accounts receivable	12,165	11,507
Between 6 months to 1 year
Accounts Receivable
Accounts receivable	4,720	6,439
Later than 1 year
Accounts Receivable
Accounts receivable	$ 1,099	$ 1,166

Accounts Receivable- Movements

Accounts Receivable- Movements on the allowance for credit losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Allowance for Doubtful Accounts Receivable
As at January 1	$ 171	$ 60
Increase in allowance for credit losses	25	150
Decrease in allowance due to subsequent collection	(168)	(17)
Exchange difference	(3)	(4)
As at June 30	$ 25	$ 189

Other Receivables, Prepayment_3

Other Receivables, Prepayments and Deposits (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Other Receivables, Prepayments and Deposits
Prepayments	$ 7,082	$ 7,108
Interest receivables	2,842	2,936
Deposits	1,057	1,065
Value-added tax receivables	363	2,166
Others	3,370	1,614
Total	14,714	14,889
Allowance for credit losses of other receivables, prepayments and deposits	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventories
Raw materials	$ 24,794	$ 26,784
Finished goods	21,647	23,474
Total	$ 46,441	$ 50,258

Investment in an Equity Inves_3

Investment in an Equity Investee (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Investments in an Equity Investee
Investment in an equity investee	$ 80,519	$ 48,411
Shanghai Hutchison Pharmaceuticals Limited ("SHPL")
Investments in an Equity Investee
Investment in an equity investee	$ 80,519	$ 48,411	$ 37,740

Investment in an Equity Inves_4

Investment in an Equity Investee - Summarized balance sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Summarized balance sheets
Current assets	$ 1,048,260	$ 1,096,839
Current liabilities	(373,288)	(403,027)
Net assets	752,018	743,387	$ 800,017	$ 636,870
SHPL
Summarized balance sheets
Current assets	237,504	201,025
Non-current assets	69,310	73,939
Current liabilities	(146,504)	(179,649)
Non-current liabilities	(4,026)	(3,687)
Net assets	$ 156,284	$ 91,628

Investment in an Equity Inves_5

Investment in an Equity Investee - Summarized statements of operations (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Summarized Statements of Operations
Total revenue	$ 305,681,000	$ 532,874,000
Interest income	20,574,000	15,875,000
Profit before taxation	(4,756,000)	137,088,000
Income tax expense (note (b))	(2,886,000)	(2,730,000)
Net income (note (c))	26,165,000	169,468,000
SHPL
Summarized Statements of Operations
Total revenue	225,208,000	235,271,000
Gross profit	166,758,000	175,750,000
Interest income	338,000	438,000
Finance cost (note (a))		(1,022,000)
Profit before taxation	80,213,000	84,064,000
Income tax expense (note (b))	(12,294,000)	(13,840,000)
Net income (note (c))	$ 67,919,000	$ 70,224,000
Preferential income tax rate (as a percent)	15%	15%
Unrealized profits eliminated	$ 152,000	$ 2,000

Investment in an Equity Inves_6

Investment in an Equity Investee - Reconciliation of summarized financial information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Reconciliation of the summarized financial information presented to the carrying amount of investments in an equity investee
Net income	$ 25,801	$ 168,551
Carrying amount of investment	80,519		$ 48,411
SHPL
Reconciliation of the summarized financial information presented to the carrying amount of investments in an equity investee
Opening net assets	91,628	141,433
Net income	67,919	70,224
Dividends declared		(146,974)
Deemed distribution	(690)
Discount on dividends payable		3,654
Other comprehensive (loss)/income	(2,573)	1,785
Closing net assets	156,284	70,122
Group's share of net assets	78,142	35,061
Goodwill	2,744	2,795
Elimination of unrealized profits on downstream sales	(367)	(116)
Carrying amount of investment	$ 80,519	$ 37,740	$ 48,411

Investment in an Equity Inves_7

Investment in an Equity Investee - Capital Commitments (Details) - Capital commitments $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Capital commitments
Property, plant and equipment - Contracted but not provided for	$ 1,613
SHPL
Capital commitments
Property, plant and equipment - Contracted but not provided for	$ 1,361

Accounts Payable (Details)

Accounts Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable
Accounts payable	$ 43,398	$ 36,327

Accounts Payable - An aging ana

Accounts Payable - An aging analysis based on the relevant invoice dates (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable
Accounts payable	$ 43,398	$ 36,327
Not later than 3 months
Accounts Payable
Accounts payable	37,817	33,233
Between 3 months to 6 months
Accounts Payable
Accounts payable	3,446	1,058
Between 6 months to 1 year
Accounts Payable
Accounts payable	1,018	941
Later than 1 year
Accounts Payable
Accounts payable	$ 1,117	$ 1,095

Other Payables, Accruals and _3

Other Payables, Accruals and Advance Receipts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Payables, Accruals and Advance Receipts
Accrued research and development expenses	$ 142,667	$ 153,737
Accrued salaries and benefits	26,249	45,048
Accrued selling and marketing expenses	17,930	16,340
Accrued capital expenditures	16,368	23,659
Accrued administrative and other general expenses	15,737	15,777
Advances for inventory purchases	6,076	1,896
Value-added tax payables	3,146	121
Deposits	1,633	1,564
Deferred government grants	635	740
Others	16,627	10,355
Total other payables, accruals and advance receipts	249,218	271,399
Related parties
Other Payables, Accruals and Advance Receipts
Total other payables, accruals and advance receipts	$ 2,150	$ 2,162

Bank Borrowings - Schedule of B

Bank Borrowings - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Bank Borrowings
Current	$ 26,468	$ 31,155
Non-current	55,632	48,189
Total	$ 82,100	$ 79,344
Weighted average interest rate for outstanding bank borrowings (as a percent)	3.09%	3.41%

Bank Borrowings - Loan Faciliti

Bank Borrowings - Loan Facilities (Details)	1 Months Ended		6 Months Ended	12 Months Ended
	Nov. 30, 2023 CNY (¥)	Oct. 31, 2021 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Oct. 31, 2021 USD ($)
Short-term working capital loan facility
Bank Borrowings
Aggregate amount of credit facilities	¥ 300,000,000								$ 41,154,000
Amount drawn/utilized from the credit facility					¥ 192,941,000	$ 26,468,000	¥ 222,941,000	$ 31,155,000
Short-term working capital loan facility | 1-year China Loan Prime Rate
Bank Borrowings
Basis spread on variable rate (as a percent)	(0.95%)
10-year fixed asset loan facility
Bank Borrowings
Aggregate amount of credit facilities		¥ 754,880,000								$ 103,554,000
Term (in years)		10 years
Amount drawn/utilized from the credit facility					¥ 405,542,000	$ 55,632,000	¥ 344,840,000	$ 48,189,000
Capitalized interest			$ 0	$ 1,047,000
10-year fixed asset loan facility | 5-year China LPR
Bank Borrowings
Basis spread on variable rate (as a percent)		(0.80%)

Bank Borrowings - Schedule of M

Bank Borrowings - Schedule of Maturities of Bank Borrowings (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Bank Borrowings
Not later than 1 year	$ 26,468,000	$ 31,155,000
Between 1 to 3 years	5,159,000	3,192,000
Between 3 to 4 years	3,685,000	2,872,000
Between 4 to 5 years	11,054,000	6,384,000
Later than 5 years	35,734,000	35,741,000
Total	82,100,000	79,344,000
Unutilized bank borrowing facilities	$ 62,608,000	$ 68,069,000

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Capital commitments
Capital commitments
Property, plant and equipment - Contracted but not provided for	$ 1,613

Share-based Compensation - Shar

Share-based Compensation - Share Option Scheme (Details) - Share Option Scheme	6 Months Ended
	Jun. 30, 2024 shares
Share-based Compensation
Aggregate number of shares issuable	41,977,648
Number of shares authorized but unissued	628,640,280
Maximum
Share-based Compensation
Expiry period	10 years
Four-year awards
Share-based Compensation
Vesting period	4 years
Vesting percentage upon first anniversary	25%
Annual vesting percentage after the first anniversary	25%

Share-based Compensation - Sh_2

Share-based Compensation - Share Option Activity (Details) - Share Option Scheme - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation
Weighted average grant date fair value of share options (in US$ per share)		$ 1.29	$ 1.14
Number of share options
Outstanding as at beginning of period (in shares)		29,536,655	39,521,395
Granted (in shares)		1,359,561	1,221,900
Exercised (in shares)		(103,450)	(6,480,930)
Cancelled (in shares)		(661,800)	(2,832,340)
Expired (in shares)		(826,925)	(1,893,370)
Outstanding as at end of period (in shares)		29,304,041	29,536,655	39,521,395
Vested and exercisable (in shares)		21,511,195	18,198,170
Weighted average exercise price in US$ per share
Outstanding balance as at beginning of period (in US$ per share)		$ 4.57	$ 4.34
Granted (in US$ per share)		3.63	2.50
Exercised (in US$ per share)		2.20	2.30
Cancelled (in US$ per share)		4.63	4.61
Expired (in US$ per share)		5.41	5.55
Outstanding balance as at end of period (in US$ per share)		4.50	4.57	$ 4.34
Vested and exercisable (in US$ per share)		$ 4.93	$ 5.10
Weighted average remaining contractual life (years)
Outstanding (in years)		6 years 3 months 18 days	6 years 8 months 1 day	6 years 6 months 18 days
Vested and exercisable (in years)		5 years 7 months 9 days	5 years 10 months 28 days
Aggregate intrinsic value in US$'000
Outstanding (in US$'000)		$ 7,910	$ 9,924	$ 11,525
Vested and exercisable (in US$'000)		$ 2,728	$ 1,753
Executive Director
Share-based Compensation
Vesting period	3 years
Weighted average grant date fair value of share options (in US$ per share)	$ 1.29

Share-based Compensation - Sh_3

Share-based Compensation - Share Options Fair value Assumptions (Details) - Share Option Scheme - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-based Compensation
Weighted average grant date fair value of share options (in US$ per share)	$ 1.29	$ 1.14
Significant inputs into the valuation model (weighted average):
Exercise price (in US$ per share)	3.63	2.50
Share price at effective date of grant (in US$ per share)	$ 3.63	$ 2.50
Expected volatility (in percentage)	54.30%	53.30%
Risk-free interest rate (in percentage)	4.15%	3.69%
Contractual life of share options (in years)	10 years	10 years
Expected dividend yield (in percentage)	0%	0%

Share-based Compensation - Sh_4

Share-based Compensation - Share Option Exercises (Details) - Share Option Scheme - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share option values
Cash received from share option exercises	$ 228	$ 1,058
Total intrinsic value of share option exercises	$ 161	$ 1,898

Share-based Compensation - Sh_5

Share-based Compensation - Share Based Compensation Expense (Details) - Share Option Scheme - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation
Share-based compensation expense	$ 1,432,000	$ 3,239,000
Unrecognized compensation cost	$ 4,078,000
Unrecognized compensation cost - weighted-average remaining service period (in years)	1 year 9 months 18 days
Research and development expenses
Share-based Compensation
Share-based compensation expense	$ 801,000	1,664,000
Selling and administrative expenses
Share-based Compensation
Share-based compensation expense	597,000	1,522,000
Cost of revenue
Share-based Compensation
Share-based compensation expense	$ 34,000	$ 53,000

Share-based Compensation - LTIP

Share-based Compensation - LTIP (Details) - LTIP - USD ($)			6 Months Ended		12 Months Ended
	Mar. 13, 2024	Jun. 05, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Ordinary Shares Held by Trustee - Number of treasury shares
As at beginning of period			17,612,685	19,601,375	19,601,375
Purchased			10,259,133		2,725,515
Vested			(10,952,145)		(4,714,205)
As at end of period			16,919,673		17,612,685
Ordinary Shares Held by Trustee - Cost
As at beginning of period			$ 66,987,000	$ 76,064,000	$ 76,064,000
Purchased			36,064,000		9,071,000
Vested			(41,371,000)		(18,148,000)
As at end of period			61,680,000		$ 66,987,000
Awards forfeited			$ 8,574,000	$ 5,041,000
Shared-based Compensation Award, Performance
Share-based Compensation
Maximum cash amount		$ 54,900,000
Number of business days for vesting after announcement of Group's annual results		2 days
Vesting, number of years after the covered financial year's announcement of Group's annual results		2 years
Shared-based Compensation Award, Non-performance
Share-based Compensation
Maximum cash amount	$ 700,000
Vesting percentage on each of the first, second, third and fourth anniversaries	25%

Share-based Compensation - LT_2

Share-based Compensation - LTIP Share Based Compensation Expense (Details) - LTIP - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation
Share-based compensation expense	$ 9,880,000	$ 10,551,000
Share-based compensation reclassified from liability to additional paid-in capital	12,424,000	4,563,000
Share-based compensation recorded as liability	577,000		$ 10,502,000
Unrecognized compensation cost	30,121,000
Liability
Share-based Compensation
Share-based compensation expense	2,844,000	1,303,000
Additional Paid-in Capital
Share-based Compensation
Share-based compensation expense	7,036,000	9,248,000
Research and development expenses
Share-based Compensation
Share-based compensation expense	6,398,000	5,700,000
Selling and administrative expenses
Share-based Compensation
Share-based compensation expense	3,203,000	4,614,000
Cost of revenue
Share-based Compensation
Share-based compensation expense	$ 279,000	$ 237,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue	$ 305,681	$ 532,874
Third parties
Revenue
Total revenue	303,443	528,376
Related parties
Revenue
Total revenue	2,238	4,498
Goods | Third parties
Revenue
Total revenue	204,574	209,247
Goods | Related parties
Revenue
Total revenue	2,002	4,252
Invoiced Goods-Marketed Products
Revenue
Total revenue	64,667	39,808
Invoiced Goods -Distribution
Revenue
Total revenue	137,044	173,691
Services -Commercialization of Marketed Products
Revenue
Total revenue	28,222	25,359
Services -Commercialization of Marketed Products | Third parties
Revenue
Total revenue	28,222	25,359
Services -Research and Development
Revenue
Total revenue	236	246
Services -Research and Development | Related parties
Revenue
Total revenue	236	246
License & Collaborations -Services
Revenue
Total revenue	35,740	28,718
License & Collaborations -Services | Third parties
Revenue
Total revenue	35,740	28,718
License & Collaborations -Royalties
Revenue
Total revenue	34,907	14,982
License & Collaborations -Royalties | Third parties
Revenue
Total revenue	34,907	14,982
License & Collaborations -Licensing
Revenue
Total revenue		250,070
License & Collaborations -Licensing | Third parties
Revenue
Total revenue		250,070
License & Collaborations -Manufacturing supply
Revenue
Total revenue	4,865
Oncology/Immunology segment
Revenue
Total revenue	168,637	359,183
Oncology/Immunology segment | Third parties
Revenue
Total revenue	168,401	358,937
Oncology/Immunology segment | Related parties
Revenue
Total revenue	236	246
Oncology/Immunology segment | Invoiced Goods-Marketed Products
Revenue
Total revenue	64,667	39,808
Oncology/Immunology segment | Services -Commercialization of Marketed Products
Revenue
Total revenue	28,222	25,359
Oncology/Immunology segment | Services -Research and Development
Revenue
Total revenue	236	246
Oncology/Immunology segment | License & Collaborations -Services
Revenue
Total revenue	35,740	28,718
Oncology/Immunology segment | License & Collaborations -Royalties
Revenue
Total revenue	34,907	14,982
Oncology/Immunology segment | License & Collaborations -Licensing
Revenue
Total revenue		250,070
Oncology/Immunology segment | License & Collaborations -Manufacturing supply
Revenue
Total revenue	4,865
Other Ventures segment
Revenue
Total revenue	137,044	173,691
Other Ventures segment | Third parties
Revenue
Total revenue	135,042	169,439
Other Ventures segment | Related parties
Revenue
Total revenue	2,002	4,252
Other Ventures segment | Invoiced Goods -Distribution
Revenue
Total revenue	$ 137,044	$ 173,691

Revenue - Balances from Contrac

Revenue - Balances from Contract with Customers and Estimated Deferred Revenue to be Recognized (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jan. 01, 2024	Dec. 31, 2023
Revenue
Deferred revenue-current	$ 48,152		$ 57,639
Total deferred revenue	108,777	$ 127,100	127,119
Estimated deferred revenue
Not later than 1 year	48,152		57,639
Between 1 to 2 years	33,502		32,797
Between 2 to 3 years	21,418		30,918
Between 3 to 4 years	1,169		844
Later than 4 years	4,536		4,921
Total deferred revenue	108,777	$ 127,100	127,119
Deferred revenue recognized	26,300
Oncology/Immunology segment
Revenue
Deferred revenue-current	48,100		57,566
Deferred revenue-noncurrent	60,625		69,480
Other Ventures segment
Revenue
Deferred revenue-current	$ 52		$ 73

Revenue - License and Collabora

Revenue - License and Collaboration Agreement (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended		18 Months Ended
	Jan. 23, 2023	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Revenue from license and collaboration agreements
Total revenue			$ 305,681	$ 532,874
Services -Research and Development
Revenue from license and collaboration agreements
Total revenue			236	246
License and collaboration agreement with Takeda Pharmaceuticals
Revenue from license and collaboration agreements
Maximum amount of series of payments expected to be received	$ 1,130,000
Upfront payment					$ 400,000
Regulatory approval milestone payment achieved		$ 35,000			35,000
Revenue recognized from upfront payment			18,100		298,100
Revenue recognized from regulatory approval milestone payment			1,300		$ 33,300
Percentage of transaction price allocated to licenses	62%
Percentage of transaction price allocated to other performance obligations	38%
Total revenue			76,612	269,057
License and collaboration agreement with Takeda Pharmaceuticals | Manufacturing supply -Invoiced Marketed Products sales
Revenue from license and collaboration agreements
Total revenue			24,806
License and collaboration agreement with Takeda Pharmaceuticals | Manufacturing supply -Allocated from upfront payment
Revenue from license and collaboration agreements
Total revenue			4,865
License and collaboration agreement with Takeda Pharmaceuticals | Services -Research and Development
Revenue from license and collaboration agreements
Total revenue			14,389	10,372
License and collaboration agreement with Takeda Pharmaceuticals | Services -Allocated from upfront and milestone payments
Revenue from license and collaboration agreements
Total revenue			14,524	8,615
License and collaboration agreement with Takeda Pharmaceuticals | Royalties-Marketed Products
Revenue from license and collaboration agreements
Total revenue			$ 18,028
License and collaboration agreement with Takeda Pharmaceuticals | Licensing-Allocated from upfront and milestone payments
Revenue from license and collaboration agreements
Total revenue				$ 250,070

Research and Development Expe_3

Research and Development Expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Research and Development Expenses
Clinical trial related costs	$ 55,728	$ 94,909
Personnel compensation and related costs	36,858	45,410
Other research and development expenses	2,670	4,314
Research and development expenses	$ 95,256	$ 144,633

Research and Development Expe_4

Research and Development Expenses - Additional information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Research and Development Expenses
Research and development expenses	$ 95,256	$ 144,633
Collaborative arrangements
Research and Development Expenses
Research and development expenses	$ 4,100	$ 8,100

Significant Transactions with_3

Significant Transactions with Related Parties and Non-Controlling Shareholders of Subsidiaries - Related parties (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related party transaction
Total revenue	$ 305,681,000	$ 532,874,000
Accounts receivable	156,916,000		$ 116,894,000
Amounts due from related parties	27,736,000		28,462,000
Other payables, accruals and advance receipts	249,218,000		271,399,000
Other non-current liabilities	19,305,000		15,690,000
Other payables, accruals and advance receipts
Related party transaction
Branding liability	1,538,000		1,538,000
Other non-current liabilities
Related party transaction
Branding liability	7,820,000		7,619,000
Related parties
Related party transaction
Total revenue	2,238,000	4,498,000
Other payables, accruals and advance receipts	2,150,000		2,162,000
Other non-current liabilities	7,999,000		8,069,000
Indirect subsidiaries of CK Hutchison
Related party transaction
Amounts due from related parties			228,000
Other payables, accruals and advance receipts	1,870,000		2,017,000
Other non-current liabilities	$ 7,820,000		7,619,000
Period of repayable on demand and interest-bearing (in months)	1 month
An equity investee
Related party transaction
Purchases	$ 1,452,000	1,911,000
Accounts receivable	10,000		1,896,000
Amounts due from related parties	27,736,000		28,234,000
Other payables, accruals and advance receipts	280,000		145,000
Other non-current liabilities	179,000		450,000
An equity investee | Due from a related party
Related party transaction
Dividends receivable	26,632,000		$ 27,130,000
Sales | Related parties
Related party transaction
Total revenue	2,002,000	4,252,000
Sales | Indirect subsidiaries of CK Hutchison
Related party transaction
Total revenue	4,000	1,008,000
Sales | An equity investee
Related party transaction
Total revenue	1,998,000	3,244,000
Research and development services | An equity investee
Related party transaction
Total revenue	236,000	246,000
Marketing services | Indirect subsidiaries of CK Hutchison
Related party transaction
Expenses		59,000
Management services | Indirect subsidiaries of CK Hutchison
Related party transaction
Expenses	$ 535,000	$ 498,000

Significant Transactions with_4

Significant Transactions with Related Parties and Non-Controlling Shareholders of Subsidiaries - Non-controlling shareholders of subsidiaries (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Transactions with non-controlling shareholders of subsidiaries:
Sales	$ 305,681	$ 532,874
Dividends declared	1,000	9,068
Balances with non-controlling shareholders of subsidiaries included in:
Accounts receivable	156,916		$ 116,894
Accounts payable	43,398		36,327
Other payables, accruals and advance receipts	249,218		271,399
Non-controlling shareholders of subsidiaries
Transactions with non-controlling shareholders of subsidiaries:
Sales	29,395	35,933
Purchases	127	3,199
Dividends declared	1,000	$ 9,068
Distribution service	108
Balances with non-controlling shareholders of subsidiaries included in:
Accounts receivable	8,750		7,824
Accounts payable	92		27
Other payables, accruals and advance receipts	$ 324		$ 309

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income tax expense
Total current tax	$ 955	$ 1,034
Deferred income tax expense	1,931	1,696
Income tax expense	2,886	2,730
Reconciliation of reported income tax expense to the theoretical tax amount
(Loss)/income before income taxes and equity in earnings of an equity investee	(4,756)	137,088
Tax calculated at the statutory tax rate of the Company	(785)	22,620
Different tax rates applicable in different jurisdictions	625	(1,423)
Tax valuation allowance	6,513	(2,898)
Preferential tax rate difference	(32)	(39)
Preferential tax deduction and credits	(8,405)	(17,735)
Expenses not deductible for tax purposes	7,548	2,829
Utilization of previously unrecognized tax losses	(3)	(39)
Withholding tax on undistributed earnings of PRC entities	1,670	1,755
Income not subject to tax	(2,852)	(2,478)
Temporary difference	(1,615)	(127)
Others	222	265
Income tax expense	2,886	2,730
HK
Income tax expense
Total current tax	1	6
PRC
Income tax expense
Total current tax	868	976
US and others
Income tax expense
Total current tax	$ 86	$ 52

Earnings Per Share - Basic (Det

Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Basic earnings per share
Weighted average number of outstanding ordinary shares in issue	856,030,704	846,928,863
Net (loss)/income attributable to the Company	$ 25,801	$ 168,551
Basic earnings per share attributable to the Company (US$ per share)	$ 0.03	$ 0.20

Earnings Per Share - Diluted (D

Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Diluted earnings per share
Weighted average number of outstanding ordinary shares in issue	856,030,704	846,928,863
Effect of share options and LTIP awards	16,503,762	20,061,747
Weighted average number of outstanding ordinary shares in issue and dilutive ordinary share equivalents outstanding	872,534,466	866,990,610
Net (loss)/income attributable to the Company	$ 25,801	$ 168,551
Diluted earnings per share attributable to the Company (US$ per share)	$ 0.03	$ 0.19

Segment Reporting - Segment Inf

Segment Reporting - Segment Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) area	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting
Revenue from external customers	$ 305,681	$ 532,874
Interest income	20,574	15,875
Interest expense	(1,476)	(224)
Equity in earnings of an equity investee, net of tax	33,807	35,110
Income tax expense	(2,886)	(2,730)
Net (loss)/income attributable to the Company	25,801	168,551
Depreciation/amortization	(6,252)	(3,812)
Additions to non-current assets (other than financial instruments and deferred tax assets)	6,926	30,664
Segment information
Total assets	1,260,868		$ 1,279,773
Property, plant and equipment	94,815		99,727
Right-of-use assets	6,392		4,665
Leasehold land	10,931		11,261
Goodwill	3,015		3,064
Other intangible asset			21
Investment in an equity investee	$ 80,519		48,411
Oncology/Immunology segment
Segment Reporting
Number of core business areas in Oncology/Immunology segment | area	2
Revenue from external customers	$ 168,637	359,183
Other Ventures segment
Segment Reporting
Revenue from external customers	137,044	173,691
Reportable segment | Oncology/Immunology segment
Segment Reporting
Revenue from external customers	168,637	359,183
Interest income	418	439
Interest expense	(914)
Income tax expense	(1,109)	14
Net (loss)/income attributable to the Company	(14,642)	134,353
Depreciation/amortization	(6,076)	(3,513)
Additions to non-current assets (other than financial instruments and deferred tax assets)	3,763	30,406
Segment information
Total assets	317,140		265,889
Property, plant and equipment	94,152		98,952
Right-of-use assets	3,294		4,005
Leasehold land	10,931		11,261
Reportable segment | Oncology/Immunology segment | R&D
Segment Reporting
Revenue from external customers	40,841	279,034
Interest income	418	439
Interest expense	(914)
Income tax expense	(579)	(93)
Net (loss)/income attributable to the Company	(67,837)	121,382
Depreciation/amortization	(6,076)	(3,513)
Additions to non-current assets (other than financial instruments and deferred tax assets)	3,763	30,406
Segment information
Total assets	208,389		202,288
Property, plant and equipment	94,152		98,952
Right-of-use assets	3,294		4,005
Leasehold land	10,931		11,261
Reportable segment | Oncology/Immunology segment | R&D | PRC
Segment Reporting
Revenue from external customers	7,063	9,977
Interest income	417	438
Interest expense	(914)
Income tax expense	(100)	(86)
Net (loss)/income attributable to the Company	(84,530)	(83,628)
Depreciation/amortization	(5,937)	(3,263)
Additions to non-current assets (other than financial instruments and deferred tax assets)	3,763	30,296
Segment information
Total assets	178,012		177,601
Property, plant and equipment	93,375		98,034
Right-of-use assets	2,813		3,454
Leasehold land	10,931		11,261
Reportable segment | Oncology/Immunology segment | R&D | US and others
Segment Reporting
Revenue from external customers	33,778	269,057
Interest income	1	1
Income tax expense	(479)	(7)
Net (loss)/income attributable to the Company	16,693	205,010
Depreciation/amortization	(139)	(250)
Additions to non-current assets (other than financial instruments and deferred tax assets)		110
Segment information
Total assets	30,377		24,687
Property, plant and equipment	777		918
Right-of-use assets	481		551
Reportable segment | Oncology/Immunology segment | Marketed Products
Segment Reporting
Revenue from external customers	127,796	80,149
Income tax expense	(530)	107
Net (loss)/income attributable to the Company	53,195	12,971
Segment information
Total assets	108,751		63,601
Reportable segment | Oncology/Immunology segment | Marketed Products | PRC
Segment Reporting
Revenue from external customers	84,962	80,149
Income tax expense	(530)	107
Net (loss)/income attributable to the Company	14,771	12,971
Segment information
Total assets	69,807		61,472
Reportable segment | Oncology/Immunology segment | Marketed Products | US and others
Segment Reporting
Revenue from external customers	42,834
Net (loss)/income attributable to the Company	38,424
Segment information
Total assets	38,944		2,129
Reportable segment | Other Ventures segment | PRC
Segment Reporting
Revenue from external customers	137,044	173,691
Interest income	116	238
Interest expense	(362)
Equity in earnings of an equity investee, net of tax	33,807	35,110
Income tax expense	(97)	(939)
Net (loss)/income attributable to the Company	34,149	37,180
Depreciation/amortization	(130)	(165)
Additions to non-current assets (other than financial instruments and deferred tax assets)	1,929	243
Segment information
Total assets	193,885		163,311
Property, plant and equipment	498		564
Right-of-use assets	1,858		366
Goodwill	3,015		3,064
Other intangible asset			21
Investment in an equity investee	80,519		48,411
Unallocated
Segment Reporting
Interest income	20,040	15,198
Interest expense	(200)	(224)
Income tax expense	(1,680)	(1,805)
Net (loss)/income attributable to the Company	6,294	(2,982)
Depreciation/amortization	(46)	(134)
Additions to non-current assets (other than financial instruments and deferred tax assets)	1,234	$ 15
Segment information
Total assets	749,843		850,573
Property, plant and equipment	165		211
Right-of-use assets	$ 1,240		$ 294

Segment Reporting - Elimination

Segment Reporting - Elimination (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting
Revenue from external customers	$ 305,681,000	$ 532,874,000
Oncology/Immunology segment
Segment Reporting
Revenue from external customers	168,637,000	359,183,000
Intersegment elimination | Oncology/Immunology segment | R&D
Segment Reporting
Revenue from external customers	$ 10,934,000	$ 17,303,000

Segment Reporting - Major Custo

Segment Reporting - Major Customers (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting
Total revenue	$ 305,681	$ 532,874
Customer A
Segment Reporting
Total revenue	76,612	$ 269,057
Customer B
Segment Reporting
Total revenue	$ 45,396

Note to Consolidated Statemen_3

Note to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 26,165	$ 169,468
Adjustments to reconcile net income to net cash (used in)/generated from operating activities
Depreciation and amortization	6,252	3,812
Share-based compensation expense-share options	1,432	3,239
Share-based compensation expense-LTIP	9,880	10,551
Equity in earnings of an equity investee, net of tax	(33,807)	(35,110)
Dividends received from SHPL		14,615
Other adjustments	709	(798)
Changes in operating assets and liabilities
Accounts receivable	(39,879)	(31,348)
Other receivables, prepayments and deposits	(393)	(2,296)
Amounts due from related parties	228
Inventories	3,636	2,815
Accounts payable	7,071	(16,540)
Other payables, accruals and advance receipts	(4,410)	(34,188)
Deferred revenue	(16,363)	142,003
Others	(353)	180
Total changes in operating assets and liabilities	(50,463)	60,626
Net cash (used in)/generated from operating activities	$ (39,832)	$ 226,403

Litigation (Details)

Litigation (Details) $ in Thousands, ¥ in Millions	Oct. 21, 2021 USD ($)	Oct. 21, 2021 CNY (¥)	Jun. 30, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Jun. 27, 2022 CNY (¥)
Number of claims or actions pending, which ultimate disposition could have a material adverse effect on the Group's results of operations | claim			0
Damages awarded	$ 34,700	¥ 253.2
Losses annual interest rate	5.50%	5.50%
Recovery of costs	$ 2,200
Bank guarantee | ¥					¥ 286
Accounts receivable			$ 156,916	$ 116,894
Accounts payable			43,398	36,327
Other payables			249,218	$ 271,399
Seroquel
Accounts receivable			1,100
Long-term prepayment			100
Accounts payable			900
Other payables			$ 1,100

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events - Inmagene	Jul. 02, 2024 shares
Subsequent events
Ordinary shares which completed exercise of options, received by the group	140,636,592
Percentage of shares	7.50%