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Cheers Nige, Bloomberg seem to have a much larger holding for M & G than listed on mstar.

River Global, can't remember seeing those guys before, the more the merrier rather than index funds.

What do you mean nice try, my reply was succinct pointing out that you have failed to answer the questions, too sensitive to criticism.

The decision to go for land grab is THG's current strategy, what would likely happen if THG prices went up (which they have indicated might happen) is growth would stall, then what, how would the market react to lower revenues going forward qtr on qtr?

The deficit on profits/margins can be attributed wholey to the points below which fall outside of the companies control, I cannot see a new CEO changing anything, would they buy the amount of shares Matt has, what would have been the share prices those shares came to market?

Some movement on mstar, looks like M&G Smaller Companies reduced back in Jan, no change with Patient Capital other than already mentioned.

Herein lies the problem, an aggressive response but no practical solutions.

Answer the questions, show you understand the business by providing practical detailed solutions.

Its an understandable and normal reaction to blame the company, and in many cases that is justified, but not here imo.

Just what else can the company do to, post practical suggestions on how to combat:

Weak dollar

Weak Yen

Roaring whey prices

High inflation

High interest rates (relative)

If you were sat in front of the board these are the questions that would come up, so may as well address them here.

Ai has been mentioned by Hutchmed recently, food for thought perhaps:

Chinese biotech firms are striking big global deals as drug makers, but could artificial intelligence take them to the next level?

https://www.scmp.com/business/china-business/article/3350421/chinas-biotech-firms-shift-gears-can-ai-floor-accelerator?module=spotlight&pgtype=section

"I have been mentioning the chance of taking decisive action. I believe the timing for taking such decisive action is nearing," Katayama told reporters.

"I advise all ​of you reporters to carry your smartphones at all times including during the holidays," ​she added.

Reuters

Aberforth Smaller Companies moved from 29,847,930 to 33,694,730 crossing the 5% threshold in doing so..

Welcome indeed, reminder of commentary from March results, lots of optionality this year:

Dr Dan Eldar, Non-executive Chairman of HUTCHMED, said, "Our team's expertise in the science of creating novel medicines, enhanced by advanced AI tools, positions HUTCHMED as a leader in advancing new modalities. Leveraging this leadership, we actively continue to explore new technologies, assets and targets to complement our portfolio, ready to make good use of our strong balance sheet.

Our Business Development team has encountered interest from multinational pharmaceutical companies to cooperate on the development and launch of novel drug candidates with potential to become global market leaders.

Any such potential partnerships would further validate the scientific and commercial value of our new platforms, whilst allowing HUTCHMED to leverage the multinational partners' advantages regarding global development and marketing expertise to accelerate its novel medicines to address large unmet needs around the world.

This strategy has been successfully demonstrated with FRUZAQLA® and will be applied to our ATTC technology, which is expected to bear its first fruits this year.

Tech is weak following OpenAi's profit warning couple of days ago..needless to say a lot hinges on how they perform..

Jatw, how about using your draft for several holders to send a letter to the chairman, it might carry a bit more weight if he receives several letters - we can add a line to say we are in touch via a forum hence the similarity ?

II don't think it can do any harm to jog his memory that Hutchmed is still around, but as mentioned organic growth is what the market seems to be valuing at the moment.

Its a temping proposition for sure but no one actually buys a farm, instead a bunch of farms get together to form a co-op this is the most common approach and used by Glanbia.

The main reason for this approach is capacity, its unlikely one farm could supply a large whey processing plant, from Ai summary Glanbia below:

Glanbia Co-operative Society (now operating as Tirlán) is a separate farmer-led cooperative that historically owned 60% of Glanbia plc’s Irish dairy division. In 2017, they created a joint venture called Glanbia Ireland, which Tirlán now fully owns, focusing on premium whey ingredient production and dairy processing in Ireland.

Maybe tweek it a bit and send to other major shareholders too, might resonate with them also ?

It must be an absolute no brainer to build a whey processing plant with input costs (milk) at rock bottom prices and whey going through he roof.

Sports/nutrition companies will have to increase prices, there is no other option (inc MyProtein)..

When THG listed back in 2020 whey protein was 653 per metric ton, its now 1,473 per ton.

Look at those increases. close to 30% rise in one month

https://www.clal.it/en/index.php?section=whey

Its not difficult for small fund managers to have an economic model containing input costs.

That reads well Jatw, some thought has gone into that or maybe ChatGPT gave a helping hand too : )

Those points are well made, I would also add the recent press interest around CKHH's other divisions (below) perhaps something similar to at least acknowledge their ownership...

'CK Life Sciences, a unit of Li Ka-shing-backed CK Group, plans to bring its cancer vaccine candidates to mainland China through a “fast track” channel as Beijing moves to accelerate early-stage drug development.

“We are planning to run investigator-initiated trials [IITs], hopefully, in the next year,” CK Life Sciences’ vice-president and chief scientific officer Dr Melvin Toh Kean-meng said in a recent interview.'

That said, the biggest driver will be steady organic profitability, if they can secure a ATTC partner soon as indicated that may move the needle as it would underpin their technology at an earlier stage.

On a fundamental basis HCM looks cheap, cash plus their remaining stake puts NAV at $1.5b v market cap of £1.73b

China in general is emerging out of a difficult growth period with biotech very much front and centre, I don't think it would hurt if CKHH banged the drum a bit in this regard..

Its a real dichotomy, on the one hand you have recorded whey prices and the other milk crashing to the floor.

Record milk volumes pushing Europe towards price collapse - EMB

By Aisling O'Brien

April 23, 2026 12:30 PM

https://www.agriland.ie/farming-news/record-milk-volumes-pushing-europe-towards-price-collapse-emb/

The bit in the middle, whey processing plants is what appears to be missing..

More of the same, lots of investment going in..

'Ironically, the increase in the demand for powdered products may mean that the once ‘waste’ component out-performs the main commodity – cheese.'

https://www.agriland.ie/farming-news/irelands-hidden-asset-fueling-the-whey-for-the-dairy-industry/

S4 are certainly out there in the mix, cannot fault SMS for his 'get the name out there' approach..

When S4 talk about 'at scale' part of this must relate to their programmatic advertising, think this division was created when they purchased Mighty Hive then combined with Metric Theory, some of these acquisitions could really start to bear fruit once things settle down a bit.

edit: just clicked on portfolio to see S4 green with FTSE down 1% ..

Recommended reading ..

'The result is not just stronger pricing, but structural change. US dairy processors are investing more than $11 billion in new and expanded manufacturing capacity, with a significant share tied directly to ingredients and powders. The buildout reflects expectations that protein demand will be a primary driver of growth.'

That's just the USA.

https://www.foodbusinessnews.net/articles/30188-protein-boom-powering-dairy-powder-market-dynamics