• Locally advanced or metastatic and/or unresectable HCC with diagnosis confirmed by histology/cytology or clinically by American Association for the Study of Liver Diseases (AASLD) criteria in cirrhotic participants

• Disease that is not amenable to curative surgical and/or locoregional therapies

• No prior systemic treatment (including systemic investigational agents) for locally advanced or metastatic and/or unresectable HCC

• Measurable disease (at least one untreated target lesion) according to RECIST v1.1

• ECOG Performance Status of 0-2 within 7 days prior to initiation of study treatment

• Child-Pugh B7 or B8 cirrhosis at screening and within 7 days prior to study treatment

• Adequate hematologic and end-organ function

• Life expectancy of at least 12 weeks

• Female participants of childbearing potential must be willing to avoid pregnancy and egg donation

• Absolute neutrophil count ≥1.0 x 109/L (≥1000/μL) without granulocyte colony-stimulating factor support

• Platelet count ≥ 50 × 109/L (50,000/μL) without transfusion

• Hemoglobin ≥ 80 g/L (8 g/dL) AST and ALT ≤ 5 × upper limit of normal (ULN)

• Serum bilirubin ≤ 3 × ULN

• Creatinine clearance ≥ 50 mL/min (calculated using the Cockcroft-Gault formula)

• Serum albumin ≥ 20 g/L (2.0 g/dL) without transfusion in the prior 3 months

• INR ≤2.3