HONG KONG, Oct. 7 /PRNewswire-Asia-FirstCall/ -- China
Cord Blood Corporation ("CCBC" or "the Company") (NYSE: CO),
the first and largest cord blood bank operator in China, today announced that since the
authorization of the stock repurchase program on September 15, 2010, the Company has repurchased
approximately 309,000 ordinary shares for approximately
US$1.6 million through October 6, 2010 at an average price per share of
US$5.32. This amount represents
approximately 10.7% of the total repurchase program authorized by
CCBC's Board of Directors, with approximately US$13.4 million remaining in the Company's
buyback authorization for repurchase prior to September 2011.
Ms. Ting Zheng, Chairperson and CEO of China Cord Blood
Corporation, stated, "We are committed to enhancing shareholder
value, and our actions in the past weeks demonstrate our commitment
to our shareholders and management's confidence in the Company's
business and future prospects. We do not believe the current
share price reflects the intrinsic value of the Company's business.
Our expansion plan in Zhejiang province that was announced in
September, together with our intention to execute the warrant
exchange offer to simplify our capital structure, should contribute
to a stronger earnings profile. We plan to continue to grow
our existing business, and at the same time, seek opportunities to
expand our business in China and
the Asia Pacific region."
About China Cord Blood Corporation
China Cord Blood Corporation is the first and largest cord blood
banking operator in China in terms
of geographical coverage and is the only cord blood bank operator
with multiple licenses. Under the current PRC government
regulations, only one licensed cord blood bank operator is
permitted to operate in each licensed region and only seven
licenses have been authorized as of today. China Cord Blood
Corporation provides cord blood collection, laboratory testing,
hematopoietic stem cell processing, and stem cell storage services.
For more information, please visit our website at
http://www.chinacordbloodcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events, performance and
results of operations, and underlying assumptions and other
statements that are other than statements of historical facts.
These statements are subject to uncertainties and risks including,
but not limited to, product and service demand and acceptance,
changes in technology, economic conditions, the impact of
competition and pricing, government regulation, and other risks
contained in statements filed from time to time with the Securities
and Exchange Commission. All such forward-looking statements,
whether written or oral, and whether made by or on behalf of the
Company, are expressly qualified by the cautionary statements and
any other cautionary statements which may accompany the
forward-looking statements. In addition, the Company disclaims any
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof.
For more information, please contact:
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China Cord Blood Corporation
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Ms. Joeling Law
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Phone: +852-3605-8180
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Email: ir@chinacordbloodcorp.com
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ICR, LLC
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In New York:
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Ashley M. Ammon or Christine Duan
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Phone: +1-646-277-1227
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In Beijing:
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Wen Lei Zheng
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Phone: +86-10-6599-7968
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SOURCE China Cord Blood Corporation
Copyright t. 7 PR Newswire