Report of Foreign Issuer (6-k)

Date : 02/25/2019 @ 9:26PM
Source : Edgar (US Regulatory)
Stock : Global Cord Blood Corporation (CO)
Quote : 4.56  0.0 (0.00%) @ 9:00AM

Report of Foreign Issuer (6-k)

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 


 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of February 2019

 

Commission File Number: 001-34541

 

GLOBAL CORD BLOOD CORPORATION
(Translation of registrant’s name into English)

 

48 th  Floor, Bank of China Tower
1 Garden Road
Central
Hong Kong S.A.R.

(Address of Principal Executive Offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x             Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

 


 

EXPLANATORY NOTE

 

This Report of Foreign Private Issuer on Form 6-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or Global Cord Blood Corporation’s (the “Company”) future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates”, “believes”, “expects”, “can”, “continue”, “could”, “estimates”, “intends”, “may”, “plans”, “potential”, “predict”, “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this Report on Form 6-K is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company’s expectations are as of the date of this Report on Form 6-K, and the Company does not intend to update any of the forward-looking statements after the date of this Report on Form 6-K to conform these statements to actual results, unless required by law.

 

The forward-looking statements included in this Report on Form 6-K are subject to risks, uncertainties and assumptions about the Company’s businesses and business environments. These statements reflect the Company’s current views with respect to future events and are not a guarantee of future performance. Actual results of the Company’s operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which include, among other things: continued compliance with government regulations regarding cord blood banking in the People’s Republic of China, or PRC and any other jurisdiction in which the Company conducts its operations; changing legislation or regulatory environments in the PRC and any other jurisdiction in which the Company conducts its operations; the acceptance by subscribers of the Company’s different pricing and payment options and reaction to the introduction of the Company’s premium-quality pricing strategy; demographic trends in the regions of the PRC in which the Company is the exclusive licensed cord blood banking operator; labor and personnel relations; the existence of a significant shareholder able to influence and direct the corporate policies of the Company; credit risks affecting the Company’s revenue and profitability; changes in the healthcare industry, including those which may result in the use of stem cell therapies becoming redundant or obsolete; the Company’s ability to effectively manage its growth, including maintaining effective controls and procedures and attracting and retaining key management and personnel; changing interpretations of generally accepted accounting principles; the availability of capital resources, including in the form of capital markets financing opportunities, in light of industry developments affecting issuers that have pursued a “reverse merger” with an operating company based in the PRC, the presence of a new majority shareholder, international pressure on trade and currency against the PRC and its potential impact on the PRC consumer behavior, as well as general economic conditions; and other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission in the United States.

 

2


 

Results of Operations and Financial Condition

 

Following this cover page are the unaudited condensed consolidated financial results for the three months and nine months ended December 31, 2018 of the Company.

 

3


 

GLOBAL CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31 and December 31, 2018

 

 

 

March 31,

 

December 31,

 

 

 

2018

 

2018

 

 

 

RMB

 

RMB

 

US$

 

 

 

(in thousands except share data)

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

4,250,610

 

4,781,591

 

695,454

 

Accounts receivable, less allowance for doubtful accounts (March 31, 2018: RMB58,227; December 31, 2018: RMB82,197 (US$11,955))

 

107,818

 

96,846

 

14,086

 

Inventories

 

27,718

 

23,039

 

3,351

 

Prepaid expenses and other receivables

 

22,276

 

27,064

 

3,936

 

Total current assets

 

4,408,422

 

4,928,540

 

716,827

 

Property, plant and equipment, net

 

552,960

 

546,839

 

79,534

 

Non-current deposits

 

233,115

 

245,194

 

35,662

 

Non-current accounts receivable, less allowance for doubtful accounts (March 31, 2018: RMB69,713; December 31, 2018: RMB74,677 (US$10,861))

 

101,809

 

101,034

 

14,695

 

Inventories

 

71,758

 

75,695

 

11,009

 

Intangible assets, net

 

102,065

 

98,600

 

14,341

 

Investment in equity securities

 

153,882

 

98,334

 

14,302

 

Other investment

 

189,129

 

189,129

 

27,508

 

Deferred tax assets

 

31,295

 

41,405

 

6,022

 

Total assets

 

5,844,435

 

6,324,770

 

919,900

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

11,372

 

13,379

 

1,946

 

Accrued expenses and other payables

 

73,023

 

84,214

 

12,248

 

Deferred revenue

 

366,373

 

395,069

 

57,460

 

Income tax payable

 

17,407

 

17,909

 

2,605

 

Total current liabilities

 

468,175

 

510,571

 

74,259

 

Non-current deferred revenue

 

1,874,014

 

2,056,445

 

299,098

 

Other non-current liabilities

 

362,876

 

393,726

 

57,265

 

Deferred tax liabilities

 

20,628

 

19,904

 

2,895

 

Total liabilities

 

2,725,693

 

2,980,646

 

433,517

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Shareholders’ equity of Global Cord Blood Corporation

 

 

 

 

 

 

 

Ordinary shares

 

 

 

 

 

 

 

- US$0.0001 par value, 250,000,000 shares authorized, 120,961,641 and 120,824,742 shares issued and outstanding as of March 31, 2018 and 121,687,974 and 121,551,075 shares issued and outstanding as of December 31, 2018

 

83

 

83

 

12

 

Additional paid-in capital

 

2,053,866

 

2,101,582

 

305,662

 

Treasury stock, at cost (March 31 and December 31, 2018: 136,899 shares, respectively)

 

(2,815

)

(2,815

)

(409

)

Accumulated other comprehensive losses

 

(54,654

)

(78,665

)

(11,441

)

Retained earnings

 

1,116,873

 

1,316,115

 

191,421

 

Total equity attributable to Global Cord Blood Corporation

 

3,113,353

 

3,336,300

 

485,245

 

Non-controlling interests

 

5,389

 

7,824

 

1,138

 

Total equity

 

3,118,742

 

3,344,124

 

486,383

 

Total liabilities and equity

 

5,844,435

 

6,324,770

 

919,900

 

 

4


 

GLOBAL CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months and Nine Months Ended December 31, 2017 and 2018

 

 

 

Three months ended December 31,

 

Nine months ended December 31,

 

 

 

2017

 

2018

 

2017

 

2018

 

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

 

(in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

244,993

 

254,178

 

36,969

 

703,787

 

735,103

 

106,916

 

Direct costs

 

(46,826

)

(48,231

)

(7,015

)

(137,252

)

(138,652

)

(20,166

)

Gross profit

 

198,167

 

205,947

 

29,954

 

566,535

 

596,451

 

86,750

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

(2,930

)

(3,672

)

(534

)

(9,273

)

(10,053

)

(1,462

)

Sales and marketing

 

(59,947

)

(64,858

)

(9,433

)

(159,549

)

(167,761

)

(24,400

)

General and administrative

 

(56,910

)

(44,822

)

(6,519

)

(160,044

)

(125,834

)

(18,302

)

Total operating expenses

 

(119,787

)

(113,352

)

(16,486

)

(328,866

)

(303,648

)

(44,164

)

Operating income

 

78,380

 

92,595

 

13,468

 

237,669

 

292,803

 

42,586

 

Other income/(expenses), net

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

5,416

 

7,168

 

1,043

 

16,033

 

19,271

 

2,803

 

Interest expense

 

 

 

 

(3,257

)

 

 

Foreign currency exchange gains/(losses)

 

7

 

(2

)

 

118

 

(77

)

(11

)

Unrealized holding loss for equity securities

 

 

(28,385

)

(4,128

)

 

(68,651

)

(9,985

)

Dividend income

 

634

 

 

 

634

 

976

 

142

 

Others

 

1,405

 

3,799

 

553

 

3,547

 

2,984

 

434

 

Total other income/(expenses), net

 

7,462

 

(17,420

)

(2,532

)

17,075

 

(45,497

)

(6,617

)

Income before income tax

 

85,842

 

75,175

 

10,936

 

254,744

 

247,306

 

35,969

 

Income tax expense

 

(15,639

)

(13,410

)

(1,950

)

(45,885

)

(44,855

)

(6,524

)

Net income

 

70,203

 

61,765

 

8,986

 

208,859

 

202,451

 

29,445

 

Net income attributable to non-controlling interests

 

(349

)

(405

)

(59

)

(2,275

)

(2,435

)

(354

)

Net income attributable to Global Cord Blood Corporation’s shareholders

 

69,854

 

61,360

 

8,927

 

206,584

 

200,016

 

29,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to ordinary shares

 

 

 

 

 

 

 

 

 

 

 

 

 

- Basic

 

0.61

 

0.51

 

0.07

 

1.83

 

1.66

 

0.24

 

- Diluted

 

0.61

 

0.51

 

0.07

 

1.83

 

1.65

 

0.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (losses)/income, net of nil income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

- Foreign currency translation adjustments

 

(12,961

)

828

 

120

 

(33,068

)

38,305

 

5,571

 

- Unrealized holding gains/(losses) in available-for-sale equity securities

 

3,383

 

 

 

(27,104

)

 

 

Total other comprehensive (losses)/ income

 

(9,578

)

828

 

120

 

(60,172

)

38,305

 

5,571

 

Comprehensive income

 

60,625

 

62,593

 

9,106

 

148,687

 

240,756

 

35,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to non-controlling interests

 

(349

)

(405

)

(59

)

(2,275

)

(2,435

)

(354

)

Comprehensive income attributable to Global Cord Blood Corporation’s shareholders

 

60,276

 

62,188

 

9,047

 

146,412

 

238,321

 

34,662

 

 

5


 

Other Events

 

On February 25, 2019, the Company issued a press release announcing unaudited condensed consolidated financial results for the three months and nine months ended December 31, 2018. A copy of the press release is attached as Exhibit 99.1.

 

Exhibits

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release dated February 25, 2019

 

6


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

GLOBAL CORD BLOOD CORPORATION

 

 

 

By:

/s/ Albert Chen

 

Name:

Albert Chen

 

Title:

Chief Financial Officer

 

Dated: February 25, 2019

 

7


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