Report of Foreign Issuer (6-k)

Date : 06/18/2019 @ 8:34PM
Source : Edgar (US Regulatory)
Stock : Global Cord Blood Corporation (CO)
Quote : 4.6463  -0.1237 (-2.59%) @ 7:13PM

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 June 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; the non-binding proposal letter from Cordlife Group Limited 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 year ended March 31, 2019 of the Company.

 

3


 

GLOBAL CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2018 and 2019

 

 

 

March 31,

 

March 31,

 

 

 

2018

 

2019

 

 

 

RMB

 

RMB

 

US$

 

 

 

(in thousands except share data)

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

4,250,610

 

4,997,861

 

744,706

 

Accounts receivable, less allowance for doubtful accounts (March 31, 2018: RMB58,227; March 31, 2019: RMB89,634 (US$13,356))

 

107,818

 

96,923

 

14,442

 

Inventories

 

27,718

 

27,612

 

4,114

 

Prepaid expenses and other receivables

 

22,276

 

25,532

 

3,805

 

Total current assets

 

4,408,422

 

5,147,928

 

767,067

 

Property, plant and equipment, net

 

552,960

 

545,340

 

81,258

 

Non-current deposits

 

233,115

 

236,719

 

35,272

 

Non-current accounts receivable, less allowance for doubtful accounts (March 31, 2018: RMB69,713; March 31, 2019: RMB74,800 (US$11,146))

 

101,809

 

104,857

 

15,624

 

Inventories

 

71,758

 

77,194

 

11,502

 

Intangible assets, net

 

102,065

 

97,444

 

14,520

 

Investment in equity securities

 

153,882

 

107,362

 

15,997

 

Other investment

 

189,129

 

189,129

 

28,181

 

Deferred tax assets

 

31,295

 

44,981

 

6,702

 

Total assets

 

5,844,435

 

6,550,954

 

976,123

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

11,372

 

33,566

 

5,001

 

Accrued expenses and other payables

 

73,023

 

79,977

 

11,918

 

Deferred revenue

 

366,373

 

461,986

 

68,838

 

Income tax payable

 

17,407

 

20,113

 

2,997

 

Total current liabilities

 

468,175

 

595,642

 

88,754

 

Non-current deferred revenue

 

1,874,014

 

2,108,442

 

314,168

 

Other non-current liabilities

 

362,876

 

404,482

 

60,270

 

Deferred tax liabilities

 

20,628

 

19,626

 

2,924

 

Total liabilities

 

2,725,693

 

3,128,192

 

466,116

 

 

 

 

 

 

 

 

 

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 March 31, 2019

 

83

 

83

 

12

 

Additional paid-in capital

 

2,053,866

 

2,101,582

 

313,145

 

Treasury stock, at cost (March 31, 2018 and 2019: 136,899 shares, respectively)

 

(2,815

)

(2,815

)

(419

)

Accumulated other comprehensive losses

 

(54,654

)

(88,738

)

(13,223

)

Retained earnings

 

1,116,873

 

1,407,223

 

209,683

 

Total equity attributable to Global Cord Blood Corporation

 

3,113,353

 

3,417,335

 

509,198

 

Non-controlling interests

 

5,389

 

5,427

 

809

 

Total equity

 

3,118,742

 

3,422,762

 

510,007

 

Total liabilities and equity

 

5,844,435

 

6,550,954

 

976,123

 

 

4


 

GLOBAL CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months and Year ended March 31, 2018 and 2019

 

 

 

Three months ended March 31,

 

Year ended March 31,

 

 

 

2018

 

2019

 

2018

 

2019

 

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

 

(in thousands except per share data)

 

Revenues

 

232,981

 

251,651

 

37,497

 

936,768

 

986,754

 

147,031

 

Direct costs

 

(44,231

)

(47,375

)

(7,059

)

(181,483

)

(186,027

)

(27,719

)

Gross profit

 

188,750

 

204,276

 

30,438

 

755,285

 

800,727

 

119,312

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

(3,445

)

(4,635

)

(691

)

(12,718

)

(14,688

)

(2,189

)

Sales and marketing

 

(59,653

)

(67,301

)

(10,028

)

(219,202

)

(235,062

)

(35,025

)

General and administrative

 

(83,458

)

(43,486

)

(6,480

)

(243,502

)

(169,320

)

(25,229

)

Total operating expenses

 

(146,556

)

(115,422

)

(17,199

)

(475,422

)

(419,070

)

(62,443

)

Operating income

 

42,194

 

88,854

 

13,239

 

279,863

 

381,657

 

56,869

 

Other income/(expenses), net

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

5,903

 

6,049

 

901

 

21,936

 

25,320

 

3,773

 

Interest expense

 

 

 

 

(3,257

)

 

 

Foreign currency exchange gains/(losses)

 

15

 

15

 

2

 

133

 

(62

)

(9

)

Change in fair value of equity securities

 

 

11,526

 

1,717

 

 

(57,125

)

(8,512

)

Dividend income

 

 

 

 

634

 

976

 

145

 

Others

 

679

 

2,711

 

404

 

4,226

 

5,695

 

849

 

Total other income/(expenses), net

 

6,597

 

20,301

 

3,024

 

23,672

 

(25,196

)

(3,754

)

Income before income tax

 

48,791

 

109,155

 

16,263

 

303,535

 

356,461

 

53,115

 

Income tax expense

 

(16,771

)

(16,405

)

(2,444

)

(62,656

)

(61,260

)

(9,128

)

Net income

 

32,020

 

92,750

 

13,819

 

240,879

 

295,201

 

43,987

 

Net income attributable to non-controlling interests

 

(1,506

)

(1,642

)

(245

)

(3,781

)

(4,077

)

(607

)

Net income attributable to Global Cord Blood Corporation’s shareholders

 

30,514

 

91,108

 

13,574

 

237,098

 

291,124

 

43,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to ordinary shares

 

 

 

 

 

 

 

 

 

 

 

 

 

- Basic

 

0.27

 

0.74

 

0.11

 

2.10

 

2.40

 

0.36

 

- Diluted

 

0.25

 

0.74

 

0.11

 

1.99

 

2.40

 

0.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

- Foreign currency translation adjustments

 

(16,562

)

(10,073

)

(1,501

)

(49,630

)

28,232

 

4,207

 

- Unrealized holding losses in available-for-sale equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

- Unrealized holding losses in available-for-sale equity securities

 

(2,515

)

 

 

(29,619

)

 

 

- Reclassification adjustment for losses included in net income

 

167

 

 

 

167

 

 

 

Total other comprehensive (losses)/ income

 

(18,910

)

(10,073

)

(1,501

)

(79,082

)

28,232

 

4,207

 

Comprehensive income

 

13,110

 

82,677

 

12,318

 

161,797

 

323,433

 

48,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to non-controlling interests

 

(1,506

)

(1,642

)

(245

)

(3,781

)

(4,077

)

(607

)

Comprehensive income attributable to Global Cord Blood Corporation’s shareholders

 

11,604

 

81,035

 

12,073

 

158,016

 

319,356

 

47,587

 

 

5


 

Other Events

 

On June 18, 2019, the Company issued a press release announcing unaudited condensed consolidated financial results for the three months and year ended March 31, 2019. A copy of the press release is attached as Exhibit 99.1.

 

Exhibits

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release dated June 18, 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: June 18, 2019

 

 

 

7


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