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 August  2017

 

Commission File Number: 001-34541

 

CHINA 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

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes o                     No x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-               .

 

 

 



 

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 China 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 (including the relaxation of China’s one child policy) 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 implementing 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, as well as general economic conditions; the proposed transactions between an affiliate of Golden Meditech Holdings Limited and Nanjing Ying Peng Hui Kang Medical Industry Investment Partnership (limited partnership); 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 ended June 30, 2017 of the Company.

 

3



 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31 and June 30, 2017

 

 

 

March 31,

 

June 30,

 

 

 

2017

 

2017

 

 

 

RMB

 

RMB

 

US$

 

 

 

(in thousands except share data)

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

3,510,264

 

3,724,699

 

549,422

 

Accounts receivable, less allowance for doubtful accounts (March 31, 2017: RMB46,858; June 30, 2017: RMB53,475 (US$7,888))

 

112,533

 

111,469

 

16,443

 

Inventories

 

30,987

 

35,794

 

5,280

 

Prepaid expenses and other receivables

 

17,524

 

17,397

 

2,566

 

Total current assets

 

3,671,308

 

3,889,359

 

573,711

 

Property, plant and equipment, net

 

551,434

 

545,684

 

80,493

 

Non-current deposits

 

237,487

 

237,810

 

35,079

 

Non-current accounts receivable, less allowance for doubtful accounts (March 31, 2017: RMB70,744; June 30, 2017: RMB68,386 (US$10,087))

 

135,148

 

129,498

 

19,102

 

Inventories

 

68,775

 

69,497

 

10,251

 

Intangible assets, net

 

106,686

 

105,531

 

15,567

 

Available-for-sale equity securities

 

200,790

 

184,829

 

27,264

 

Other investment

 

189,129

 

189,129

 

27,898

 

Deferred tax assets

 

22,155

 

24,098

 

3,555

 

Total assets

 

5,182,912

 

5,375,435

 

792,920

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Convertible notes, net

 

1,031,154

 

 

 

Accounts payable

 

11,060

 

14,251

 

2,102

 

Accrued expenses and other payables

 

65,162

 

85,003

 

12,539

 

Deferred revenue

 

323,690

 

347,074

 

51,196

 

Amount due to related party

 

4,679

 

10,459

 

1,543

 

Income tax payable

 

11,383

 

13,641

 

2,012

 

Total current liabilities

 

1,447,128

 

470,428

 

69,392

 

Non-current deferred revenue

 

1,569,579

 

1,648,138

 

243,113

 

Other non-current liabilities

 

302,233

 

315,725

 

46,572

 

Deferred tax liabilities

 

21,423

 

21,274

 

3,138

 

Total liabilities

 

3,340,363

 

2,455,565

 

362,215

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Shareholders’ equity of China Cord Blood Corporation

 

 

 

 

 

 

 

Ordinary shares

 

 

 

 

 

 

 

- US$0.0001 par value, 250,000,000 shares authorized, 73,140,147 shares issued and 73,003,248 shares outstanding as of March 31, 2017 and 113,661,641 shares issued and 113,524,742 shares outstanding as of June 30, 2017

 

50

 

78

 

12

 

Additional paid-in capital

 

936,417

 

1,967,406

 

290,208

 

Treasury stock, at cost (March 31 and June 30, 2017: 136,899 shares, respectively)

 

(2,815

)

(2,815

)

(415

)

Accumulated other comprehensive income

 

24,428

 

772

 

114

 

Retained earnings

 

879,775

 

948,910

 

139,972

 

Total equity attributable to China Cord Blood Corporation

 

1,837,855

 

2,914,351

 

429,891

 

Non-controlling interests

 

4,694

 

5,519

 

814

 

Total equity

 

1,842,549

 

2,919,870

 

430,705

 

Total liabilities and equity

 

5,182,912

 

5,375,435

 

792,920

 

 

4



 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2016 and 2017

 

 

 

Three months ended June 30,

 

 

 

2016

 

2017

 

 

 

RMB

 

RMB

 

US$

 

 

 

(in thousands except per share data)

 

 

 

 

 

 

 

 

 

Revenues

 

172,952

 

224,222

 

33,074

 

Direct costs

 

(37,433

)

(44,782

)

(6,606

)

Gross profit

 

135,519

 

179,440

 

26,468

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

(1,949

)

(2,679

)

(394

)

Sales and marketing

 

(38,192

)

(43,450

)

(6,409

)

General and administrative

 

(43,243

)

(50,350

)

(7,427

)

Total operating expenses, net

 

(83,384

)

(96,479

)

(14,230

)

Operating income

 

52,135

 

82,961

 

12,238

 

Other (expenses)/income, net

 

 

 

 

 

 

 

Interest income

 

4,277

 

4,827

 

712

 

Interest expense

 

(28,833

)

(3,257

)

(480

)

Foreign currency exchange gains

 

135

 

1

 

 

Others

 

152

 

1,149

 

169

 

Total other (expenses)/income, net

 

(24,269

)

2,720

 

401

 

Income before income tax

 

27,866

 

85,681

 

12,639

 

Income tax expense

 

(11,676

)

(15,721

)

(2,319

)

Net income

 

16,190

 

69,960

 

10,320

 

Net income attributable to non-controlling interests

 

(468

)

(825

)

(122

)

Net income attributable to China Cord Blood Corporation’s shareholders

 

15,722

 

69,135

 

10,198

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Attributable to ordinary shares

 

 

 

 

 

 

 

- Basic

 

0.22

 

0.62

 

0.09

 

- Diluted

 

0.22

 

0.62

 

0.09

 

 

 

 

 

 

 

 

 

Other comprehensive losses, net of nil income taxes

 

 

 

 

 

 

 

- Foreign currency translation adjustments

 

(6,960

)

(11,731

)

(1,730

)

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

 

(6,470

)

(11,925

)

(1,759

)

Total other comprehensive losses

 

(13,430

)

(23,656

)

(3,489

)

Comprehensive income

 

2,760

 

46,304

 

6,831

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to non-controlling interests

 

(468

)

(825

)

(122

)

Comprehensive income attributable to China Cord Blood Corporation’s shareholders

 

2,292

 

45,479

 

6,709

 

 

5



 

Other Events

 

On August 23, 201 7, the Company issued a press release announcing unaudited condensed consolidated financial results for the three months ended June 30, 2017. A copy of the press release is attached as Exhibit 99.1.

 

Exhibits

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release dated August 23, 2017

 

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.

 

 

CHINA CORD BLOOD CORPORATION

 

 

 

By:

/s/ Albert Chen

 

Name:

Albert Chen

 

Title:

Chief Financial Officer

 

 

Dated: August 23, 2017

 

 

7


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