Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (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 November 2021

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 ¨

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): ¨

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): ¨

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: the ongoing impact of 2019 novel coronavirus (“COVID-19”), including the partial lockdowns implemented in various cities in the PRC and the imposition by some hospitals in the PRC of restrictions on entrance to solely to hospital staff and patients; levels of consumer confidence in the healthcare services sector generally in the PRC as a result of the outbreak; the length of the COVID-19 outbreak and severity of such outbreak across the globe; the pace of recovery following the COVID-19 outbreak; 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 (including but not limited to cord blood license related regulations, Biosecurity laws, antitrust laws) 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 legislative developments affecting U.S. listed issuers whose independent registered public accounting firms are based in the PRC and not subject to U.S. Public Company Accounting Oversight Board inspections, 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 Alternate Ocean Investment Company Limited and the potential transaction contemplated by such letter, and other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission in the United States.

Results of Operations and Financial Condition

Following this cover page are the unaudited condensed consolidated financial results for the three months and six months ended September 30, 2021 of the Company.

GLOBAL CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31 and September 30, 2021

	March 31,			September 30,
	2021			2021
	RMB			RMB			US$
	(in thousands except share data)
ASSETS
Current assets
Cash and cash equivalents		6,075,798			6,390,632			991,812
Accounts receivable, less allowance for credit losses (March 31, 2021: RMB137,961; September 30, 2021: RMB150,060 (US$23,289))		130,298			144,667			22,452
Inventories		44,257			33,821			5,250
Prepaid expenses and other receivables		47,788			79,343			12,313
Total current assets		6,298,141			6,648,463			1,031,827
Property, plant and equipment, net		498,656			484,434			75,183
Operating lease right-of-use assets		5,039			3,969			616
Non-current deposits		344,752			343,529			53,315
Non-current accounts receivable, less allowance for credit losses (March 31, 2021: RMB67,095; September 30, 2021: RMB62,544 (US$9,707))		217,208			241,377			37,461
Inventories		91,446			93,261			14,474
Intangible assets, net		88,202			85,892			13,330
Investment in equity securities at fair value		117,911			108,974			16,912
Other equity investment		189,129			189,129			29,352
Deferred tax assets		55,845			59,230			9,192
Total assets		7,906,329			8,258,258			1,281,662

LIABILITIES
Current liabilities
Accounts payable		9,479			13,442			2,086
Accrued expenses and other payables		136,448			153,872			23,880
Operating lease liabilities		1,636			1,675			260
Deferred revenue		449,359			451,022			69,998
Income tax payable		29,547			30,767			4,775
Total current liabilities		626,469			650,778			100,999
Non-current deferred revenue		2,392,906			2,441,499			378,915
Non-current operating lease liabilities		147			50			8
Other non-current liabilities		482,224			495,826			76,951
Deferred tax liabilities		16,132			16,701			2,592
Total liabilities		3,517,878			3,604,854			559,465

EQUITY
Shareholders’ equity of Global Cord Blood Corporation
Ordinary shares
-US$0.0001 par value, 250,000,000 shares authorized, 121,687,974 and 121,551,075 shares issued and outstanding as of March 31 and September 30, 2021, respectively		83			83			13
Additional paid-in capital		2,101,582			2,101,582			326,161
Treasury stock, at cost (March 31 and September 30, 2021: 136,899 shares, respectively)		(2,815	)		(2,815	)		(437	)
Accumulated other comprehensive losses		(103,179	)		(105,354	)		(16,351	)
Retained earnings		2,386,187			2,648,344			411,016
Total equity attributable to Global Cord Blood Corporation		4,381,858			4,641,840			720,402
Non-controlling interests		6,593			11,564			1,795
Total equity		4,388,451			4,653,404			722,197
Total liabilities and equity		7,906,329			8,258,258			1,281,662

GLOBAL CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months and Six Months Ended September 30, 2020 and 2021

	Three months ended September 30,									Six months ended September 30,
	2020			2021						2020			2021
	RMB			RMB			US$			RMB			RMB			US$
	(in thousands except per share data)
Revenues		285,607			313,670			48,681			566,520			628,844			97,595
Cost of revenues		(44,698	)		(46,209	)		(7,172	)		(88,161	)		(94,050	)		(14,596	)
Gross profit		240,909			267,461			41,509			478,359			534,794			82,999
Operating expenses
Research and development		(4,953	)		(5,573	)		(865	)		(9,298	)		(10,671	)		(1,656	)
Sales and marketing		(54,124	)		(56,924	)		(8,834	)		(109,184	)		(116,327	)		(18,054	)
General and administrative		(42,671	)		(44,512	)		(6,908	)		(87,207	)		(90,788	)		(14,090	)
Total operating expenses		(101,748	)		(107,009	)		(16,607	)		(205,689	)		(217,786	)		(33,800	)
Operating income		139,161			160,452			24,902			272,670			317,008			49,199
Other income/(expenses), net
Interest income		8,810			7,989			1,240			15,577			16,179			2,511
Foreign currency exchange gains/(losses)		66			(15	)		(2	)		108			131			20
Change in fair value of equity securities		5,699			(12,616	)		(1,958	)		24,104			(7,015	)		(1,089	)
Dividend income		1,281			—			—			1,281			1,120			174
Others		1,195			583			90			2,918			1,222			190
Total other income/(expenses), net		17,051			(4,059	)		(630	)		43,988			11,637			1,806
Income before income tax		156,212			156,393			24,272			316,658			328,645			51,005
Income tax expense		(22,890	)		(28,251	)		(4,384	)		(48,911	)		(61,517	)		(9,547	)
Net income		133,322			128,142			19,888			267,747			267,128			41,458
Net income attributable to non-controlling interests		(1,888	)		(2,406	)		(373	)		(3,804	)		(4,971	)		(772	)
Net income attributable to Global Cord Blood Corporation’s shareholders		131,434			125,736			19,515			263,943			262,157			40,686

Earnings per share:
Attributable to ordinary shares
- Basic		1.08			1.03			0.16			2.17			2.15			0.33
- Diluted		1.08			1.03			0.16			2.17			2.15			0.33
Other comprehensive losses, net of nil income taxes
-Foreign currency translation adjustments		(4,202	)		(229	)		(36	)		(4,641	)		(2,175	)		(338	)
Comprehensive income		129,120			127,913			19,852			263,106			264,953			41,120

Comprehensive income attributable to non-controlling interests		(1,888	)		(2,406	)		(373	)		(3,804	)		(4,971	)		(772	)
Comprehensive income attributable to Global Cord Blood Corporation’s shareholders		127,232			125,507			19,479			259,302			259,982			40,348

Other Events

On November 24, 2021, the Company issued a press release announcing unaudited condensed consolidated financial results for the three months and six months ended September 30, 2021. A copy of the press release is attached as Exhibit 99.1.

Exhibits

Exhibit No.	Description

99.1	Press Release dated November 24, 2021

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.