6-K 1 v303230_6k.htm

 

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 2012

 

Commission File Number: 001-34541

 

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

 

48th 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): ¨

 

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 ¨     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 this Report on Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report on Form 6-K is filed to confirm 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; changing legislation or regulatory environments in the PRC; 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; 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; and other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission.

 

This report and Exhibit 101 are hereby incorporated by reference into the registration statement on Form F-3 (No. 333-168873) of the Company.

 

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Results of Operations and Financial Condition

 

Following this cover page are the preliminary unaudited consolidated financial results for the three months and nine months ended December 31, 2011 of the Company.

 

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CHINA CORD BLOOD CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31 and December 31, 2011

 

   March 31,   December 31, 
   2011   2011 
   RMB   RMB   US$ 
   (in thousands except share data) 
             
ASSETS               
Current assets               
Cash and cash equivalents   611,387    716,724    113,876 
Accounts receivable, less allowance for doubtful accounts (March 31, 2011: RMB11,850; December 31, 2011: RMB13,873)   77,402    79,898    12,695 
Inventories   6,729    9,115    1,448 
Prepaid expenses and other receivables   9,982    12,110    1,924 
Trading securities   -    335    53 
Deferred tax assets   5,373    4,927    783 
Total current assets   710,873    823,109    130,779 
Property, plant and equipment, net   250,348    245,011    38,928 
Non-current prepayments   5,752    6,179    982 
Non-current accounts receivable, less allowance for doubtful accounts (March 31, 2011: RMB28,106; December 31, 2011: RMB36,154)   240,952    254,421    40,424 
Inventories   31,600    33,142    5,266 
Intangible assets, net   134,412    130,947    20,805 
Available-for-sale equity securities   52,733    10,721    1,703 
Other investments   134,363    163,971    26,052 
Deferred tax assets   2,565    4,429    704 
Total assets   1,563,598    1,671,930    265,643 
                
LIABILITIES               
Current liabilities               
Bank loan   45,000    45,000    7,150 
Accounts payable   5,046    9,893    1,572 
Accrued expenses and other payables   106,731    27,365    4,348 
Deferred revenue   82,319    91,325    14,510 
Amounts due to related parties   360    -    - 
Income tax payable   11,156    4,917    781 
Total current liabilities   250,612    178,500    28,361 
Deferred revenue   162,668    268,499    42,660 
Other non-current liabilities   30,036    52,329    8,314 
Deferred tax liabilities   26,890    25,115    3,990 
Total liabilities   470,206    524,443    83,325 
             
EQUITY               
Shareholders’ equity               
Ordinary shares - US$0.0001 par value, 250,000,000 shares authorized, 75,406,875 shares and 73,196,547 shares issued and outstanding as of March 31, 2011 and December 31, 2011, respectively   52    50    8 
Additional paid-in capital   910,316    866,581    137,686 
Accumulated other comprehensive loss   (18,580)   (31,344)   (4,980)
Retained earnings   178,993    281,734    44,763 
Total shareholders’ equity   1,070,781    1,117,021    177,477 
Noncontrolling interests   22,611    30,466    4,841 
Total equity   1,093,392    1,147,487    182,318 
Total liabilities and equity   1,563,598    1,671,930    265,643 

 

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CHINA CORD BLOOD CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Nine Months Ended December, 2010 and 2011

 

   Three months ended December 31,   Nine months ended December 31, 
   2010   2011   2010   2011 
   RMB   RMB   US$   RMB   RMB   US$ 
   (in thousands except per share) 
Revenues   90,483    94,821    15,066    244,861    280,712    44,601 
Direct costs   (20,969)   (21,703)   (3,448)   (57,375)   (63,328)   (10,062)
Gross profit   69,514    73,118    11,618    187,486    217,384    34,539 
Operating expenses                              
Research and development   (1,906)   (1,953)   (310)   (5,243)   (5,662)   (900)
Sales and marketing   (12,536)   (16,930)   (2,690)   (34,310)   (45,111)   (7,167)
General and administrative   (20,231)   (22,711)   (3,608)   (60,543)   (66,610)   (10,583)
Total operating expenses   (34,673)   (41,594)   (6,608)   (100,096)   (117,383)   (18,650)
Operating income   34,841    31,524    5,010    87,390    100,001    15,889 
Other income, net                              
Interest income   2,333    3,570    567    6,371    10,021    1,592 
Interest expense   (671)   (741)   (118)   (1,949)   (2,391)   (380)
Exchange (loss)/ gain   (43)   3,484    554    547    (1,376)   (219)
Dividend income   -    -    -    -    7,217    1,147 
Others   219    (411)   (65)   1,109    (86)   (14)
Total other income, net   1,838    5,902    938    6,078    13,385    2,126 
Income before income tax   36,679    37,426    5,948    93,468    113,386    18,015 
Income tax (expense)/ credit   (8,840)   4,273    679    (23,062)   (3,037)   (483)
Net income   27,839    41,699    6,627    70,406    110,349    17,532 
Income attributable to noncontrolling interests   (1,964)   (2,229)   (354)   (4,962)   (7,608)   (1,209)
Net income attributable to shareholders   25,875    39,470    6,273    65,444    102,741    16,323 
                               
Net income per share:                              
Attributable to ordinary shares                              
-Basic   0.36    0.54    0.09    0.96    1.39    0.22 
-Diluted   0.36    0.54    0.09    0.96    1.39    0.22 

 

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Other Events

 

On February 27, 2012, the Company issued a press release announcing preliminary unaudited consolidated financial results for the three months and nine months ended December 31, 2011. A copy of the press release is attached as Exhibit 99.1.

 

Exhibits

 

Exhibit No.   Description
     
99.1   Press Release, dated February 27, 2012
     
101   The following financial statements as of and for the three-month and nine-month periods ended December 31, 2011, from China Cord Blood Corporation’s Report of Foreign Private Issuer on Form 6-K for the month of February 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) the unaudited condensed consolidated balance sheets; and (ii) the unaudited condensed consolidated statements of operations. 

 

 

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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: February 27, 2012

 

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