6-K 1 v321950_6k.htm FORM 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 August 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.

 

 
 

 

 

Results of Operations and Financial Condition

 

Following this cover page are the preliminary unaudited consolidated financial results for the three months ended June 30, 2012 of the Company.

 

 
 

 

 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31 and June 30, 2012

 

 

   March 31,   June 30, 
   2012   2012 
   RMB   RMB   US$ 
   (in thousands except share data) 
             
ASSETS               
Current assets               
Cash and cash equivalents   794,311    1,146,682    180,495 
Accounts receivable, less allowance for doubtful accounts               
(March 31, 2012: RMB13,916; June 30, 2012: RMB15,285)   79,012    80,349    12,647 
Inventories   6,666    5,611    883 
Prepaid expenses and other receivables   11,561    43,255    6,808 
Trading securities   354    -    - 
Deferred offering costs   -    2,564    404 
Deferred tax assets   5,268    5,842    920 
Total current assets   897,172    1,284,303    202,157 
Property, plant and equipment, net   267,862    347,847    54,754 
Non-current prepayments   2,863    1,766    278 
Non-current accounts receivable, less allowance for doubtful accounts               
(March 31, 2012: RMB38,628; June 30, 2012: RMB42,802)   254,236    246,153    38,746 
Inventories   34,651    36,088    5,680 
Intangible assets, net   129,791    128,636    20,248 
Available-for-sale equity securities   98,199    75,633    11,905 
Other investment   134,363    134,363    21,150 
Deferred offering costs   -    9,799    1,542 
Deferred tax assets   5,013    6,075    956 
Total assets   1,824,150    2,270,663    357,416 
                
LIABILITIES               
Current liabilities               
Bank loan   45,000    -    - 
Accounts payable   6,343    8,956    1,410 
Accrued expenses and other payables   33,351    48,686    7,663 
Deferred revenue   106,110    129,809    20,433 
Amounts due to related party   360    720    113 
Income tax payable   5,943    6,324    995 
Total current liabilities   197,107    194,495    30,614 
Convertible notes   -    416,378    65,540 
Non-current deferred revenue   306,534    351,621    55,347 
Other non-current liabilities   60,420    69,728    10,976 
Deferred tax liabilities   24,462    23,711    3,732 
Total liabilities   588,523    1,055,933    166,209 
                
EQUITY                
Shareholders’ equity                
Ordinary shares                
-   US$0.0001 par value, 250,000,000 shares authorized, 73,140,147 shares issued and
     outstanding as of March 31, 2012 and June 30, 2012, respectively  		   50    50    8 
Additional paid-in capital    865,654    865,654    136,259 
Treasury stock    -    (30,788)   (4,846)
Accumulated other comprehensive income    26,057    2,068    326 
Retained earnings    310,973    342,066    53,844 
Total shareholders’ equity    1,202,734    1,179,050    185,591 
Non-controlling interests    32,893    35,680    5,616 
Total equity    1,235,627    1,214,730    191,207 
Total liabilities and equity    1,824,150    2,270,663    357,416 

 

 
 

 

 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months ended June 30, 2011 and 2012

 

   Three months ended June 30, 
   2011   2012 
   RMB   RMB   US$ 
   (in thousands except share data) 
             
Revenues   87,458    115,330    18,154 
Direct costs   (19,868)   (24,389)   (3,839)
Gross profit   67,590    90,941    14,315 
Operating expenses               
Research and development   (1,777)   (2,263)   (356)
Sales and marketing   (12,606)   (19,220)   (3,025)
General and administrative   (22,455)   (25,060)   (3,945)
Total operating expenses   (36,838)   (46,543)   (7,326)
Operating income   30,752    44,398    6,989 
Other income/(expense), net               
Interest income   3,139    3,329    524 
Interest expense   (460)   (10,176)   (1,602)
Exchange gain   96    10    2 
Dividend income   7,217    2,420    381 
Others   214    236    37 
Total other income/(expense), net   10,206    (4,181)   (658)
Income before income tax   40,958    40,217    6,331 
Income tax credit/(expense)   1,783    (6,335)   (997)
Net income   42,741    33,882    5,334 
Income attributable to non-controlling interests   (2,719)   (2,789)   (439)
Net income attributable to shareholders   40,022    31,093    4,895 
                
Net income per share:               
Attributable to ordinary shares               
- Basic   0.53    0.41    0.06 
- Diluted   0.53    0.41    0.06 
                

Other comprehensive income               
-  Net effect of foreign currency translation, net of nil tax   (811)   (1,417)   (223)
-  Net unrealized loss in available-for-sale equity securities, net of nil tax   (5,532)   (22,574)   (3,553)
Comprehensive income   36,398    9,891    1,558 
                
Comprehensive income attributable to non-controlling interests   (2,925)   (2,787)   (439)
Comprehensive income attributable to shareholders   33,473    7,104    1,119 

 

 
 

 

 

Other Events

 

On August 22, 2012, the Company issued a press release announcing preliminary unaudited consolidated financial results for the three months ended June 30, 2012. A copy of the press release is attached as Exhibit 99.1.

 

Exhibits

 

  Exhibit No. Description
     
  99.1 Press Release, dated August 22, 2012
  101 The following financial statements as of and for the three months period ended June 30, 2012, from China Cord Blood Corporation’s Report of Foreign Private Issuer on Form 6-K for the month of August 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) the unaudited condensed consolidated balance sheets; and (ii) the unaudited condensed consolidated statements of comprehensive income.

 

 
 

 

 

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 22, 2012