Global Cord Blood Corp Comments on New Regulation
HONG KONG, Nov. 20, 2019 /PRNewswire/ -- Global Cord Blood Corporation (NYSE: CO) (the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services, today commented on a new regulation related to companies in possession of human DNA information relating to the PRC. The Company is still in the process of evaluating the implications of the new regulation on the cord blood banking industry and its business.
The Regulation of the People's Republic of China on the Administration of Human Genetic Resources (the "Regulation") has come into effect and the Company recently received an inquiry concerning its impact on the Company. The Regulation specifies that "the collection, preservation, utilization and external provision of China's human genetic resources shall comply with this regulation." The Regulation also states that foreign organizations and domestic institutions founded or controlled by foreign entities will have to work with Chinese partners if they need human genetic resources in China for scientific research. According to the Regulation, human genetic resources refer to substances containing human genes, such as organs and cells, as well as information about human genes.
The Regulation itself and its preliminary explanations do not specify whether the services that the Company provides fall into its targeted regulation category. In light of the Regulation's ambiguity, the Company will further evaluate the potential effects of the Regulation on the Company and the cord blood banking industry in China.
The Company cautions its shareholders and others considering trading its ordinary shares that further interpretation of the Regulation has not yet been obtained and that the application of the Regulation on the Company and the cord blood banking industry in China is not yet conclusive. The Company will issue further announcements to keep the market informed in case of any new material developments.
About Global Cord Blood Corporation
Global Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Under current PRC government regulations, only one licensed cord blood banking operator is permitted to operate in each licensed region and no new licenses will be granted before 2020 in addition to the seven licenses authorized as of today. Global Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services. For more information, please visit the Company's website at http://www.globalcordbloodcorp.com.
Safe Harbor Statement
This press release 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 the Company's 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 press release 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 expectations are as of the date this press release is issued, and the Company does not intend to update any of the forward-looking statements after the date this press release is issued to conform these statements to actual results, unless required by law.
For more information, please contact:
Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Tel: (+86) 10-6583-7511
U.S. Tel: (+1) 646-405-5185
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