Golden Meditech Releases FY2008/09 Interim Results
In the first half of this year, the Group recorded turnover totaling HK$241,109,000, a 27% increase on a year on year basis.
Mr. KAM Yuen, Chairman and CEO of Golden Meditech, said that the Group,being a China-focused healthcare company, is benefited from the sustainedgrowth of China's economy and the strong market dynamics of the healthcareindustry. In the first six months of this year, revenues of the umbilical cordblood bank services and the ABRS consumables increased by 77% and 36%respectively. The cord blood bank services division has contributed up to 39%of the Group's total revenue, he noted.
He further explained that all the Group's key businesses have greatpotential to be explored. In domestic market, the Group sustained the highgrowth of umbilical cord blood bank business and reported over 45% increase ofthe newly sign-up customers during the period under review. The number of newsign-ups increased remarkably by over 75% in the second quarter on a year-on-year basis.
As part of its efforts to expand overseas, the Group, through CCBS,increased its strategic shareholding of Cordlife (Stock Code: CBB.AX) listedon Australia Stock Exchange and became the latter's single largestshareholder. This makes CCBS not only the largest cord blood bank operator inSoutheast Asia, but also the World's largest in terms of the total addressablepopulation. Along with the further development of the services in India,Indonesia and other countries, Asia will turn into the largest market of cordblood bank services.
Notable achievements have also been made with the proposed spinoff andU.S. listing of the cord blood bank businesses (China Cordblood Bank ServicesCorporation, "CCBS"). The Group and the selling shareholders of CCBS havesigned agreements with a blank check company Pantheon China Acquisition Corp.("Pantheon", OTC bulletin board listed) on the proposed sales of CCBS inexchange of Pantheon's ordinary shares at an agreed valuation of the entireCCBS at USD 350 million.
Once the proposed transactions are approved, CCBS will become Pantheon'sprincipal business and Pantheon will be able to pursue listing onto the NewYork Stock Exchange at any appropriate time. This will make Golden Meditechthe first hi-tech healthcare company that contemplates the spin-off andlisting of its operations overseas since the establishment of the GrowthEnterprise Market in Hong Kong.
The Group's jointly controlled company -- Pypo Digital Company Limited hasalso reached an agreement with a blank check company Middle Kingdom AllianceCorporation (OTC Bulletin Board listed) to sell all its shares at a valuationof USD 378 million. Once the proposed transaction is completed, the newcompany will be seeking for listing on NASDAQ.
The management believes that the proposed spin-offs of the two businessentities will not only be beneficial to their developments, but also be ableto generate long-term return to all Golden Meditech's shareholders.For inquiry, please kindly contact: Investor Relations Division Golden Meditech Company Limited Tel: +852-3605-8138 Fax: +852-3605-8181 Email: firstname.lastname@example.org
SOURCE Golden Meditech Company Limited
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