{"id":25406,"date":"2022-09-27T17:06:00","date_gmt":"2022-09-27T09:06:00","guid":{"rendered":"https:\/\/flcube.com\/?p=25406"},"modified":"2025-02-04T17:10:11","modified_gmt":"2025-02-04T09:10:11","slug":"global-cord-blood-corporation-appoints-liquidators-amid-shareholder-dispute","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=25406","title":{"rendered":"Global Cord Blood Corporation Appoints Liquidators Amid Shareholder Dispute"},"content":{"rendered":"\n<p>Global Cord Blood Corporation (<a href=\"https:\/\/www.google.com\/finance\/quote\/CORBF:OTCMKTS\">OTCMKTS: CORBF<\/a>) has announced that the Grand Court of the Cayman Islands has appointed provisional liquidators and suspended the powers of the company\u2019s directors. This follows a compulsory winding-up petition filed by GCBC\u2019s majority shareholder, Blue Ocean Structure Investment Co., Ltd. As a result of the court order, GCBC\u2019s shares were suspended from trading starting September 23, 2022.<\/p>\n\n\n\n<p><strong>Background and Dispute<\/strong><br>GCBC is China\u2019s leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services. Blue Ocean, the majority shareholder with a 65% stake, filed the petition following a dispute over GCBC\u2019s proposed acquisition of US-based stem-cell firm Cellenkos Inc. In May 2022, Blue Ocean secured an injunction preventing GCBC\u2019s proposed purchase of Cellenkos, citing an over-inflated price for a company with no viable marketable products. GCBC had planned to offer Cellenkos shareholders $329.70 per share, while Blue Ocean viewed $28.67 per share as fair value. There were also accusations of conflicts of interest due to Cellenkos\u2019 management having ties to the GCBC board.<\/p>\n\n\n\n<p><strong>Current Status and Future Outlook<\/strong><br>According to GCBC\u2019s press release, the liquidators \u201cexpect the Company to continue operating its businesses.\u201d The Grand Court may, at future hearings, either dismiss the petition and restore control to the directors, adjourn the petition to allow the Joint Provisional Liquidators to continue in office, make a winding-up order, or issue any other order as it sees fit.<\/p>\n\n\n\n<p><strong>Financial Performance<\/strong><br>GCBC\u2019s 2021 financial report indicates that the firm remains a going concern operationally, with revenues reaching RMB 1.24 billion ($196.1 million), up 7.2% year-on-year (YOY). Net income attributable to the company\u2019s shareholders decreased by 1.4% YOY to RMB 501.1 million ($79.0 million).<a href=\"https:\/\/flcube.com\/\">-Fineline Info &amp; Tech<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Cord Blood Corporation (OTCMKTS: CORBF) has announced that the Grand Court of the Cayman&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAownpewDA:productID":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7],"tags":[30,77,20,3533,3534],"class_list":["post-25406","post","type-post","status-publish","format-standard","hentry","category-company","tag-biotech","tag-cell-therapy","tag-finance","tag-global-cord-blood","tag-otcmkts-corbf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.6 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Global Cord Blood Corporation Appoints Liquidators Amid Shareholder Dispute - Insight, China&#039;s Pharmaceutical Industry<\/title>\n<meta name=\"description\" content=\"Global Cord Blood Corporation (OTCMKTS: CORBF) has announced that the Grand Court of the Cayman Islands has appointed provisional liquidators and suspended the powers of the company\u2019s directors. 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