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Cordlife Last:0.124 -

Cordlife gave life a new life s.

Cordlife shareholder linked to Nanjing Xinjiekou owner dumps entire 10% stake

Global Cord Blood Corporation is ultimately owned by Sanpower Group Corporation, which also holds a stake in Nanjing Xinjiekou Department Store

GLOBAL Cord Blood Corporation&rsquo s joint liquidators from Grant Thornton, a substantial shareholder of Cordlife Group : P8A +2.8%, have disposed of more than 25.5 million shares in the mainboard-listed cord blood bank, the group said in a bourse filing on Monday (Aug 5).

This translates to around 10 per cent of the shares in Cordlife.

Global Cord Blood Corporation (GCBC), listed on the New York Stock Exchange, held shares in Cordlife through its indirect subsidiary China Stem Cells (East) Company.

GCBC was placed in provisional liquidation on Sep 22, 2022, through a court order by the Grand Court of Cayman Islands.

Margot MacInnis and John Royle of Grant Thornton Specialist Services (Cayman), as well as Georgia Chow of Grant Thornton Recovery and Reorganisation, were appointed joint provisional liquidators of GCBC. They are therefore deemed interested in the shares of Cordlife.

According to Cordlife&rsquo s latest annual report, GCBC is ultimately owned by Sanpower Group Corporation. Sanpower Group Corporation also holds around 27.3 per cent equity interest in Nanjing Xinjiekou Department Store, one of Cordlife&rsquo s substantial shareholders.

Nanjing Xinjiekou, through SAC Capital, previously said in letters sent to Cordlife that it is still considering making a potential offer for Cordlife&rsquo s remaining shares. However, the letter should not be construed as a firm intention to make an offer.

Nanjing Xinjiekou&rsquo s chairman Zhai Lingyun and senior associate president Chen Xiaoling are both non-independent, non-executive directors of Cordlife.

Cordlife director Zhai Lingyun arrested in connection with potential breaches of disclosure obligations

The board is in the process of identifying additional independent directors who can guide the management on effectively rectifying the company&rsquo s lapses

ANOTHER Cordlife director has been arrested in relation to alleged breach of disclosure obligations.

A bourse filing by the private cord-blood bank on Monday (Jul 29) said that Zhai Lingyun attended an interview with the Commercial Affairs Department last Thursday, and was arrested in connection with investigations before being released on bail.

Zhai was appointed as a non-independent non-executive director in December 2019, and last re-elected in April 2023.

Cordlife has been in the spotlight after it was revealed last November that seven of its 22 storage tanks were exposed to temperatures above acceptable limits. The cord-blood bank remains suspended by the Ministry of Health (MOH) from collecting or processing new cord blood.

On Monday, Cordlife said its board was of the view that it would be in the interests of the company for Zhai to continue serving on the board, since he had been &ldquo overseeing and providing guidance&rdquo on the ongoing work undertaken by the company to investigate and address the lapses identified by MOH.

The board is also in the process of identifying additional independent directors to strengthen the capabilities of the board who can guide the management on effectively rectifying the company&rsquo s lapses, Cordlife added.

More wayang?.
CAD arrests Cordlife?s director in connection with potential breaches of disclosure obligations https://t.co/OnzgQCssbc
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Cordlife&rsquo s overseas subsidiaries obtain re-accreditations

The re-accreditations are from the Association for the Advancement of Blood & Biotherapies, which sets standards for blood banking, transfusion medicine, blood management and cellular therapies

CORDLIFE : P8A 0% on Thursday (Jul 25) said its Hong Kong and Malaysian subsidiaries received re-accreditations from the Association for the Advancement of Blood & Biotherapies.

The association sets standards for blood banking, transfusion medicine, blood management and cellular therapies. Cordlife Hong Kong obtained its seventh re-accreditation, while Malaysia-based StemLife received its fourth, said the group.

StemLife also underwent an assessment and recertification for ISO 9001:2015 &ndash an international standard for quality management systems.

The move comes as StemLife expands its range of services beyond cord-blood banking. This includes a partnership with Loh Guan Lye Specialists Centre to offer peripheral blood stem cell banking services to patients with cancer or blood disorders. It also tied up with Medixcell Laboratory to harvest and bank mesenchymal stem cells from a newborn&rsquo s umbilical cord.

Cordlife Philippines is also expanding its services to include diagnostics tests and routine prenatal screenings.

In June, Cordlife sank into the red for the first quarter with a net loss of S$11.6 million for the three months ended Mar 31, versus a net profit of S$1.2 million in the corresponding quarter the year before.

The beleaguered private cord-blood bank has been grappling with the financial impact of refunding customers whose cord-blood samples were compromised by irregular temperatures in its storage tanks.

The incident led to a six-month suspension notice from Singapore&rsquo s Ministry of Health in November 2023, which was later extended by another three months starting Jun 15, 2024.

Refunds and waivers of subsequent fees Cordlife offered on Apr 8 to active clients with stored cord-blood units led to a revenue reversal of about S$9.7 million in Q1. This included the recognition of about S$500,000 in contract liabilities related to future storage obligations for its affected clients.

Excluding the refund&rsquo s financial impact, the group&rsquo s revenue for Q1 2024 would have been about S$9.4 million, a 33 per cent decline from the year-ago figure.

Negative publicity from the saga also affected Cordlife&rsquo s operations in other markets. Compared with the year-ago period, the number of samples stored in Q1 2024 fell by about a third in Indonesia, India and Malaysia.

No forumer believe it ? Cordlife announcement today ?

ysh2006 ( Date: 24-Jul-2024 16:27) Posted:

Good price need to wait buy when other is in fear .....similarly when GE was at $17 nobody heed it price ...

Cordlife said there is still got chance some white knight going to take over company by offering...hope a good price...wait and see !

Impact of Cordlife&rsquo s extended suspension being closely monitored: Nanjing Xinjiekou

It is still considering making a potential offer for Cordlife&rsquo s remaining shares

SAC Capital says it is &ldquo furthering the discussions&rdquo with Nanjing Xinjiekou on the potential offer&rsquo s terms.

PRIVATE cord-blood bank Cordlife Group has received a fifth letter from SAC Capital on behalf of Nanjing Xinjiekou on the substantial shareholder&rsquo s offer to buy over Cordlife&rsquo s remaining shares.

On Tuesday (Jun 25), SAC stated that developments relating to the company have been and will continue to be closely monitored, particularly in view of the Ministry of Health&rsquo s (MOH) latest directive to extend Cordlife&rsquo s suspension by up to three months from Jun 15.

SAC said it &ldquo has been and will continue to closely monitor and assess developments&rdquo relating to the extended suspension.

This includes any further potential financial impact of the extended suspension for the current financial year &ndash and the company&rsquo s progress in obtaining MOH&rsquo s approval to &ldquo resume operations as soon as possible&rdquo .

As of the fifth letter dated Jun 24, Nanjing Xinjiekou is still considering making a potential offer for Cordlife&rsquo s remaining shares.

SAC said it was &ldquo furthering the discussions&rdquo with Nanjing Xinjiekou on the potential offer&rsquo s terms.

It added that nothing in the letter should be construed as a firm intention to make an offer for the company.

Cordlife received its first letter from SAC on behalf of Nanjing Xinjiekou regarding the potential offer on Feb 23 this year, stating that the latter was mulling making an offer for shares it did not already own.

Since then, Nanjing Xinjiekou and another substantial shareholder, TransGlobal Real Estate Group, have been requisitioning to remove certain directors from the board of Cordlife.

Their respective views on how the new board composition should be and how Cordlife&rsquo s issues should be addressed, have served as points of contention between the two substantial shareholders up until the company&rsquo s FY2023 annual general meeting held on May 14.

At the meeting, over 60 per cent whose shares were represented voted to remove three directors including Cordlife co-founder Dr Ho Choon Hou from its board, with three directors proposed by Nanjing Xinjiekou to be elected.

Still above 0.10. Not bad

MOH extends Cordlife suspension by up to 3 months

The move follows checks by the health ministry made in April and May 2024

SINGAPORE&rsquo S Ministry of Health (MOH) has issued a new notice to beleaguered private cord blood bank Cordlife : P8A -4.58%, barring them from collecting new cord blood and human tissue for up to an additional three months, the company said on Tuesday (May 28).

The notice, issued on May 27, will take effect from Jun 15 unless the director-general of health approves it sooner, pending written representations from Cordlife to MOH. Cordlife said that it does not plan to submit such written representations and will inform the health ministry accordingly.

The first notice was issued on Nov 30, 2023, after an MOH check found seven of the company&rsquo s 22 cord-blood storage tanks being kept at temperatures above acceptable limits.

MOH had conducted further inspections in April and May 2024, and determined that Cordlife had yet to complete the validation of its AXP II System for cord blood processing.

The company also did not complete the development of the relevant operating procedures and practices for the system, as well as the training and competency assessment of the staff using it.

Cordlife said it will work to expedite potency testing, in addition to other rectification efforts. It will also update MOH on its progress to fulfil all requirements and receive approval to resume operations as soon as possible.

The company also announced that it applied on May 15 to discontinue licences related to services involving haematopoietic stem cells and its clinical laboratory services.

Cordlife will stop providing services related to haematopoietic stem cells, including bone marrow, under its human tissue banking service. It plans to focus only on the banking of ocular tissue, specifically the corneal lenticule.

It does not expect the discontinuation of this licence to significantly impact its Singapore operations, as peripheral blood stem cell banking services did not account for a major portion of its services.

The same can be said for its clinical laboratory service licence, as the company has not been providing any services that require the licence. The discontinuation is effective from May 20.

The Business Times
MOH extends Cordlife suspension by up to 3 months
SINGAPORE?S Ministry of Health (MOH) has issued a new notice to beleaguered private cord blood bank Cordlife, barring them from collecting new cord blood and human tissue for up to an additional three months, the company said on Tuesday (May 28).

As previously announced on 5 April 2024, the Company had understood that Mr Zhai Lingyun, Non-
Independent Non-Executive Director ("Mr Zhai"), was required to attend at the office of the CAD in
connection with the Investigations and had obtained the CAD's agreement to postpone his interview
with the CAD to 21 May 2024.
The Company has been informed by Mr Zhai that as he was unable to reschedule his significant work
commitments and meetings in China for the month of May 2024, he was unable to attend his interview
with the CAD on 21 May 2024 and is currently in discussion with the CAD to reschedule his interview
to the month of June 2024.
Given that Mr Zhai will be overseeing and providing guidance on the ongoing work undertaken by the
Company to investigate and address the lapses identified by the Ministry of Health in relation to the
Company's Singapore operations, the Board (with Mr Zhai recusing himself from deliberations and
decisions of the Board on this matter) is of the view that it would be in the interests of the Company for
Mr Zhai to continue serving on the Board. The Board will continue to consider and assess the suitability
of Mr Zhai to continue serving on the Board, pending the development of the Investigations.
As disclosed previously, the Company has received undertakings from Mr Zhai, Ms Chen Xiaoling, Mr
Yiu Ming Yiu and Mr Chow Wai Leong to inform the Board of the ongoing Investigations and subsequent
developments.
The Company will continue to monitor the progress of the Investigations and will cooperate fully with all
regulatory authorities on the said Investigations, and will update its shareholders as and when there are
any material updates on the above. The Group's operations will also continue to operate as usual.
In the meantime, shareholders of the Company and potential investors should exercise caution when
dealing in the shares of the Company. They should consult their stockbrokers, bank managers, solicitors,
or other professional advisers if they have any doubt about the actions they should take.

Run road ? Think this should be a lesson for directors appointed.. no foreign directors should be appointed unless they are committed and country of residence here..
dyodd

Bankrupt already. Legals costs and the like. How much can you get back from this company?

Over 150 customers engage law firm, seek legal advice in Cordlife case

The group has hired Peter Low Chambers, which will render written legal opinion before reopening sign-ups

A GROUP of Cordlife : P8A -1.33% customers have engaged law firm Peter Low Chambers to advise them in a case against the embattled private cord-blood bank.

The group of 157 people consists of parents whose children&rsquo s cord blood were affected by the temperature excursions in Cordlife&rsquo s storage tanks and a dry-shipper, as well as parents who were informed that the stored cord blood was of &ldquo low risk&rdquo or unaffected.

In a media statement on Monday (May 20), the group, which is coordinated by a nine-member team of parent volunteers, said the law firm will be providing a written legal opinion, based on an agreed-upon scope of queries and concerns raised by parents.

The nine-member volunteer group had solicited concerns and queries from parents who were verified Cordlife customers, as well as gathered various iterations of contracts that Cordlife customers had entered into.

After it was engaged, Peter Low Chambers screened contracts and onboarded customers over a two-week period, starting in mid-April.

The volunteer group noted that registration for the first stage, encompassing the onboarding and rendering of legal opinion, was closed on May 10 &ldquo in the interest of expediency&rdquo . Sign-ups for customers will reopen after the legal opinion has been rendered, subject to conditions including payment of fees.

Peter Low Chambers is led by managing director Peter Low. Other lawyers involved in the case are associate director Elaine Low and director Christine Low.

To recap, seven of Cordlife&rsquo s 22 storage tanks were exposed to temperatures above acceptable limits at different periods since November 2020. The lapses were uncovered by the Ministry of Health (MOH), which suspended the cord-blood bank from collecting or processing new cord blood for six months.

Thus far, MOH&rsquo s expert panel has found that around 7,500 cord-blood units stored by Cordlife in two tanks and a dry shipper have been damaged or deemed at &ldquo high risk of being adversely affected by the temperature excursions&rdquo .

The Business Times previously reported that the lapses in tank temperature warrant compensation, but a class action-type suit would be difficult to mount in Singapore as it is logistically complex to organise.

BT understands that this group of parents is separate from the group that had signed up with Withers KhattarWong.

Withers partners previously said that a representative action suit &ndash similar to a class action suit &ndash against Cordlife could take at least two years to conclude, but stressed that it is not recommending that customers take up such a representative action at this juncture.

A spokesperson for Cordlife previously told BT that the company is aware that a number of affected clients are looking into legal options related to the issue.

&ldquo We respect that clients may want to consider all possible options in order to decide on a resolution that best suits them, and we understand that such endeavours would include exploring whether they have any legal rights for recourse,&rdquo the spokesperson said.

&ldquo Cordlife has engaged a team of external legal advisers that have been advising the company on various issues, including its responsibilities and obligations with respect to all of the company&rsquo s stakeholders.&rdquo

Separately, a group of parents sent a letter to Health Minister Ong Ye Kung on May 6, requesting that MOH intervene to &ldquo establish stringent oversight and regulation of cord-blood storage facilities&rdquo to prevent lapses from occurring in the future.

The letter, which was seen by BT and signed by more than 200 parents, also asked MOH to ensure that Cordlife does not &ldquo destroy any of the cord blood without it undergoing rigorous testing to determine its viability&rdquo .

MOH&rsquo s e-mail reply, which was seen by BT, noted that the ministry is &ldquo closely supervising Cordlife&rsquo s rectification of the lapses&rdquo , ensuring proper maintenance and monitoring of the tanks&rsquo temperatures during Cordlife&rsquo s ongoing suspension.

It added that Cordlife will not dispose of any cord-blood units belonging to their clients while they work towards a resolution.

The group of parents also queried MOH about the cord-blood units of children who have turned 21 or are about to turn 21 that are deemed to be at &ldquo high risk&rdquo of being adversely affected.

Cordlife&rsquo s contracts with parents end once the child turns 21, and the child will have the option to take on ownership of their cord blood.

The group feared that Cordlife may dispose of &ldquo high risk&rdquo cord-blood units once the initial contract has ended, in the event that a new contract is not signed.

In an e-mail response, MOH noted: &ldquo Please be assured that Cordlife will not be disposing any cord-blood units belonging to active clients whose service agreements are nearing maturity while they work towards resolution.&rdquo

MOH added that Cordlife will inform clients of the testing outcomes once it is ready, and will engage clients about the continued storage of their cord-blood units.

Is a new beginning and likely better as they promissed more help from China.

Joelton ( Date: 15-May-2024 10:24) Posted:

Cordlife shareholders vote to remove three directors including acting chair Ho Choon Hou from board

Three directors proposed by substantial shareholder Nanjing Xinjiekou Department Store were elected to the board

SHAREHOLDERS of embattled private cord-blood bank Cordlife Group voted to remove several directors from its board at the company&rsquo s annual general meeting (AGM) on Tuesday (May 14) .

Around 60 per cent of present shareholders voted in favour of resolutions to remove acting chairman Dr Ho Choon Hou and independent director Yeo Hwee Tiong.

Shareholders also voted against the re-election of another independent director, Titus Cheong. He will retire at the end of the AGM.

Meanwhile, three directors proposed by substantial shareholder Nanjing Xinjiekou Department Store were elected to the board. They are Teo Tong Kooi, Xu Tianhong and Cai Yong.

Around 200 million shares of Cordlife&rsquo s 255,977,394 ordinary shares were represented at the AGM.

The FY2023 AGM was one to watch for investors of the beleaguered cord-blood bank, as its two substantial shareholders &ndash TransGlobal Real Estate Group and Nanjing Xinjiekou Department Store &ndash requisitioned separate resolutions to vote out several board directors.

Nanjing Xinjiekou came into the public eye in March after it sent a notice, through nominee Phillip Securities, requisitioning an extraordinary general meeting.

The notice included four resolutions concerning the removal of four directors &ndash acting chairman Ho and independent directors Yeo, Cheong and Joseph Wong.

The remaining three resolutions concerned the appointment of three individuals &ndash Teo, Xu and Cai &ndash to the board.

Wong is also the company&rsquo s former chairman, who stepped down in February. He had since indicated his intention to retire after the AGM.

All of Nanjing Xinjiekou&rsquo s resolutions were tabled at the AGM.

Meanwhile, TransGlobal had requisitioned resolutions to remove from the board a Nanjing Xinjiekou-nominated director, Zhai Lingyun, as well as &ldquo Shally Chen&rdquo , whose Chinese name is Chen Xuanli.

Cordlife tabled the resolution to remove Zhai, but not the one removing Chen as the company said Chen is not listed on the company&rsquo s business profile as a director, based on Accounting and Corporate Regulatory Authority of Singapore records as at Mar 27.

Checks by The Business Times found that Chen&rsquo s name in her LinkedIn profile was &ldquo Xiaoling Chen&rdquo , and was spelt as such in Cordlife&rsquo s annual reports.

A spokesperson for Cordlife Singapore later confirmed to BT that the name difference was the reason why the resolution was rejected.

After Nanjing Xinjiekou&rsquo s resolutions were passed, TransGlobal nominee director Yiu Ming Yiu asked to withdraw all of TransGlobal&rsquo s resolutions. The resolution to remove Zhai was therefore not voted on.

The requisitioned resolutions, which were to be voted at the earliest possible juncture at an extraordinary general meeting or the next AGM, came after Cordlife was thrust into the spotlight for lapses faced by its storage tanks.

To recap, seven of Cordlife&rsquo s 22 storage tanks were exposed to temperatures above acceptable limits at different periods since November 2020. The lapses were uncovered by the Ministry of Health (MOH), which suspended the cord-blood bank from collecting or processing new cord blood for six months.

Thus far, MOH&rsquo s expert panel has found that around 7,500 cryopreserved cord-blood units stored by Cordlife in two tanks and a dry shipper have been damaged or deemed at &ldquo high risk of being adversely affected by the temperature excursions&rdquo .