HONG KONG, Sept. 5, 2014 /PRNewswire/ -- China Cord Blood Corporation (NYSE: CO) ("CCBC" or the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced that the Company's Compensation Committee (the "Committee") has approved an allocation of 5,840,000 restricted share units ("RSUs") to be issued to selected members (the "Potential Participants") of the CCBC management team.
In identifying the Potential Participants, the Committee took into account each individual's employment history, roles, responsibilities, and past and expected future contributions to the Company. Upon the actual grant of the RSUs (which is likely to take place on or before December 31, 2014), the Company plans to issue shares underlying the granted RSUs to a designated trust (the "Trust") to hold such shares in accordance with the rules of the Company's RSU scheme. The vesting of the awards and transfers of related shares out of the Trust are subject to the Potential Participants' fulfilling their respective performance targets as established by the Committee over the next several years.
As certain individuals among the Potential Participants are directors of the Company or the Company's subsidiaries, they and the Trust are regarded as connected persons of the Company's major shareholder, Golden Meditech Holdings Limited ("Golden Meditech"), under the listing rules of the Hong Kong Stock Exchange. Therefore, the grant of RSUs to such Potential Participants and the issue of shares to the Trust will only be made after Golden Meditech has obtained its independent shareholders' approval in compliance with the Hong Kong Stock Exchange's listing rules.
The RSU scheme, which was approved by the Company's shareholders at its 2010 Annual General Meeting (and amended in August 2014), allows a maximum of 7,540,687 RSUs (representing 10% of CCBC's shares outstanding as of February 18, 2011) to be issued.
About China Cord Blood Corporation
China 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 only seven licenses have been authorized as of today. China Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services. For more information, please visit our website at http://www.chinacordbloodcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, performance and results of operations, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in statements filed from time to time with the U.S. Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
China Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@chinacordbloodcorp.com
ICR, Inc.
Mr. Bill Zima
Tel: (+86) 10-6583-7511 (China) or (+1) 646-405-5185 (U.S.)
Email: william.zima@icrinc.com
