News Out:
HONG KONG, Dec. 17 /PRNewswire-Asia/ -- China's leading high-tech healthcare group, Golden Meditech Company Limited ("Golden Meditech" or "the Group"; Stock Code: 801) is pleased to announce today the interim results for Financial Year 2009/10. During the period under review, the Group's two associate companies made their debut on the New York Stock Exchange and NASDAQ; its key businesses have been strengthened, with maiden revenue and profit contributions from its new hospital management operations
Mr. KAM Yuen, Chairman and CEO of Golden Meditech, emphasized that the two associate companies, China Cord Blood Corporation (NYSE:CO) and FunTalk China Holdings Limited (NASDAQ:FTLK), are recognized leaders in their fields with leading market shares. Their listings in the U.S. will not only attract investor interest in these companies, but also unlock shareholder value and generate significant returns for our shareholders
Based on their offering prices, Golden Meditech's holding of these two firms is valued at US$281 million
Mr. KAM explained that the Group decided to spin off these two entities to fulfill a commitment to shareholders. "These are also vivid examples of our successful investments and expansion strategies in the China market," said Mr. KAM
During the first half of this year, the Group's medical device segment promoted its two new products in China. Meanwhile, it also reached an agreement to partner with Fenwal Inc., a global leader of blood transfusion technology, to jointly explore business opportunities in China's blood collection and transfusion market
At the same time, the Group pushed ahead to develop its hospital management businesses in order to capture the lucrative business opportunities arising from China's ongoing medical reform. The expansion into the key healthcare value chain is well in alignment with the Group's core competencies and resources. The Group recorded HK$16,699,000 of revenue and posted strong profits from its hospital management operations for the second quarter of this financial year
In addition, the hospital management operations raised US$28 million (equivalent to HK$217 million) in private equity financing in October 2009, valuing the entire business at more than US$ 200 million. The money raised will be used for business development in the China hospital market
The group reported total turnover of HK$131,593,000 in the first half of this financial year. Its gross profit margin was maintained at about 67.4%
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