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Cordlife gave life a new life s.
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JurongW
Elite |
31-Mar-2026 18:50
Yells: "Earnings give weight, Chart give wings" |
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DISCLAIMER OF OPINION AND EMPHASIS OF MATTER BY THE INDEPENDENT AUDITORS ON THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 https://links.sgx.com/1.0.0/corporate-announcements/CDQEBUENCO7XHVZD/881288_CGL%20-%20Disclaimer%20of%20Opinion%20by%20Auditors%20for%20FY2025.pdf The document is essentially saying that Cordlife Group Limited&rsquo s auditors (PKF-CAP LLP) could not give a clean opinion on the company&rsquo s FY2025 financial statements. Instead, they issued a &ldquo Disclaimer of Opinion&rdquo , which means they were unable to obtain enough reliable evidence to judge whether the accounts are accurate. 🔎 Main Points Summarized
✅ Takeaway: The report is warning investors that Cordlife&rsquo s financial health is unclear, with unresolved risks around lawsuits, regulatory action, and whether the company can continue as a going concern. |
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Joelton
Supreme |
15-Jan-2026 11:16
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Cordlife secures one-year renewal for its cord-blood banking service licence
Its scope is limited to storing, transferring or retrieving existing cord-blood units for clinical use
[SINGAPORE] Cordlife Group has secured a one-year renewal of its cord-blood banking service licence from Wednesday (Jan 14) to Jan 13 next year, the company said on Wednesday.
It remains under strict regulatory curbs that include prohibiting the company from collecting, testing or storing any new cord-blood units (CBUs). The permissible scope in Singapore is limited to storing, transferring or retrieving existing units for clinical use.
The company said it &ldquo welcomes&rdquo the license renewals.
Shally Chen Xiaoling, Cordlife&rsquo s group executive director, group CEO, Singapore said: &ldquo The team has worked very hard in the last year to strengthen our operations, bring in experienced staff and retrain our existing team.&rdquo
&ldquo We are encouraged by the progress made so far and we thank our regulators for their guidance and encouragement. We are committed to complying with all conditions attached to the licenses, and to eventually restore the confidence of all stakeholders in the way we conduct our services,&rdquo she added.
The company&rsquo s human tissue banking service licence has also been renewed for two years, from Jan 14, 2026, to Jan 13, 2028.
The group noted that its operations in other jurisdictions, including Malaysia, Hong Kong and India, remain fully operational.
In a separate bourse filing on the same day, Cordlife announced that it has applied to convert ongoing client claims into an &ldquo originating claim&rdquo . This conversion is typically ordered when the material facts are in dispute and, if granted, would move the dispute to a full trial process.
On Dec 2, 2025, it was announced that Cordlife Group was facing claims of at least S$5.45 million in damages from clients who stored 109 CBUs with the company.
The claimants wanted Cordlife to be declared liable for loss and damage arising from negligence or breach of contract, and for &ldquo causing irreparable damage&rdquo due to its failure to properly store and preserve the CBUs.
The suit also seeks damages of S$50,000 per damaged unit. Based on the 109 units involved, the company estimated the total claims to be at least S$5.45 million.
Alternatively, the claimants are seeking a refund of all storage fees paid to date, or an order for the assessment of damages.
The company filed the necessary summons and reply affidavit on Tuesday, with the claimant group directed to reply by Feb 3.
Cordlife said that around 60 per cent of all customers affected by the temperature excursion incident have accepted refunds and a package which includes an offer of five additional years of free storage, coverage and compensation of up to $100,000, for medical conditions requiring a stem cell transplant.
The board stated it is currently unable to assess the financial impact of its licensing conditions on Cordlife&rsquo s performance for the financial year ending Dec 31, 2026.
It also continues to assess the impact of the claims, but states that should the company ultimately be ordered to pay, it will result in a negative impact on the financial position of the group.
Cordlife said that its search for a new Clinical Governance Officer is ongoing.
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Joelton
Supreme |
04-Dec-2025 10:53
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Cordlife faces S$5.45 million civil claim from clients over damaged cord blood units
Alternatively, the claimants are seeking a refund of all storage fees paid to date, or an order for the assessment of damages
[SINGAPORE] Cordlife Group is facing claims of at least S$5.45 million in damages from clients who stored 109 cord blood units (CBUs) with the company.
The cord blood bank was notified on Dec 1 of the filing in the courts by a person representing the group of claimants, the company said in a bourse filing on Tuesday (Dec 2).
The claimants want Cordlife declared liable for loss and damage arising from negligence or breach of contract, and &ldquo causing irreparable damage&rdquo due to its failure to properly store and preserve the CBUs.
The suit also seeks damages of S$50,000 per damaged unit. Based on the 109 units involved, the company estimates the total claims to be at least S$5.45 million.
Alternatively, the claimants are seeking a refund of all storage fees paid to date, or an order for the assessment of damages.
Cordlife noted that members of this claimant group are clients whose units were stored in tanks later labelled as &ldquo damaged&rdquo and &ldquo high risk&rdquo .
They are part of the same group that had previously issued a letter of demand to the company on Mar 28, 2025 through their solicitors.
The company is currently seeking legal advice on its next steps.
While the board is still assessing the financial impact, it warned that an order to pay the claims would hurt the group&rsquo s financials for the year ending Dec 31.
Cordlife added that the claims relate solely to its operations in Singapore, and the group remains in full operation in other geographical markets.
One of many setbacks
This is the latest setback for the company, whose mishandling of cord-blood units first came to light in November 2023, when the Ministry of Health (MOH) conducted unannounced audits on the company.
Then, it was revealed that seven of the 22 tanks at Cordlife were exposed to temperatures above acceptable limits during different periods from November 2020. This damaged the cord-blood units belonging to at least 2,150 clients.
After resuming limited service on Sep 15, 2024, another round of operational lapses were identified in a midpoint audit in July this year. Cordlife was then served a notice of intent for a one-year suspension of its cord-blood banking services by MOH on Sep 29.
The company&rsquo s shares were down 2 per cent or S$0.003 at S$0.146 at the end of trading on Wednesday.
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Joelton
Supreme |
27-Nov-2025 11:59
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MOH orders Cordlife to stop collecting new cord blood in fresh blow to company
It also cannot test, process or store new cord blood
[SINGAPORE] Embattled cord-blood bank Cordlife : P8A 0% received a notice from the Ministry of Health (MOH) to stop collecting, testing, processing and/or storing new cord blood, effective Wednesday (Nov 26).
This means that the group has been suspended from collecting new cord-blood units (CBUs).
Cordlife will be permitted only to store existing CBUs, while performing limited actions in relation to them.
These actions include facilitating the transfer of existing CBUs to other cord-blood banks, and disposal of such existing CBUs as per instructions from the group&rsquo s clients.
According to MOH, the conditions will remain in force even if the company&rsquo s licence is renewed for one year in January 2026, and until Cordlife demonstrates the ability to consistently meet the regulatory requirements for cord-blood banking services.
MOH also maintains earlier directions to the company, which include replacing its current clinical governance officer, and reviewing all laboratory records of the around 160 CBUs collected since January.
This notice of regulatory action comes with MOH&rsquo s assessment that Cordlife had not adequately addressed the concerns raised during the ministry&rsquo s mid-point audit in July, to continue providing its cord-blood banking service in a &ldquo safe, clinically and ethically appropriate manner&rdquo .
The ministry has issued a notice of intent to the group on Sep 29 regarding the intended suspension of its licence.
Cordlife had responded to the notice with written representations to MOH, it said on Oct 27. Thereafter, the ministry said the company would &ldquo require time to satisfactorily address the outstanding issues&rdquo .
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moonsun
Veteran |
26-Nov-2025 21:55
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No more lives? Cordlife has been ordered to stop collecting, testing and storing new cord blood from today, after the Ministry of Health found it had not adequately addressed concerns it raised in an audit in July. The conditions will be in force even if Cordlife?s licence is renewed in January: https://cna.asia/4pdQJ6I |
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Joelton
Supreme |
31-Oct-2025 09:00
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Cordlife&rsquo s executive chairman steps down
[SINGAPORE] Cordlife announced that its executive chairman Zhai Lingyun has stepped down in a bourse filing on Thursday (Oct 30).
Zhai told the board that he resigned in order to focus on other business and personal commitments. The cord-blood banking operator said that Zhai will continue to serve in certain management capacities within the group.
Nanjing Xinjiekou Department Store, a substantial shareholder of Cordlife, had nominated Zhai, who was appointed as executive chairman in January 2025. Previously, he was a non-independent non-executive director on Cordlife&rsquo s board.
A new chairman will be appointed in due course.
This development comes after the Ministry of Health issued a notice of intent to suspend Cordlife&rsquo s cord-blood banking services for a year on Sep 29. This was due to failure to comply with regulatory requirements in several key areas.
The company subsequently announced that it would assess being able to continue as a going concern in light of the suspension on Oct 2. Cordlife then announced that it could operate till Sep 30, 2026, but the future remains uncertain.
Cordlife has since submitted information requested in the notice of intent on the last day of its 14-day extension on Oct 27.
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Joelton
Supreme |
14-Oct-2025 08:17
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Cordlife gets extended deadline to submit representations for potential one-year suspension
MOH has pushed back its deadline for submitting representations to Oct 27, from Oct 13
[SINGAPORE] Cordlife : P8A 0% announced that the Ministry of Health (MOH) has extended its deadline to submit representations concerning its potential one-year suspension to Oct 27, from the initial deadline on Monday (Oct 13).
The embattled cord blood bank faces a possible suspension as recently uncovered operational lapses led to the MOH issuing it a notice of intent to suspend its cord blood banking services for one year on Sep 29. The group was given 14 days from the date of the notice, or until Oct 13, to submit representations.
Cordlife on Monday said that it made an application to MOH on Oct 6 for an extension of time to submit its written representations in relation to the notice.
On Oct 12, the ministry informed Cordlife that it had been granted an extension to submit the representations to the director-general by Oct 27.
The company said that it has stopped the collection, testing, processing and storage of new cord blood units since Sep 30.
It added that it had ceased these services on a voluntary basis, as the suspension of its cord blood banking services licence would only take effect upon the MOH serving it a subsequent notice of decision after considering the representations.
The ministry&rsquo s Sep 29 notice required Cordlife to cease such services to focus solely on safeguarding existing inventory.
&ldquo Cordlife is continuing to seek advice on the appropriate response to the notice and will provide an update in due course,&rdquo the group said on Monday.
Lapses and potential one-year suspension
The potential suspension comes as a follow-up audit of Cordlife&rsquo s operations, conducted in July, revealed that the group failed to comply with regulatory requirements across key operational areas.
The compliance failures spanned areas of governance, incident reporting and managing, as well as processes involving the collection, testing and processing of new cord blood units collected since January &ndash when Cordlife&rsquo s operation licences were renewed.
Following a review of its ability to continue as a going concern in the event of suspension, Cordlife said on Oct 6 that it would be able to continue operations for a 12-month period ending Sep 30, 2026. However, it added that beyond that, the future is not certain.
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Joelton
Supreme |
07-Oct-2025 10:49
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Cordlife says operations for next 12 months will continue if suspension takes effect
It is able to continue as a going concern until Sep 30, 2026, but the future beyond that is not certain, says board
[SINGAPORE] Embattled cord-blood bank Cordlife : P8A -1.69% said that it will be able to continue as a going concern for at least the next year, should the potential suspension it faces take effect.
The company had conducted an assessment of its ability to continue as a going concern for the upcoming 12-month period ending Sep 30, 2026, after receiving a notice of intent for a one-year suspension of its cord-blood banking services from the Ministry of Health (MOH) on Sep 29, following the discovery of operational lapses.
In a Monday (Oct 6) bourse filing, Cordlife provided an update on the assessment, which had incorporated an analysis comprising multiple scenarios for possible outcomes and tolerance levels &ldquo in light of various key risks and uncertainties&rdquo .
&ldquo Taking into account the H1 2025 financial results and the cash flow forecasts, barring any unforeseen circumstances, the board is of the view that the company will be able to continue as a going concern for the period under review,&rdquo Cordlife said.
For its H1 2025 ended June, the company had trimmed its net loss to S$4.6 million from S$12.4 million in the year-ago period. Its revenue for the half-year surged 108.8 per cent to S$19.2 million amid the full resumption of its Singapore operations in January, after a suspension of close to nine months.
While Cordlife should be able to continue operations until Sep 30, 2026, the board cautioned that the future beyond that is not certain.
&ldquo There can be no assurance that the company will not subsequently face challenges to its ability to continue as a going concern,&rdquo Cordlife said.
&ldquo The board will continue to closely monitor the situation, in consultation with its advisers, and evaluate the company&rsquo s financial position, and will update its shareholders if there are any material developments in relation to the above,&rdquo it added.
Potential second suspension
MOH on Sep 29 issued Cordlife a notice of intent for a one-year suspension of its cord-blood banking services. This required that the company halt collection, testing, processing and storage of new cord-blood units to focus solely on safeguarding existing inventory.
Cordlife weighs ability to continue as a going concern as potential one-year suspension looms
Cordlife was given 14 days to submit its written representations.
This was sparked by an audit in July that unearthed operational lapses in governance, incident reporting and management, and the company&rsquo s processes surrounding the collection, testing and processing of new cord-blood units collected since January.
MOH had renewed Cordlife&rsquo s licences for cord-blood banking and human tissue banking services for a year starting from Jan 14. Prior to the renewal, its operations were suspended for nearly nine months after lapses first came to light in November 2023.
On Oct 1, it said that it was weighing its ability to continue as a going concern in the event that the suspension takes effect, noting that it would continue to incur fixed costs and other operating expenses while business activities halt.
It said then that its liquidity could be hurt by operational and financial pressures, as well as cash outflows incurred from customer refunds. It added that its ability to continue to receive payments from unaffected customers is subject to uncertainty, and that its cash position could be affected should there be delays, shortfalls or defaults in such payments.
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moonsun
Veteran |
05-Oct-2025 13:16
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I mean punish the board the directors and ceo..
Think moh did a better job in enforcement.. Sgx regco should step up
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Sgvale
Supreme |
05-Oct-2025 08:50
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Once customers confidence lost, so does the profit and business . Got other competitors right? | ||
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kepoh88
Veteran |
04-Oct-2025 23:21
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Remind us on HYFLUX ... punish the investors for what. never learn the lesson. |
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beng1102
Elite |
04-Oct-2025 17:29
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It useless to punish to the company. Instead should punish the management who are the real people screwed up all investors.
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moonsun
Veteran |
03-Oct-2025 12:25
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So many chances given .. yet continue its own way .
This type of company need to b punished..! |
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Joelton
Supreme |
03-Oct-2025 12:22
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Cordlife weighs ability to continue as a going concern as potential one-year suspension looms
If the halt takes effect, the cord-blood bank will continue to incur fixed fees and other operating expenses while business activities cease
[SINGAPORE] Cordlife : P8A -17.21% is assessing the risks and uncertainties that could threaten its ability to continue as a going concern as it faces a potential one-year suspension, it said in a bourse filing on Wednesday (Oct 1).
The Ministry of Health (MOH) on Monday served Cordlife a notice of intent for a one-year suspension of its cord-blood banking services after a July audit uncovered operational lapses. This requires Cordlife to stop collecting, testing, processing and storing new cord-blood units and the company has 14 days to submit representations.
The private cord-blood bank said that it is &ldquo unable to assess&rdquo the impact of the developments on its performance for the financial year ending Dec 31, 2025.
Should the suspension take effect, Cordlife said it would continue to incur fixed fees and other operating expenses while business activities cease.
Operational and financial pressures, in addition to cash outflows incurred over customer refunds, may hurt its liquidity, the company said.
Moreover, its ability to continue receiving payments from unaffected customers under deferred payment plans for the next 12 months is subject to uncertainty, and any delays, shortfalls or defaults in payment could affect its cash position, it added.
The company said it is currently unable to determine the quantum of cash outflow that may be required for several items, including potential refunds that may arise from the outcome of the investigations into the test results of storage tank samples.
MOH ordered Cordlife to conduct a full investigation into the test results after the ministry&rsquo s review of the results revealed that samples from three of five tanks had failed the criteria for viability and potency.
The items also include current claims by customers who alleged that their cord blood units have been damaged, claims that could arise in the future, as well as fines or penalties that may be imposed on the company due to the suspension.
Cordlife said that the assessment of its ability to continue as a going concern is expected to be completed by the end of the week, and it will provide an update accordingly.
The company&rsquo s net loss for its first half ended June narrowed to S$4.6 million, from S$12.4 million in the year-ago period. Its revenue surged 108.8 per cent to S$19.2 million, amid full resumption of its Singapore operations in January, after they were suspended for close to nine months.
Latest setback
The latest suspension arose from MOH&rsquo s midpoint audit for Cordlife in July, which revealed lapses in several aspects of its operations.
The MOH statement flagged lapses in governance, incident reporting and management, as well as processes involving collection, testing and processing of new cord blood units collected since January &ndash when Cordlife&rsquo s licences for cord blood banking and human tissue banking services were renewed for one year.
Prior to that, Cordlife was allowed to resume cord blood banking operations in a calibrated manner from Sep 15, 2024. It was first suspended on Nov 30, 2023, after the lapses came to light.
The recently discovered lapses include the group&rsquo s storage of cord blood units that failed to reach the appropriate cryopreservation temperatures. MOH said that there was no evidence of appropriate investigations into whether these deviations caused damage.
The lapses also include the failure of Cordlife&rsquo s clinical governance officer (CGO) to provide proper oversight and guidance. The CGO advised staff that the improper storage of cord blood units was not an issue of concern, MOH said. As a result, future similar incidents were not reported and investigated, and no appropriate or preventive actions were taken.
Additionally, Cordlife continued using cord blood collection bags exposed to temperature excursions without checking if the bags could still be used and if the quality of cord blood units would be affected, the ministry said.
MOH added that the key personnel who had contributed to improvements had resigned without any proper handover process.
Cordlife called for a trading halt on Monday, before news of the potential suspension broke. Its shares resumed trading on Thursday and fell more than 18 per cent, to S$0.176, in early trade.
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Joelton
Supreme |
30-Sep-2025 11:44
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Cordlife Group faces one-year suspension over cord-blood banking service lapses
This is the latest setback for the company after its mishandling of cord-blood units first came to light in 2023
[SINGAPORE] Cordlife Group has been served a notice of intent for a one-year suspension of its cord-blood banking services by the Ministry of Health (MOH), after a recent audit uncovered significant failures in its operations.
The notice, issued on Monday (Sep 29), requires the private cord-blood bank to stop collecting, testing, processing and storing new cord blood units and to focus solely on safeguarding its existing inventory.
Cordlife has 14 days to submit its representations.
The suspension was triggered by an MOH audit in July this year, which found that Cordlife had failed to maintain compliance with regulatory requirements in several key areas. This inspection came after the company had been allowed to resume limited operations in September 2024, following an earlier suspension.
This is the latest setback for the company, whose mishandling of cord-blood units first came to light in November 2023, when MOH conducted unannounced audits on the company.
Then, it was revealed that seven of the 22 tanks at Cordlife were exposed to temperatures above acceptable limits at different periods from November 2020. This damaged the cord-blood units belonging to at least 2,150 clients.
In December 2023, Cordlife was ordered to halt its services for six months. This restriction was extended by three months in June 2024, and the company was allowed to resume limited services on Sep 15, 2024.
Following the audit this July, and in line with the latest notice of intent, MOH has directed the company to review all laboratory records of new cord-blood units collected since the resumption of its cord-blood banking services in January 2025, and to identify and resolve any deviations from Cordlife&rsquo s established policies.
Cordlife must also inform clients if their cord-blood units have been affected, and offer counselling by a haematologist on the implications on potential clinical uses of the cord-blood unit.
In a statement, MOH said it &ldquo recognises that these findings may be distressing to many Cordlife clients, and they may now be contemplating withdrawal of their cord-blood units from Cordlife&rdquo .
The ministry has urged Cordlife to proactively engage with clients and address their concerns, including on issues relating to their contracts.
&ldquo Cordlife&rsquo s clients may wish to transfer cord-blood units to alternate providers,&rdquo MOH said, noting that it had &ldquo initiated discussions&rdquo with other cord-blood banks in Singapore on their plans if they are approached to receive such transfers.
MOH advised, however, that the transfer of cord-blood units &ndash to both local and overseas banks &ndash carries risks and should be considered carefully. &ldquo Alternative sources of stem cells, such as donated cord blood or transplant of bone marrow or peripheral blood stem cells, remain available for children who require transplants,&rdquo it added.
Operational lapses identified
The ministry&rsquo s midpoint audit found that Cordlife had sustained its improved temperature-monitoring practices and had kept an accurate inventory of its cord-blood units. However, the audit also revealed lapses in Cordlife&rsquo s governance, incident management, and processes for collecting and testing about 160 new cord-blood units since January 2025.
Specific failures found by the audit in July included:
Improper storage: The company stored cord-blood units that had not reached the appropriate temperature for cryopreservation, with no evidence of proper investigation into potential damage.
Poor oversight: Cordlife&rsquo s clinical governance officer wrongly advised staff that these issues were not of concern, which resulted in similar incidents not being reported and investigated, and no appropriate corrective or preventive actions implemented.
Unvalidated equipment: Cordlife continued using cord-blood collection bags that had been exposed to temperature excursions without validating if they were still safe to use, or if the quality of the cord-blood unit would be affected.
These issues were compounded by the departure of key personnel who had overseen earlier improvements, with no proper handover process established.
A panel of experts reviewed the audit findings, and MOH decided to suspend Cordlife&rsquo s services for new cord-blood units to allow the company to address gaps in its key operational areas. The ministry has also directed the company to replace its current clinical governance officer.
If the suspension proceeds, Cordlife will be allowed to release stored cord-blood units for clinical use only after a suitably qualified haematologist has assessed that they are fit for the intended clinical use.
Failed samples from testing of low-risk tanks
Adding to the regulatory crisis, the expanded testing results for five tanks previously assessed as &ldquo low-risk&rdquo following temperature warming events in 2023 revealed significant issues.
The initial testing of 30 samples from these five tanks in 2023 had passed viability and potency tests, but MOH experts had required additional testing of over 200 samples to achieve a more statistically significant result.
Last Friday, MOH concluded that only samples from two tanks met the criteria for viability and potency.
The other three tanks failed. One had two failed samples out of 65, another had nine out of 65, and the last had three out of 64. The acceptance criteria allowed only one failed sample per tank.
Cordlife&rsquo s root-cause analysis has been unable to identify a conclusive reason for the failed samples. The ministry has directed the company to conduct a full investigation.
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Joelton
Supreme |
15-Aug-2025 10:34
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Cordlife H1 loss narrows to S$4.6 million from S$12.4 million
Revenue surges 108.8% to S$19.2 million, from S$9.2 million in H1 2024
[SINGAPORE] Cordlife on Friday (Aug 15) posted a net loss of S$4.6 million for its first half ended Jun 30, 2025, trimming its losses from S$12.4 million in the year-ago period.
In tandem, its loss per share narrowed to S$0.018, compared with S$0.0482 previously.
Revenue surged 108.8 per cent to S$19.2 million, from S$9.2 million in H1 2024.
Cost of sales rose 5.8 per cent to S$8.2 million from S$7.8 million.
The cord-blood bank did not declare any dividend for the six months, unchanged from the year before.
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Joelton
Supreme |
11-Jul-2025 12:30
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Cordlife offers enhanced support to clients affected by damaged tanks in Singapore
The cord-blood bank says it cannot assure profitability this year, given estimated costs and pace of recovery since operations resumed in January
[SINGAPORE] Private cord-blood bank Cordlife : P8A -1.89%will offer enhanced support to its customers who were affected by the November 2023 discovery of its damaged storage tanks.
This includes a five-year extension to their cord-blood storage &ndash until their children turn 26 years old &ndash at no additional cost, the company said in a bourse filing on Thursday (Jul 10). The extension begins when the customer&rsquo s existing contract expires.
In addition, in the event that a cord-blood unit (CBU) is required, but a transplant physician deems the unit to be non-viable for an approved transplant due to Cordlife&rsquo s negligence, wilful default or fraud, the company will find a suitable replacement.
If it cannot find an appropriate match, Cordlife will pay damages ranging from US$25,000 to S$50,000 to enable its customers to seek alternative medical treatment.
The company will also provide global coverage for all medical conditions requiring stem-cell transplants, up to S$50,000.
Uncertain outlook
In November 2023, the Ministry of Health (MOH) found that cryopreserved CBUs in seven of Cordlife&rsquo s 22 storage tanks were exposed to temperatures above acceptable limits at different periods. As a result, thousands of CBUs were damaged and rendered unsuitable for stem-cell transplants.
The lapses led MOH to suspend Cordlife from collecting, testing, processing and storing new cord-blood or tissue samples. Four company directors and its former group chief executive were also arrested in March 2024.
Cordlife began offering affected customers refunds on annual storage fees, as well as a waiver on all subsequent fees for active customers until their children turn 21, in February 2024.
In its latest filing, the company said about 57 per cent of its clients had accepted this offer as at Jun 30, 2025.
Cordlife to hold townhalls for affected clients of damaged and high-risk tanks in Singapore
It also noted that its outlook for the year remains &ldquo uncertain&rdquo , considering its cost estimates for the enhanced support package as well as the pace of its business recovery since resuming full operations on Jan 14, 2025. It added that there is &ldquo no assurance that the company can resume profitability for the financial year ending Dec 31&rdquo .
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Joelton
Supreme |
27-Jun-2025 11:49
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Partial offer for Cordlife lapses with Thai-listed Medeze obtaining less than 1% stake
An independent financial adviser had earlier deemed the offer unfair and unreasonable
[SINGAPORE] A partial offer for a 10 per cent stake in Cordlife Group has lapsed, with the offerer, a subsidiary of Thai-listed Medeze Group, having secured less than a 10th of the shares it needed to.
As at the close of the offer at 5.30 pm on Wednesday (Jun 25), the total number of shares owned, controlled or agreed to be acquired by Medeze Treasury amounted to 2.4 million, representing a 0.95 per cent stake.
This comprises the 1.8 million shares (0.68 per cent) that Medeze Treasury had already owned pre-offer, as well as the valid acceptances of 694,591 shares (0.27 per cent), according to a bourse filing on Wednesday.
Medeze Treasury would have needed 25.6 million shares for the offer to succeed.
Through the partial offer, Medeze Group had eyed an entry into the Singapore market. The company had hoped to provide Cordlife&rsquo s customers with services such as the analysis and storage of the natural killer cell, which is known for its ability to kill cancer cells.
However, the offer was deemed unfair and unreasonable by an independent financial adviser, which recommended that shareholders reject it.
Cordlife has been battling a fallout from lapses discovered in the storage of its cord-blood units two years ago. The company announced on Monday that it will hold in-person and online town halls with customers affected by the damaged and high-risk tanks.
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Joelton
Supreme |
24-Jun-2025 10:45
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Cordlife to hold townhalls for affected clients of damaged and high-risk tanks in Singapore
Move aims to explore and put forward possible ways to enhance support and expand coverage for them
[SINGAPORE] Private cord-blood bank Cordlife : P8A 0% announced on Monday (Jun 23) that it will begin holding a series of in-person and online townhalls this week with affected customers from the damaged and high-risk tanks.
The townhalls aim to explore and put forward possible ways to enhance support and expand the coverage for these affected customers in an &ldquo enhanced proposal&rdquo , and receive feedback from them on these suggestions.
In a statement on Monday, the stem-cell company noted that this &ldquo enhanced proposal&rdquo is still under consideration. Following townhall discussions, it may include areas relating to further provisions regarding storage of the cord blood units further areas of coverage for customers not previously set out in the contracts and medical care support if the child requires a cord blood transplant.
This is part of the group&rsquo s ongoing customer engagement efforts, after Cordlife resumed full operations in January this year.
Earlier in February 2024, Cordlife had offered affected customers a refund of the annual fees received from them from the start of the temperature excursion, and to waive all subsequent fees for active customers until their child turns 21. This came after under 2,200 cord blood units in one of Cordlife&rsquo s storage tanks were damaged and rendered unsuitable for stem cell transplants due to improper storage.
The company offered the same refund to customers in April 2024 when another batch of 5,300 cord blood units were deemed to be at high risk. Of the total number of affected customers, around 56 per cent of them accepted the group&rsquo s offers as at May 30.
&ldquo In the event the transplant physician determines the cord blood cannot be successfully used for an approved cord blood transplant solely because it does not meet the viability criteria, Cordlife will use its best endeavours to find a suitable replacement,&rdquo the company noted in its statement.
The &ldquo enhanced proposal&rdquo , upon its offer by the stem-cell company, would be available to all affected customers from the damaged and high-risk tanks, and not just the remaining 44 per cent of affected customers who have yet to accept Cordlife&rsquo s offers made in February and April last year.
Chen Xiaoling, Cordlife&rsquo s group executive director and chief executive, said: &ldquo For the 56 per cent of affected customers who accepted the earlier offer, rest assured you will automatically be entitled to any improvements made.
&ldquo The management team takes all our customers&rsquo feedback seriously, and we will keep all affected customers and stakeholders updated in an open and timely manner.&rdquo
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Joelton
Supreme |
12-Jun-2025 11:48
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IFA says Cordlife partial offer not fair and reasonable, shareholders recommended to reject offer
Novus Corporate Finance, the independent financial advisor (IFA) appointed to oversee the partial offer of a 10% stake in Cordlife Group by Medeze Group, is of the opinion that the financial terms of the partial offer are not fair and reasonable.
Medeze Group, a leader in Southeast Asia stem cell storage and services market, announced plans to acquire a 10% stake in Cordlife, or 25.63 million shares on May 13, for 25 cents per share.
The offeror said that the offer price represents a premium of 61.3% to Cordlife&rsquo s last-traded price of 15.5 cents on May 9. It also represents a premium of 61.3%, 60.3%, 59.2% and 61.3% to the volume weighted average price (VWAP) of the last one-, three-, six- and 12 month periods. The offer price is 42.9% above Cordlife&rsquo s 52-week high traded price of 17.5 cents as well.
Should the offer successfully take place, Medeze Group will own a 10.68% stake in Cordlife. Recognising the synergistic nature of both businesses, Medeze says will look at exploring business opportunities with Cordlife to &ldquo create long-term value and mutual benefit for both parties&rdquo upon the completion of the offer.
The IFA says that the offer price represents a discount to the volume weighted average price (VWAP) of shares for the period after the last trading day and up to the latest practicable date, and a discount to the closing price of the shares as at the latest practicable date.
It adds that the offer price represents a discount to the net asset value, net tangible asset, restated net asset value and restated net tangible asset per share as at Dec 31, 2024.
In addition, the net cash per share as at Dec 31 is slightly higher than the offer price.
Also, in respect of the comparable companies, the P/NAV ratio of Cordlife is below the mean and median P/NAV ratios of the comparable companies.
Accordingly, Novus Corporate Finance advises the recommending directors to recommend that shareholders reject the partial offer.
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