Saturday, September 6, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Real Estate

Nanjing Xinjiekou seeks shareholders’ support at AGM to emerge from ‘darkest chapter’ in Cordlife’s history 

by Riah Marton
in Real Estate
Nanjing Xinjiekou seeks shareholders’ support at AGM to emerge from ‘darkest chapter’ in Cordlife’s history 
Share on FacebookShare on Twitter


NANJING Xinjiekou Department Store is seeking the support of Cordlife shareholders to remove four directors from the board of the cord-blood bank, ahead of the group’s annual general meeting (AGM) on May 14.

On Thursday (May 9), Cordlife’s China-headquartered substantial shareholder urged shareholders to attend and vote decisively at the AGM, on the grounds that corporate governance failures had “eroded customer trust and shareholder value”.

This follows Nanjing Xinjiekou’s move to table resolutions to remove Cordlife’s acting chairman Ho Choon-Hou and independent directors Yeo Hwee Tiong, Titus Cheong and Joseph Wong. To replace them, it is seeking to appoint three individuals to the board – Teo Tong Kooi, Xu Tianhong and Cai Yong.

Nanjing Xinjiekou holds around 20.3 per cent of Cordlife, according to Cordlife’s 2023 annual report. Together with its affiliate, China Stem Cells (East) Company, it holds 30.2 per cent. 

Nanjing Xinjiekou’s representative on Cordlife’s board, Chen Xiaoling, said: “Recent events have left us deeply disappointed with how things are run at Cordlife, especially at the board level. They have compelled us to take urgent actions to stabilise the company and restore customer trust and investor confidence.” 

Seven of Cordlife’s 22 tanks storing cord blood belonging to its clients have been exposed to temperatures above acceptable limits since November 2020, putting them at high risk of being damaged. The lapses were uncovered by the Ministry of Health, which has suspended the company from collecting or processing new cord blood for six months.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

On Thursday, Nanjing Xinjiekou said that the four directors it is seeking to remove were reportedly “quick to distance themselves” from Cordlife, instead of stepping up to address the lapses. It also charged that the current board had failed to act impartially.

It further noted that controlling shareholder TransGlobal Real Estate Group, which has a 27.9 per cent stake in Cordlife, had requisitioned an extraordinary general meeting of its own “to oppose our resolutions”.

Nanjing Xinjiekou said: “To date, it is not known who leaked the material information to TransGlobal during this period, and their reasons for doing so.”

Nanjing Xinjiekou also questioned the suitability of Cordlife’s newly appointed chief executive officer Ivan Yiu, noting that the 34-year-old former fund manager had no experience in cord-blood banking, but was backed by Ho and other members of the board.

The substantial shareholder said: “We are no longer assured that Cordlife is being run by a professional team capable of making independent decisions in the interests of and for the benefit of Cordlife as a whole.”

Nanjing Xinjiekou also said it was “perplexed” by Cordlife’s proposal to raise S$8.1 million through a private placement “when Cordlife’s share price was near an all-time low”. It is seeking an injunction to stop this private placement. 

Nanjing Xinjiekou promised that the new board will adopt measures to restore confidence in the company, and ensure better corporate governance. It hopes to commence a global search for a new chief executive officer and appoint additional directors, including a medical practitioner and a lawyer based in Singapore, “to guide the management in rectifying lapses”.

Nanjing Xinjiekou will also transfer experienced staff from its various offices in China, the US and Hong Kong, if necessary, to Cordlife to improve operations and capture new opportunities, it said. 

In an open letter to shareholders, it said that the new board will implement a “full crisis management plan” immediately upon handover. This could include hiring technical specialists and experts to enhance staff training and supervision of Cordlife’s operations. It may also entail assisting clients who wish to transfer their cord blood units to another cord-blood bank, subject to and taking into consideration the Ministry of Health’s requirements and directives. 

Nanjing Xinjiekou said: “We are committed to do what is within our power to salvage Cordlife. We believe that, with your continuous support and belief in Cordlife’s potential, we will rehabilitate Cordlife and emerge stronger from the darkest chapter in its history.”

Tags: AGMChapterCordlifesDarkestEmergeHistoryNanjingSeeksShareholdersSupportXinjiekou
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

Next Post
Warner Bros Discovery misses estimates for quarterly revenue

Warner Bros Discovery misses estimates for quarterly revenue

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In