Global Cord Blood Corporation (NYSE:CO) Q2 2020 Earnings Conference Call - Final Transcript
Nov 27, 2019 • 08:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to Global Cord Blood Corporations Earnings Conference Call for the Fiscal 2020 Second Quarter. [Operator Instuctions]
Now, I would like to introduce Cathy Bai, VP of corporate finance to begin the presentation. Thank you, Cathy. Please go ahead.
Thank you, Anna. Good morning, everyone. Good morning, everyone. Welcome to our fiscal 2020 second quarter earnings conference call. A press release discussing our financial results has already been published and a copy is available on our company's website.
During the call, our management team will summarize corporate developments and financial highlights for the quarter. A question-and-answer session will follow.
Before we begin, please note that today's discussion will contain forward-looking statements that are subject to certain risks and uncertainties and actual results could be materially different from these forward-looking statements. Kindly refer to our SEC filings for detailed discussions of potential risks.
In the interest of time, we will begin with our CEO's remarks, followed by a detailed report of our fiscal 2020 second quarter financials given by our CFO Mr. Albert Chen. Our management will be available to answer questions during the Q&A session. In view of recent developments, we understand investors and shareholders have various questions to ask. To give everyone a chance to ask questions, we'd appreciate it if you could ask one question at a time.
Today, on behalf of our CEO Tina, I will read her prepared remarks. Let's begin our presentation.
ZHENG Ting, Tina
Good morning, ladies and gentlemen, welcome to our fiscal 2020 second quarter earnings conference call.
During the second fiscal quarter, consumer sentiment and behavior remained cautious under the pressure of slower economic growth in China as well as US China trade tensions. Despite this headwind, we managed to recruit 21,551 new subscribers, staying on track with our annual target. The growth was mainly derived from our Guangdong operation. By the end of the reporting quarter, our accumulated subscriber had surpassed 791,000.
In addition to enhancing sales activities and educating markets, we continued to solidify our leading position through improving operations and services in the second quarter. During the reporting quarter, Zhejiang received the American Association of Blood Banks or, AABB accreditation. Hence, all of our facilities are now accredited by AABB, in line with international standards.
Recently, the Regulation of the People's Republic of China on the Administration of Human Genetic Resources came into effect. The Regulation covers a large scope of companies that are in possession of substances containing human genes, such as organs and cells, as well as information about human genes. As announced last week, we are in the process of evaluating the implications of the Regulation, and we intend to keep investors informed of any new developments.
Looking ahead, we will continue to explore opportunities and channels to broaden our revenue sources. We will also closely monitor the impact of the macro economic environment on consumer demand of preventive healthcare services. We remain alert on any new regulatory developments in our