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Chinese investment firm becomes major shareholder in blood bank operator

China Cord Blood Corp. said the Nanjing Ying Peng Hui Kang Medical Industry Investment Partnership became a major shareholder of the company.

The investment firm now owns 65.4% of the Chinese umbilical cord blood bank operator, which is listed on the NYSE.

As part of the transaction, Ping Xu was added to the China Cord board. Ping, the senior vice president of China-based Sanpower Group Co. Ltd., has experience in cross-border M&A and project financing, China Cord said.

Meanwhile, China Cord Chairman and director Yuen Kam resigned from his positions. Ting Zheng, China Cord's CEO, was appointed as board chairperson.