So-Young Announces Engagement of Legal and Financial Advisors to the Special Committee
03 Dezembro 2021 - 7:00AM
So-Young International Inc. (Nasdaq: SY) (“So-Young” or the
“Company”), the largest and most vibrant social community in China
for consumers, professionals and service providers in the medical
aesthetics industry, today announced that the special committee
(the “Special Committee”) of the Company’s board of directors (the
“Board”) has retained Duff & Phelps, A Kroll Business operating
as Kroll, LLC, as its independent financial advisor and Gibson,
Dunn & Crutcher LLP as its independent U.S. legal counsel to
assist the Special Committee in its evaluation and consideration of
the previously announced preliminary non-binding proposal letter,
dated November 22, 2021, from Mr. Xing Jin, co-founder, Chairman of
the Board and Chief Executive Officer of the Company, to acquire
all of the outstanding Class A ordinary shares of the Company that
are not already owned by Mr. Jin and his affiliates (the “Buyer
Group”) for a purchase price of $5.30 per American Depositary Share
(“ADS,” with every 13 ADSs representing 10 Class A ordinary
shares), or US$6.89 per Class A ordinary share, in cash in a going
private transaction (the “Proposed Transaction”).
The Company cautions its shareholders and others
considering trading in its securities that the Proposal constitutes
only a preliminary indication of the Buyer Group’ interest and does
not constitute any binding commitment with respect to the Proposed
Transaction or any other transaction.
No decisions have been made by the Special
Committee with respect to the Proposed Transaction. There can be no
assurance that any definitive offer relating to the Proposed
Transaction will be made by the Buyer Group, that any definitive
agreement will be executed relating to the Proposed Transaction or
any other transaction, or that this or any other transaction will
be approved or consummated.
The Company does not undertake any obligation to
provide any update with respect to the Proposed Transaction, except
as required under applicable law. At this time, no action by the
Company’s shareholders is required. Further announcements will be
made by the Special Committee when and as appropriate.
About So-Young International Inc.
So-Young International Inc. (Nasdaq: SY)
(“So-Young” or the “Company”) is the largest and most vibrant
social community in China for consumers, professionals and service
providers in the medical aesthetics industry. The Company presents
users with reliable information through offering high quality and
trustworthy content together with a multitude of social functions
on its platform, as well as by curating medical aesthetic service
providers that are carefully selected and vetted. Leveraging
So-Young’s strong brand image, extensive audience reach, trust from
its users, highly engaging social community and data insights, the
Company is well-positioned to expand both along the medical
aesthetic industry value chain and into the massive, fast-growing
consumption healthcare service market.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “confident” and
similar statements. Among other things, the Financial Guidance and
quotations from management in this announcement, as well as
So-Young’s strategic and operational plans, contain forward-looking
statements. So-Young may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including but not limited to
statements about So-Young’s beliefs and expectations, are
forward-looking statements. Forward looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: So-Young’s strategies; So-Young’s future business
development, financial condition and results of operations;
So-Young’s ability to retain and increase the number of users and
medical service providers, and expand its service offerings;
competition in the online medical aesthetic service industry;
changes in So-Young’s revenues, costs or expenditures; Chinese
governmental policies and regulations relating to the online
medical aesthetic service industry, general economic and business
conditions globally and in China; the impact of the COVID-19
pandemic to So-Young’s business operations and the economy in China
and elsewhere generally; and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in the Company’s filings with the Securities and
Exchange Commission. All information provided in this press release
is as of the date of the press release, and So-Young undertakes no
duty to update such information, except as required under
applicable law.
For more information, please contact:
So-Young
Investor RelationsMs. Vivian XuPhone: +86-10-8790-2012E-mail:
ir@soyoung.com
Christensen
In ChinaMr. Eric YuanPhone: +86-10-5900-1548E-mail:
Eyuan@christensenir.com
In USMs. Linda BergkampPhone: +1-480-614-3004Email:
lbergkamp@christensenir.com
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