So-Young Announces Receipt of Withdrawal of Buyer Group’s Going Private Proposal

Rhea-AI Summary

So-Young International Inc. (Nasdaq: SY) announced the immediate withdrawal of its non-binding going private proposal by Chairman and CEO Mr. Xing Jin. This decision follows a review of current market conditions, leading the board to dissolve the special committee overseeing the proposal. So-Young remains positioned as a leading social community in China's medical aesthetics industry, emphasizing its trusted platform and extensive service provider network.

Positive

• So-Young maintains its leadership position in China's medical aesthetics social community.
• The company leverages its strong brand image and user trust for future growth opportunities.

Negative

• Withdrawal of the going private proposal may indicate concerns about market conditions.
• Dissolution of the special committee could suggest a lack of immediate strategic direction.

BEIJING, Oct. 21, 2022 (GLOBE NEWSWIRE) -- 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 of the Company’s board of directors (the “Board”) has received a letter from Mr. Xing Jin, Chairman of the Board and Chief Executive Officer of So-Young (“Mr. Jin”), stating that Mr. Jin would withdraw the non-binding going private proposal (the “Proposal”) dated November 22, 2021, with immediate effect. The letter stated that, having given due consideration to recent market conditions, Mr. Jin has determined not to proceed with the Proposal. The Board has approved to dissolve the special committee of the Board.

About So-Young

So-Young 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.

For more information, please contact:

So-Young

Investor Relations
Ms. Vivian Xu
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eric.yuan@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

FAQ

What recent announcement was made by So-Young International Inc. regarding its going private proposal?

So-Young announced the withdrawal of its non-binding going private proposal by Chairman and CEO Mr. Xing Jin.

When did So-Young International Inc. withdraw its going private proposal?

The proposal was withdrawn on October 21, 2022.

What does the withdrawal of So-Young's going private proposal mean for investors?

The withdrawal may signal concerns about market conditions and affects the strategic direction of the company.

What is the current position of So-Young in the medical aesthetics industry?

So-Young is the largest social community in China for the medical aesthetics industry, known for its trusted platform.