So-Young Announces Engagement of Legal and Financial Advisors to the Special Committee

BEIJING, Dec. 03, 2021 (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 (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.