SHANGHAI, Dec. 22, 2020 /PRNewswire/ -- 111, Inc. ("111" or
the "Company") (NASDAQ: YI), a leading digital healthcare platform
company committed to digitally connecting patients with medicine
and healthcare services in China,
today announced the successful completion of new capital injection
in its principal PRC subsidiary by a selected group of strategic
and mission-driven investors.
On December 22, 2020, 1 Pharmacy
Yaofang Technology (Shanghai) Co.,
Ltd. (previously known as Yao Fang Information Technology
(Shanghai) Co., Ltd.) ("Yao Fang
Shanghai"), the principal operating subsidiary of 111 in
China, completed a new round of
capital injection from strategic investors. According to the
investment agreements, the investors invested in Yao Fang Shanghai
an aggregate of RMB515 million
(approximately US$78.75
million*), at a pre-money valuation of
RMB10 billion (approximately
US$1.53 billion*). This
round of funding follows a RMB419.82
million (approximately US$60.49
million) first round secured in August 2020, bringing total funds raised to-date
to RMB934.82 million (approximately
US$142.84 million*). This
funding aims at supporting the company in its business expansion,
including its capacity to address the growing needs of millions of
patients for digital solutions in healthcare.
In addition to the existing shareholders from previous round of
financing, namely, Youkai Investment, Shanghai Strategy Fund,
Liangji Industrial as well as a few other investment firms, 111
welcomes newly joined investors including SAIF Partners, Shenli
Investment, Huasai Fund, Zhangjiang Torch Venture Investment,
GeniLink Capital, Shanghai Science & Technology Venture
Capital, Renmin Pudong Investment, Ideate Investments, and
Zhangjiang Technology Venture Investment, Huazhi Capital in this
second round.
In connection with the capital injection, the investors have
agreed to take all necessary and reasonable steps to facilitate the
proposed listing of Yao Fang Shanghai on the Shanghai Stock
Exchange's Sci-Tech innovAtion boaRd (the "STAR Market"). In
the event that Yao Fang Shanghai's proposed listing on the STAR
Market is not completed before June 30,
2023 or the date other agreed by Yao Fang Shanghai and
investors in writing, the investors of Yao Fang Shanghai may choose
to exercise their option to require the controlling shareholder of
Yao Fang Shanghai, Yao Wang Corporation Limited, to redeem all or
part of the equity interests then owned by such investors at a
price equal to the initial investment amount plus accrued interest
at a simple annual rate of 6%.
Mr. Junling Liu, Co-Founder,
Chairman, and Chief Executive Officer of 111, commented, "We are
very proud of the strong support 111 has received from investors as
they continue to embrace digital healthcare innovation. We
see the investments from these distinguished new investors as a
strong testament to the confidence these investors have in 111 and
its expected contribution in advancing digitalization in healthcare
delivery. 111 is committed to fulfilling its mission on
digitally connecting patients with medicine and healthcare services
in China."
"Our biggest challenge today is responding to the overwhelming
number of opportunities with which we are being confronted." Mr.
Liu continued, "As we close this investment round, we will continue
to seek out and capitalize on strategic market opportunities,
solidify our leadership in China's
digital healthcare market, accelerate business growth and expedite
our next phase of expansion. Furthermore, 111 will continue to
pursue its plan to list the shares of Yao Fang Shanghai on the STAR
Market, subject to regulatory approvals and market conditions.
Again, we are thrilled that our innovative business model keeps on
attracting high quality and mission driven investors interests on a
continuous basis."
* Translations from
RMB to U.S. dollars are made at a rate of RMB6.5445 to US$1.00, the
exchange rate set forth in the H.10 statistical release of the
Board of Governors of the Federal Reserve System as of Dec 11,
2020.
|
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in 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," "target,"
"confident" and similar statements. Among other things, the
Business Outlook and quotations from management in this
announcement, as well as 111's strategic and operational plans,
contain forward-looking statements. 111 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. Such statements are based upon management's current
expectations and current market and operating conditions and relate
to events that involve known or unknown risks, uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond the Company's control. Forward-looking statements
involve inherent risks, uncertainties and other factors that could
cause actual results to differ materially from those contained in
any such statements. Potential risks and uncertainties include, but
are not limited to, uncertainties as to the Company's ability
comply with extensive and evolving regulatory requirements, its
ability to compete effectively in the evolving PRC general health
and wellness market, its ability to manage the growth of its
business and expansion plans, its ability to achieve or maintain
profitability in the future, its ability to control the risks
associated with its pharmaceutical retail and wholesale businesses,
and the Company's ability to meet the standards necessary to
maintain listing of its ADSs on the Nasdaq Global Market, including
its ability to cure any non-compliance with Nasdaq's continued
listing criteria. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and 111 does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading
digital healthcare platform company committed to digitally
connecting patients with medicine and healthcare services in
China. The Company provides
consumers with better access to pharmaceutical products and
healthcare services directly through its online retail pharmacy, 1
Drugstore, and indirectly through its offline virtual pharmacy
network. The Company also offers online healthcare services through
its internet hospital, 1 Clinic, which provides consumers with
cost-effective and convenient online consultation, electronic
prescription service, and patient management service. In addition,
the Company's online wholesale pharmacy, 1 Drug Mall, serves as a
one-stop shop for pharmacies to source a vast selection of
pharmaceutical products. With the largest virtual pharmacy network
in China, 111 enables offline
pharmacies to better serve their customers with cloud-based
services. 111 also provides an omni-channel drug commercialization
platform to its strategic partners, which includes services such as
digital marketing, patient education, data analytics, and pricing
monitoring.
For more information on 111, please visit:
http://ir.111.com.cn/.
For more information, please contact:
111, Inc.
Investor Relations
Email: ir@111.com.cn
111, Inc.
Media Relations
Email: press@111.com.cn
Phone: +86-021-2053 6666 (China)
GCM Strategic Communications
IR Counsel
Email: 111.ir@gcm.international
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SOURCE 111, Inc.