China's So-Young jumps on buyout proposal from CEO

So-Young International

22/11/2021 12:59

** U.S.-listed shares of China's So-Young International Inc
 SY.O  jump 12.3% to $4.85 premarket
    ** Stock trading above its 50-day moving avg. price, set to
snap a 3-day losing streak 
    **  SY, which provides information related to medical
aesthetics, says it received a preliminary proposal from its
co-founder and CEO Xing Jin to acquire the company  urn:newsml:reuters.com:*:nGNX7PkLq0
    ** Proposal to acquire Class A ordinary shares of SY not
already owned by Jin and his affiliates for $5.30 per American
Depositary Share, representing a 22.7% premium to company's last
closing price
    ** Company says it has formed a special committee to
evaluate and consider the proposal
    ** SY has a market valuation of $385.6 mln - Refinitiv data
    ** Stock down 61.1% YTD, as of last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))