Plastic-surgery app MBO aggravates governance scar

So-Young International

23/11/2021 03:54

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Antony Currie
    MELBOURNE, Nov 23 (Reuters Breakingviews) - Boss Xing Jin
wants to buy the 85% he doesn’t own of New York-listed So-Young,
which matches users with beauty services. Shares have slumped
since its IPO and China may regulate ads. But Xing’s supervoting
stock means investors have themselves to blame for any forced
face-lift.
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    CONTEXT NEWS 
    - So-Young International, which runs an app connecting users
with medical-aesthetics providers, on Nov. 22 said it had
received a preliminary, non-binding offer to take the company
private from Xing Jin, its co-founder, chairman and chief
executive. 
    - The bid values the New York-listed company at $555
million, a 22% premium to its closing price on Nov. 19. Xing
owns 16.4% of the company and, as a result of supervoting stock,
controls 84.3% of the votes. 

 (Editing by Una Galani and Katrina Hamlin)
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