Gang Yu, Junling Liu and Shanghai Guosheng Capital Management Co., Ltd. entered into unsolicited preliminary non-binding proposal letter to acquire 111, Inc. (NasdaqGM:YI) from Gang Yu, Junling Liu and others for approximately $300 million on September 9, 2022. As per the transaction, Gang Yu, Junling Liu and Shanghai Guosheng Capital Management Co., Ltd. will acquire all of outstanding Class A ordinary shares of the Company, including Class A Shares represented by American depositary shares (?ADSs,? each representing two Class A Shares), that are not currently owned by the Buyer Group in a going-private transaction at a proposed purchase price of US$1.83 per Class A Share or US$3.66 per ADS in cash. According to the proposal, the Buyer Group intends to fund the consideration payable to consummate the transactions contemplated in the Proposal with equity capital. Equity financing is expected to be provided in the form of rollover equity in the Company and cash contributions from the Sponsor or its affiliates. O'Melveny & Myers LLP acted as legal advisors to Gang Yu, Junling Liu and Shanghai Guosheng Capital Management Co., Ltd. Kirkland & Ellis LLP acted as Legal advisor and Houlihan Lokey (China) Limited acted as Financial advisor for 111, Inc.

Gang Yu, Junling Liu and Shanghai Guosheng Capital Management Co., Ltd. cancelled the unsolicited preliminary non-binding proposal letter to acquire 111, Inc. (NasdaqGM:YI) from Gang Yu, Junling Liu and others on February 27, 2024..