So-Young's Transfer Approval to Nasdaq Capital Market
So-Young International Inc. (NASDAQ: SY) has successfully received approval to transfer its listing from The Nasdaq Global Market to The Nasdaq Capital Market. This decision comes as part of a strategic approach to enhance its standing in the market. So-Young is known as the largest social community in China focusing on medical aesthetics, connecting consumers with professionals and service providers.
Understanding the Transfer Process
The transfer process was initiated following a notification from the Nasdaq Stock Market indicating a compliance issue with Listing Rule 5450(a)(1), which requires the closing bid price of the company's American depositary shares (ADSs) to meet a minimum threshold. The company's ADSs were trading below the required price of US$1.00 for 30 consecutive business days, prompting the need for this transfer.
Details of the Transfer
On February 25, the Listing Qualifications department of Nasdaq approved this move, which will take effect on February 27. So-Young's ADSs will continue trading under the symbol "SY." The Nasdaq Capital Market operates similarly to the Global Market but demands adherence to specific financial and governance standards to maintain listing.
Compliance and Monitoring Actions
With this transfer, So-Young has also been granted a 180-day extension to regain compliance with the minimum bid price requirement. The company now has until August 25 to ensure its ADSs meet or exceed the required price for at least 10 consecutive business days. This extension provides the company with a significant opportunity to explore options to rectify the current situation.
Strategic Monitoring
So-Young is committed to actively monitoring its ADS pricing and will consider alternative approaches to ensure compliance with Nasdaq’s requirements. This is crucial for maintaining its listing and ensuring continued investor confidence.
About So-Young International Inc.
So-Young International Inc. stands as a critical player in the field of medical aesthetics in China. The company leverages its robust platform to deliver reliable information to users, featuring high-quality content, an extensive user base, and diverse social functionalities. By connecting consumers with vetted service providers, So-Young offers a unique blend of trust and engagement in a rapidly growing sector.
Contact Information
For any inquiries related to investments or company news, So-Young welcomes communication through its Investor Relations team:
Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
In China, for media inquiries:
Ms. Dee Wang
Phone: +86-10-5900-1548
In the U.S.:
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Frequently Asked Questions
What does the transfer to the Nasdaq Capital Market mean for So-Young?
The transfer allows So-Young to maintain its listing while addressing compliance issues related to bid price.
How long does So-Young have to regain compliance with bid price?
So-Young has been granted an additional 180 days to meet the compliance necessary for its bid price.
Will the ADS trading change after the transfer?
The trading of the ADSs will continue uninterrupted under the symbol "SY" with no immediate operational changes.
What is So-Young known for?
So-Young is recognized as the largest social community in China focused on medical aesthetics, connecting users with trusted service providers.
Who can interested parties contact for more information?
Interested parties can contact the Investor Relations team via the provided phone numbers for inquiries.
