So-Young Announces Plan to Implement ADS Ratio Change

Core Viewpoint - So-Young International Inc. plans to change the ratio of its American depositary shares (ADSs) from 13 ADSs representing 10 Class A ordinary shares to 1 ADS representing 15 Class A ordinary shares, effective June 30, 2025 [1][2]. Company Overview - So-Young International Inc. is the leading aesthetic treatment platform in China, connecting consumers with online services and offline treatments [4]. - The company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, and delivering high-quality treatments [4]. - So-Young also develops, produces, and distributes optoelectronic medical equipment and injectable products, positioning itself well for long-term growth in the medical aesthetic value chain [4]. ADS Ratio Change Details - The change in the ADS ratio will result in a proportional reverse ADS split, with no change to the Company's Class A ordinary shares [2]. - The new ADSs will be automatically issued to ADS holders of record on the effective date, with old ADSs being cancelled [2]. - Fractional new ADSs will not be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [2]. Expected Impact on ADS Price - The ADS price is expected to increase proportionally as a result of the change in the ADS ratio, although there is no assurance that the price will be equal to or greater than the proportional price based on the ADS price before the change [3].