So-Young reports $25M share repurchase program, 7.8c per share special dividend

In March, the board of directors of the company authorized a share repurchase program under which the company is authorized to repurchase up to an aggregate value of $25M of its shares during the 12-month period beginning from March 22. The company’s proposed repurchases may be effected from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The company’s board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. The company expects to fund the repurchases out of its cash balance. The board of directors of the company declared a special cash dividend of 7.8c per ordinary share, or 6c per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 12, U.S. Eastern Time, payable in U.S. dollars. The ex-dividend date will be April 11. The payment date is expected to be on or around April 29. Dividend to be paid to the company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The total amount of cash to be distributed for the dividend is expected to be approximately $6M, which will be funded by surplus cash on the company’s balance sheet.