Cases
Hylands Assists SAIF Partners to Complete Pre-IPO Investment in 111, Inc.
Recently, ‘111, Inc.’ (111, Inc., NASDAQ: YI), China’s first Internet-based pharmaceutical company listed in the United States, announced that Yao Fang Information Technology (Shanghai) Co. Ltd. (Yao Fang Shanghai), a subsidiary of the group operating in China, has completed the Pre-IPO financing. Yaofang Shanghai has a pre-investment valuation of CNY 10 billion, and the financing scale of this round exceeded CNY 500 million. The investment institutions included SAIF Partners, Shenli Enterprise Management, Huasai Fund, Zhangjiang Torch, Genilink Capital, Shanghai Technology Venture Capital, and Pudong Fund under People.cn, Zhangjiang Science & Technology Venture Capital, etc.
111, Inc. is a digital pharmaceutical health platform, which was successfully listed on NASDAQ in September 2018. It has digital pharmaceutical health platforms such as B2C Pharmaceutical Platform -111, Inc., Internet Hospital -1 Clinic, and B2B Pharmaceutical Platform -1 Pharmaceutical Store. Yao Fang Shanghai is a domestic operating company under the 111, Inc. and intends to make a spin-off listing on the STAR Market.
As the legal adviser of SAIF Partners in China, Hylands Law Firm provided legal services for SAIF Partners’ participation in this round of financing of Yaofang Shanghai, including providing analysis opinions on the overall structure and legal risks of the transaction, revising the transaction documents, issuing legal opinions and assisting in delivery, etc., which helped SAIF Partners to complete the investment in a practical, professional and efficient manner.
The managing partner of the project was attorney Zhitong ZHU. The members of the project team included attorney Hanzi SHI and assistant lawyer Yuni TIAN.