111, Inc. a leading digital healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China, today announced the successful completion of new capital injection in its principal PRC subsidiary by a selected group of strategic and mission-driven investors.
On December 22, 2020, 1 Pharmacy Yaofang Technology (Shanghai) Co., Ltd. (previously known as Yao Fang Information Technology (Shanghai) Co., Ltd.) ("Yao Fang Shanghai"), the principal operating subsidiary of 111 in China, completed a new round of capital injection from strategic investors. According to the investment agreements, the investors invested in Yao Fang Shanghai an aggregate of RMB515 million (approximately US$78.75 million*), at a pre-money valuation of RMB10 billion (approximately US$1.53 billion*). This round of funding follows a RMB419.82 million (approximately US$60.49 million) first round secured in August 2020, bringing total funds raised to-date to RMB934.82 million (approximately US$142.84 million*).
In connection with the capital injection, the investors have agreed to take all necessary and reasonable steps to facilitate the proposed listing of Yao Fang Shanghai on the Shanghai Stock Exchange's Sci-Tech innovAtion boaRd (the "STAR Market").
ON THE RECORD
Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, "We are very proud of the strong support 111 has received from investors as they continue to embrace digital healthcare innovation. We see the investments from these distinguished new investors as a strong testament to the confidence these investors have in 111 and its expected contribution in advancing digitalization in healthcare delivery. 111 is committed to fulfilling its mission on digitally connecting patients with medicine and healthcare services in China."
"Our biggest challenge today is responding to the overwhelming number of opportunities with which we are being confronted." Mr. Liu continued, "As we close this investment round, we will continue to seek out and capitalize on strategic market opportunities, solidify our leadership in China's digital healthcare market, accelerate business growth and expedite our next phase of expansion. Furthermore, 111 will continue to pursue its plan to list the shares of Yao Fang Shanghai on the STAR Market, subject to regulatory approvals and market conditions. Again, we are thrilled that our innovative business model keeps on attracting high quality and mission driven investors interests on a continuous basis."