So-Young International Inc. (Nasdaq: SY) today announced that its subsidiary Miracle Laser Systems, Inc. ("Wuhan Miracle") recently has submitted the application documents for its potential initial public offering ("IPO") and listing on the Beijing Stock Exchange. The IPO application documents have been received and under reviewed by the Beijing Stock Exchange.
According to Wuhan Miracle's initial public offering documents, it plans to issue up to 20,000,000 shares, excluding shares issuable upon the exercise of an over-allotment option, which will account for approximately 25% of its total share capital after the IPO. Currently, the Company owns approximately 87.60% of Wuhan Miracle's shares.
The completion of the proposed initial public offering of Wuhan Miracle is subject to the review process by the Beijing Stock Exchange and the registration process by the China Securities Regulatory Commission. The Company cannot predict Wuhan Miracle's ability to successfully complete the listing of its shares on the Beijing Stock Exchange, the related timeline or the actual size and pricing of the IPO.