On September 12, 2018, 111, Inc. ("111", NASDAQ: YI), China's leading online healthcare platform and parent company of 1 Drugstore, successfully launched its IPO on NASDAQ. 111 priced its IPO of 9.3 million American depositary shares (ADSs) at US$14 per ADS to raise approximately US$100 million. 111 is the first US-listed online healthcare platform in China.
111 is committed to leveraging the Internet model and mindset to address the existing issues of "inconvenient access to doctor visits and costly drug prices" for the general public in China. The main business lines of 111 include the online B2C pharmacy "1 Drugstore", the internet hospital "1 Clinic" and the online B2B pharmacy "1 Drug Mall". 111, Inc. is one of a few unicorn enterprises engaged in the online healthcare industry.
As PRC counsel to the three lead underwriters, King & Wood Mallesons was deeply engaged throughout the project, including PRC legal due diligence, review and revisions of the prospectus, attending the underwriters' internal approval conferences, responses to the comments of the US Securities and Exchange Commission, modification of the underwriting agreement and other important legal issues. This case involves a number of relatively innovative Chinese law issues, concerning online sales of medicine, internet hospitals and so on. KWM thoroughly verified the qualifications, approvals and other matters required for such business operations, and conducted in-depth research on policies with respect to "Internet + Medicine" to assist the parties in the regulatory compliance analysis. The project was led by partner Shen Chengmin.
