HANGZHOU, China, Sept. 11,
2024 /PRNewswire/ -- Yunji Inc. ("Yunji" or the
"Company") (NASDAQ: YJ), a leading membership-based social
e-commerce platform, today announced that it plans to change the
ratio of its American Depositary Shares ("ADSs") to its Class A
ordinary shares (the "ADS Ratio"), par value US$0.000005 per share, from the current ADS Ratio
of one (1) ADSs to one hundred (100) Class A ordinary shares to a
new ADS Ratio of one (1) ADS to four hundred (400) Class A ordinary
shares. A post-effective amendment to the ADS Registration
Statement on Form F-6 will be filed with the SEC to reflect the
change in the ADS Ratio. The Company anticipates that the change in
the ADS Ratio will be effective on or about September 13, 2024, subject to the effectiveness
of the post-effective amendment to the ADS Registration Statement
on Form F-6 on or before that date.
For Yunji's ADS holders, the change in the ADS Ratio will have
the same effect as a one-for-four reverse ADS split,
effective on or about September 13,
2024. Each ADS holder will be required to surrender and
exchange every four (4) existing ADSs then held for one
(1) new ADS on the date when the change in ADS Ratio is
effective. Deutsche Bank Trust Company Americas, as the depositary
bank for Yunji's ADS program, will arrange for the exchange of the
current ADSs for the new ones. Yunji's ADSs will continue to be
traded on the Nasdaq Capital Market under the symbol "YJ".
No fractional new ADSs will be issued in connection with the
change in the ADS Ratio. Instead, fractional entitlements to new
ADSs will be aggregated and sold by the depositary bank and the net
cash proceeds from the sale of the fractional ADS entitlements
(after deduction of fees, taxes and expenses) will distributed to
the applicable ADS holders by the depositary bank. The change in
the ADS Ratio will have no impact on Yunji's underlying Class A
ordinary shares, and no Class A ordinary shares will be issued or
cancelled in connection with the change in the ADS Ratio.
As a result of the change in the ADS Ratio, the ADS trading
price is expected to increase proportionally, although the Company
can give no assurance that the ADS trading price after the change
in the ADS Ratio will be equal to or greater than ten times the ADS
trading price before the change.
About Yunji Inc.
Yunji Inc. is a leading social e-commerce platform in
China that has pioneered a unique,
membership-based model to leverage the power of social
interactions. The Company's e-commerce platform offers high-quality
products at attractive prices across a wide variety of categories
catering to the day-to-day needs of Chinese consumers. In addition,
the Company uses advanced technologies including big data and
artificial intelligence to optimize user experience and incentivize
members to promote the platform as well as share products with
their social contacts. Through deliberate product curation,
centralized merchandise sourcing, and efficient supply chain
management, Yunji has established itself as a trustworthy
e-commerce platform with high-quality products and exclusive
membership benefits, including discounted prices.
For more information, please visit
https://investor.yunjiglobal.com/.
Safe Harbor Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "aims," "future," "intends,"
"plans," "believes, " "estimates," "confident," "potential,"
"continue" or other similar expressions. Yunji may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission (the "SEC"), in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including but not limited to statements about Yunji's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Yunji's
growth strategies; its future business development, results of
operations and financial condition; its ability to understand buyer
needs and provide products and services to attract and retain
buyers; its ability to maintain and enhance the recognition and
reputation of its brand; its ability to rely on merchants and
third-party logistics service providers to provide delivery
services to buyers; its ability to maintain and improve quality
control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China's e-commerce market; changes
in its revenues and certain cost or expense items; the expected
growth of China's e-commerce
market; PRC governmental policies and regulations relating to
Yunji's industry, and general economic and business conditions
globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Yunji's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Yunji undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
ICR, LLC
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
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SOURCE Yunji Inc.
