The board of Shanghai-based 111, Inc. (NASDAQ:YI) authorized a share repurchase program of up to $10-million of the company’s Class A ordinary shares in the form of American depositary shares in the next 12 months.
The proposed repurchases may be made from time to time through open market transactions at prevailing market prices or in privately negotiated transactions, depending on market conditions and applicable regulatory rules.
The board will review the share repurchase program periodically, and may adjust its terms and size or suspend or discontinue the program. The company plans to fund repurchases from its existing cash balance.
111 is a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China. It is the first internet health company from China listed on a U.S. stock exchange.