Why Shares of So-Young International Rose More Than 12% Monday
Shares of Chinese medical aesthetic-services company So-Young International (NASDAQ: SY) climbed more than 12% on Monday. The stock, which closed at $4.32 on Friday, opened at $4.91 a share on Monday. And while it never got above that, it stayed much higher than it had been before the weekend. The stock is still down more than 56% for the year and is closer to its 52-week low of $3.86 than its 52-week high of $17.14.
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On a day when nearly every other publicly traded Chinese company was falling in U.S. markets, So-Young's shares rose because of a buyout offer. The company reported that its co-founder and CEO, Xing Jin, had sent the board of directors a preliminary nonbinding proposal letter to acquire all of the outstanding Class A ordinary shares of the company for $5.30 per share. Obviously, considering its current share price, this could be good news for investors if the board signs off on the proposed buyout.
Source Fool.com
