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111, Inc. Christmas Gift
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111, Inc. Update (YI) – A Wonderfully Bizarre Christmas Gift (~35% return, silly 1000%+ IRR)
Disclosure: We no longer own this.
Back on November 1st we wrote about 111, Inc. Key insiders are looking to take the company private and relist in China. This is part of the ongoing wave of Chinese companies delisting from U.S. indexes and we have participated in and written about a few of these.
The stock was trading at ~$2.75 and insiders wanted to take it private for US$3.66 per ADR. Things were chugging along, with the Board’s special committee working away on their “independent” opinion with their advisors. However, the stock jumped above the offer to $3.70-$3.90 range on Tuesday. Why?