HANGZHOU, China, Dec. 1, 2020 /PRNewswire/ -- Ruhnn Holding
Limited ("ruhnn" or the "Company") (NASDAQ: RUHN), a leading
internet key opinion leader ("KOL") facilitator in China, today announced that the independent
special committee (the "Special Committee") of the Company's Board
of Directors (the "Board") has retained Duff & Phelps, LLC as
its financial advisor, and Gibson, Dunn & Crutcher LLP as its
U.S. legal counsel to assist the Special Committee in its
evaluation and consideration of the previously announced
preliminary non-binding proposal from three founders of the
Company, Min Feng, Lei Sun and
Chao Shen (together with their
respective affiliates, the "Buyer Group") that the Board received
on November 25, 2020, proposing to
acquire all outstanding Class A ordinary shares, including Class A
ordinary shares represented by American depository shares (the
"ADSs," each representing five Class A ordinary shares), and Class
B ordinary shares (together with the Class A ordinary shares, the
"Shares") of the Company not already owned by the Buyer Group for
US$3.40 per ADS (or US$0.68 per Share) in cash in a going private
transaction (the "Proposed Transaction").
The Board cautions the Company's shareholders and others
considering trading in its securities that no decisions have been
made by the Special Committee with respect to the Company's
response to the Proposed Transaction. There can be no assurance
that any definitive offer will be made, that any agreement will be
entered into or that the Proposed Transaction or any other
transaction will be approved or consummated. The Company does not
undertake any obligation to provide any updates with respect to the
Proposed Transaction or any other transaction, except as required
by applicable law.
About Ruhnn Holding Limited
Ruhnn Holding Limited is a leading KOL facilitator in
China. The Company connects
influential KOLs who engage and impact their fans on the internet
to its vast commercial network to build the brands of fashion
products. Ruhnn pioneered the commercialization of the KOL
ecosystem in China, and operates
under both platform and full-service models. The Company's platform
model promotes products sold in third-party online stores and
provides advertising services on KOL's social media spaces to
third-party merchants. The full-service model integrates key steps
of the e-commerce value chain from product design and sourcing and
online store operations to logistics and after-sale services. As of
September 30, 2020, the Company had
180 signed KOLs with an aggregate of 295.3 million fans across
major social media platforms in China.
For more information, please visit http://ir.ruhnn.com.
Safe Harbor Statement
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," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from ruhnn's management as well
as ruhnn's strategic and operational plans contain forward-looking
statements. Ruhnn may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission ("SEC") on Forms 20-F and 6-K, 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 statements about ruhnn'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 statements, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; trends in the internet KOL facilitator industry in
China and globally; competition in
the Company's industry; fluctuations in general economic and
business conditions in China; and
the regulatory environment in which the Company operates. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including its registration
statement on Form F-1, as amended, and its annual reports on Form
20-F. All information provided in this press release is as of the
date of this press release, and ruhnn does not undertake any
obligation to update any forward-looking statements, except as
required under applicable law.
For investor and media inquiries, please contact:
In China:
Ruhnn Holding Limited
Sterling Song
Senior Director of Investor Relations
Tel: +86-571-2825-6700
E-mail: ir@ruhnn.com
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: ruhnn@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ruhnn@thepiacentegroup.com
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SOURCE Ruhnn Holding Limited