So-Young Eyeing Chengdu for its Second Headquarters, Stock Slips 7%
So-Young is reportedly eyeing Chengdu as the location of its second headquarters.
Chinese plastic surgery promoter So-Young International Inc. (Nasdaq: SY), is reported to be setting up its second headquarters in Chengdu, Western China.
The online promoter of China's plastic surgery market is planning to shift its auditing and customer service business to Chengdu in Sichuan province. Other new businesses were also under consideration.
So-Young operates an online platform providing medical aesthetic information. The Company offers hosts media content, social media communities and a online reservation system for discovering, evaluating and booking medical aesthetic services.
The company's mission statement is "To bring beauty and health to everyone."
"So-Young has a team of hundreds of people in Chengdu by now," Guanzhong Hu, the chief marketing officer of So-Young, said in an interview with a Chinese news agency.
The major drivers for its second headquarters include the huge market for plastic surgeries in Chengdu, the numerous medical aesthetic service institutions that are located there, as well as local government support, according to Hu.
The company positions itself as one of the most trusted online platforms for the cosmetic procedures it promotes. So-Young markets the products and services performed of approximately 4,000 medical aesthetic service providers as of Dec. 31 in 2018, according to its prospectus.
So-Young was welcomed by the Wall Street in its debut on May 2, raising $179.4 million in its IPO.
Shares of So-Young dropped 7 percent on Friday to $13.14 per American depositary share.