Junling Liu Leads Take-Private Bid at 111, Inc. with 42.1% Stake

Junling Liu Leads Take-Private Bid at 111, Inc. with 42.1% Stake

Junling Liu, co-founder and CEO of 111, Inc., disclosed a 42.1% stake in 111, Inc. on Schedule 13D. On Sep. 17, 2026, Liu and partners filed after forming a consortium to acquire the remaining shares. The group also controls about 91.4% of voting power and offered $0.226 per Class A share, or $4.52 per ADS.

Investor Intent

On Sep. 16, 2026, Junling Liu, Gang Yu, Sunny Bay Global Limited, and Huadeng Tech BioArray Ventures Ltd formed a consortium to pursue a going‑private deal for 111, Inc. The members agreed to "work exclusively with each other" for six months, to vote against any competing deal, and "not to make a competing proposal or acquire or dispose" of 111’s securities during that period.

The consortium submitted a non-binding proposal to buy all Class A shares they do not own at $0.226 per share, or $4.52 per ADS. They plan to fund the deal with rollover equity from the group and cash from Huadeng, and they do not expect a financing condition; the deal remains subject to definitive agreements and would lead to a Nasdaq delisting if completed.

Investor's Background

Junling Liu is the co-founder, co-chairman and...