111 Bundle
Who owns 111, Inc.?
Understanding the ownership of 111, Inc. is key to grasping its strategic path in the healthcare industry. Founded in May 2013 by Dr. Gang Yu and Mr. Junling Liu, the company went public on September 12, 2018.
This integrated online and offline healthcare platform in China, trading as YI on NASDAQ, has a market capitalization of $61.5 million as of February 11, 2025. It operates a significant online pharmacy, 1 Pharmacy, and offers services like online consultations.
Who owns 111, Inc.?
Who Founded 111?
The journey of 111 Company began in May 2013, established by Dr. Gang Yu and Mr. Junling Liu. Their vision for the company's governance was immediately evident in its share structure. This structure was designed to ensure continued leadership and strategic direction from its inception.
| Founder | Role | Initial Ownership Focus |
|---|---|---|
| Dr. Gang Yu | Co-Founder | Class B Ordinary Shares |
| Mr. Junling Liu | Co-Founder | Class B Ordinary Shares |
Founding Vision
Dr. Gang Yu and Mr. Junling Liu founded 111 Company in May 2013. Their early ownership strategy centered on retaining significant control.
Dual-Class Share Structure
The company implemented a dual-class share structure with Class A and Class B ordinary shares. Class B shares carry fifteen votes, while Class A shares have one vote.
Founder Control Post-IPO
Immediately after the IPO, the co-founders held all Class B shares. This granted them approximately 92.3% of the total voting power.
Share Transfer Provisions
Class B shares automatically convert to Class A shares if transferred to non-affiliates. This safeguard maintained founder control over strategic decisions.
Current Shareholding
As of September 13, 2024, the co-founders collectively owned 42.7% of the company's total issued share capital. This reflects their continued significant stake.
Early Investor Information
Specific details regarding early angel investors or friends and family stakes at inception are not publicly detailed. The focus remained on the founders' control mechanisms.
The ownership structure established by Dr. Gang Yu and Mr. Junling Liu was instrumental in shaping the company's early trajectory. The dual-class share system, with its significant voting power disparity, ensured that the founders' strategic vision remained paramount. This setup allowed them to guide the company's development effectively, even as the company grew and potentially attracted other investors. The conversion clause for Class B shares further solidified their control, preventing dilution of their voting influence through external transfers. This approach is common among tech companies aiming for long-term strategic stability, as detailed in discussions about Revenue Streams & Business Model of 111.
Key Ownership Aspects
The founders' early ownership strategy was characterized by a strong emphasis on maintaining control. This was achieved through a carefully designed share structure and specific transfer provisions.
- Founders: Dr. Gang Yu and Mr. Junling Liu
- Founding Date: May 2013
- Share Classes: Class A (1 vote) and Class B (15 votes)
- Post-IPO Voting Power: Approximately 92.3% for founders
- Current Shareholding (as of Sep 13, 2024): 42.7% for founders
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How Has 111’s Ownership Changed Over Time?
The ownership of 111, Inc. has seen shifts since its initial public offering on September 12, 2018. The IPO price was $14.00 per American Depositary Share (ADS), with each ADS representing two Class A ordinary shares. The company initially offered 7,175,000 ADSs.
| Date | Event | Details |
| September 12, 2018 | IPO | Offered 7,175,000 ADSs at $14.00 per ADS. |
| July 15, 2024 | Share Price | $11.20 per share. |
| July 15, 2025 | Share Price | $7.40 per share (a 33.93% decline from July 15, 2024). |
| March 31, 2025 | Institutional Ownership | 0.05% of total shares outstanding (101 million). |
| July 15, 2025 | Institutional Holdings | 10 institutional owners held 48,821 shares. |
| September 13, 2024 | Founder Ownership | Co-founders beneficially owned 42.7% of total issued share capital. |
The evolution of 111, Inc.'s ownership structure highlights a dynamic interplay between its founders and the growing influence of institutional investors. This shift impacts the company's strategic direction and governance, as seen in its move to simplify its organizational structure by eliminating its Variable Interest Entity (VIE) for operating subsidiaries, a step that could signal preparations for a relisting in Shanghai.
Key Stakeholders and Institutional Activity
As of July 15, 2025, institutional investors held a notable stake in the company. The share price experienced a decline from $11.20 on July 15, 2024, to $7.40 on July 15, 2025.
- As of March 31, 2025, institutional ownership represented 0.05% of the 101 million total shares outstanding, with approximately 21.32% of the stock owned by institutional investors overall.
- Major institutional shareholders as of March 31, 2025, included Renaissance Technologies Llc, Connor, Clark & Lunn Investment Management Ltd., and Deuterium Capital Management, LLC.
- Over the preceding 24 months, institutional investors collectively purchased 1,400,637 shares, amounting to approximately $8.77 million in transactions.
- The co-founders, Dr. Gang Yu and Mr. Junling Liu, remained significant stakeholders, beneficially owning 42.7% of the total issued share capital as of September 13, 2024.
- Specific holdings by institutions in early 2025 included FIL Ltd with 680,799 shares and JPMorgan Chase & Co. with 306,039 shares.
- Understanding these ownership dynamics is crucial for analyzing the company's Marketing Strategy of 111 and future trajectory.
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Who Sits on 111’s Board?
The current board of directors for 111, Inc. includes key figures like Dr. Gang Yu, Co-Founder and Executive Chairman, and Mr. Junling Liu, Co-Founder, Chairman, and CEO. The board also comprises Mr. Yang Chen, Nee Chuan Teo, Jun Luo, and Jian David Sun, with the latter three serving as Independent Directors.
| Director Name | Role |
| Dr. Gang Yu | Co-Founder, Executive Chairman |
| Mr. Junling Liu | Co-Founder, Chairman of the Board, Chief Executive Officer |
| Mr. Yang Chen | Director |
| Nee Chuan Teo | Independent Director |
| Jun Luo | Independent Director |
| Jian David Sun | Independent Director |
111, Inc. operates with a dual-class share structure, where Class A ordinary shares carry one vote, and Class B ordinary shares hold fifteen votes per share. This system significantly concentrates voting power, as Class B shares are convertible to Class A, but not vice versa. Following its IPO, the co-founders, Dr. Gang Yu and Mr. Junling Liu, who hold all Class B shares, controlled approximately 92.3% of the total voting power. As of September 13, 2024, their beneficial ownership of the total issued share capital stood at 42.7%. This structure ensures substantial control by the founders, influencing the company's strategic direction and governance. Recent board adjustments include the resignation of Dr. Leon Lian Yong Chen on November 4, 2024, and the appointment of Mr. Yang 'Luke' Chen, the Senior Finance Executive, to the board on the same date, bringing enhanced financial expertise.
Understanding 111 Company's Voting Power
The ownership structure of 111 Company is heavily influenced by its dual-class share system. This setup grants founders significant control over the company's decisions.
- Class B shares have 15 times the voting power of Class A shares.
- Co-founders Dr. Gang Yu and Mr. Junling Liu hold all Class B shares.
- This arrangement gives them disproportionate voting control, impacting who owns 111 Company's strategic direction.
- Understanding this structure is key to grasping 111 Company ownership.
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What Recent Changes Have Shaped 111’s Ownership Landscape?
Over the past few years, the ownership landscape of 111, Inc. has seen significant shifts and strategic maneuvers, reflecting the company's evolving operational and financial status. The co-founders remain central figures, actively demonstrating their commitment through personal share purchases.
| Ownership Stake | Details | Date |
|---|---|---|
| Co-founders' Beneficial Ownership | 42.7% of total issued share capital | September 13, 2024 |
| Institutional Ownership | 21.32% of stock | As of March 31, 2025 |
| Recent Institutional Purchases | 1,400,637 shares acquired in last 24 months | Approximately $8.77 million |
The company's journey has been marked by efforts to regain market compliance and manage financial obligations. Despite a dip in share price, strategic adjustments like the reverse ADS split have been implemented. Operational performance has shown resilience, with the company achieving profitability from operations for the full year 2024, a notable turnaround from the previous year.
Leadership Commitment
Co-founders Dr. Gang Yu and Mr. Junling Liu continue to hold a substantial stake, underscoring their belief in the company's long-term prospects. Their personal share acquisitions further solidify this commitment.
Market Performance and Compliance
The company successfully regained compliance with Nasdaq's minimum share price requirement in February 2025. This was aided by a one-for-ten reverse ADS split announced in January 2025.
Operational Profitability
The company achieved operational profitability for the full year 2024, reporting an income from operations of RMB2.1 million. This marks a significant improvement from a loss in 2023.
Financial Obligation Management
Significant progress has been made in rescheduling redeemable interests owed to investors in 1 Pharmacy Technology. Approximately 96.79% of the total amount, which stood at RMB1.09 billion as of March 31, 2025, is being managed through phased repayments.
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