Online cosmetics retailer Jumei International has put the final touches on a divorce with the New York Stock Exchange, officially ending an unhappy six-year marriage.

Jumei International has completed a merger with Jumei Investment, a wholly-owned subsidiary of its parent company Super ROI Global, in an agreement that was first announced in February, according to a statement published by the Chinese company on Wednesday. Super ROI is wholly owned by Jumei International founder, chairman and CEO Chen Ou.

The merger has resulted in Jumei International becoming a wholly-owned subsidiary of Super ROI and delisting from the New York bourse, the statement said.

In January, Chen launched a privatization plan by offering $20 American depositary share (ADS) for all of Jumei International’s ADSs that he and his affiliates did not already own. That price was about 9% below the $22 per ADS Jumei set in its 2014 IPO. The January bid was Chen’s second attempt after a similar management-led privatization plan was scrapped in 2017 due to objections from shareholders who deemed the offer price too low.

Founded in 2010, Jumei International mainly sells cosmetics and luxury products through its online shopping platform Jumei Youpin. The company has found it harder to make a profit over the past several years amid cutthroat competition. In 2018, Jumei International’s net profit was 117 million yuan ($16.6 million), down from 405 million yuan in 2014, when it went public.

Contact reporter Ding Yi (yiding@caixin.com)

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