Leo Ou Chen, chairman of Jumei, offered to acquire Jumei International, a fashion and lifestyle solutions provider in China, for $135m. The price represents a premium of approximately 15% over the closing price of the Company's ADSs on January 10, 2020. "I believe that the acquisition will provide value to the Company's shareholders. I recognize of course, that the Board will evaluate the proposed acquisition independently before it can make its determination whether to endorse it. In this regard, I believe it would be in the best interests of the Company for the Board to establish a special committee of independent directors to consider and evaluate this Proposal and the Acquisition," Leo Ou Chen.