Secoo Announces Receipt of Withdrawal of Mr. Richard Rixue Li’s Going Private Proposal

BEIJING, May 23, 2022 (GLOBE NEWSWIRE) -- Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ:SECO), Asia’s leading online integrated upscale products and services platform, today announced that the special committee of the Company’s board of directors (the “Board”) received a letter dated May 20, 2022 from Mr. Richard Rixue Li, Chairman of the Board and Chief Executive Officer of Secoo, stating that Mr. Richard Rixue Li would withdraw its prior non-binding going private proposal (the “Proposal”) dated January 10, 2021, with immediate effect. The letter stated that, having given due consideration to recent market conditions, Mr. Richard Rixue Li had determined not to proceed with the Proposal. The Board has approved to dissolve the special committee of the Board.