Session subtyping is a cornerstone of refinement of communicating processes: a process implementing a session type (i.e., a communication protocol) T can be safely used whenever a process implementing one of its supertypes T′ is expected, in any context, without introducing deadlocks nor other communication errors. As a consequence, whenever T T′ holds, it is safe to replace an implementation of T′ with an implementation of the subtype T, which may allow for more optimised communication patterns. We present the first formalisation of the precise subtyping relation for asynchronous multiparty sessions. We show that our subtyping relation is sound (i.e., guarantees safe process replacement, as outlined above) and also complete: any extension ...