Davis Polk advised Tencent Holdings Ltd. in connection with its purchase of 139,493,960 Class A ordinary shares of JD.com, Inc. in a concurrent private placement as part of JD’s IPO for an aggregate purchase price of $1.3 billion.
The transaction included an initial subscription of 138,014,720 Class A ordinary shares concurrently with the close of the IPO on May 28, 2014, and an additional subscription of 1,479,240 Class A ordinary shares by exercise of an over-allotment top-up option after the green shoe was exercised by the underwriters on May 30, 2014. The initial subscription together with the additional subscription amounted to 5% of the total outstanding share capital of JD.
Founded in 1998, Tencent is one of China’s largest and most widely used Internet service portals. JD is a leading online direct sales company in China. The transaction was part of Tencent’s strategic partnership with JD.com.
The Davis Polk corporate team includes partner Kirtee Kapoor and registered foreign lawyer Abhishek Kolay. All members of the Davis Polk team are based in the Hong Kong office.
