8 November, 2017
Davis Polk advised Tencent Holdings Limited, a company listed on the Hong Kong Stock Exchange in connection with its spinoff of China Literature Limited by way of an initial public offering (including a public offering in Hong Kong and an international offering in reliance on Rule 144A and Regulation S) and separate listing of China Literature Limited on the Hong Kong Stock Exchange. The net proceeds from the global offering were approximately HK$7.17 billion ($919.2 million).
China Literature is a pioneer of China’s online literature market and operates the leading online literature platform as measured by the scale and quality of writers, readers and literary content offerings, according to Frost & Sullivan. China Literature connects major constituents of the online literature ecosystem, including writers, readers and content adaptation partners, through the operation of its online literature platform and extends the monetization lifecycle of the literary content through its intellectual property operations.
The Davis Polk corporate team included partner Bonnie Y. Chan, counsel Peter Cheng and Faisal Baloch, registered foreign lawyers Yazhe Liu and Sabrina Lin. Members of the Davis Polk team are based in the Hong Kong office.
