9 December, 2020
Skadden's capital markets team has advised on the following recent transactions:
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Global technology leader Xiaomi Corp., on its sale of one billion shares in a top-up placement on the Hong Kong Stock Exchange. The shares were offered at HK$ 23.70 (US$ 3.05) each, for a total offer value of US$ 3.05 billion. This was the largest top-up placement ever offered on the Hong Kong Stock Exchange. Xiaomi also offered a seven-year, zero coupon convertible bond, to raise US$ 855 million, to take the total funds raised to US$ 3.9 billion. The transaction was priced on 2 December 2020.
The Skadden team was led by partners Julie Gao and Christopher Betts, with Counsel Anthony Pang. All attorneys are based in Hong Kong.
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Nasdaq-listed Dada Nexus Limited, China's leading local on-demand delivery and retail platform, in its follow-on offering of 9,000,000 American Depositary Shares ("ADSs"). Each ADS represents four ordinary shares of Dada Nexus and is offered to the public at a price of US$ 50 per share, for a total offer value of US$ 450 million. The underwriters will have a 30-day option to purchase up to an aggregate of 1,350,000 additional ADSs from the Company. The transaction closed on 7 December 2020.
The Skadden team was led by partner Julie Gao (Hong Kong), with Counsel Yuting Wu (Shanghai), and associates Weiwei Chen (Hong Kong) and Xueyin Zhong (Beijing), and international legal consultants Luwei Wang (Shanghai) and Youtong Ling (Hong Kong).
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Nasdaq-listed Li Auto Inc., an innovator in China’s new energy vehicle market, on its follow-on offering of 54,050,000 American depositary shares (“ADSs”), including 7,050,000 ADSs issued as a result of the full exercise of the underwriters' over-allotment option. The public offer price of each ADS was US$ 29.00, raising total gross proceeds of US$ 1.57 billion. Each ADS represents two Class A ordinary shares of Li Auto. The offering is expected to close on December 8, 2020, subject to customary closing conditions.
The Skadden team was led by partners Julie Gao (Hong Kong) and Haiping Li (Shanghai), with associates Peter Pang (Shanghai), Frank Xu (Beijing) and Yangtian Li (Hong Kong).
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17 Education & Technology Group Inc. (17EdTech), a leading education technology company in China with an “in-school + after-school” integrated model, in its initial public offering of 27,400,000 American Depositary Shares ("ADSs) and listing on the Nasdaq, at a public offering price of US$ 10.50 per ADS. The total gross proceeds of the offering are expected to be approximately US$ 288 million if the underwriters do not exercise their over-allotment option, and approximately US$ 331 million if the underwriters choose to exercise their over-allotment option in full. The offering is expected to close on December 8, 2020, subject to customary closing conditions.
The Skadden team was led by partners Julie Gao (Hong Kong) and Haiping Li (Shanghai), with Counsel Yilin Xu (Hong Kong) and associates Samson Peng andYiting Li.
