Davis Polk advised Tencent Music Entertainment Group on its SEC-registered initial public offering of 82,000,000 American Depositary Shares, consisting of 41,029,829 ADSs sold by Tencent Music and 40,970,171 ADSs sold by the selling shareholders, for total proceeds of approximately $1.1 billion. Skadden, Arps, Slate, Meagher & Flom LLP. advised the underwirters. Maples and Calder advised the underwriters on Cayman Islands law. Han Kun Law Offices and Grandall Law Firm advised the underwriters on PRC law .
Each ADS represents two Class A ordinary share of Tencent Music. Tencent Music has granted the underwriters an option to purchase up to an additional 12,300,000 ADSs. Davis Polk also advised Tencent Music on its concurrent private placement of 4,914,646 Class A ordinary shares to Tencent Holdings Limited (HKEX: 700) at the initial public offering price with an aggregate value of up to HK$250 million.
Tencent Music is listed on NYSE under the ticker symbol “TME.”
Tencent Music is the leading online music entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music’s mission is to use technology to elevate the role of music in people’s lives by enabling them to create, enjoy, share and interact with music. Tencent Music’s platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music.
The Davis Polk corporate team included partners James C. Lin (Picture), Li He and Miranda So and registered foreign lawyers Kevin Zhang and Xi Shi. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Associate Huiyu Yin provided 1940 Act advice.
Involved fees earner: Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Xi Shi – Davis Polk & Wardwell; Miranda So – Davis Polk & Wardwell; Huiyu Yin – Davis Polk & Wardwell; Kevin Zhang – Davis Polk & Wardwell;
Law Firms: Davis Polk & Wardwell;
Clients: Tencent Music Entertainment;