Autohome’s HK$4,361 Billion Secondary Listing

Skadden advised Autohome Inc., while Simpson Thacher represented the underwriters in the transaction.

Autohome Inc. (“Autohome”) (NYSE: ATHM) (HKSE: 2518) executed its global offering and secondary listing of the ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (the “SEHK”). Autohome offered an aggregate of 30,291,200 ordinary shares under the “Chapter 19C regime” introduced by the SEHK to attract listings by high profile issuers that are already listed on the U.S. and London stock exchanges. In conjunction with the Hong Kong listing, Autohome also conducted a global offering of new Hong Kong-listed ordinary shares, which will be fully fungible with the ADSs which are listed and traded on the New York Stock Exchange.

The gross proceeds to the Company from the Global Offering, before deducting underwriting fees and the offering expenses, are expected to be approximately HK$3,560 million if the over-allotment option is not exercised or approximately HK$4,361 billion if the over-allotment option is exercised in full.

China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C. and Credit Suisse (Hong Kong) Limited are the Joint Sponsors, the Joint Representatives, the Joint Global Coordinators, the Joint Bookrunners and the Joint Lead Managers for the proposed Offering.

Autohome is a leading online destination for automobile consumers in China, ranking first among automotive service platforms in terms of mobile daily active users as of December 31, 2020. Through its two websites, and (accessible through PCs, mobile devices, mobile applications and mini apps), Autohome delivers comprehensive, independent and interactive content and tools to automobile consumers as well as a full suite of services to automakers and dealers across the auto value chain.

The Simpson Thacher team advising the underwriters for the transaction included Christopher Wong, Yi Gao, Cherrie Zhang and Christy Li (Capital Markets); Sophie Staples and Gal Shemer (Tax); and Jennie Getsin (FINRA).

The Skadden team advising Autohome was led by partners Haiping Li (Shanghai), Christopher Betts (Hong Kong), and Paloma Wang (Hong Kong), with associates Xueyin Zhong (Beijing), Steven Lee (Hong Kong), Charles Shi (Hong Kong), and John Cai (Beijing), and trainee solicitor Hillary Chan (Hong Kong).

The Maples team comprised partner Karen Zhang Pallaras and associate Vivian Lee. The Group’s Fund Services business acted as the Cayman Islands Share Registrar, and the team comprised Eastern Fong, Regional Head of the Group’s fund services business in Asia and vice president Christy Poon.

Involved fees earner: Eastern Fong – Maples and Calder; Vivian Lee – Maples and Calder; Christy Poon – Maples and Calder; Karen Zhang Pallaras – Maples and Calder; Yi Gao – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Christy Li – Simpson Thacher & Bartlett; Gal Shemer – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Christopher Wong – Simpson Thacher & Bartlett; Cherrie Zhang – Simpson Thacher & Bartlett; Christopher Betts – Skadden Arps Slate Meager & Flom; John Cai – Skadden Arps Slate Meager & Flom; Haiping Li – Skadden Arps Slate Meager & Flom; Charles Shi – Skadden Arps Slate Meager & Flom; Paloma Wang – Skadden Arps Slate Meager & Flom; Xueyin Zhong – Skadden Arps Slate Meager & Flom;

Law Firms: Maples and Calder; Simpson Thacher & Bartlett; Skadden Arps Slate Meager & Flom;

Clients: Autohome Inc.; China International Capital Corporation Limited (CICC); Credit Suisse; Goldman Sachs;

Author: Sonia Carcano