China Literature’s US$1.1 billion initial public offering on the Hong Kong Stock Exchange

Clifford Chance advised the joint sponsors and underwriters including Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse on China Literature’s US$1.1 billion (HK$8.3 billion) initial public offering on the Hong Kong Stock Exchange.

The deal received exceptionally strong demand in all three tranches of the offering. The retail tranche was more than 625 times oversubscribed attracting over 400,000 applications and application monies of over US$66 billion (HK$520 billion), making it the second most oversubscribed deal in Hong Kong. Both the preferential offering for existing Tencent shareholders and the international offering for institutional investors were also significantly oversubscribed.

China Literature, a unit of Tencent Holdings, is an online literature platform in China which as of 30 June 2017, had 6.4 million writers and 9.6 million literary works.

Clifford Chance advised on the deal with a team co-led by partners Amy Lo, Tim Wang (picture) and Fang Liu who were supported by consultant Christine Xu, senior associate Lawrence Zhang, associates Queenie Tong, James Zhang and Samson Chan, and trainee Alex Feng.

 

Involved fees earner: Amy Lo – Clifford Chance; Tim Wang – Clifford Chance; Liu Fang – Clifford Chance; Christine Xu – Clifford Chance; Lawrence Zhang – Clifford Chance; Queenie Tong – Clifford Chance; James Zhang – Clifford Chance; Samson Chan – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Bank of America Merrill Lynch; Credit Suisse; Morgan Stanley;

 

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Author: Michael Patrini