Onion Global’s $67.5 Million Initial Public Offering

Davis Polk advised Onion Global Limited as to US law, JunHe LLP as to PRC law and Maples and Calder as Cayman Islands and British Virgin Islands counsel. The underwriters were represented by Simpson Thacher & Bartlett as to US law and by CM Law Firm as to PRC law.

Onion Global Limited executed its initial public offering of 9,310,350 American depositary shares. Ten ADSs represents one Class A ordinary share of Onion Global. Onion Global has granted the underwriters an option to purchase up to an additional 1,396,550 ADSs. The total gross proceeds of the offering is $67.5 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs. The ADSs are listed on the New York Stock Exchange under the symbol “OG”.

AMTD Global Markets Limited, Huatai Securities (USA), Inc., Roth Capital Partners, LLC, Tiger Brokers (NZ) Limited, and Valuable Capital Limited acted as underwriters for the offering.

Onion Global is a next-generation lifestyle brand platform that incubates, markets and distributes the world’s fresh, fashionable and future brands to young people in China and across Asia.

The Davis Polk corporate team advising Onion Global  included partners Li He (Picture) and James C. Lin, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyers Xin (Sheen) Xu and Wentian Xie. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Associate Matthew R. Silver provided 1940 Act advice.

Simpson Thacher represented the underwriters with Yi Gao, Chenjing Shen and Keng-Wen Lin (Capital Markets); Jonathan Cantor and Scott Grundei (Tax); and Jennie Getsin (FINRA).

The Maples team was led by partner Derrick Kan. 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 senior vice president Christy Poon.

Involved fees earner: Alon Gurfinkel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Matthew Silver – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell; Wentian Xie – Davis Polk & Wardwell; Xin Xu – Davis Polk & Wardwell; Kevin Zhang – Davis Polk & Wardwell; Eastern Fong – Maples and Calder; Derrick Kan – Maples and Calder; Christy Poon – Maples and Calder; Jonathan Cantor – Simpson Thacher & Bartlett; Yi Gao – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Scott Grundei – Simpson Thacher & Bartlett; Keng-Wen Lin – Simpson Thacher & Bartlett; Chenjing Shen – Simpson Thacher & Bartlett;

Law Firms: Davis Polk & Wardwell; Maples and Calder; Simpson Thacher & Bartlett;

Clients: AMTD Global Markets; Huatai Securities; Onion Global; Roth Capital Partners, LLC; Tiger Brokers; Valuable Capital Limited;

Author: Sonia Carcano