Simpson Thacher represented Ruhnn Holding Limited (“Ruhnn”) in connection with its initial public offering and listing on the Nasdaq Global Select Market.
The offering was comprised of 10,000,000 American Depositary Shares (“ADSs”), representing 50,000,000 Class A ordinary shares before exercise of the underwriters’ overallotment option. The base offering size was US$125 million. Citigroup and UBS Investment Bank acted as the representatives of the underwriters.
Ruhnn is the largest internet key opinion leader (“KOL”) facilitator in China as measured by revenue in 2018. Ruhnn connects influential KOLs who engage and impact their fans on the internet to its vast commercial network. Ruhnn pioneered the commercialization of the KOL ecosystem in China, and operates under both full-service and platform models. Its full-service model integrates key steps of the e-commerce value chain from product design and sourcing and online store operations to logistics and after-sale services. Its platform model promotes products sold in third-party online stores and provides advertising services on KOL’s social media spaces to third-party merchants. Ruhnn’s ADSs are traded on the Nasdaq Global Select Market under the symbol “RUHN.”
The Simpson Thacher team for the transaction included Chris Lin (Picture), Celia Lam, Yi Gao, Sarah Tang and Cherrie Zhang (Capital Markets); and Jonathan Cantor and Kelli Rivers (Tax).
Involved fees earner: Jonathan Cantor – Simpson Thacher & Bartlett; Yi Gao – Simpson Thacher & Bartlett; Celia Lam – Simpson Thacher & Bartlett; Chris Lin – Simpson Thacher & Bartlett; Kelli Rivers – Simpson Thacher & Bartlett; Sarah Tang – Simpson Thacher & Bartlett; Cherrie Zhang – Simpson Thacher & Bartlett;
Law Firms: Simpson Thacher & Bartlett;
Clients: Ruhnn Holding Limited;