Paul, Weiss advised Chinese internet giant Tencent in its US$604 million investment in Vipshop Holdings Ltd, a major Chinese online discount apparel retailer.
Under the terms of the agreement, Tencent and JD.com Inc,, China’s largest e-commerce firm, will invest an aggregate US$863 million cash into Vipshop and will grant Vipshop access to Tencent’s digital wallet platform and JD.com’s mobile application. Tencent and JD.com will subscribe for newly issued Class A ordinary shares of Vipshop. Upon closing, Tencent will own approximately 7 percent of Vipshop’s total issued shares.
The Paul, Weiss team included corporate partners Jeanette Chan (Picture) and Tong Yu and counsel Paul Donnelly.
Law Firms: Paul Weiss Rifkind Wharton & Garrison;
Clients: Tencent Holdings Inc.;