Kirkland & Ellis represented the underwriters on the deal. Maples and Calder assisted Zhihu Inc. in connection with the initial public offering.
Zhihu Inc. (NYSE: ZH), an iconic online content community in China, has priced its initial public offering (the “IPO”) of 55,000,000 American depositary shares (“ADSs”), at US$9.5 per ADS. The aggregate offering size of the IPO and the concurrent private placements is US$772.5 million, assuming the underwriters do not exercise their option to purchase additional ADSs, and approximately US$850.9 million, assuming the underwriters exercise their option to purchase additional ADSs in full. Each two ADSs represent one Class A ordinary share of the Company. The ADSs are expected to begin trading on the New York Stock Exchange today under the ticker symbol “ZH.”
The underwriters included Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, China International Capital Corporation Hong Kong Securities Limited, CMB International Capital Limited, China Renaissance Securities (Hong Kong) Limited, CLSA Limited, Haitong International Securities Company Limited, Lighthouse Capital International Inc., Tiger Brokers (NZ) Limited and Futu Inc.
Zhihu Inc. operates Zhihu, an iconic online content community dedicated to empowering people to share knowledge, experience, and insights, and to find their own answers. Zhihu is China’s largest Q&A-inspired online community and one of the top five Chinese comprehensive online content communities, both in terms of average mobile monthly average users and revenue in 2020.
The Kirkland team was led by transactional partner David Zhang (Picture) and capital markets partner Steve Lin.
The Maples team comprised partner Karen Zhang Pallaras and legal manager Ray Tso. 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.
Clients: China International Capital Corporation Hong Kong Securities Limited; China Renaissance Securities Limited; CLSA Limited; CMB International Capital Limited; Credit Suisse Securities (USA) LLC; Futu Securities International; Goldman Sachs (Asia) L.L.C.; Haitong International Securities Group Limited; J.P. Morgan Securities LLC; Tiger Brokers; Zhihu, Inc.;