We advised Atour on the transaction

Davis Polk advised Atour Lifestyle Holdings Limited on an upsized SEC-registered secondary offering by Legend Capital of 6,624,000 American depositary shares (ADSs), representing 19,872,000 Class A ordinary shares of Atour (including ADSs sold pursuant to the exercise of the underwriters’ option granted by the selling shareholder to purchase additional ADSs). The secondary offering was upsized from 5,520,000 ADSs to 6,624,000 ADSs. Legend Capital received gross proceeds of approximately $98 million from this secondary offering before deducting underwriting commission and offering related expenses. The ADSs are listed on the Nasdaq Global Select Market under the symbol “ATAT.”

Atour is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands.

The Davis Polk corporate team included partner Li He, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyer Yin Wu. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Counsel Leon E. Salkin provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, New York and London offices.