Davis Polk advised Boqii Holding Limited on its SEC-registered initial public offering of 7,000,000 American depositary shares. Each ADS represents 0.75 Class A ordinary share of Boqii. Boqii has granted the underwriters an option to purchase up to an additional 1,050,000 ADSs. The total gross proceeds of the offering is $70 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 “BQ”.

Boqii is a pet-focused platform in China, operating China’s largest pet-focused e-commerce platform, a vibrant pet-focused user community and a growing network of offline pet stores.

The Davis Polk corporate team included partners Li He and Howard Zhang and registered foreign lawyers Kevin Zhang and Mendtuvshin (Mendee) Enkhtaivan. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Associate J. Taylor Arabian provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.