Davis Polk Advises 51 Credit Card on Its HK$1.0 Billion (US$130.0 Million) Initial Public Offering
Davis Polk advised 51 Credit Card Inc. (“51 Credit”) in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The net proceeds from the offering amounted to approximately HK$1.0 billion (US$130.0 million) prior to the exercise of the over-allotment option.
51 Credit operates the largest online credit card management platform and the largest online consumer finance marketplace targeting credit card holders in China.
The Davis Polk corporate team included partners Bonnie Y. Chan and Li He, counsel Stephenie Fung, registered foreign lawyers Ran Li and Fei (Grace) Kong and associates Nicholas Cheung and Jeffery Chan. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Associate Sijia Cai provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.