Tencent renewed strategic cooperation with JD.com
We are advising Tencent on the renewal of the strategic cooperation agreement and purchase of ordinary shares of JD.com
Davis Polk is advising Tencent in connection with the renewal of the strategic cooperation agreement between Tencent and JD.com for a period of three years. As part of the total consideration for the renewed strategic cooperation, JD.com will issue to Tencent its Class A ordinary shares for up to US$220 million by reference to prevailing market prices at certain pre-determined dates during the three-year period. Tencent will continue to offer JD.com prominent Level I and Level II access points on its Weixin platform to provide traffic support. The two parties also intend to continue to cooperate in a number of areas, including communications, technology services, marketing and advertising, and membership services.
Tencent is a world-leading internet and technology company that develops innovative products and services to improve the quality of life of people around the world. Headquartered in Beijing, JD.com is a leading supply-chain-based technology and service provider and its shares are listed on both the Nasdaq Global Select Market and the Hong Kong Stock Exchange.
The Davis Polk team includes partner Miranda So, counsel – registered foreign lawyer Xi Shi and registered foreign lawyer Beiming Liu. Counsel – registered foreign lawyer Kevin Zhang and counsel Vanessa Chan and associate Marco Cheng are providing capital markets advice. All members of the Davis Polk team are based in Hong Kong.