Davis Polk Advises LIZHI INC. on Its Initial Public Offering and Nasdaq Listing

Davis Polk advised LIZHI INC. on its SEC-registered initial public offering of 4,100,000 American depositary shares for total proceeds of approximately $45.1 million if the underwriters do not exercise their over-allotment option. Each ADS represents 20 Class A ordinary shares of LIZHI. The underwriters have an option to purchase up to an additional 615,000 ADSs from LIZHI. LIZHI is listed on the Nasdaq Global Market under the ticker symbol “LIZI”.

Headquartered in Guangzhou, China, LIZHI INC. (Nasdaq: LIZI) is a leading online UGC audio community and interactive audio entertainment platform in China, with a mission to enable everyone to showcase their vocal talents.

The Davis Polk corporate team included partners Li He and James C. Lin and registered foreign lawyers Kevin Zhang, Jennifer (Yujia) Jiang, Moran Zhang and Mendtuvshin (Mendee) Enkhtaivan. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Associate J. Taylor Arabian provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.