Davis Polk is advising Tencent in connection with its purchase of additional Class A ordinary shares to be issued by JD.com and the renewal of their strategic cooperation agreement for three years. The new shares will be issued for a total consideration of over $250 million at prevailing market prices at certain pre-determined dates during the three-year period. Under the renewed strategic cooperation agreement, Tencent will continue to offer JD.com prominent level 1 and level 2 access points on its Weixin platform to provide traffic support, and the two parties intend to continue cooperation in a number of areas such as communications, advertising and membership services.
JD.com is a leading technology driven e-commerce company and retail infrastructure service provider in China. Tencent has been a significant shareholder and strategic partner with JD.com since March 2014.
The Davis Polk corporate team includes partner Miranda So and registered foreign lawyers Xi Shi, Zhiyao Li and Shifeng Ni. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.