Davis Polk Advises Tongcheng-Elong on Its HK$1.41 Billion (US$180 Million) Initial Public Offering

Davis Polk advised Tongcheng-Elong Holdings Limited 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$1.41 billion (US$180 million) prior to the exercise of the over-allotment option.

Tongcheng-Elong is an innovator and a market leader in China's online travel industry, ranking third in terms of gross merchandise volume in China's online travel market in 2017. It is the combined business resulting from the recent merger of Tongcheng and eLong, two leading online travel agencies in China. As a one-stop shop for users' travel needs, Tongcheng-eLong offers a comprehensive and innovative selection of travel products and services.

The Davis Polk corporate team included partners Bonnie Y. Chan and Li He, counsel-registered foreign lawyer Lijun (Annie) Yan, counsel Binqing Pan and associate Kai Sun. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Sarah E. Kim and associate J. Taylor Arabian provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.