NetEase, Inc. HK$20.9 Billion (US$2.7 Billion) Secondary Listing and Initial Public Offering on the Hong Kong Stock Exchange
6/11/2020

Davis Polk advised the underwriters in the secondary listing and initial public offering of NetEase, Inc. on the Hong Kong Stock Exchange. The gross proceeds from the global offering amounted to approximately HK$20.9 billion (US$2.7 billion) prior to the exercise of the over-allotment option. 

NetEase is a leading internet technology company based in China. It develops and operates some of China’s most popular mobile and PC-client games. Its other innovative service offerings include the intelligent learning services offered by its subsidiary, Youdao, Inc. (NYSE: DAO), music streaming through its leading NetEase Cloud Music business and private label e-commerce platform, Yanxuan. The ADSs of NetEase are listed on the Nasdaq under the ticker symbol “NTES.”

The Davis Polk corporate team included partners Li He, James C. Lin and Yang Chu, registered foreign lawyer Kevin Zhang and associates Lillian Lian, Jeffrey Chan and Vincent Ko. 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.