We advised Atour on its IPO and Nasdaq listing

Davis Polk advised Atour Lifestyle Holdings Limited in connection with its initial public offering of 4,750,000 American depositary shares (ADSs), each representing three Class A ordinary shares, for approximately $52 million in total gross proceeds. The underwriters have been granted an option to purchase up to 712,500 additional ADSs. The ADSs are listed on the Nasdaq Global Select Market under the symbol “ATAT.” Atour’s listing marked the first U.S. IPO since July 2021 by a China-based company with a market capitalization of over $1.5 billion at the time of listing.

Atour is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. It is the largest upper midscale hotel chain in China in terms of room numbers as of the end of 2021 and is the first Chinese hotel chain to develop a scenario-based retail business.  

The Davis Polk corporate team included partner Li He, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyer Yin Wu. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Sarah E. Kim provided 1940 Act advice.  Members of the Davis Polk team are based in the Hong Kong, New York and London offices.

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