Davis Polk advised Tencent Holdings Limited in connection with its purchase of 96,820,000 ordinary shares of Weimob Inc. for an aggregate purchase price of HK$353 million.

Before the acquisition, Tencent Holdings Limited, through Tencent Mobility Limited, held 58,665,000 shares, representing approximately 2.92% of the total issued share capital of the Weimob Inc. Immediately after the increase in shareholding, Tencent Holdings Limited, through Tencent Mobility Limited and THL H Limited, holds 155,485,000 shares, representing approximately 7.73% of the total issued share capital of Weimob Inc.

Founded in 1998, Tencent is one of China’s largest and most widely used Internet service portals. Weimob Inc. was listed on the Main Board of the Stock Exchange of Hong Kong Limited in January 2019 (Stock Code: 2013) and is one of the leading providers of cloud-based commerce and marketing solutions and targeted marketing services on Tencent’s social networking service platforms for small and medium businesses in China.

The Davis Polk corporate team includes partners Paul Chow and Miranda So, counsel Yang Chu and associate Jeffrey Chan. All members of the Davis Polk team are based in the Hong Kong office.

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