Davis Polk advised Tencent Mobility Limited in connection with its equity investment in Bilibili Inc., through which Tencent agrees to purchase 25,063,451 Class Z Ordinary Shares of Bilibili for an aggregate amount of $317 million. Upon the closing, Tencent will beneficially own approximately 12.3% of Bilibili’s total issued and outstanding shares.

Tencent uses technology to enrich the lives of Internet users. Its social products Weixin and QQ link users to a rich digital content catalogue including games, video, music and books. Its proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Its infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support its partners’ business growth.

Bilibili is a full-spectrum online entertainment world covering a wide array of genres and media formats, including videos, live broadcasting and mobile games. It provides an immersive entertainment experience and high-quality content that caters to the evolving and diversified interests of its users and communities, and has built its platform based on the strong emotional connections of users to its content and communities.

The Davis Polk team included partners James C. Lin and Miranda So and registered foreign lawyer Kevin Zhang. All members of the Davis Polk team are based in the Hong Kong office.

 

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