Davis Polk advised Youdao, Inc. on its SEC-registered initial public offering of 5,600,000 American Depositary Shares. Each ADS represents one Class A ordinary share of Youdao. Youdao has granted the underwriters an option to purchase up to an additional 840,000 ADSs. Davis Polk also advised Youdao on its concurrent private placements to certain investment funds managed by Orbis Investment Management Limited. The total gross proceeds for the SEC-registered initial public offering and the concurrent private placements are approximately $220.2 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs. The ADSs are listed on the New York Stock Exchange under the symbol “DAO”.

Youdao is a leading intelligent learning company in China dedicated to developing and using technologies to provide learning content, applications and solutions to users of all ages.

The Davis Polk corporate team included partners Li He and James C. Lin and registered foreign lawyer Kevin Zhang. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Associate Mikaela Dealissia provided intellectual property and technology advice. Associate Matthew R. Silver provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.

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