We advised Trustar Capital as a consortium member

Davis Polk advised Trustar Capital as a member of a consortium which submitted a non-binding proposal to acquire all of the outstanding ordinary shares of Smart Share Global Limited (a/k/a Energy Monster) for a proposed purchase price of $0.625 per ordinary share or $1.25 per American depositary share (ADS) in cash. The consortium consists of an affiliate of Trustar Capital and certain directors and executive officers of Energy Monster. If completed, this transaction would result in Energy Monster becoming privately held and Energy Monster’s ADSs would be delisted from Nasdaq.

Energy Monster is the largest provider of mobile device charging services in China, with the highest market share. The company offers charging services through its power banks, placed in points of interest (POIs) including entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. As of June 30, 2024, Energy Monster operated 9.5 million power banks across 1,267,000 POIs in more than 2,100 counties and county-level districts throughout China.

Trustar Capital is a leading private equity firm in Asia, with the most established buyout platform in China. With offices in China, Japan and the United States, Trustar Capital has built a global track record of investing in companies which demonstrate the potential to capitalize on the growth and productivity of the Chinese economy.

The Davis Polk corporate team included partner Miranda So, counsel - registered foreign lawyer Xi Shi and registered foreign lawyer Lucy Cai. All members of the Davis Polk team are based in the Hong Kong office.

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