Davis Polk advised the initial purchasers in connection with a Rule 144A and Regulation S offering by YY Inc. (NASDAQ: YY) of $425 million aggregate principal amount of 0.750% convertible senior notes due 2025 and $425 million aggregate principal amount of 1.375% convertible senior notes due 2026. The initial purchasers have an option to purchase an additional $75 million of 0.750% senior notes due 2025 and an option to purchase an additional $75 million of 1.375% senior notes due 2026, both of which were exercised in full. In addition, Davis Polk advised the counterparties to capped call transactions entered into in connection with the offering.

YY is a leading global social media platform, offering users around the world a uniquely engaging and immersive experience across various video-based products and services, such as live streaming, short-form videos and video communication.

The Davis Polk corporate team included partner James C. Lin and registered foreign lawyers Jennifer (Yujia) Jiang and Andrea Feuer. The equity derivatives team included partners John M. Brandow and Derek Walters and associates Hanbing Zhang, Meaghan Kennedy and Charles York. The tax team included counsel Alon Gurfinkel and associate Omer Harel. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.

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