Slaughter and Could, Davis Polk and Han Kun Plug Into Tencent Music Itemizing

Davis Polk & Wardwell, Slaughter and Could, Freshfields Bruckhaus Deringer and Han Kun Legislation Workplaces are among the many companies advising Chinese language know-how and leisure conglomerate, Tencent Holdings, on the secondary Hong Kong itemizing of its subsidiary, Tencent Music Leisure Group.

Shenzhen-based Tencent Music is the biggest on-line music leisure platform in China by month-to-month lively customers. It operates three of China’s hottest on-line music streaming apps—QQ Music, Kugou Music and Kuwo Music—and likewise the cell karaoke app WeSing.

Performing for Tencent, Slaughter and Could’s staff is being led by Hong Kong companions Peter Brien and Jing Chen. Notably, Slaughter and Could’s company companion, Charlton Tse, left the agency final yr to join Tencent as senior authorized counsel. Davis Polk’s Hong Kong companions Li He and Yang Chu are additionally performing for Tencent, whereas Han Kun introduced in Beijing companion Charles Li and Shenzhen companion Adrian Lv.

The issuer was additionally represented by offshore counsel Maples Group, which offered recommendation on Cayman Islands legislation.

The joint sponsors on the itemizing, JP Morgan Securities (Far East) and Goldman Sachs (Asia), are being represented by Freshfields and Shanghai-based CM Legislation Agency.

Each Davis Polk and Han Kun are common authorized advisors to Tencent. In 2020, the Beijing-based agency suggested Tencent Music on a $800 million senior notes providing. Each companies additionally suggested the corporate on its $1billion New York debut in 2018. Skadden, Arps, Slate, Meagher & Flom suggested the underwriters on that itemizing.

Davis Polk is individually additionally advising Tencent Holdings on its investigation by the Committee on International Funding in the US (CFIUS) over its $1.3 billion takeover of British videogame maker, Sumo Group plc.

Tencent Music is among the 240 Chinese language firms which are going through the specter of being delisted from the American bourses resulting from auditing disagreements between the U.S. Securities and Trade Fee and China.

China’s latest crackdown on data-heavy know-how firms has adversely impacted Tencent Music’s earnings. Final yr, the corporate was ordered to finish its unique music licensing offers with international file labels and fined roughly $77,000 by China’s antitrust authorities for misreporting its acquisition of two apps.