Jurisdiction - China
Orrick Advises on USD 1.55bn Deal In China For JD.com.

13 January, 2015


Orrick, Herrington & Sutcliffe LLP (Orrick), leading legal advisor to the technology sector globally, advised JD.com Inc., an e-commerce company in China, in its investment into Chinese auto information website operator Bitauto Holdings Ltd.. JD along with Tencent Holdings Ltd., an internet services provider in China and best known for its communications app WeChat, has agreed to invest a total of approximately USD 1.55bn to further develop Bitauto.


Under the terms of the agreements, JD will invest a combination of USD 400m in cash and approximately USD 750m of resources. Tencent will also purchase USD 150m of newly issued ordinary shares from Bitauto. The transactions are expected to close in the first half of 2015, subject to customary closing conditions.


Orrick’s team included Shanghai and Beijing-based corporate partner Jie (Jeffrey) Sun, and Hong Kong-based head of Orrick’s M&A and private equity practice Maurice Hoo, “This is a company that always has been out front and delivered a lot of value for shareholders,” Orrick corporate partner Jie (Jeffrey) Sun said of JD. “We are proud to have supported JD in their role in this landmark deal.”


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