06 April 2018
Latham & Watkins represented the underwriters of Bilibili Inc. and GreenTree Hospitality Group Ltd.’s IPOs, amid an active showing of Chinese issuers listing in the US in the first half of 2018.
Bilibili, an iconic brand of online entertainment for young generations in China, announced on March 28, 2018, the pricing of its initial public offering of 42,000,000 American depositary shares (ADSs) at a price to the public of US$11.50 per ADS for a total offering size of US$483 million, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents one Class Z ordinary share of the Company. The ADSs trade on the Nasdaq Global Select Market (NASDAQ) under the symbol "BILI."
Hong Kong partners Allen Wang and Cathy Yeung and Hong Kong counsel Zheng Wang and Dominik Sklenar led the Latham team that represented the underwriters in the offering, with Hong Kong associates Eric Yiu and Wei Cai, Washington, D.C. partner Alex Cohen, Washington D.C. counsel Paul Dudek, and New York partner Dana Fleischman.
GreenTree, the leading pure play franchised hotel operator in China, made its debut on the New York Stock Exchange (NYSE) on March 27, 2018, trading under the ticker symbol of "GHG." GreenTree offered 10,200,000 American depositary shares, or ADSs. Each ADS represents one (1) Class A ordinary share, par value US$0.50 per share. GreenTree priced its initial public offering of 10.2 million American depositary shares (ADSs) at US$14 per ADS, for a total offering size of approximately US$143 million.
Hong Kong partner Allen Wang, with Hong Kong counsel Zheng Wang and Dominik Sklenar, Hong Kong associates Eric Yiu and Wei Cai, and Washington D.C. partner Alex Cohen and counsel Paul Dudek represented the underwriters in the offering.