MEDIA CONTACT
For media enquiries, please contact media@conyers.com
Subscribe to our e-mail list to get the latest News & Insights on Bermuda, BVI and Cayman law.
Conyers Dill & Pearman provided BVI and Cayman Islands legal advice to YY Inc. in connection with its US$462 million simultaneous issue of convertible notes and follow-on offering of American Depositary Shares (“ADSs”) on the NASDAQ Global Select Market.
The convertible notes offer was aborted mid-way and YY Inc. proceeded to complete the follow-on ADS offering.
On abortion of the convertible note issue, YY Inc. proceeded to issue 115,000,000 Class A common shares with a Greenshoe Option of 17,250,000 Class A common shares in the form of ADSs (each ADS representing 20 Class common shares) at US$70.00 per ADS.
YY Inc. is a leading live streaming social media platform in China. The company’s highly engaged users contribute to a vibrant social community by creating, sharing and enjoying a vast range of entertainment content and activities. YY Inc. enables users to interact with each other in real-time through online live media and offers users a uniquely engaging and immersive entertainment experience.
Partners Paul Lim and Teresa Tsai of Conyers’ Hong Kong office advised on the matter working alongside Skadden, Arps, Slate, Meagher & Flom.