King & Wood Mallesons advises Bitauto on issue of American depository shares
King & Wood Mallesons has advised Bitauto on its successful issue of American depository shares (ADSs), with the follow-on public offering of an aggregate of 2,749,200 ADSs of Bitauto Holdings being closed on 11 December 2013.
Bitauto is a provider of internet content and marketing services focused on China’s automotive industry.
Bitauto had offered 1,264,855 ADSs and the selling shareholder had offered 1,484,345 ADSs at a price of $30 (£18) per ADS, which raised approximately $78m after deducting underwriting discounts and commissions.
In connection with this offering, Bitauto has granted the underwriters the opportunity to purchase up to an aggregate of 410,800 additional ADSs from the company at the public offering price of $30 per ADS.
King & Wood Mallesons acted as the PRC legal counsel to the underwriters. This project was led by partners Jing Gang and Ma Tianning. Partner Tang Lizi provided support to the project.
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