Equity capital markets

Equity capital markets- Autohome, Tuya Smart and Zhihu

Autohome, an online platform for buying and selling cars, raised US$688 million in its secondary listing in Hong Kong on 15 March.

Skadden, Han Kun Law Offices and Maples Group provided international, PRC and Cayman Islands legal advice, respectively, to the issuer. Simpson Thacher and Commerce & Finance Law Offices acted as the sponsors’ and underwriters’ international and PRC legal counsel, respectively.

Tuya, operator of a Chinese internet of things platform backed by New Enterprise Associates and Tencent, raised US$915 million in its US IPO on 18 March.

The company enables brands, retailers, OEMs, developers, and manufacturers to develop, launch, manage, and monetise software-enabled devices and services.

Davis Polk was US legal counsel, Jia Yuan Law Offices was PRC legal counsel and Maples Group was Cayman Islands legal counsel to the issuer. Cleary Gottlieb and Jingtian & Gongcheng were the US lawyer and PRC lawyer to the underwriters and sponsors, respectively.

Chinese Quora-like platform Zhihu went public on 26 March, raising US$850 million on the New York Stock Exchange.

Zhihu is the largest online Q&A community in China. According to the prospectus, the money raised will be used for product and service development, marketing, research and development, and general corporate affairs, including potential strategic investments and acquisitions.

Skadden, Han Kun Law Offices and Maples Group acted as the US legal counsel, PRC legal counsel and Cayman Islands’ legal counsel to the company, respectively. Kirkland & Ellis and Jingtian & Gongcheng represented the underwriters.