News & Events

The Hong Kong office of the Firm represented Alibaba Group Holding Limited (“Alibaba Group”), in connection with its US$50 million further investment in Momo Inc. (“Momo”) as part of a concurrent private placement with Momo’s NASDAQ IPO.  

Alibaba Investment Limited, a wholly owned subsidiary of Alibaba Group, purchased 7,407,407 Class A ordinary shares from Momo, at a price per share equal to the initial public offering price adjusted to reflect the ADS-to-ordinary share ratio, for a total consideration of approximately US$50 million. 

Alibaba Group is the largest online and mobile commerce company in the world in terms of gross merchandise volume. In the twelve months ended September 30, 2014, Alibaba Group’s China retail marketplaces generated US$328 billion of GMV. Momo is a mobile-based social networking platform in China. Alibaba Group made its previous investments in Momo in 2012 and 2013. After this further investment, Alibaba Group, Alibaba Investment Limited, holds a 20.8% equity interest in Momo.

The Simpson Thacher team for the transaction included Leiming Chen and David Lee (Corporate – Hong Kong).