Phoenix Tree Completes NYSE IPO
01.22.20
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Simpson Thacher represented Phoenix Tree Holdings Limited (“Danke”) in connection with its initial public offering and listing on the New York Stock Exchange. The offering comprised 9,600,000 American Depositary Shares (“ADSs”) representing 96,000,000 Class A ordinary shares before the exercise of the underwriters’ overallotment option. The base offering size was US$129.6 million. Citigroup, Credit Suisse, J.P. Morgan and Tiger Brokers acted as the underwriters.
As one of the largest co-living platforms in China with the fastest growth, Danke is redefining the residential rental market through technology and aims to help people live better. Danke sources and leases apartments from individual property owners on a long-term basis, designs, renovates and furnishes such apartments in a standardized and stylish manner, and rents them out to individual residents. Empowered by data, technology and a large-scale apartment network, Danke delivers services through a "new rental" business model featuring centralization, standardization and a seamless online experience. Danke’s ADSs are traded on the New York Stock Exchange under the symbol “DNK.”
The Simpson Thacher team for the transaction included Chris Lin, Yi Gao, Chenjing Shen (Capital Markets); and Jonathan Cantor and Abigail Hopper (Tax).