Davis Polk advised China Yongda Automobiles Services Holdings Limited in connection with its placing of certain existing shares to institutional investors through the placing agents. Pursuant to the terms of the placing and subscription agreement, Asset Link Investment Limited, a controlling shareholder of China Yongda, has placed 135,000,000 existing shares to the placing agents and China Yongda has subsequently issued an equivalent number of shares to Asset Link for an aggregate consideration of approximately HK$888 million (equivalent to approximately US$114 million).

China Yongda is incorporated in the Cayman Islands with its shares listed on The Stock Exchange of Hong Kong Limited. It is a passenger vehicle retailer and a comprehensive service provider in China which focuses on luxury and ultra-luxury brands.

The Davis Polk team includes partners Bonnie Y. Chan and Paul Chow, counsel Peter Cheng and associates Stephenie Fung and Justina Lam. All members of the Davis Polk team are based in the Hong Kong office.