Davis Polk advised Forgame Holdings Limited (“Forgame”) in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The gross proceeds from the global offering amounted to approximately HK$1.6 billion ($206.4 million) without the exercise of the over-allotment option. The Hong Kong offering was over-subscribed for 313.41 times, hence triggering a full clawback from international offering to Hong Kong offering in favor of retail investors.

Headquartered in Guangzhou, Forgame is a leading developer and publisher of webgames in China with a fast-growing mobile game business, with a 24% market share of net revenue from webgame development industry in 2012.

Morgan Stanley and J.P. Morgan acted as joint sponsors for the Hong Kong offering. Morgan Stanley and J.P. Morgan acted as joint global coordinators for the global offering. Morgan Stanley, J.P. Morgan, CICC and Macquarie acted as joint bookrunners and joint lead managers for the global offering. Guotain Junan acted as the co-lead manager for the global offering.

The Davis Polk corporate team included partners Bonnie Y. Chan, James C. Lin and Li He, associates Megan Chia, Liang (Alex) Tao, Kitty Chan and registered foreign lawyers Bingqing Pan and Dan Ouyang. Partner John D. Paton, counsel Alon Gurfinkel and associate Ankur Dalal provided tax advice. Counsel Jeanine P. McGuinness and associate Susan Klavens Hutner provided OFAC, FCPA and AML advice. Counsel Catherine L. Martin and associate D. Tina Wang provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London, Washington DC and New York offices.