Davis Polk is advising Tencent Holdings Ltd. in connection with its investment in China LotSynergy Holdings Limited. Tencent will subscribe for new shares of LotSynergy at a total consideration of approximately HK$445.5 million. Upon completion of the subscription, Tencent will be granted an option exercisable within 12 months to further subscribe for shares of LotSynergy at a total consideration of approximately HK$226.7 million. The subscription shares together with the shares underlying the options represent approximately 9.9% of the enlarged issued share capital of LotSynergy.

Founded in 1998, Tencent is one of China’s largest and most widely used Internet service portals. LotSynergy is engaged in the provision of technology and services for lottery systems, terminal equipment, gaming products and their operations in China’s lottery market.

The Davis Polk corporate team includes partners Miranda So, Kirtee Kapoor and Antony Dapiran and associate Yang Chu. All members of the Davis Polk team are based in the Hong Kong office.