March 6, 2017, King & Wood Mallesons (“KWM") advised Coatue Management, L.L.C. with respect to its investment in OFO’s series D financing. The series D round of preferred equity financing raised approximately US$450 million, with the largest investment from DST (Digital Sky Technology), followed by a number of renowned PRC and overseas institutions, including but not limited to Didi, CITIC Private Equity Funds, Atomico, Macro-link Group and Coatue. This financing is a landmark transaction because this marks the largest single round financing in China’s highly competitive bicycle-sharing industry and makes OFO the most valued bicycle-sharing company in China.

OFO is one of the world’s earliest venture backed bicycle-sharing start-up companies. As of March 2017, OFO has completed numerous rounds of equity financing. Coatue is a leading hedge fund specializing in high-tech investment projects around the world and was an investor in OFO’s series C-1 round financing.

In this transaction, KWM acted as legal counsel for Coatue, with a team led by partner Rocky Lee and his team including Jia Liu, Alex Wang, James Li, Maggie Fang and Sophie Wang.

Rocky Lee said, “Competition in the bicycle-sharing industry has become fierce and expansion capital is incredibly important to help grow market share for OFO. We are pleased to have been part of OFO's ongoing strategic expansion through financings,while numerous competitors have popped up in China none of them are as well capitalized as OFO.”

In addition to King & Wood Mallesons, the following law firms participated in this round of financing: Hankun, Goodwin Procter LLP, Fangda, and Travers Thorp Alberga.