Skadden-Led Nets $3.9B In Hong Kong Listing

By Tom Zanki (June 11, 2020, 4:50 PM EDT) -- Skadden-led e-commerce giant raised HK$30.1 billion ($3.88 billion) Thursday in a secondary listing on the Hong Kong Stock Exchange, becoming the second China-based company in a week to add an overseas listing amid a potential U.S. crackdown on Chinese issuers. was advised by Skadden Arps Slate Meagher & Flom LLP in the transaction, which employed five law firms total when including underwriters' representation and all jurisdictions involved.

Beijing-based sold 133 million Class A shares priced at HK$226 ($29.16) each. said it will spend proceeds to upgrade technology throughout its supply chain and "to further enhance customer experience...

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