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Client Highlights
Wilson Sonsini Advises on 58.com’s Going-Private Transaction
On September 18, 2020, 58.com Inc. (“58.com,” NYSE: WUBA) announced that it has completed its merger with Quantum Bloom Company Ltd, a special-purpose vehicle controlled by a buyer group consisting of Warburg Pincus, General Atlantic, Ocean Link and Mr. Jinbo Yao, chairman of the board of directors and Chief Executive Officer of 58.com. As a result of the merger, the buyer group acquired 58.com in a going-private transaction implying an equity value of the Company of approximately US$8.7 billion and 58.com will cease to be a publicly traded company.
Client Highlights
Wilson Sonsini Advises on Fulu Holdings’ HKSE IPO
On September 18, 2020, Fulu Holdings Limited (Fulu Holdings) completed its initial public offering and listing on the Main Board of the Stock Exchange of Hong Kong, raising gross proceeds of approximately HK$890 million. Assuming the overallotment is fully exercised, gross proceeds from the offering will be approximately HK$1.02 billion.
Fulu Holdings is the largest third-party virtual goods and services platform operator in China based on 2019 revenue. Its platform connects virtual goods vendors and virtual goods sales channels. Through the platform, the company provides “one-stop” virtual goods-related services and value-added services to platform participants, including (1) facilitating virtual goods transactions between virtual goods vendors and virtual goods sales channels and (2) providing value-added services, such as operating online stores for virtual goods vendors.
Fulu Holdings is the largest third-party virtual goods and services platform operator in China based on 2019 revenue. Its platform connects virtual goods vendors and virtual goods sales channels. Through the platform, the company provides “one-stop” virtual goods-related services and value-added services to platform participants, including (1) facilitating virtual goods transactions between virtual goods vendors and virtual goods sales channels and (2) providing value-added services, such as operating online stores for virtual goods vendors.
Client Highlights
Wilson Sonsini Represents JFrog in Initial Public Offering
On September 18, 2020, JFrog, the liquid software company, announced the closing of its initial public offering of 13,303,450 ordinary shares at a price to the public of $44.00 per share, which includes 3,568,218 shares offered and sold by certain of JFrog’s existing shareholders and the full exercise of the underwriters’ option to purchase 1,735,232 ordinary shares from JFrog. JFrog estimates its net proceeds from the offering are approximately $393.1 million after deducting underwriting discounts and commissions and estimated offering expenses. JFrog did not receive any proceeds from the sale of the shares by the existing selling shareholders. The shares began trading on The Nasdaq Global Select Market under the symbol “FROG” on September 16, 2020 and the shares closed at $64.79, 47% above the initial price.
Client Highlights
Wilson Sonsini Advises GoExpedi in $25 Million Series C Funding
On September 16, 2020, GoExpedi, an innovative e-commerce, supply chain, and analytics company that is reinventing procurement for industrial and energy MRO, announced the closing of $25 million in Series C funding led by Top Tier Capital Partners with key participation from other investors such as Crosslink Capital, San Jose Pension Fund, CSL Ventures, Bowery Capital, Hack VC, and others. This capital raise, which follows the company’s November 2019 $25 million Series B raise, brings the total to $75 million of equity and debt capital and continues fueling GoExpedi’s suite of integrated tech applications for the industrial sector. Wilson Sonsini Goodrich & Rosati represented GoExpedi in the transaction.
Client Highlights
Wilson Sonsini Represents NiKang Therapeutics in $50 Million Series B Financing
On September 14, 2020, NiKang Therapeutics, an early stage biotech company focused on developing novel small molecule oncology drug discovery, announced the completion of a Series B financing for $50 million. The financing was led by RTW Investments, LP, with additional support from existing investor CBC Group, and from new investors including Lilly Asia Ventures, Casdin Capital, HBM Healthcare Investments, Matrix Partners China, and Octagon Capital. Wilson Sonsini Goodrich & Rosati advised NiKang Therapeutics in the transaction.
Client Highlights
Wilson Sonsini Advises Chartable in $2.25 Million Funding
On September 11, 2020, Chartable, a start-up known for its authoritative podcast download charts, announced it has raised $2.25 million in seed funding, led by Initialized Capital, which also contributed to Chartable’s $1.5 million round last year. Other investors include Naval Ravikant, Greycroft Partners, The Fund, Weekend Fund, Jim Young, and Lukas Biewald. Wilson Sonsini Goodrich & Rosati supported Chartable in the transaction.
The Entrepreneurs Report - 1H 2020
This edition of The Entrepreneurs Report offers an analysis of venture financing transactions and bridge loans in which the firm was involved during Q2 2020. This issue also includes an interview that Stacy Kim recently conducted with Benedict Evans, a London-based independent analyst and venture partner at both Mosaic Ventures and Entrepreneur First.meframe.
