Qutoutiao’s $100 Million Follow-On Public Offering

King & Wood Mallesons acted as PRC counsel to Qutoutiao and Simpson Thacher & Bartlett acted as US counsel. Wilson Sonsini Goodrich & Rosati represented the underwriters in the offering.

Qutoutiao announced the pricing of its follow-on public offering of 10,000,000 American Depositary Shares (ADSs)—sold by the company and several selling shareholders—at an offering price of $10.00 per ADS for a total offering size of approximately $100 million, or approximately $115 million if the underwriters fully exercise their over-allotment option to purchase 1,500,000 additional shares.

Citigroup Global Markets, Deutsche Bank Securities, CLSA Limited, Jefferies LLC, Haitong International Securities Company Limited, and Lighthouse Capital International acted as the joint bookrunners in the offering.

Qutoutiao is a leading China-based mobile content aggregator. Its flagship mobile application, Qutoutiao (which means “fun headlines” in Chinese), aggregates articles and short videos from professional media and freelancers and presents customized feeds to its users. The company’s additional mobile application, Midu, offers free literature supported by advertising as an alternative to the traditional paid-subscription model in the online literature industry.

Wilson Sonsini Goodrich & Rosati represented the underwriters with a team including Dan Ouyang (Picture), Jie Zhu, Ke Li, Zhenzhen Bao, Yuhang Li, Rujin Ruan (Capital Markets) and Myra Sutanto Shen (Tax).

Involved fees earner: Zhenzhen Bao – Wilson Sonsini Goodrich & Rosati; Ke Li – Wilson Sonsini Goodrich & Rosati; Yuhang Li – Wilson Sonsini Goodrich & Rosati; Dan Ouyang – Wilson Sonsini Goodrich & Rosati; Myra Sutanto Shen – Wilson Sonsini Goodrich & Rosati; Jie Zhu – Wilson Sonsini Goodrich & Rosati;

Law Firms: Wilson Sonsini Goodrich & Rosati;

Clients: Citigroup Global Markets Ltd; CLSA Limited; Deutsche Bank Securities; Haitong International Securities Group Limited; Jefferies; Lighthouse;


Author: Michael Patrini