02/17/2021 | News release | Distributed by Public on 02/18/2021 18:49
Davis Polk advised Youdao, Inc. on its SEC-registered equity offering of 7,000,000 American depositary shares. Each ADS represents one Class A ordinary share of Youdao. Youdao has granted the underwriters an option to purchase up to an additional 1,050,000 ADSs. The total gross proceeds for the offering are $238 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs. The ADSs are listed on the New York Stock Exchange under the symbol 'DAO'.
Youdao is a leading intelligent learning company in China dedicated to developing and using technologies to provide learning content, applications and solutions to users of all ages. Youdao is a subsidiary of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999).
The Davis Polk corporate team included partners Li He and James C. Lin, counsel - registered foreign lawyer Kevin Zhang and registered foreign lawyer Eva Xu. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.