Davis Polk Advise on China e-Commerce Investment Deal

Davis Polk advised Temasek in connection with its affiliate’s investment in Series B preferred shares of TutorGroup Holding. Affiliates of Alibaba Group, the China-based e-commerce company, and Qiming Venture Partners, a China-based venture capital fund, also participated in this round of financing. The aggregate investment size for this Series B round was close to $100 million.

Headquartered in Singapore, Temasek is an investment company established in 1974. Supported by 10 affiliates and offices in Asia and Latin America, Temasek owns a S$215 billion portfolio as of March 31, 2013, mainly in Singapore and Asia. TutorGroup is an online educational services provider that provides online tutorials to students primarily in Hong Kong, China and Taiwan.

The Davis Polk corporate team included partner Miranda So, and registered foreign lawyers Steven Sha and James Jackson. Partner John D. Paton and counsel Alon Gurfinkel provided tax advice. Partner Frank J. Azzopardi and associate Natalie A. Thomas provided intellectual property advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.