Slaughter and May advised Alibaba.com China Limited (“Alibaba”), an indirect wholly-owned subsidiary of Alibaba Group Holding Limited (NYSE: BABA; SEHK: 9988 (HKD Counter) and 89988 (RMB Counter)), on its strategic collaborations with, and subscription for US$250 million convertible bonds issued by, Meitu, Inc. (SEHK:1357) (“Meitu”).
The convertible bonds have a term of 3 years, and are convertible into ordinary shares of Meitu at an initial conversion price of HK$6.00 per share. The strategic collaborations include areas such as e-commerce, AI technology, and cloud computing capabilities. Meitu’s board believes the strategic collaborations will serve as the foundation of a long-term partnership between Meitu and Alibaba, and will also allow Meitu to seize opportunities brought by AI to drive Meitu’s long-term growth.
Alibaba Group Holding Limited is a company incorporated in the Cayman Islands, with its American depositary shares (each representing 8 ordinary shares) listed on the New York Stock Exchange (NYSE:BABA), and its ordinary shares listed on the Stock Exchange of Hong Kong (SEHK: 9988 (HKD Counter) and 89988 (RMB Counter)). Alibaba group’s mission is to make it easy to do business anywhere. Alibaba group aims to build the future infrastructure of commerce.
The principal activities of Meitu’s subsidiaries and Meitu’s contractually controlled entities and their subsidiaries are: (i) to provide users with AI-driven photo, video and design products to address their needs relating to images, videos and designs; and (ii) offering online advertising and other internet value-added services through a globally popular portfolio of innovative image applications.