Skadden, Arps, Slate, Meagher & Flom has advised the chairman and chief executive of Chinese video streaming website operator YY Inc on their bid to take the company private.

Chairman Jun Lei and chief executive David Xueling Li’s offer to acquire all of the outstanding ordinary shares of YY, which was listed on the NASDAQ in November 2012, values the deal at about $3.7 billion.

Lei and Li already own about 35.7 percent of YY’s shares, representing about three quarters of the aggregate voting power, the company said.

YY said it would form a special committee to evaluate the offer.

The Skadden team included partners Julie Gao, Haiping Li and Will Cai in Hong Kong, and partner Michael Gisser in Los Angeles.

A number of Chinese tech companies have received offers to drop their U.S. listings and go private after China’s Premier Li Keqiang encouraged companies to return to China as part of a plan to promote domestic listings.

Tech executives at several U.S.-listed Chinese companies are betting on higher valuations back home, and many also hope to avoid any legal fallout when Beijing formally outlaws foreign shareholder control of firms in protected tech sectors.