Skadden, Arps, Slate, Meagher & Flom has advised online publishing company China Literature on its $1.1 billion Hong Kong listing, with Davis Polk & Wardwell counselling the publishers’ majority owner, Tencent Holdings.

Clifford Chance and Grandall Law Firm represented the joint sponsors of the deal, Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse. Meanwhile, Han Kun Law Offices advised China Literature on PRC law.

China Literature is China’s largest e-book platform, offering 9.6 million literary works from 6.4 million authors. Tencent began e-book publishing in 2004, and after an internal reorganisation, spun off China Literature in 2013. The technology giant currently holds a 62 percent stake in China Literature, while private equity firms Carlyle Group and Trustbridge Partners holds 12.2 percent and 6 percent, respectively. 

China Literature’s shares surged more than 80 percent in its debut on Wednesday, as Hong Kong investors embrace a rush of tech listings, marking the biggest first-day gain for a large IPO globally this year, reported Reuters.

The Skadden team was led by Hong Kong partners Julie Gao and Christopher Betts, and Haiping Li in Shanghai. Hong Kong-based partner Bonnie Chan led the deal for Davis Polk.

The Clifford Chance team was co-led by partners Amy Lo and Fang Liu in Hong Kong, and Tim Wang in Beijing.