Davis Polk advised two affiliated funds of IDG Ventures in connection with the going-private transaction of Soko Fitness & Spa Group, Inc., a Delaware company previously quoted for trading on OTCBB, through a short-form merger closed on July 27, 2011. In connection with the merger, a consortium of existing shareholders of Soko, including the two affiliated funds of IDG Ventures, who collectively held approximately 90.79% of the outstanding shares of common stock of Soko, contributed their shares to Queen Beauty and Wellness Group Limited, a newly formed Cayman Islands entity, in exchange for its ordinary shares or preferred shares, and other existing shareholders were cashed out. As a result of the merger, Soko became a wholly owned subsidiary of Queen Beauty. The transaction was funded by proceeds from the issue and sale of preferred shares of Queen Beauty to additional investors and certain existing shareholders. The consortium of existing shareholders and the new investors collectively hold 100% of the shares of Queen Beauty post-closing.
Soko is an operator of fitness centers, beauty salons and spas in Northeast China, Beijing, Zhengzhou and Hangzhou in China. IDG Ventures is a venture capital firm based in San Francisco, California that invests in the U.S., China, India, Korea and Vietnam.
The Davis Polk corporate team included partner Howard Zhang and counsel Zhan Chen. Members of the Davis Polk team are based in the Beijing and Hong Kong offices.
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