PRESS RELEASE
19 November 2019

MoFo Advises Ascendent Capital Partners on Its US$150M Investment In A NetDragon Subsidiary

MF
Morrison & Foerster LLP

Contributor

Known for providing cutting-edge legal advice on matters that are redefining industries, Morrison & Foerster has 17 offices located in the United States, Asia, and Europe. Our clients include Fortune 100 companies, leading tech and life sciences companies, and some of the largest financial institutions. We also represent investment funds and startups.
Morrison & Foerster represented Ascendent Capital Partners in its US$150 million investment in Best Assistant Education Online Limited (Best Assistant), an education business subsidiary of NetDragon Websoft Holdings Limited (NetDragon, Stock Code: 777.HK)
United States

Morrison & Foerster represented Ascendent Capital Partners in its US$150 million investment in Best Assistant Education Online Limited (Best Assistant), an education business subsidiary of NetDragon Websoft Holdings Limited (NetDragon, Stock Code: 777.HK).

The secured convertible and exchangeable bonds to be issued by Best Assistant to Ascendent can be converted into the ordinary shares of Best Assistant or, under certain circumstances, can be exchanged for ordinary shares of Promethean World Limited, an indirect wholly owned subsidiary of Best Assistant. Simultaneously, with the issuance of such bonds, NetDragon will also issue warrants to Ascendent exercisable for ordinary shares of NetDragon.

MoFo has represented Ascendent and a number of other funds on other education-related investments in the People's Republic of China.

The MoFo team was led by private equity and M&A partner Marcia Ellis, co-head of MoFo's Asia Private Equity practice, and included corporate partner Vivian Yiu, finance partner Yemi Tépé, tax partner Matthew Lau; private equity and M&A associates Sarah Luo, Ching Sing So, Julia Lee; finance associates Hong Cheong Wong and Elaine Zhou; corporate associate Victoria Yip. London partner Jeremy Jennings-Mares and associate Clara Wong also advised on the English law matters.

See the HKEx announcement.

Contributor

Known for providing cutting-edge legal advice on matters that are redefining industries, Morrison & Foerster has 17 offices located in the United States, Asia, and Europe. Our clients include Fortune 100 companies, leading tech and life sciences companies, and some of the largest financial institutions. We also represent investment funds and startups.

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