The A-share market is soon to see the launch of the country’s largest IPO since October 2007, as China State Construction Engineering Corporation (CSCEC) receives the final approval from CSRC. Haiwen & Partners and Commerce & Finance, two capital market specialists, have been instructed by the issuer and the underwriter – CICC – respectively to provide legal advice. The Haiwen team is led by partner Liu Su and the Commerce & Finance is headed by partner Liu Gang.

CSCEC, the country’s largest construction company, expects to raise approximately US$6.2bn through its IPO on the Shanghai Stock Exchange, which will be the largest A-share IPO since PetroChina raised nearly US$9bn in October 2007.

In December 2008, the group listed its international arm – China Overseas Land & Investment – in Hong Kong, raising US$332m. JSM advised the issuer.  

Since April, law firms have been gradually picking up more capital markets work. Commerce & Finance, in particular, has been very busy in the past few months, completing three other IPOs – Guilin Sanjin’s IPO on Shenzhen Stock Exchange, Duoyuan on the NYSE and Bawang on the HKSE.

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