Beijing firms take lead in securities work
By ALB
|
Tuesday, 24 March 2009
For the first time, the China Securities Regulatory Commission (CSRC) has ranked law firms by the volume of securities work they have undertaken. CSRC recently released the 2007 capital markets legal advisor league tables as part of its report on the development of the domestic legal services market for securities matters in the year of 2007.
The clear trend was the dominance of Beijing firms, as only a few Shanghai firms and one Fujian firm made it into the rankings. King & Wood, in particular, dominates in two of the three tables, namely the number of IPOs advised upon and by advice on offshore offerings. Jingtian & Gongcheng, another Beijing-headquartered firm, leads in the ranking of top advisers on follow-on offerings.
“Beijing firms are more close to the authority and have more chances to be involved in large IPOs and cross-border M&A deals,” said Zhu Linhai, managing partner of AllBright. “Shanghai firms are relatively smaller in size compared to their Beijing counterparts and have a different practice focus from Beijing firms.”
Table 1：Top 10 PRC firms - by number of domestic IPOs and listings
|
Firms
|
Volume
|
Rank
|
|
|
30
|
1
|
|
|
21
|
2
|
|
Tianyin
|
11
|
3
|
|
|
11
|
3
|
|
DeHeng (Beijing)
|
11
|
3
|
|
AllBright
|
10
|
6
|
|
Jiayuan
|
9
|
7
|
|
|
7
|
8
|
|
Fujian Zhili
|
7
|
8
|
|
Grandfield
|
7
|
8
|
Table 2：Top 10 PRC firms - by number of follow-on offerings
|
Firms
|
Volume
|
Rank
|
|
|
13
|
1
|
|
|
12
|
2
|
|
|
11
|
3
|
|
Grandfield
|
9
|
4
|
|
Jiayuan
|
9
|
4
|
|
|
8
|
6
|
|
Tianyin
|
7
|
7
|
|
|
7
|
7
|
|
|
6
|
9
|
|
|
6
|
9
|
|
|
6
|
9
|
Table 3：Top 10 PRC firms – by number of offshore IPOs and listings
|
Firms
|
Volume
|
Rank
|
|
|
5
|
1
|
|
Jiayuan
|
4
|
2
|
|
|
3
|
3
|
|
Commerce & Fiance
|
3
|
3
|
|
Grandfield
|
2
|
5
|
|
|
2
|
5
|
|
|
2
|
5
|
|
|
2
|
5
|
|
S&P
|
1
|
9
|
|
|
1
|
9
|