据ChinaVenture最新数据显示，2010年1－11月份中国企业IPO数量已经达到431家；超过2007年265家的最高纪录，达到年度IPO数量历史最高峰；融资总额为1092.11亿美元，与历史最高纪录2007年的1126.75亿美元基本持平，今年全年IPO规模或将达历史最高水平。　

A-share listings and international IPOs have reached the highest levels seen in the history of capital markets for Chinese companies, according to recent statistics released by China’s leading investment consulting firm ChinaVenture. On the domestic front, the first 11 months of this year saw 310 IPOs raising approximately RMB448.6bn. In comparison, less than half that number (125 companies) listed in 2007, but raised more at RMB486bn. Out of this year’s numbers, 105 were ChiNext listings, representing almost 30% of the total number of local IPOs.

Internationally, 431 PRC companies listed offshore in the 11 months to November 2010, compared with 265 in 2007. In November alone 48 PRC companies launched their offshore listings. In Hong Kong, the first 11 months of 2010 saw 77 Chinese IPOs raise US$41.8bn – the most ever raised collectively by PRC companies in Hong Kong.

Not only are the number of listings increasing but lawyers are also seeing more work and clocking more billable hours due to heightened demand from clients. According to Stanley Cha, a securities partner at King & Wood, clients are expecting to close their listing transactions in a much shorter time frame then previously. “While it used to take at least nine months to close an IPO, clients are now expecting us to complete their listings in less than six months,” said Cha. “That means we have to delegate more partners to one deal just to finish in the expected window [of time].”

The succession of IPOs by Chinese companies this year has resulted in an immense amount of work for capital markets lawyers in Greater China, yet lawyers have even more to look forward to. Statistics indicate that Chinese companies are increasingly confident about launching their initial offerings – and that this trend will continue. While Greater China boards boom, other international bourses continue to fight for PRC interest. For example, only 33 companies listed on the US boards this year, raising RMB3bn compared to RMB6bn raised in 2007. ALB

 Top five Chinese listings in 2010­­

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