自从创业板设立以来，众多资本市场律师的业务迎来了全新发展的空间。他们表示，尽管创业版设在深圳，多数项目都由北京和上海律所担任发行人法律。

Capital markets lawyers are reaping the benefits of a new work stream that has developed in the year since ChiNext’s inception. And despite its Shenzhen base, lawyers say ChiNext listings have not been exclusively retained by local Shenzhen firms. In fact, much of the work has gone to Beijing and Shanghai firms that have offices on the ground, like King & Wood, Jun He, Zhong Lun and Jingtian & Gongcheng.

Shanghai-based Chen & Co, which acted for both Huayi Brothers and Lepu Medical on two of the three launches the firm undertook during the first batch of ten ChiNext listings, sees these listings as a whole new revenue source for its capital markets practice. Five of the firm’s partners – Lin Zhong, Frank Chen, Zhang Haochen, Zhang Qin, and Chen Zhijun – have already advised on a considerable number of ChiNext listings. 

Fangda Partners, which mainly dealt with blue-chip and larger-scale listings in China and overseas, has experienced a change in focus over the past year, in the hope of seizing some of ChiNext’s market share. Shenzhen-based partner Victor Yu is finding the potential of ChiNext deals hard to ignore, especially for Shenzhen’s growth enterprises. “All the Shenzhen businessmen are talking about is getting listed and the more people discuss it, the more listing becomes a dream for companies,” explained Yu.

According to him, Shenzhen companies know very little about listing requirements for ChiNext. “Shenzhen companies are typically less familiar with listing criteria and rules. Therefore, they are more in need of legal advice and are keen on learning about capital markets,” said Yu. “We are now seriously thinking about building our ChiNext expertise here in Shenzhen.”

Law firms in emerging regions like Tianjin and Chengdu, which traditionally lack IPO-type work, are also optimistic about the new ChiNext mandates that might come their way. ChiNext-listed companies like Tianjin-based Chase Sun Pharma and Chengdu-based Galaxy Magnets are unplugging the capital markets pipelines. ALB

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