经过约一年的筹备计划，兴业证券上海首次公开发行股票并上市申请获得通过。
国浩担任发行人法律顾问，领头律师由合伙人孙立担任。承销商则由竞天城提供法律咨询。
| Industrial Securities Shanghai IPO | US$500m | |
|---|---|---|
| Synopsis Industrial Securities gains approval to launch IPO on the Shanghai Stock Exchange | ||
| Firm | Client | Role |
| Grandall [Lead partners: Sun Li, Liu Wei] | Issuer | PRC counsel |
| AllBright [Lead partner: Shi Huanzhang] | Underwriter* | PRC counsel |
After a year-long preparation and a strict review from the China Securities Regulatory Commission (CSRC), Industrial Securities has finally been cleared for its Shanghai IPO. The brokerage expects to raise about US$500m from its debut and was represented by Grandall’s Shanghai office and the underwriters were advised by Shanghai’s largest firm AllBright.
According to Sun Li, Grandall Shanghai’s capital markets partner, the firm had to dedicate a very large team of lawyers to assist Industrial Securities’ IPO. “The company has over 100 shareholders, therefore there was a long haul of due diligence work. We had to make sure all shareholders were properly qualified and that the foundation of the company was correctly structured for purposes of the listing,” said Sun.
He adds that it is especially hard for banks and brokerages to list on local stock markets because the CSRC has very stringent rules and regulations guarding financial institutions and how they raise capital.
Although Grandall is not Industrial Securities’ long term legal advisor, the firm has had many opportunities to work alongside the brokerage when it acts as underwriter for other listings.
*UBS Securities is the underwriter of the IPO. ALB
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- AllBright looks to Suzhou for growth (23 June 2010)