Grandall Law Firm is advising Chinese brokerage Orient Securities Co, the joint venture partner of a Citigroup Inc unit, on its IPO on the Shanghai Stock Exchange that could raise more than 10 billion yuan ($1.59 billion). 

In a prospectus posted on the Shanghai stock exchange website, Orient Securities said it is selling 1 billion shares at 10.03 yuan. This makes it the largest IPO in China since Sinohydro Group raised $2.11 billion in September 2011.

The funds will be used for working capital purposes and to expand business, among other things.

Shanghai partner Fang Xiangyong is leading the Grandall team advising Orient.

Brokerages like Orient have seen profits double as retail investor numbers jump and trading volumes soar, spurred by the central bank's surprise interest rate cut in November. China again cut interest rates this month.

Volumes have also been boosted by the Stock Connect scheme, which opened the same month, allowing direct trading of Hong Kong and Shanghai stocks on each other's bourses.