Guangzhou Zhujiang Brewery, which is partially owned by Anheuser-Busch InBev, has successfully launched its IPO in Shenzhen, raising RMB400m (US$60m). The issuer engaged Zhong Lun in 2007 to be its legal advisor for the IPO and listing. The Zhong Lun team was headed by Shenzhen partner Xu Zhigang. Guangdong C&I represented Guangzhou Securities, the lead underwriter of this IPO.

"The pace of IPOs on Shenzhen's stock exchanges is faster compared to Shanghai although the IPOs are smaller. The capital markets practices of several firms in Shenzhen have been busy," said Xu. "Many privately owned companies now much prefer to raise funds and list on domestic stock exchanges, on which companies trade at a higher P/E ratio than those listed overseas."
Zhong Lun's Shenzhen office has experienced a particularly strong first half of 2010, completing more than 10 IPOs in Shenzhen.

Zhujiang Brewery, which aims to expand nationwide, has had an increased level of fund-raising and investment activity. Whilst preparing for the IPO with Zhong Lun, last year the company hired Guangzhou Guangda to act on its short-term corporate bonds issuance and acquisition of a brewery company. ALB

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