The China Securities Regulatory Commission (CSRC) has recently released a report on the Development of the PRC Capital Market’s Legal System (2009).
According to the report, as many as 1,060 legal opinions pertaining to IPOs, follow-on offerings and share placements were issued in 2009, marking a 17.8% increase over 2008. Among them, 225 legal opinions (an increase of 52% as compared to 2008) advised on the re-financing of listed companies.
The legal department of the CSRC has ranked local law firms according to the number of legal opinions issued. Grandall Legal Group, which was recently crowned the top firm in advising on ChiNext listings in 2010, has again been ranked first place (it issued as many as 88 opinions) for equity markets legal advice. King & Wood and Zhong Lun, which issued 59 and 36 legal opinions and ranked at number two and three respectively. ALB
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