EN
CN JPN
Capital Markets Back

Grandall is committed to being the most professional and competitive legal service provider in the investment and financing sector, particularly in capital markets. The firm has consistently ranked first in capital markets in terms of market share and related comprehensive indicators for years.

Current data indicates that by the end of 2025, Grandall has rendered legal assistance to:
Over 840 domestic and international IPO projects
Over 250 material asset restructuring projects
Over 830 National Equities Exchange and Quotations (NEEQ) projects, and
Over 1,030 refinancing projects including private placements, convertible bonds, corporate bonds and other debt instruments

  • Shareholding system reform
  • A-share IPO and refinancing, B-share (domestic listed foreign shares) offering and listing
  • Overseas offering, listing and refinancing
  • Material asset restructuring, merger and split-up, acquisition and reverse takeover of listed companies, and back-door listing
  • Issuance of corporate bonds, enterprise bonds, convertible bonds, exchangeable bonds, subordinated bonds and other bonds
  • Issuancee of short-term financing bonds, medium-term notes, asset-backed notes and other debt financing instruments of non-financial enterprises
  • Listing and delisting on NEEQ
  • Legal services for securities underwriters, production of prospectus, etc.

Due to its outstanding performance in both on-shore and off-shore securities markets legal service, Grandall has been consistently recognized by multiple authoritative rating agencies as the firm of the year in capital markets for years, securing top-tier rankings in relevant listings.

A-Share IPOs

First A+H dual IPO for a pure nuclear power company in China: CGN Power

First listed securities firm transferred from NEEQ to A-Share Market: Nanjing Securities

First change of listing from the NEEQ to the Science and Technology Innovation Board (STAR Market) market: Western Superconducting Technologies

First STAR listing of an A+H listed pharmaceutical company: Haohai Biotechnology

First IPO for a Chinese cosmetics company: Proya

First IPO in the genetics industry: BGI Genomics

First IPO in the FMDV industry: Shen Lian Biomedical

First IPO for a Chinese nickel-based conductor materials company: Sinonic

First IPO for a Chinese masterbatch manufacturer: Malion New Materials

First spin-off of a ChiNext-listed Taiwanese company: Long Young Electronics

First pure SaaS company to clear the IPO review: Hecom

First IPO for an IVD instruments CDMO: Quaero

First IPO for a nuclear industrial robot and intelligent equipment manufacturer: Boomy Intelligent

First IPO in the zero-carbon grid energy storage BMS industry: Huasu Technology

First IPO in the intelligent agriculture industry: Top Cloud-Agri Technology

……
H-Share IPOs

First dividend-stock HK IPO for a green-energy company: Xinyi Energy

First dividend-stock HK IPO for a green-energy company: Xinyi Energy

First HKEx IPO for a securities-firm-based financial leasing company: Haitong Unitrust International Financial Leasing

First HKEx listing for an Israeli company: Fosun Pharma’s subsidiary - Sisram Medical Ltd.

First HKEx listing for an internet finance company: Zhongan Online P&C Insurance Co., Ltd.

First HK IPO for a CSRC-licensed PE fund management company: Realway Capital

First spin-off for an H-share listed property management company: A-Living

First spin-off of an HKEx listed commercial operational service company: PowerLong Commercial Management

First “B” to “H” conversion in the Shanghai Stock Market: Huaxin Cement

First IPO for an aesthetic medical services provider since the issuance of the new overseas listing regulations: Beauty Farm

First HK IPO for a PE/VC institution: Tian Tu Capital Co., Ltd.

First overseas IPO for a red-chip structured company: Luyuan Group Holding (Cayman) Limited

……
Major Asset Restructuring of Listed Companies

First absorption merger between listed securities companies: Guotai Junan and Haitong Securities

First split-up of a Chinese listed company: Northeast Expressway Corporation

Major assets reorganization for China’s first listed joint-stock company: Shanghai Feilo Acoustics Corporation

First radio and TV industry reorganization deal following China’s consolidation of radio and cable TV networks: Wasu Media

Formation of the largest municipal commercial bank in Central China through a merger of five municipal commercial banks: Huishang Bank

One of the most significant recent restructuring deals in Shanghai’s state-owned assets system: Shanghai Lingang Holdings Corporation

Formation of the world’s largest supplier of high-speed railway technology: the stock-for-stock merger by absorption between China South Railway and China North Railway

First stock-for-stock merger by absorption in China involving the HKEX, Shanghai Stock Exchange, and Shenzhen Stock Exchange: Stock-for-stock merger of Guangzhou Pharmaceutical Corporation and Baiyunshan Pharmaceuticals

……
Overseas IPOs

First NYSE IPO for a Chinese smart electric vehicle company: NIO Inc.

First NYSE IPO for a Chinese car rental service company: eHi Car Services

First NYSE Red-chip IPO for a Chinese private company: Suntech

First SGX IPO for a Chinese waste-to-energy company: China Jinjiang Environment

First Euronext’s Alternext IPO for a Chinese company: China Corn Oil

……
Refinancing

First preferred share offering by a B+H listed company: Yitai Coal

First preferred share offerings by privately listed companies: Shenzhen Techand Ecology & Environment Corporation

First small refinancing transaction on the ChiNext Market under the registration-based system: C&Y Pharmaceutical Group

First successful introduction of strategic investors in a private placement for an A+H listed company, and the largest equity refinancing project of listed companies in the A-share pharmaceutical industry: Shanghai Pharmaceuticals

Private placement by a BSE-listed company, marking the first instance of strategic investors participating in a fixed-price private placement, the first mixed-ownership reform through private placement, and the first instance of all raised proceeds being used to supplement working capital: Welltrans O&E Corporation

……