三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

  Home>News Center>China
       
 

China's IPO boom stretches lawyers to limit
(Agencies)
Updated: 2004-05-03 10:22

Bankers get all the glory and lucrative fees but beneath the surface of China's initial public offering (IPO) boom are thousands of accountants and lawyers getting Chinese mainland companies ready for international stock markets.

"Most of the top quality law firms in Hong Kong are pretty stretched," said Roger Denny, head of law firm Clifford Chance's Asian corporate group.

In recent months, lawyers' hours have jumped 50 per cent, he added.

Preparing a mainland company for a Hong Kong, New York or London stock offering is a grueling task that can take two years of auditing and hundreds of attorney hours.

With mainland companies preparing to launch up to US$23 billion in overseas IPOs, many firms are ramping up operations to win a bigger piece of the action.

"We are investing US$150 million over the next five years in China," said Peter Bowie, China chief executive for Deloitte Touche Tohmatsu.

"Sixty to sixty-five per cent of that is going to be in people," he said, adding it will be the firm's largest ever single investment.

Deloitte has about 5,000 people on the mainland, Taiwan and Hong Kong. PricewaterhouseCoopers, a top rival, has about 6,000 in Hong Kong and the mainland, and KPMG and Ernst & Young also have thousands of people in the area.

Some bankers say that, given the pace of deals, a bottleneck could develop because of a lack of world-class accounting talent. Bowie said that could be a concern over the longer term, but the industry has so far kept up with demand.

"It's not unlike any boom anywhere," Bowie said. "You could liken it to a shortage of raw materials."

Right people, right job

"The real challenge is finding lawyers with the appropriate qualifications," said Clifford Chance's Denny.

It took about two to four years to train a graduate recruit, Denny said, adding the firm plans to bring lawyers in from Europe or the United States.

The perfect candidate is someone of Chinese descent who has worked and been educated in a Western country, executives say.

"You really need to be connected to the community you are in," said Bowie, whose firm prefers to hire candidates from China's mainland and train them.

Finding the right incentives with Chinese companies to attract the right people presents an added challenge.

"'It is not so much the accounting needs, but really getting the people on board," said Frank Lyn, a partner at PricewaterhouseCoopers and head of its China group.

An overseas listing means massive workloads for finance departments and other parts of the company, but in most cases there were no stock remuneration plans in place to give the workforce incentive, he said. "That is still something they need to work on."

Boom sustainability

After some lacklustre offerings, some market watchers are wondering whether China's IPO frenzy still has legs.

Shares of China's largest chip maker, Semiconductor Manufacturing International Corp, and mobile carrier China Resources Peoples Telephone both fell on their recent debuts.

Market watchers note that investors are becoming more selective, but are sanguine on prospects for big deals such as life insurer Ping An Insurance Co's US$2 billion IPO, which is expected to come to market next month.

Executives say that as long as there are no cracks in the Chinese economy or accounting scandals - which they are working hard to prevent - the first half of the year will be particularly busy.

"The analysts have been telling the companies that the first six months will be better than the next six months in 2004," said Lyn. "Everyone is bunching them (the IPOs) together."

 
  Today's Top News     Top China News
 

New investors sought for urban utilities

 

   
 

No new SARS cases reported

 

   
 

Marriages on May Day all the rage

 

   
 

Premier Wen begins official visit to Germany

 

   
 

Iraqi prisoner details abuse by Americans

 

   
 

22 laws, regulations take effect

 

   
  No new SARS cases reported
   
  Road mishap leaves 33 injured in Hunan Province
   
  CNOOC inks Australian gas deal for Guangdong
   
  New investors sought for urban utilities
   
  Premier Wen begins official visit to Germany
   
  22 laws, regulations take effect
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  About Racism  
Advertisement
         
主站蜘蛛池模板: 午夜精品久久久久久久久 | 在线免费看影视网站入口 | 性强烈欧美一级毛片 | 男女叼嘿视频大全免费看 | 久久综合丁香激情久久 | 99这里只有精品66视频 | 免费人成观看在线网 | 亚洲不卡av不卡一区二区 | 黄色美女免费 | 老妇激情毛片 | 一级片软件 | 午夜成年人视频 | 国产无遮挡色视频免费视频 | 久久国产亚洲精品 | 国内精品九一在线播放 | 国产视频一区二区在线观看 | 免费黄色的视频 | 日韩一卡二卡三卡 | 黄色骚片| 久久天堂成人影院 | 国产精品黄页网站在线播放免费 | 国产成人精品日本亚洲麻豆 | 日韩在线一区高清在线 | 99视频都是精品热在线播放 | 国产免费av片在线观看 | 中文国产成人精品久久一区 | 成人免费精品视频 | 国产福利视频在线播放 | 欧美图片一区二区三区 | 一级做a爱片特黄在线观看 一级做a爱片特黄在线观看免费看 | 久久久精品免费热线观看 | 久久成人免费视频 | 成人片免费看 | 国产精品成aⅴ人片在线观看 | 国产精品入口麻豆免费看 | 爽爽爽爽爽爽a成人免费视频 | 欧美综合国产精品日韩一 | 国产亚洲精品久久久久久小说 | 亚洲精品自拍视频 | 国产精品不卡 | 亚洲你懂的|