Commerce & Finance Law Offices (“C&F” or “the Firm”) was one of the first PRC law firms authorized and qualified to practice law in the field of corporate securities and capital markets. In early 1990s, it advised the first group of Chinese enterprises in their initial public offerings on domestic and foreign stock exchanges. Since then, it has participated in many landmark state-owned enterprise reorganization and IPO projects and represented a large number of non-stated owned enterprises in their financing and IPO projects. Many of these projects involved legal issues of national significance and became precedents on both domestic and international markets. In 1999, for example, C&F designed the VIE (variable interest entity) structure in order to enable IT companies with domestic operations to issue their shares on international capital markets within the legal framework of the national industrial policy on foreign investment. C&F was also the first law firm to adapt the VIE structure for the overseas listing of companies engaged in industrial sectors other than IT.
As a testament to its outstanding performance in capital markets, since its establishment C&F has consistently been ranked and awarded by several professional organizations and law review journals as one of the best PRC law firms in the field.