DFK International has added a Chinese member firm to its association in a move that could potentially double the international association’s revenues in Greater China.
Peking CPAs, which has 10 offices throughout China and more than 1,200 staff, generates annual revenue exceeding US $30m, according to DFK International.
According to International Accounting Bulletin’s 2015 survey, DFK International is the third largest association in Greater China with total fee income of CNY 149.8m (US$ 24.4) in financial year 2014.
With the new addition DFK International could take over Morison International as the second largest firm in the region (dependent on exchange rates).
Peking CPAs is the second important addition to DFK International association in Greater China in recent month. In the 2014, Koehler Group based in Honk Kong with offices in Mainland China and Singapore left GMN International for DFK International.
Before the addition of Peking CPAs, Koehler Group was DFK International’s largest member firm in Greater China with total revenues of US$12m in financial year 2014.
"Peking CPAs becoming a member is the realisation of one of our key strategic goals. DFK now has a presence in China that matches our strength in many of the other leading economies in the world," DFK International executive director Martin Sharp said.
Peking CPAs chief partner Hu Baihe said: "China is now the world’s second largest economy and we believe our firm can strengthen DFK International’s influence in the country. Although still a developing country, we believe we can help other member firms to explore more business opportunities here."