One of HLB International’s member firms in China, Wu Zhou Song De CPAs, is to merge with auditing securities specialist Hua Yin CPAs to form a new firm Hua Yin Wu Zhou.
Wu Zhou Song De’s has 600 staff, including 260 CPAs in three offices and Hua Yin CPAs has 500 staff, including 200 CPAs in eight offices. The newly-merged firm will reinforce Wu Zhou Song De’s expertise in listing work.
Hua Yin Wu Zhou managing partner Fang Wensen said: "The newly-merged firm, currently ranking 18th in China, should soon rank 15th, which is in line with the Chinese Ministry of Finance’s strategy in creating ‘bigger and stronger’ indigenous firms.
"We are one of the 40 Chinese accounting firms holding a license to audit A-shares China-listed companies. While strictly controlling post-merger risks, we aim at obtaining the H-share license in the near future so that we can also audit Chinese companies listed on the Hong Kong Stock Exchange."
HLB International is in the process of incorporating Hua Yin CPAs offices into HLB’s Chinese network, which Wensen describes as having "a solid reputation in China where it is a well known brand we are keen on continuing to develop".