RSM has admitted Chinese firm Huapu Tianjian Certified Public Accountants in what it has described as the first stage of a wider growth plan to create what it hopes will be a top 10 audit, tax and consulting firm in the Chinese market.
Huapu Tianjian is headquartered in Beijing, and comprises of 1,733 staff and 54 partners across ten offices and seven provinces. According to the Chinese Institute of Certified Public Accountants (CICPA) the firm was the 17th biggest accounting firm in China by fee revenue, as of May 30 2018.
RSM was left without a Chinese member after RuiHua chose to become an exclusive member of Crowe. RuiHua had reported to both networks since it was created as a result of a merger between RSM China and Crowe Horwath China in 2013.
In the last IAB Greater China survey, which was conducted prior to RuiHua leaving the network, RSM reported $265.1m in fee income and 5, 448 members of staff.
Although Huapu Tianjian is notably smaller than this, RSM said the firm has a ‘robust’ merger programme planned in the near future. Additionally, the addition of the firm is only the ‘first part’ of RSM’s accelerated growth plan.
Jean Stephens, CEO of RSM International said: “Today is just the beginning of an exciting new chapter for RSM in China. Huapu Tianjian shares our vision for RSM to be a fully-integrated firm focused on providing consistent, high-quality services. China is a crucial destination for our internationally active clients across the globe. Through Huapu Tianjian, our clients will be able to confidently drive their business forward in one of the world’s most important global economies. We have big plans for RSM in China and I look forward to sharing more very soon.”
Houfa Xiao of Huapu Tianjian commented: “We are delighted to be joining RSM and are excited to be a critical part of the network’s growth plans for the region. The RSM brand is strong and we look forward to making it even stronger in China. We have plans to significantly increase our client portfolio, capabilities and overall scale, and to attract some of the best Chinese talent to join our enterprising firm. Being a part of RSM and working with the Network’s members opens up a host of opportunities for our clients with international ambitions, allowing us to leverage expertise and capabilities across 117 countries around the world with leading insights that are tailored to the global middle market.”