Beijing: RSM China and Crowe Horwath China have merged creating a firm of 344 partners and 2,600 staff and annual revenues of about CNY2.8bn ($457m).
The merger, which was announced at the China International Fair for Trade in Services (CIFTIS) conference held in Beijing, was officially agreed in April and has created the largest mid-tier player in Mainland China.
The newly merged firm, which is expected to rank above KPMG as the third largest firm, will be rebranded as Ruihua.
Representatives of the firms remained tight lipped on the international affiliation of Ruihua, but the International Accounting Bulletin understands the firm will remain a member of both the RSM and Crowe Horwath international networks until a decision is made. However, there is a possibility the firm becomes an independent network in its own right.
Ruihua said its main priorities are to grow strong domestic talents, develop a partnership structure, build and developed its brand and develop and provide a high quality service across all service lines including, audit, tax and consulting services.
Speaking at the CIFTIS conference a representative from the Chinese Ministry of Finance (MoF) reaffirmed the Chinese agenda to grow strong domestic firms but called for those firms to push their growth internationally.
The MoF reiterated the main priorities for the profession in China are to uphold integrity and ethics, talent development, improving firm governance and for government departments to develop policies to assist Chinese firms in their international growth.