ShineWing International has added Moore Stephens Melbourne effective 1 February, International Accounting Bulletin has learnt.
Established in 1935, ShineWing’s new addition will rebrand into ShineWing Australia, a source close to the deal told IAB. ShineWing Australia counts 32 partners and directors and offers accounting and business advisory services.
According to Australasian Business Intelligence, an Australian publication, the deal could force Moore Stephens out of Australia’s 20 largest accounting firms.
In mid-December, Moore Stephens Australia confirmed that its Melbourne firm had "made a business decision to leave the Moore Stephens International network to join with the Chinese-based International network ShineWing", but no more details were given.
ShineWing first entered the Australian market in 2008 through a joint venture with Hall Chadwick, an AGN International member firm.
The joint venture did not grew and Hall Chadwick Melbourne broke away to become ShineWing Hall Chadwick, while the rest of the Hall Chadwick group remained with AGN.
China-Australia relationsShineWing’s Australian addition comes three months after the signature of a free trade agreement between China and Australia which once fully implemented will allow 95% of Australian exports to China to be tariff free. Equally hurdles in services industries such as legal, education and finances will be lifted.
In 2013, China was the 12th largest destination for Australian investment abroad, and it was the 8th largest source of investment in Australia.
IAB contacted Moore Stephens International and ShineWing International for comments, but at the time of publication neither had responded to the request.