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March 2, 2011

Chinese firm Shine Wing joins Praxity

Shine Wing, one of the largest independent CPA firms in China, has joined global alliance Praxity.

Shine Wing has 2,300 staff in 14 offices across Mainland China and is believed to generate revenue of about CNY600 million.

The firm provides audit, management consulting, accounting and bookkeeping, tax and other advisory services.

According to the Chinese Institute of Certified Public Accountants, Shine Wing is the seventh largest firm in Mainland China.

The firm is headquartered in Beijing and has branch offices in Shanghai, Shenzhen, Chengdu, Xi’an, Tianjin, Qingdao, Changsha, Changchun, Dalian, Guangzhou, Yinchuan, Jinan and Kunming. Shine Wing is one of the first Chinese firms to set up firms abroad with a presence in Hong Kong, Singapore, Japan and Australia.

H-share accredited

Shine Wing has a strong reputation in China and was granted a coveted H-Share audit licence to carry out audit work on companies listed on the Hong Kong Stock Exchange.

The addition of Shine Wing is a major coup for Praxity, the world’s largest association of independent firms with combined member firm revenue of $3.3 billion.

The International Accounting Bulletin understands Shine Wing joined Praxity because the firm is fiercely independent and would suit a much looser alliance model as opposed to joining a closely integrated network.

Another benefit is that Praxity has a non-exclusive member firm policy where more than one firm per country can be a member.

Praxity will provide Shine Wing with a global reach, which is important to the firm as a large part of its work is outbound.

Praxity’s other member firms in China include Mazars and a Chinese office of the US firm Plante & Moran. 

Praxity chairman Jos van Huut said: “ShineWing joining Praxity is not only a testament to the serious outward looking and dynamic nature of ShineWing, and of their commitment to give their clients the best possible professional support, but also is further confirmation that the alliance model adopted, by the Praxity firms, is an excellent model for well established independent professionals to best fulfil clients’ needs.”

The International Accounting Bulletin’s annual China survey of accounting firms is due to be published this month.

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