The Chinese Ministry of Finance’s (MoF) plans
to allow mainland accounting firms to audit Hong Kong Stock
Exchange-listed (H-share) companies has led to a flurry of
consolidation among large domestic firms, according to ShineWing
Certified Public Accountants chief partner and chair Zhang Ke.
ShineWing CPAs, which has 2,500 staff, has
expanded from six offices to 13 in recent months through M&A,
Ke says.
The firm now has offices in Shanghai,
Shenzhen, Chengdu, Qingdao, Xian, Tianjin, Changsha, Changchun,
Yinchuan and Kunming.
Ke says the firm has also expanded abroad,
establishing offices in Singapore, Australia and Japan.
This rapid growth led Ke to bullishly predict
the firm will one day be a ‘super brand’ on par with the Big
Four.
Sixteen firms applied for the H-share auditing
pilot scheme. The MoF will soon choose the cream of the crop to
become the first Mainland Chinese firms to audit H-share
companies.
Another motivator for growth is to partner
China’s massive state-owned companies as they expand their
operations abroad.
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