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.