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November 23, 2009

Grant Thornton expands in China

Grant Thornton International has added a
new member firm in Mainland China. Jingdu Tianhua Certified Public
Accountants is headquartered in Beijing and will practise as Grant
Thornton.

Jingdu Tianhua has 900 staff and annual
revenue of about CYN260 million ($38.1 million). It has merged with
the three existing Grant Thornton representative firms in China to
form a Mainland Chinese firm with 60 partners and about 1,500 staff
in Beijing, Shanghai, Guangzhou, Nanjing, Wuhan, Chengdu, Taiyuan
and Changchun.

The combined annual revenue of the merged firm
is about CYN360million. Grant Thornton’s Hong Kong firm would add
an additional 575 staff and H$300 million ($38.7 million) in
revenue.

Jingdu Tianhua offers a full range of
assurance, tax and advisory services to public companies,
state-owned enterprises, private companies and foreign investment
enterprises.

Grant Thornton global leader of markets Alex
MacBeath told the International Accounting Bulletin the
firm matches the strategy and ambition of the global accounting
network, which now has strong coverage and critical mass in the key
markets of Beijing, Shanghai and Guangzhou.

“This creates a national firm that will be
integrated strategically, structurally and operationally. It really
creates a solid platform in some of the key centres to allow us to
now grow further over the next year or two,” said MacBeath, who has
a particular focus on developing Grant Thornton’s Chinese firm.

“We are now putting in place a single risk
management quality control framework, it will have a single IT
framework and it will have a single HR platform with HR policies,
etcetera.”

Earlier this year, Grant Thornton Zhonghua, a
former BDO International member firm, joined the network.

The past year has seen several mid-tier
networks expand their Chinese coverage in line with government
plans to create huge domestic firms that can compete with the Big
Four. In the past year, BDO International, Crowe Horwath
International and Kreston International have recruited Chinese
firms.

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