Ho and Ho & Company merged
with ShineWing Certified Public Accountants and formed
SHINEWING (HK) CPA Limited.
[Hong Kong, 3 August, 2005] The first merger of CPA firms between the China
and Hong Kong regions.
Breakthrough for accounting industry in tapping CEPA opportunities.
(Hong Kong 3rd August, 2005) SHINEWING (HK) CPA Limited
is officially established today following the merger between
Ho and Ho & Company of Hong Kong and ShineWing Certified
Public Accountants of China, the largest domestic CPA
firm in Beijing. The integration of a Hong Kong CPA firm
with its Chinese counterpart represents the first ever
major development of the local accounting industry expanding
into the China market under the Closer Economic Partnership
Arrangement (CEPA) between Hong Kong and the mainland.
ShineWing Certified Public Accountants is the first Chinese
CPA firm to extend its business into the Hong Kong region.
According to the Top 100 CPA list released by the Chinese
Institute of Certified Public Accountants (CICPA), ShineWing
ranked 5th (after the international big four) in Beijing
and ranked 6th in the overall China market in revenue
terms as it recorded a turnover of RMB$134million in 2004.
ShineWing was also the first domestic accounting firm
in China to form a strategic alliance with Coopers &
Lybrand International in China for as long as seven years.
As such, ShineWing has inherited the business standard
of international accounting firms and has maintained high
standards in management system, working criterion, quality
control system and risk management system in particular.
Its long established lineage and quality standards have
contributed to the broad base client portfolio and solid
professional reputation.
Speaking of the merger, Mr Ho Sik Lun, chairman of Ho
and Ho & Company, said "The merger between Ho and
Ho and ShineWing is the first solid collaboration between
the domestic accounting firms in the cross border regions
since the launch of CEPA. It also represents the pivotal
step forward in the internationalization of domestic accounting
firms in both Hong Kong and in China. In view of the growing
trend that privilege international practice, our merger
sets a clear direction and a new model for other local
accounting firms in their growth and expansion planning.
Thus, the merger poses a positive influence on the accounting
industry in both regions as a whole."
"Our integration enables us to leverage the joint
resources and expertise of the two firms. Most importantly,
we can share a pool of high quality professional accountants
with different qualifications including members of the
Hong Kong Institute of Certified Public Accountants (HKICPA),
Chartered Institute of Management Accountants (CIMA),
Association of Chartered Certified Accountants (ACCA),
Chinese Institute of Certified Public Accountants (CICPA),
American Institute of Certified Public Accountants (AICPA),
CPA Australia and Hong Kong Institute of Company Secretaries
(HKICS). Looking forward, our combined strengths placed
us in a favourable position to offer qualified accounting
services for H share listed companies on the Hong Kong
Exchange, as well as Chinese enterprises seeking to expand
overseas", commented Mr Zhang Ke, chairman of ShineWing
Certified Public Accountants.
The newly formed SHINEWING (HK) CPA Limited is an extension
of an established local practice of over 20 years and
a long history in serving clients throughout China. Its
clients include Hong Kong and PRC H-share companies listed
on the Hong Kong Stock Exchange; B-share companies listed
on China's Stock Exchanges; subsidiaries of international
and Chinese enterprises, and a substantial number of local
small and medium companies.
Building upon its solid foundation, ShineWing (HK) CPA
Limited will continue to improve business standard, quality
control measures, market development strategies, system
research and development, professional training and standardization
of internal management system. The partners of the firm
are confident that the merger will introduce a new form
of cross cultural synergy and empower both practices to
further their leadership in the market.
About Ho and Ho & Company
Ho and Ho & Company was founded in 1978 and
has developed into a leading CPA firm in Hong Kong. It
possesses over 20 years of rich experience and sound expertise
in accounting, auditing and taxation. It serves a broad
base of clients including Hong Kong and China's H-share
companies listed on the Hong Kong Stock Exchange and China's
B-share companies listed on China Stock Exchanges, subsidiaries
of international enterprises and Chinese enterprises,
and a substantial number of local small and medium companies.
With offices in Hong Kong, Shenzhen and Jiangxi, the company
currently employs over 60 staff, two thirds of which possessed
professional qualification, including Hong Kong Institute
of Certified Public Accountants (HKICPA), Chartered Institute
of Management Accountants (CIMA), Association of Chartered
Certified Accountants (ACCA), Chinese Institute of Certified
Public Accountants (CICPA), American Institute of Certified
Public Accountants (AICPA), CPA Australia and Hong Kong
Institute of Company Secretaries (HKICS).
About ShineWing Certified Public Accountants
ShineWing Certified Public Accountants
is the largest domestic accounting firms in Beijing and
has been serving clients throughout China for over 20
years. It ranked fifth in Beijing, only after the international
big four, according to the Top 100 CPA list released by
the Chinese Institute of Certified Public Accountants
(CICPA).
The firm offers a comprehensive range of financial services
and holds an impressive record of qualifications and licenses
including Audit License for Securities Assignments, Valuation
License for Securities Assignments, Audit License for
Large-scale State Owned Enterprises (SOE), Audit License
for Financial Organizations, Grade-A License for Land
Valuation and First-grade License for Estimating Costs
of Construction, etc. ShineWing has engaged in joint cooperation
with Coopers & Lybrand International in China for
over seven years which enabled the firm to inherit and
refine their quality management systems. As a result,
it has created a unique style of services by combining
international standards with local customs and practices.
With branch offices in Shenzhen, and liaison offices in
Shanghai, Chengdu, Xian and QingDao, ShineWing currently
employs over 500 staff. The company has successfully completed
numerous assignments of diverse nature, including Initial
Public Offerings (IPO) audit, IPO appraisal, audit for
state-owned enterprises, capital verification, management
consulting, assets valuation, construction cost consulting
and tax & accounting services.
