Under the agreement, seven senior managers at Da Hua will join E&Y as partners. Da Hua is rated as the premier audit firm in China, in terms of the number of listed companies it audits, the asset base of these companies and their combined sales revenue.
The new company will be chaired by Anthony TY Wu, who heads up E&Y activities in China while professor Tang Yun Wei, has been appointed managing partner.
Commenting on the merger, Wu said it would be mutually beneficial and added: ‘E&Y needs the enhanced domestic presence in mainland China and Da Hua needs the international exposure, technical backup and resources afforded by the merger with a Big Five accounting firm.’
Assistant Chinese finance minister Li Yong, who attended the launch ceremony, said: ‘This development is in keeping with our policy of economic reform.’
Yong said the merger would benefit the local accounting profession and aid its development, and the growth of Chinese financial markets as whole.
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