RSM expands network with Chinese Firm, Zhongrui Yuehua
RSM International, the 7th largest accounting, tax and consulting network worldwide, has admitted China’s 5th largest accountancy firm to its expanding global network, considerably increasing RSM’s client service reach in the Asia Pacific region.
Zhongrui Yuehua Certified Public Accountants has significant national coverage with 19 offices throughout China and 2,600 partners and staff. The firm officially joined RSM International as a full member firm this week having successfully undergone strict quality assurance procedures. Zhongrui Yuehua complements RSM’s existing firms in Taiwan and Hong Kong, together creating a presence unrivalled by the other mid-tier networks.
With its principal office based in Beijing, Zhongrui Yuehua Certified Public Accountants recorded annual revenues of approximately RMB 500 million (US$ 70.7 million) in 2007. The firm completed a merger between China Rightson Certified Public Accountants and Yue Hua Certified Public Accountants in December 2007, to create China’s 5th largest firm by fee income, providing the full range of audit, tax and consulting services.
During the next three to five years Zhongrui Yuehua plans to further increase its dominance by doubling its revenues and growing its tax and consulting arm to 40% of fee income. They will also expand into a further two Chinese provinces. The firm’s international team currently employs 50 staff and is led by an expatriate partner, originally from the UK, who will be working with RSM member firms around the world to ensure their clients with operations or interests in China receive the seamless, high quality service they expect from the RSM network.
Jean Stephens, CEO of RSM International, said: “I am delighted to welcome Zhongrui Yuehua Certified Public Accountants to RSM International. The partners and professionals of the firm are committed to excellent client service, have tremendous ambition and a clear focus on continued growth. The admission of the firm into RSM confirms our strong positioning throughout Asia and gives us a distinct advantage in our client service offering in this hugely important global economy.”
Stephens went on to comment: “The firm’s knowledge of local markets and vast national presence will ensure we continue to provide our clients with interests in China with the best possible service and highest quality advice.”
Zhongrui Yuehua has a wide client base with over 90 listed clients and is expected to complete 16 IPOs for 2008. Their client base includes some of China’s largest corporate entities.
Mr Gu Renrong, Chairman of Zhongrui Yuehua Certified Public Accountants, commented: “Being admitted as a full member to the RSM network is a major development for us. Like RSM we are dedicated to providing the full range of services to our clients and are committed to partnering with our clients to help achieve their business goals.
“Joining RSM ensures we are well placed to continue growing our international client base and expand the proportion of listed and foreign investment enterprises. We will be working closely with the RSM firms in the Asia Pacific region on business development strategies to maximise our regional expertise to the full.”
Zhongrui Yuehua Certified Public Accountants will be implementing RSM’s methodologies, and working with RSM’s existing firms in Taiwan and Hong Kong to develop a single brand identity for China to provide a consistent image and take an integrated approach to meeting the needs of clients throughout Asia.
RSM International has recently appointed member firms in Ukraine, Philippines, Spain, and the UK, and has announced development groups in Central and Eastern Europe and the Middle East. Due diligence is currently being undertaken with other firms and further announcements of member firm admissions are expected in the near future.