BDO is pleased to announce that a significant part of PKF China will join BDO Li Xin in China before year end 2012. The move strengthens BDO Li Xin’s position as the largest Chinese owner-managed audit CPA firm and makes the merged firm the market leader in serving State-owned Enterprises in China.
As a result of the merger, approximately 350 PKF partners and staff have joined BDO, augmenting BDO China’s position in Beijing, Shenzhen and Wuhan in particular. The partners and staff of PKF joining BDO are considered to be among the top professional service providers by both the State-owned Assets Supervision & Administrative Committee (SASAC) and the National Audit Office (NAO).
Mr Jiandi Zhu, managing partner of BDO in China and recently appointed to the BDO Global Board, is delighted with this development. “For BDO China, local market knowledge, industry expertise and technical skills form the basis of the commercially astute and robust opinions we give to our clients. The combined expertise of our partners and staff with State-owned enterprises (SOEs), as well as with listed companies - including H-share businesses – will build upon our approach as well as our position in these market segments.
“Furthermore, backed by the high standards, global systems and quality service delivery for which the international BDO network is known, we can continue to support the international expansion of our clients, as well as their domestic success”.
Martin van Roekel, CEO of BDO, says: “I am extremely pleased by the positive outcome of our discussions with this addition to BDO China, as such a joining of forces not only strengthens BDO’s position but will contribute to our future growth in China. I have just returned from the country, where I visited the impressive new BDO Li Xin office in Beijing. The new partners all expressed their positive agreement with the merger, in particular because they know that the BDO brand stands for exceptional client service, delivered by talented people, and they are very pleased to be part of it.
“Of course, this news follows on from the announcement earlier this week by the BDO Member Firm in the UK that they are in advanced discussions to merge with PKF (UK) LLP early next year, cementing our position as the largest international accounting organisation focused on the mid market”.
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The combined fee income of all the BDO Member Firms, including the members of their exclusive alliances, was $5.68 billion in 2011. BDO China’s fee income at year end 2011 was in excess of RMB 2.5 billion (€ 280 million).The global network provides advisory services in 135 countries, with almost 48,900 people working out of 1,118 offices worldwide
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