To go along with the trend of Chinese enterprises’ internationalization, the steady development of China’s outbound investment, and the further opening-up of Chinese market, domestic and foreign accounting firms enhanced cooperation to explore Chinese and overseas markets. Union Power (Zhonghuan) and the major part of another leading domestic accounting firm China Audit Asia Pacific (Zhongshen Yatai), completed their combination and renamed as Zhongshen Zhonghuan (Special General Partnership). Meanwhile, Zhongshen Zhonghuan successfully merged with Mazars Group.
After the merger, Zhongshen Zhonghuan emerges as a leading domestic accounting firm with 28 offices and over 3,500 employees nationwide and its comprehensive competitiveness has been significantly improved. Moreover, Zhongshen Zhonghuan becomes the only member firm of Mazars in China, with the most employees and largest scale among all Mazars’ 79 member firms around the world.
Founded in 1945 in France, Mazars has a long and rich history, extensive international coverage as well as successful and diversified customer service experiences worldwide especially in the European market. As an international, integrated and independent organization, Mazars specialises in audit, accounting, tax and business advisory services with 79 integrated member firms and over 18,000 professionals in major global markets. 30 of the 79 member firms of Mazars have already established Global China Services Group dedicated to serving Chinese clients in their overseas business.
With Mazars’ integrated partnership, Zhongshen Zhonghuan can leverage Mazars’ international platform to seamlessly receive information, resources across international borders, and become a unique China-based accounting firm with strong international background, further provide all-around, industry-wide and global services to both domestic and overseas clients.
After merger, the accounting firm will use “中审众环” as its official Chinese name and “Mazars” as its official English name, with new logo and visual image also launched. Meanwhile, Zhongshen Zhonghuan has set up a partner management board, in which Shi Wenxian will be the Chief Partner, and Guan Yunhong will be the Director of Management Board.
Shi Wenxian, Chief Partner of Zhongshen Zhonghuan said, “The combination of Zhongshen Zhonghuan and Mazars will enhance our capability of helping Chinese enterprises going-out and participating in global development. In the meantime, Zhongshen Zhonghuan’s good reputation and high-standard service quality can ensure reliable services for foreign capitals’ entry into Chinese market. The combination will also set a good example of international cooperation and innovation for industry peers. ”
“Zhongshen Zhonghuan always keeps ‘openness, inclusiveness, cooperation and all-win’ as our development motto, and focuses on building the culture of high-quality partnership. After combination, we will take in Mazars’ quintessential culture, development concept and advanced technology, and carry on our shared values of independence. Through five-in-one promotion strategy of ‘management, talents, technology, quality and brand’, we will spare no effort to make Zhongshen Zhonghuan the best China-based professional service organisation with international background” said Shi.
Guan Yunhong, Director of Zhongshen Zhonghuan Management Board said, “Zhongshen Zhonghuan recently held the first partner meeting after combination, which marks a groundbreaking starting point of the firm’s development, and we elected new management team. The meeting sets refined and scientific management as guidance, promotes both quality and efficiency comprehensively, and puts forward the goal to build world-class professional financial service organisation. Meanwhile, we also established the strategy of ‘specialise, diversify, informationise, internationalise and integrate’ to meet the changing economic and industry landscape. We believe all those measures will help lead Zhongshen Zhonghuan to a better future.”
Philippe Castagnac, Chairman of Mazars Group noted, “The merger of Zhongshen Zhonghuan and Mazars is strategically important to us, and also marks a milestone for Mazars’ development in China. The combination is well-timed along with the speed-up of Chinese enterprises ‘going out’, the implementing of ‘Belt and Road Initiative’, and the further opening-up of Chinese market. Zhongshen Zhonghuan will provide professional support to domestic and foreign clients with its good knowledge of Chinese market and rich experience in cross-border services.”
“Europe is China’s largest trade partner and one of the most preferred investment destinations for Chinese investors. Sino-European trade and investment will continue to grow steadily. Although the Chinese system of audit, accountancy and financial advisory differs from that in Europe, Zhongshen Zhonghuan will take full use of active linkage with Mazars and other member firms to provide professional support to clients worldwide, and further achieve win-win situation,” said Philippe Castagnac.