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Accounting and business advisory firm, Hall Chadwick, has established a link with China’s biggest domestically owned accounting firm, ShineWing Certified Public Accountants.
Together they are establishing ShineWing Hall Chadwick, which becomes a member of the Hall Chadwick national association and will be based in Melbourne.
The new firm combines an accounting practice already established in Victoria two years ago by Mr Chu and ShineWing and achieves an independent, Australia-wide reach by linking with a national firm outside the big four accounting firms. Hall Chadwick’s current national association includes Hall Chadwick in Sydney, Williams Hall Chadwick in Brisbane and Maxim Hall Chadwick in Perth.
The ShineWing practice in Australia has been established by Mr Chu, who came to Australia 18 years ago from Hong Kong where he built a substantial accounting firm with his father.
Mr Chu, who will be managing partner of ShineWing Hall Chadwick, is fluent in English, Cantonese and Mandarin, having established the ShineWing Australian practice under the initiative of the Beijing headquarters of ShineWing.
ShineWing’s Australian firm is the first major Chinese firm established outside Asia and marks the beginnings of proposed further expansion into the western world.
Indicative of ShineWing’s reach into the Chinese business community is that a recent client of ShineWing in Australia is Yancoal, a subsidiary of China’s Yangzhou Coal Mining Company Limited, one of the top three coal corporations in China and which last year acquired Australia’s Felix Resources for $3.2 billion.
According to Hall Chadwick chairman, Mr David Fairfull, the potential of the new firm to build two way business between Australia and China was significant.
“ShineWing has a number of large Chinese clients eyeing business opportunities in Australia and our national network means we can give them face-to-face advice and services in any location – some of our Australian clients have established businesses in China and are keen to expand their presence in this key market,” Mr Fairfull said.
Mr Chu said one of the things that persuaded him to join ShineWing was its progressive leadership in Beijing and Hong Kong, its orientation towards quality assurance and its outlook on global expansion.
“ShineWing’s approach to Australia is that it didn’t want to have just a ‘Chinese’ firm in the country but wanted a genuine combined practice in collaboration with an Australian partner,” Mr Chu said.
“While Chinese companies may be large in China they often start with small investments overseas which means that an accounting firm like ShineWing Hall Chadwick which offers personal service is more the type of business adviser they are looking for,” Mr Chu added.
ShineWing, which is owned by 82 partners and chaired by Zhang Ke, formerly the managing partner of Coopers & Lybrand in China, has operations in 15 Chinese provinces, which cover half the country, and more than 2,500 staff in China and 200 in Hong Kong.
The firm has a high profile in public company and government audits, with clients across industry sectors including resources, telecommunications, automobile manufacturing, banking, industrial and technology.
Business ambitions shared by ShineWing and Hall Chadwick are to provide a cost competitive and personal service in contrast to the big four accounting firms and a focus on core accounting and business advisory work rather than seeking to add extraneous services in competition with investment banks.
Mr Fairfull believes the collaboration will allow Hall Chadwick to be more competitive on cross border business to and from Asia, especially in the areas of audit, taxation, valuations and expert opinions for IPOs.
In 2009, Hall Chadwick was one of the fastest growing accounting firms in Australia, with revenue up 57 per cent, and in 2010, growth is expected to be in excess of 20 per cent.
Over the past year, Hall Chadwick has expanded its national network, extended its Sydney insolvency practice to Melbourne, Brisbane and Perth and opened two new suburban offices in Sydney’s western suburbs, at Penrith and Parramatta.
In the past 12 months, Mr Kenneth Glynn and Mr Matthew Schofield, former partners of international accounting firms, joined ShineWing and will be instrumental in the expansion of ShineWing Hall Chadwick to around 100 staff to meet expected growth in cross border Australia-China business.
Hall Chadwick’s origins date from 1886 and in 2009 it broke with tradition in appointing Mr Fairfull as its first non-executive chairman.
Through being a member of AGN International, Hall Chadwick is part of an international accounting network of 481 offices in 83 countries, while ShineWing also has offices in Japan, Singapore and Hong Kong.
FOR FURTHER INFORMATION:
MR DAVID FAIRFULL, NON-EXECUTIVE CHAIRMAN, HALL CHADWICK
TEL (02) 9263 2600 OR MOBILE 0411 827 777
MR DAVID CHU, MANAGING PARTNER, SHINEWING HALL CHADWICK
TEL: (03) 8602 7300 OR MOBILE 0407 564 086
MR MICHAEL CAMERON, WILLIAMS HALL CHADWICK TEL: 07 3221 2416
MR GINO TERRIACA, MAXIM HALL CHADWICK TEL: 08 9489 2555