BDO in China more than doubles in size with new Member Firm

BDO is pleased to announce that Shu Lun Pan Management Co Ltd (SLP ManCo), one of China’s largest independent accounting firms, joined the BDO International network on 14 January 2009.

SLP ManCo, which has five firms in mainland China (in Beijing, Nanjing, Shanghai, Fuzhou and Guangzhou) with a range of branch offices throughout the country, has joined BDO alongside the network’s existing Member Firms in Beijing, Shenzhen and Wuhan. A process has already been set in place to enable these firms to become members of SLP ManCo, which will then become BDO’s sole Member Firm in China.

With SLP ManCo total revenues exceeding RMB 650 million (approximately €72 million) in 2007, the combined revenues for BDO would have been approximately RMB 920 million / €102 million that year. Given significant growth during 2008, including recent mergers undertaken by the present Beijing and Shenzhen firms, revenues for the new, combined BDO Member Firm in China are therefore confidently expected to exceed RMB 1 billion / €110 million in 2009.
SLP ManCo’s largest office, with over 1,000 partners and staff, is in Shanghai. With some 1,150 people in the other 4 locations and 1,820 in the current BDO Member Firms, this will give BDO China a headcount of nearly 4,000 people.

Jeremy Newman, CEO of BDO International, believes that this makes BDO the largest firm in China, outside those of the four largest accounting networks. “We are firmly on the way to ensuring that BDO China is a key player in the accounting profession in China. This is important not just because of the importance of China to the global economy, but as a demonstration of our commitment to being one of the key global accounting networks”.

Zhu Jiandi, Chairman of SLP ManCo, commented: “This exciting development marks a new era for Shu Lun Pan. Since 1986, we have been serving local and state-owned clients such as Bao Steel and SAIC, as well as Sino-foreign companies such as BASF and Guangzhou Honda, and we are now looking forward to greatly expanding our international client base through our membership of BDO. China as a country has experienced exponential growth and change in the last 20 years and our firm has kept pace with that growth. In joining BDO we are continuing to follow the principles outlined by Dr Shu Lun Pan, our founder, an outstanding figure in Chinese accounting history”.