Significant merger boosts Grant Thornton presence in China

6 January 2012

Grant Thornton China has merged with Ascenda CPA, one of the largest locally owned Chinese accounting companies, with over 20 years of experience in the auditing and advisory market and particular expertise in IPOs.

The combined firm, which will go to market as Grant Thornton China, now has over 120 partners and around 2,400 personnel in 15 offices across the country, including Hong Kong. The merged firm already provides high quality services to over 130 public companies and nearly 2,000 state-owned enterprises, private and foreign companies.

Xu Hua, managing partner of Grant Thornton China, said, “This merger is based on the many common values shared between Grant Thornton China and Ascenda, including our practice and management philosophy, people development, risk and quality management, to name but a few. We strive to be the premium accounting firm in China, providing first class professional services to our clients. ”

Jason Chan, managing partner of Ascenda CPA added, “Ascenda and Grant Thornton share the same operational principles and development strategy. These are the key building blocks to the success of this merger. With our combined strength and expertise in our service markets, market coverage and speciality areas this will make us more competitive in the market place."

Ed Nusbaum, chief executive officer, Grant Thornton International added, “This is a significant merger between two exceptional firms. Having just doubled the size of Grant Thornton Russia through a strategic merger, this is another excellent demonstration early in 2012 of our stated ambition to grow our business substantially in key markets. Grant Thornton China, in the world’s second largest economy, is critical to the success of our global organisation."

- ends -