FINANCE

China to Expand H-Share Auditor List as Hong Kong IPOs Boom

Published: Nov. 24, 2025 2:59 p.m. GMT+8

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Accounting firms from the Chinese mainland have audited H-share companies for more than a decade.

China plans to authorize two additional Chinese mainland accounting firms to audit H-share companies — mainland enterprises listed in Hong Kong — in response to a resurgence in IPOs in the Asian financial hub.

The plan, announced Friday by the Ministry of Finance and the China Securities Regulatory Commission, aims to accommodate the growing wave of mainland companies seeking offshore capital as mainland listing reviews tighten.

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China will authorize two more mainland accounting firms to audit H-share companies, responding to increased Hong Kong IPOs.
In the first 10 months of 2024, 81 companies raised HK$216 billion ($27.8 billion) via Hong Kong IPOs, a 210% year-on-year rise.
Candidate firms must meet strict revenue and staffing criteria; the market is still led by the Big Four international firms.

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Who’s Who

EY: EY is one of the "Big Four" international accounting firms. Its China unit reported revenue ranging from approximately 4.9 billion yuan to 6.9 billion yuan in 2024, indicating its significant presence and strong financial performance in the Chinese market.

PwC: PwC, as one of the "Big Four" accounting firms, has a significant presence in China. The China unit of PwC reported 2024 revenue of roughly 4.9 billion yuan to 6.9 billion yuan, indicating its strong market position and extensive operations within the country.

KPMG: KPMG is one of the "Big Four" international accounting firms. Its China unit reported 2024 revenue of roughly 4.9 billion yuan to 6.9 billion yuan, indicating its significant presence and strong financial performance in the Chinese market. It continues to be a dominant player alongside EY, PwC, and Deloitte.

Deloitte: Deloitte, as one of the "Big Four" international accounting firms, has a significant presence in China. Its China unit reported a 2024 revenue ranging from approximately 4.9 billion yuan to 6.9 billion yuan, indicating its strong market position among audit firms.

AI generated, for reference only