太突然！1个月52家A股公司解约，知名会计师事务所大批人员离职

Core Viewpoint - The announcement of an investigation by the China Securities Regulatory Commission (CSRC) has plunged Zhongxing Cai Guanghua Accounting Firm into an unprecedented crisis, following its involvement in the financial misconduct of Lifang Shuke, leading to a mass withdrawal of clients from the firm [1][5]. Group 1: Client Withdrawals - From November 28 to December 30, a total of 52 companies in the A-share market terminated their contracts with Zhongxing Cai Guanghua, with 61 companies withdrawing since October [1][9]. - Approximately 70% of Zhongxing Cai Guanghua's clients in the A-share market have terminated their contracts since October, which is considered a "fatal blow" for any accounting firm [1][9]. - In the New Third Board, 91 companies have also abandoned Zhongxing Cai Guanghua since November, indicating a larger client base in this segment compared to the A-share market [10][11]. Group 2: Reasons for Client Changes - Cloud Ding Technology cited internal resource optimization and personnel changes as reasons for its resignation from Zhongxing Cai Guanghua [2]. - Many companies that switched auditors retained the same signing accountants, leading to a phenomenon of "changing firms but not changing accountants" [20][22]. - The departure of audit teams from Zhongxing Cai Guanghua to other firms has been noted, with some companies explicitly stating that their previous audit teams have joined new firms [11][20]. Group 3: Regulatory Actions and Historical Context - The CSRC has initiated an investigation into Zhongxing Cai Guanghua due to its involvement in Lifang Shuke's financial misconduct, which included inflating revenues and costs by 638 million yuan and 628 million yuan, respectively, from 2021 to 2023 [5][6]. - This is not the first time Zhongxing Cai Guanghua has faced regulatory scrutiny; it has been penalized six times and subjected to 25 supervisory measures in the past three years [5][6]. - The firm has seen a significant reduction in its registered capital from 38.5 million yuan to 16.3 million yuan, a decrease of 57.7%, indicating a contraction in its operations [12][13]. Group 4: Industry Position and Future Outlook - Zhongxing Cai Guanghua had 89 listed company clients for the 2024 fiscal year, ranking 20th in the auditing industry by business volume [9][17]. - The firm has experienced a decline in revenue and the number of registered accountants in recent years, with a notable drop in the number of partners from over 187 to around 160 [17]. - The firm has emphasized the need to improve audit quality in light of current challenges, as stated by its chief partner during a recent meeting [17].