利好来了，财政部、证监会联合印发

Core Viewpoint - The recent announcement by the Ministry of Finance and the China Securities Regulatory Commission (CSRC) regarding the expansion of the H-share audit service list marks a significant step towards enhancing the quality and competitiveness of audit services for mainland enterprises seeking to list in Hong Kong, emphasizing a principle of "quality first, selective recruitment" [1][5][10]. Group 1: Key Requirements for Inclusion - The expansion will add two more accounting firms to the existing list, with strict criteria including a minimum annual revenue of 1.5 billion yuan (approximately 0.21 billion USD) and at least 800 registered accountants [1][5]. - Additional requirements include a minimum audit revenue of 1 billion yuan (approximately 0.14 billion USD) and a securities service revenue of at least 250 million yuan (approximately 0.035 billion USD) or having at least 100 listed company audit clients [5][6]. - The firms must also have a robust internal governance structure and effective quality management systems in place [5][6]. Group 2: Dynamic Management and Quality Assurance - A dynamic exit mechanism will be established to ensure that firms failing to meet the standards will be removed from the list, ensuring ongoing quality control [1][11]. - The Ministry of Finance and CSRC will conduct annual evaluations of the firms based on their performance and compliance with the established criteria [11][12]. - Regular quality checks will be implemented, with audits of H-share firms included in the annual inspection scope to maintain high standards [12][13]. Group 3: Industry Impact and Market Connectivity - This expansion is seen as a crucial optimization of the H-share audit mechanism, which has been in place since December 2010, aimed at reducing costs for mainland enterprises listing in Hong Kong and enhancing cross-border capital market connectivity [9][10]. - The initiative reflects a deepening cooperation between mainland China and Hong Kong in accounting and auditing standards, contributing to the overall development of the financial markets [9][10]. - The introduction of new firms is expected to invigorate the industry, providing a broader range of high-quality audit services and supporting the development of Hong Kong as an international financial center [10][14].