立案调查风波下，这家会计师事务所“丢单”！此前超三成上市公司客户“出走”

Core Viewpoint - The article highlights the increasing trend of listed companies changing their auditing firms, particularly in light of the investigation into Zhongxing Cai Guanghua, which has led to significant client losses and raised concerns about audit quality in a highly regulated environment [1][3][4]. Group 1: Company Changes - On December 1-2, Zhuhai Zhongfu and ST Huayang announced changes in their auditing firms, terminating their contracts with Zhongxing Cai Guanghua and hiring Unitaizhenqing and Beijing Zhongming Guocheng respectively for the 2025 fiscal year [1]. - From November 29 to December 2, a total of four listed companies decided to part ways with Zhongxing Cai Guanghua, including Hanbang High-Tech and ST Huizhou, citing reasons such as the need for independence and objectivity in audit work [3]. Group 2: Client Losses - Prior to the investigation, over 30% of Zhongxing Cai Guanghua's listed company clients had already opted to change firms, with 27 companies indicating they would not renew their contracts, representing approximately 37% of the firm's audit service clients for 2024 [4][5]. - The firm provided audit services for 83 listed companies in 2024, with a total fee of 85.527 million yuan, ranking approximately 17th in the industry [4]. Group 3: Regulatory Environment - The regulatory environment has intensified, with the China Securities Regulatory Commission (CSRC) launching an investigation into Zhongxing Cai Guanghua due to allegations of false financial reporting by a client, leading to potential severe penalties for the firm [3][6]. - In 2024, six accounting firms have already faced qualification penalties, with business suspensions ranging from three to twelve months, reflecting the heightened scrutiny on audit quality and compliance [6]. Group 4: Market Dynamics - The market is witnessing a shift in how companies select auditing firms, with increasing demands for firms to have clean records free from significant financial misconduct or regulatory penalties [6]. - The loss of clients and the reduction in the number of registered accountants at Zhongxing Cai Guanghua, which decreased from 804 to 723, indicate a broader trend of declining trust and confidence in the firm [5][6].