Core Viewpoint - The emergence of a paid internship industry in China has raised concerns about the integrity of the job market, particularly for recent graduates and high-net-worth individuals seeking opportunities for their children [1][3][9]. Group 1: Paid Internship Industry - The "2025 Elite Internship Program" launched by Industrial Bank offers internship opportunities at major companies like Google and ByteDance for clients' children with deposits over 10 million yuan [1]. - The paid internship market has become a "hidden rule" in various sectors, especially in finance and technology, where students often pay for internship opportunities [3][8]. - Reports indicate that top brokerage firms have charged around 150,000 yuan for research internship positions as early as 2020 [4]. Group 2: Market Dynamics - As the number of graduates increases, the job market has become saturated, making it harder for graduates to secure desirable positions without resorting to paid internships [8]. - A third-party intermediary often facilitates these paid internships, creating a gray market where services range from resume polishing to interview coaching [9][11]. - The pricing for internships varies significantly, with "walking HR" internships costing between 16,000 to 25,000 yuan, while "not walking HR" internships are around 14,000 yuan [12]. Group 3: Risks and Consequences - Many students have reported negative experiences, including being placed in non-functional roles or receiving fake internship certificates [16][20]. - The lack of regulation in the paid internship market has led to numerous scams, where students pay for opportunities that do not exist or are misrepresented [21]. - The practice of paid internships disrupts the normal order of internships, exacerbating competition and increasing anxiety among job seekers [23][25]. Group 4: Future Outlook - The paid internship industry is unlikely to disappear soon, and its persistence raises questions about the future of job market integrity and the potential need for regulatory intervention [25]. - Graduates are encouraged to focus on building their skills and unique qualifications rather than relying on paid opportunities to enhance their resumes [27].

6月3日至6日，毕马威中国在上海举办出海系列活动，来自东南亚、中东和拉美等新兴市场，和欧美澳 加等传统发达市场的约40位毕马威海外成员所的合伙人及行业专家齐聚上海，就如何制定更为灵活、有 效的中长期战略，和中国企业代表交流。 各国经济发展愿景与现状、市场上的主要项目机会、中企投资路径、当地税法更新、税收优惠和筹划机 会等话题成为与会嘉宾讨论的重点。 毕马威亚太区及中国主席陶匡淳表示，当前"出海"是中国企业及上下游产业链实力发展的延伸，越来越 多企业开始借助自身深厚积累与战略布局，探索全球市场机遇。东南亚、中东和拉美等新兴市场是很多 中国企业出海布局的重点，但欧美澳加等传统发达市场仍具有相对优势和产业布局的潜能。 毕马威中国客户及业务发展主管合伙人江立勤表示，中国企业在海外市场要取得成功，有两点不容忽 视。一是品牌，二是合规。 "品牌认知度在发达国家市场尤其重要，企业可以与当地知名品牌合作，同时也需要在海外市场宣传方 面做充分投入。合规也是一个关键因素，若有不合规的情况发生，轻则罚款，重则被列入黑名单失去当 地客户和市场，导致投资失败。"江立勤总结。 毕马威沙特税务总监Mohamed Gouda介绍道，沙特位于 ...

Group 1: Global Economic Outlook - OECD has downgraded the global economic growth forecast for 2025 from 3.3% to 2.9%, with the US growth expectation slashed from 2.8% to 1.6% [1] - The economic outlook is pessimistic due to rising trade barriers and a decline in consumer spending in the US, impacting global growth [1] - Major economies like China, Europe, and Japan are also experiencing varying degrees of economic slowdown this year [1] Group 2: US Economic Policy Changes - The US government is shifting its focus away from non-US countries, canceling preferential tariffs and imposing new tariffs to boost domestic revenue [2] - This shift aims to stimulate domestic economic activity and enhance internal circulation capabilities [2] Group 3: Shenzhen AI Terminal Funding - Shenzhen's government has launched a funding program for the smart terminal industry, with a maximum grant of 20 million yuan available for various AI-related projects [3] - The funding focuses on the development and promotion of innovative consumer electronics, including smartphones and AI devices [3][4] Group 4: Japanese Demographic Trends - Japan's birth rate is projected to fall below 700,000 in 2024, marking a 5.7% decrease from the previous year, with a total fertility rate dropping to a historic low of 1.15 [9] - Despite increased marriage rates, the overall trend of declining birth rates continues, exacerbated by high living costs and a demanding work culture [9] Group 5: US Treasury Bond Buyback - The US Treasury conducted a record $10 billion buyback of government bonds, the largest single operation in history [7] - This move aims to stabilize the bond market and restore confidence amid rising concerns over the US deficit [8] Group 6: Honey Snow Group Stock Performance - Honey Snow Group's stock has reached new highs due to expected benefits from delivery platform subsidies, prompting an upward revision of profit forecasts by Goldman Sachs [11] - The competitive landscape in the instant tea beverage market is intensifying, with potential for further price wars driven by delivery subsidies [12] Group 7: Accounting Firms and Regulatory Changes - Three accounting firms have voluntarily ceased their securities service operations, reflecting stricter regulatory requirements and past penalties for misconduct [13][14] - The new regulations aim to enhance transparency and accountability within the accounting industry, particularly regarding the auditing of public companies [15] Group 8: Market Trends - The stock market showed signs of recovery with significant trading volume, particularly in consumer sectors, indicating a potential shift towards domestic consumption [16] - The market is at a critical juncture, with the Shanghai Composite Index struggling to break through the 3400-point psychological barrier [17]

Group 1: Automotive Industry - The Ministry of Industry and Information Technology supports the initiative from the China Automobile Industry Association to maintain fair competition and promote healthy development in the automotive industry, emphasizing the need to address "involution" competition [1] - The Ministry plans to enhance regulatory measures to optimize industry structure, strengthen product consistency checks, and collaborate with relevant departments to enforce anti-unfair competition laws [1] Group 2: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for May is reported at 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in manufacturing sentiment [2] - Large enterprises have a PMI of 50.7%, up 1.5 percentage points, while medium-sized enterprises have a PMI of 47.5%, down 1.3 percentage points, and small enterprises have a PMI of 49.3%, up 0.6 percentage points [2] Group 3: Real Estate and Land Development - Guangzhou has listed 9 land parcels for sale, covering an area of 186,100 square meters with a total starting price of approximately 8.283 billion yuan [4] Group 4: Electric Vehicle Infrastructure - BYD announced a collaboration with Xiaojuchongdian and Xin Electric to build 15,000 megawatt fast-charging stations [5] Group 5: International Trade and Economic Policy - California Governor Gavin Newsom criticized the federal government's tariff policies, stating they disproportionately impact small and medium-sized enterprises in the U.S. [7] - The U.S. Commerce Department reported a significant reduction in the trade deficit for April, dropping to $87.6 billion from a record high of $162.3 billion in March, indicating a decrease of 46% [7]

Core Viewpoint - The article discusses the recent announcement by the Ministry of Finance regarding the cancellation of securities service business registrations for several accounting firms, notably Ruihua and Asia-Pacific, due to their involvement in financial fraud cases and lack of diligence in their duties [1][2]. Group 1: Cancellation of Registrations - On May 30, the Ministry of Finance published a list of accounting firms that have voluntarily applied for the cancellation of their securities service business registrations, including Ruihua and Asia-Pacific [1][2]. - The cancellation is a result of the firms' involvement in significant violations and financial fraud cases, leading to their decline in reputation and business [2][3]. Group 2: Background of the Firms - Ruihua was once ranked sixth in the industry and second among domestic firms, but it now has only two registered accountants and has been restricted from consumption due to a lack of executable assets [3]. - Asia-Pacific faced severe penalties last year, resulting in a 12-month suspension from business operations, marking the longest suspension for an accounting firm in recent years [3]. Group 3: Regulatory Changes - The cancellation of registrations is the first action taken under the newly revised "Management Measures for the Registration of Accounting Firms Engaged in Securities Services," which was updated in April [4][5]. - The revised measures include a new section on "registration verification, announcement, and cancellation," specifying seven scenarios under which a firm's registration may be canceled [5]. Group 4: Future Implications - The cancellation of a firm's registration does not permanently exclude it from the securities service sector, as firms can reapply for registration in the future under the initial registration rules [6].

财政部公告，瑞华会计师事务所(特殊普通合伙)、唐山市新正会计师事务所(普通合伙)和亚太(集团)会计 师事务所(特殊普通合伙)均于2025年5月30日自行申请注销从事证券服务业务备案。 ...

Core Viewpoint - The Shenzhen Stock Exchange issued regulatory letters to Zhonghang Securities and Tianjian Accounting Firm regarding violations in the IPO withdrawal process of Zhejiang Fanyuan Technology Co., Ltd. (Fanyuan Technology), leading to written warnings and criticisms against the involved parties [1][2]. Group 1: Violations by Zhonghang Securities - Zhonghang Securities failed to adequately scrutinize the internal controls related to inventory management, leading to discrepancies in sales documentation and compliance with the company's inventory management system [1][2]. - The firm also neglected to properly investigate the internal controls concerning research and development (R&D), resulting in inconsistencies in reported R&D expenses and misclassification of personnel and departments [1][2]. Group 2: Additional Issues Identified - Zhonghang Securities did not sufficiently verify the financial transactions of the issuer and its related parties, including the actual controller's investments in large financial products and discrepancies in disclosed fund usage [2]. - The firm also lacked adequate documentation to support the investigation into the cost reduction of the issuer's automotive metal parts surface treatment business [2]. Group 3: Background on Fanyuan Technology - Fanyuan Technology has faced scrutiny for multiple errors in its IPO application documents, including inconsistencies in net profit figures and unclear definitions, prompting the exchange to demand corrections and improvements in information disclosure [3]. - The company specializes in the processing and manufacturing of key automotive components and submitted its IPO application in September 2022, which was accepted, but later withdrew its application in June 2024 after responding to multiple rounds of inquiries [3].

Core Viewpoint - Shenzhen Stock Exchange has imposed disciplinary actions against Guotai Haitong Securities Co., Ltd. and related parties due to significant internal control deficiencies and inaccurate audit opinions regarding the financial information of Zhongding Hengsheng Gas Equipment (Wuhu) Co., Ltd. during its IPO process [1][11]. Group 1: Internal Control Deficiencies - The issuer, Zhongding Hengsheng, exhibited major internal control deficiencies, failing to adequately verify the reliability of financial information, leading to inaccurate audit opinions [1][3]. - The financial data discrepancies were significant, with asset total and net asset differences of 43% and 36% respectively for 2020, and revenue and net profit differences of 20% and 24% [2][3]. Group 2: R&D Expense Control Issues - The issuer did not sufficiently verify the effectiveness of internal controls over R&D expenses, with discrepancies in R&D project documentation and improper handling of R&D materials [4][5]. - In 2022, the issuer reported R&D expenses of 12.21 million yuan, but the internal controls were found to be non-compliant [4]. Group 3: Revenue Recognition Problems - The issuer's revenue recognition practices were found to be non-compliant, with instances of recognizing revenue before the complete delivery of products [6][7]. - The main product sales revenue for the reporting period exceeded 90% of total revenue, yet the basis for revenue recognition was deemed insufficient [6]. Group 4: Misuse of Funds by Actual Controllers - The actual controllers of the issuer misappropriated 67.54 million yuan for personal investments, with inadequate tracking of the funds' flow and usage [7][8]. - The investigation revealed that the controllers' fund usage was not properly scrutinized, leading to a lack of transparency [7]. Group 5: Disciplinary Actions - Guotai Haitong and its representatives received a six-month ban from signing any IPO application documents due to their failure to comply with regulatory requirements [11][12]. - The accounting firm, Rongcheng CPA, and its signing accountants also faced similar disciplinary actions for their inadequate audit practices [12][13].

会计师事务所综合评价排名迎来新规。 近日，中国注册会计师协会（以下简称"中注协"）发布新修订的《会计师事务所综合评价排名办法》（以下简 称《办法》）。据了解，中注协每年要组织开展会计师事务所综合评价百家排名（以下简称"百家排名"）工 作，发布百家排名信息。 在谈及参评条件时，中注协新增要求称，若会计师事务所发生对行业造成严重负面影响事件，不得参加百家排 名。 有业内人士分析，目前尚不明确"负面影响事件"的定义以及如何界定"严重"程度；应按照什么时间范围来算也 待明确，未来还需关注中注协的尺度。 参评门槛新增负面情形 5月21日，中注协出台新修订的《会计师事务所综合评价排名办法》，此次一大看点在于对参评门槛的修订。 《办法》称，参加百家排名的会计师事务所应经批准设立并取得执业许可。若具有3项情形之一，会计师事务 所则不得参加： 根据券商中国记者比对修订前的《办法》，第三项为此次新增的负面情形。《办法》还新增明确，会计师事务 所不符合参评条件的，由中注协取消其参评资格或其主动退出。 券商中国记者注意到，2024年10月中注协在披露《2023年度会计师事务所综合评价百家排名信息》时，连续20 年霸榜的普华永道缺席2 ...

Core Viewpoint - The China Institute of Certified Public Accountants (CICPA) has revised the "Comprehensive Evaluation Ranking Method for Accounting Firms," introducing stricter eligibility criteria for participation in the annual ranking of the top 100 accounting firms [1][2]. Group 1: Eligibility Criteria - The revised method stipulates that accounting firms must be approved and licensed to participate in the ranking. Firms that fail to meet certain conditions, including not continuously meeting establishment criteria, not fulfilling membership obligations, or having events that cause serious negative impacts on the industry, are disqualified [2]. - The definition of "serious negative impact events" remains unclear, as does the timeframe for determining such events [1][2]. Group 2: Evaluation Indicators - The evaluation indicators have been slightly adjusted, consisting of basic and additional indicators. The basic indicators reflect the firm's status across four areas: revenue, internal governance, resources, and penalties, totaling 10 specific indicators with a maximum score of 1000 points [3]. - A new indicator, "Integrated Management Situation," has been added, which assesses the unified management system across various aspects of the firm, emphasizing quality-oriented practices [3]. Group 3: Changes in Scoring - The ratio of "Partners (Shareholders) Employees" has been changed to "Partners (Shareholders) Certified Public Accountants Ratio." Additionally, the "Information Technology Expenditure Level" and "Talent Training Expenditure Level" have been merged into "Information Technology and Talent Development Level," with a new sub-item for "Cybersecurity Qualification Certification" [4]. - The weight of the penalty deduction has become a significant focus for this year's evaluation results, with penalties accounting for 30% (300 points) of the total score, reflecting the impact of recent administrative penalties on several accounting firms [6].