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].

Group 1 - The U.S. is heavily reliant on China for rare earth materials, which are critical for military applications such as F-35 fighter jets and Virginia-class submarines, with significant quantities used in various advanced weaponry [1] - The ongoing trade tensions have resulted in a 30% tariff on Chinese goods, leading to increased costs for U.S. retailers and consumers, particularly affecting small businesses with lower profit margins [3] - There is a call for a long-term agreement between the U.S. and China to provide more certainty for businesses, as the current high tariffs contribute to economic uncertainty and potential downturns [3] Group 2 - The U.S. has accused China of underreporting its military spending, with claims that China's actual defense budget could be as high as $700 billion, significantly above the reported $211.3 billion for 2024 [5] - The military spending comparison between the U.S. and China is complicated by differences in military scale, strategic deployment, and industrial structure, affecting the efficiency of military expenditure [5] - The trade conflict has revealed weaknesses in the U.S. economy, as initial assumptions about China's dependence on U.S. trade have proven incorrect, leading to significant losses for the U.S. [5] Group 3 - The Federal Reserve is considering measures such as lowering interest rates to stimulate economic growth in response to potential downturns caused by the trade war [7] - There is recognition that previous U.S. administrations may have misjudged China's capabilities and resilience in the trade conflict, placing the U.S. at a disadvantage [7]

数据显示，这届宁诺毕业生每十人当中就有九人进入了名校或名企，实现了高质量的升学就业"双丰 收"。 近日，宁波诺丁汉大学（简称"宁诺"）发布了《2023/24毕业生就业质量年度报告》。2625名本、硕、 博毕业生凭借着卓越的综合素养、扎实的专业水平和突出的跨文化沟通能力赢得了海内外知名学府及用 人单位的青睐。 来源：环球网 名校"直通车"，驶向一流学术殿堂 数据显示，1400余名出国出境升学的本科毕业生呈现出"金字塔式"分布：进入全球排名前10、前50和前 100的学校或专业的比例分别为34.86%、83.63%和93.65%，持续保持了近年来卓越的升学质量。此外， 还有一批优秀本科毕业生收获了剑桥大学、香港科技大学、诺丁汉大学等世界名校的直博录取通知书。 从国家和地区来看，英国(45.24%)、美国(22.55%)、澳大利亚(16.70%)及新加坡(4.30%)成为了宁诺学子 主要的升学目的地。更难能可贵的是，前往这些国家留学的学生中有约九成被当地名校录取，其中不乏 牛津大学、斯坦福大学、墨尔本大学、新加坡国立大学等世界顶尖学府。 2024届本科毕业生陈许栩是剑桥大学人类世硕士项目成立以来的第一位中国学子。在 ...

5月15日，由北京市委金融办牵头搭建的服务北京全球高端专业服务机构平台正式启动。作为平台财会领域的牵头机构掌舵者，ACCA（特许公认会计师公 会）行政总裁白容（Helen Brand）特地从英国来到北京参加启动会。 在启动仪式结束后，经济观察报记者对白容进行了采访。谈及ACCA在中国高水平对外开放中所扮演的角色时，白容表示，在促进开放、推动互联互通以及 贸易繁荣发展的关键进程中，一个全球通用的商业语言至关重要。商业人士、监管者、政府以及更广泛的商业生态系统之间需要建立稳固且紧密的联系。 白容表示，在助力北京打造高端专业服务平台的过程中，ACCA的首要职责是统筹协调财会与金融领域内各方参与者的共同努力。凭借自身广泛的全球影响 力以及在中国的深厚根基，能够协调众多其他组织与企业共同参与其中，贡献国际视野。 据ACCA（特许公认会计师公会）与IMA®（管理会计师协会）近日公布的2025年第一季度《全球经济状况调查》报告显示，中国财会专业人士整体市场情 绪大幅跃升，而北美地区的市场信心已降至有史以来最低水平。 根据上述报告，一季度调研结果显示北美市场信心显著下降，主要归因于美国财会专业人士的信心跌至历史第二低水平。调 ...

小微企业是国民经济的"毛细血管"，是扩大就业、繁荣市场、改善民生的重要支撑。 5月8日，全球最大的专业会计团体之一澳洲会计师公会（CPA Australia）公布的年度亚太区小微企业调查显示（以下简称"调 查"），66%的中国内地受访小微企业在2024年业务有所增长，71%预计2025年将增长，均是2019年后的最高值。 整体而言，中国内地小微企业2024年经营表现强势回升，达到2019年以来的峰值水平，主要得益于中国内地小微企业对科技和 创新的持续投入。创新、改善业务管理及开拓新市场是中国内地受访小微企业认为推动企业发展的主要利好因素。 展望未来，中国经济基本面持续向好，为小微企业营造积极的营商环境，74%的中国内地受访者预计，2025年本地经济将保持 增长，高于亚太区调研均值（67%）。88%的中国内地受访企业将在2025年推出新产品或服务，比亚太区调研均值高出16个百分 点。除此之外，51%的中国内地受访小微企业预计今年的海外营收将增加。 关税冲击几何？ 在美国所谓的"对等关税"的冲击下，小微企业面临一些挑战。 澳洲会计师公会华北区委员会会长彭飞在接受21世纪经济报道记者采访时表示，美国滥施关税带来了市 ...

Economic Overview - The U.S. GDP contracted by 0.3% in Q1 2025, marking the first decline since Q2 2022, and falling short of the expected -0.2% [1][3] - This decline follows a growth of 2.4% in Q4 2024, indicating a significant downturn compared to the average growth rate of approximately 3% over the past two years [3][4] Trade and Consumer Spending - Net exports negatively impacted GDP by nearly 5 percentage points, the largest recorded impact, with imports surging by 41.3%, the highest increase in five years [3][4] - Consumer spending, which accounts for two-thirds of GDP, grew by only 1.8%, the lowest rate since mid-2023, although it exceeded the expected 1.2% [3][4] - The core Personal Consumption Expenditures (PCE) price index for Q1 was initially reported at an annualized rate of 3.5%, surpassing the expected 3.1% [3][4] Corporate Responses and Market Reactions - Major companies like American Airlines, PepsiCo, and Procter & Gamble have expressed concerns over the unpredictability of Trump's tariff policies, which are disrupting business plans and consumer confidence [5] - General Motors withdrew its 2025 profit forecast due to automotive tariffs, highlighting the adverse effects of trade policies on corporate outlooks [5] - The stock market reacted negatively to the economic data, with significant declines in major indices following the announcement [1][3] Economic Forecasts and Implications - Economists predict that Trump's trade policies may lead to a slowdown in U.S. economic growth in the latter half of the year, with the IMF revising its growth forecast down to 1.8% from 2.7% [4][5] - The uncertainty surrounding tariffs is causing consumers to make panic purchases, which may lead to a depletion of future demand [5] - The dual pressures of rising inflation and weakening economic momentum are creating challenges for the Federal Reserve, complicating monetary policy decisions [5]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) faced shareholder concerns regarding the continued appointment of PwC as its external auditor, particularly in light of recent issues related to the Evergrande incident and reported staff turnover at PwC [1] Group 1: Shareholder Concerns - A shareholder questioned PwC's capability and qualifications to continue as HKEX's external auditor due to the firm's recent dismissals by multiple companies following the Evergrande incident [1] - The shareholder expressed worries that the reported loss of a significant number of personnel at PwC could impact the quality of the auditing work [1] Group 2: HKEX's Response - HKEX responded by stating that the exchange is large and that the appointment of each auditor follows a detailed process, indicating that there will be no change in auditors until 2025 [1] - HKEX mentioned that discussions regarding a potential change in auditors for 2026 will take place in the coming months [1] Group 3: Voting Outcome - The resolution to appoint PwC as the external auditor was passed, but with a lower approval rate of 86.52%, compared to other resolutions which had approval rates above 90% [1]