2025.12. 22 本文字数：2905，阅读时长大约6分钟 作者 | 第一财经 周楠 年末，A股公司密集更换会计师事务所，而2家"出问题"的会计所正在持续"丢单"。 近期，多家与中兴财光华会计师事务所（下称"中兴财光华"）、永拓会计师事务所（下称"永拓 所"）有合作的A股公司，纷纷宣布变更会计所，涉及国际实业（000159.SZ）、正业科技 （300410.SZ）、捷成股份（300182.SZ）等。另据同花顺iFinD统计，月内已有50家A股公司与 上述2家会计所解约。 对于解约理由，部分公司提到，原拟续聘的中兴财光华被立案调查，为避免该事项对公司2025年审 计工作产生影响，因此改聘其他机构。 前期，因*ST立方（300344.SZ）长期财务造假被坐实，中兴财光华作为审计机构被立案调查；永 拓所则被查明配合鸿达兴业等3家公司造假，遭罚没6500余万元，并被禁止从事证券服务业务。 2025年即将收官，这一年里，资本市场延续严监管态势，财务造假的A股公司接连被处罚，而配合 造假方亦同步被罚。有证券律师告诉记者，若上市公司因财务造假被立案或处罚，监管通常会进行延 伸处理，即对配合造假的中介方一并立案或处罚。 ...

文 /旋风 12月19日，深交所公布了对大信会计师事务所（特殊普通合伙）及签字注册会计师王进、崔会强给予 纪律处分的决定。 经查明，大信所及上述注册会计师在华讯方舟股份有限公司（已退市））2016年、 2017年的审计工作中均未勤勉尽责，导致2016年、2017年审计报告存在虚假记载。 王进、崔会强作 为华讯方舟2016年、2017年年度审计报告的签字注册会计师，是直接负责的主管人员。 基于此，深交所对 王进、崔会强给予公开谴责的处分，对大信所给予通报批评处分。 2023年，大信所及2名会计师就因在华讯方舟2018 年年报审计执业中存在多处问题收到深交所的监管 函。 当事人： 大信会计师事务所（特殊普通合伙），华讯方舟股份有限公司2016 年、2017年年度财务报表审计 机构，住所：北京市海淀区； 王 进 ，华讯方舟股份有限公司2016年、2017年审计报告签字注册会计师； 崔会强 ，华讯方舟股份有限公司2016年、2017年审计报告签字注册会计师。 根据中国证券监督管理委员会河北监管局《行政处罚决定书》（〔2024〕29号、〔2024〕30号、 〔2024〕31号）查明的事实，大信会计师事务所（特殊普通合伙 ...

展望2026年，德勤预计，随着"十五五"规划实施，叠加保险资金等长期资金入市提升流动性，A股新股 发行有望持续稳定增长。AI及"十五五"重点产业将更受青睐，监管将更注重上市企业素质、技术先进性 及与国家战略契合度。 德勤中国资本市场服务部华南区上市业务合伙人陈婉琳表示，2025年A股新股市场表现优于去年，监管 趋严下优质企业供应充足、市场稳健；持续的改革为2026年A股新股发行的升温奠定基础，AI、新能源 等企业上市融资将有更大优势。 报告显示，香港IPO市场2025年强劲反弹，受内地龙头企业赴港上市鼓励、上市流程简化及国际资金回 归等推动，全年预计完成114只新股上市，融资约2863亿港元，较2024年全年的数量增长63%、金额跃 升两倍多。 本报讯(记者刘晓一) 12月18日，德勤中国资本市场服务部发布《中国内地及香港IPO市场2025年回顾与2026年前景展望》报 告。 报告显示，2025年香港交易所凭借8只超大型新股(含4只全球十大新股)登顶全球新股融资总额榜首，上 海证券交易所、深圳证券交易所均跻身前十。 2025年，A股市场延续2024年势头，新股数量与融资金额同比双增长。这主要得益于新"国九条" ...

Core Viewpoint - China Creative Holdings (08368) announced the resignation of its auditor, RSM Hong Kong, due to a failure to reach an agreement on the audit fees for the fiscal year ending December 31, 2025 [1] Group 1 - The company plans to replace its auditor following the resignation of RSM Hong Kong, effective December 19, 2025 [1] - Gao Ling CPA Limited has been appointed as the new auditor, effective from December 19, 2025, to fill the vacancy left by RSM Hong Kong until the next annual general meeting [1]

Core Viewpoint - The Jiangsu Securities Regulatory Commission has issued an administrative penalty against Yongtuo Accounting Firm for failing to perform due diligence during audits of three listed companies, marking the first instance of a ban on an audit firm from providing securities services since the revision of the Securities Law in 2019 [1][7]. Summary by Sections Administrative Penalty - Yongtuo Accounting Firm was penalized for its audit practices involving Hongda Xingye, Hengjiu Technology, and Kelin Environmental Protection, where it failed to exercise due diligence and issued false documents [4]. - The firm was ordered to correct its practices, with a total of 8.1132 million yuan in business income confiscated and a fine of 57.1698 million yuan imposed [6]. Specific Violations - The audit team for Hongda Xingye was found to have colluded with the company to falsify financial statements and misrepresent the use of raised funds [4]. - The partner responsible for Hengjiu Technology's audits was aware that the relevant business was incomplete and assisted in inflating profits [4]. - Yongtuo failed to adequately investigate the revenue recognition methods for Kelin Environmental Protection despite multiple warnings from regulatory bodies [5]. Consequences for Individuals - Nine responsible personnel received warnings and fines totaling 10.2 million yuan, with significant penalties for key individuals, including a lifetime ban for partner Chen Mouhong [6]. Firm's Response - Yongtuo has publicly acknowledged its internal management deficiencies and committed to rectifying its practices to prevent future violations [10]. - The firm claims to be a victim of the actions of a specific individual within its ranks, who allegedly engaged in corrupt practices [10][12]. Financial Impact - Yongtuo's total revenue for 2024 was reported at 323 million yuan, with securities business income accounting for 131 million yuan [8].

Core Insights - Deloitte's report indicates a steady growth in the number of IPOs and financing amounts in the A-share market for 2026, with an expected 114 companies going public and raising 129.6 billion yuan [1] - The Hong Kong IPO market is projected to see around 160 new listings in 2026, with total financing expected to exceed 300 billion HKD [2] A-Share Market Summary - In 2025, the A-share market is expected to have 114 new listings, raising a total of 129.6 billion yuan, which represents a 14% increase in the number of IPOs and a 94% increase in financing compared to 2024 [1] - The top five IPOs in 2025 are projected to raise a total of 39.4 billion yuan, a significant increase of 260% from the previous year's 10.9 billion yuan [1] - Companies in priority sectors such as AI, new energy, high-end manufacturing, commercial aerospace, quantum technology, and biomanufacturing are expected to have a competitive advantage in the A-share market [1] Hong Kong Market Summary - For 2025, Hong Kong is anticipated to have 114 new IPOs, raising approximately 286.3 billion HKD, marking a 63% increase in the number of IPOs and a 227% increase in financing compared to the previous year [1] - The Hong Kong Stock Exchange is expected to lead global exchanges in total IPO financing for 2025 [1] - In 2026, the Hong Kong market is projected to have around 160 new listings, with at least 7 of them expected to raise over 10 billion HKD each, including leading mainland enterprises [2] - The focus will also be on "A+H" stock applicants, as well as sectors like technology, media, telecommunications, healthcare, consumer goods, and international companies [2]

Core Viewpoint - The article discusses the administrative regulatory measures taken by the Guangxi Securities Regulatory Bureau against Zhihong Accounting Firm and its personnel due to deficiencies identified in the audit of Guangxi Wuzhou Transportation Co., Ltd.'s 2024 annual report [1][3]. Group 1: Risk Assessment Procedures - The audit team failed to adequately understand the audited entity and its environment, leading to inaccuracies in the records of significant components' operational conditions and accounting policies [3]. - There was insufficient understanding of the internal control activities of the audited entity, particularly regarding inventory cycle business controls, as they did not obtain signatures from inventory personnel and monitors on the inventory count sheets [3]. Group 2: Substantive Procedures for Revenue - The audit procedures were inadequate, as the team did not sufficiently address abnormal situations in certain businesses and failed to maintain reasonable professional skepticism [4]. - Analysis procedures were lacking, particularly regarding abnormal situations where gross profit margins were negative, which were not adequately analyzed [4]. - Confirmation procedures were insufficient, as reliable responses were not obtained from certain important clients, and alternative procedures were not executed [4]. Group 3: Project Review - Prior to issuing the audit report, the team did not improve certain audit procedures as per review comments, which is a violation of quality management standards [5]. Group 4: Other Issues - The audit engagement letter was signed after the actual audit work had commenced, which is against the stipulated regulations [6]. - The documentation and archiving of audit working papers were not conducted in a standardized manner, violating relevant auditing standards [6]. - The actions of the audit team were found to be in violation of the Information Disclosure Management Measures for Listed Companies, leading to the issuance of a warning letter and recording in the securities market integrity archive [6].

智通财经记者 | 孙艺真 继日前被罚没6528万元并被禁止从事证券服务业务之后，12月16日，永拓会计师事务所的证券服务业务备案程序已被财政部会计司、证监会同时注销。 智通财经注意到，此次永拓违规事件引发审计行业从业者关高度注，背后原因不仅包括处罚力度罕见，更引发引发审计行业对于中小所合规痼疾、赔偿能力 以及未来发展路径的深入探讨。 具体来看，监管在近2.7万字的罚单中，详述了永拓在鸿达兴业（已退市）、恒久科技（*ST 恒久，002808.SZ）和科林环保（已退市）三个上市公司项目中 存在未勤勉尽责等违规行为，永拓出具的年度审计报告、募集资金年度存放与使用情况鉴证报告存在虚假记载。 监管查明，永拓所项目组成员配合鸿达兴业虚构审计调整分录，篡改合并财务报表："永拓所鸿达兴业项目组成员配合鸿达兴业造假，明知鸿达兴业存在重 大问题、审计执业存在重大缺陷，仍出具无保留意见的审计报告、无保留结论的其他鉴证报告，未客观、公正执业,审计独立性严重缺失。" 根据江苏证监局披露的罚单，江苏证监局网站公开对永拓及包括首席合伙人在内的9名注册会计师的行政处罚、市场禁入决定。 智通财经注意到，涉事质量控制复核人史某某在申辩中，重提普 ...

Core Viewpoint - The cancellation of Yongtuo Accounting Firm's qualification to provide securities services has significant implications for the firm and the market, leading to a wave of client changes and potential industry shifts [2][3][5]. Group 1: Regulatory Actions - On December 16, the Ministry of Finance and the China Securities Regulatory Commission (CSRC) announced the cancellation of Yongtuo Accounting Firm's registration for securities services due to serious deficiencies in its audit work [2][3]. - The firm was found to have engaged in fraudulent activities during audits for several listed companies, including fabricating audit adjustments and altering financial statements [5]. Group 2: Market Reactions - Following the regulatory actions, approximately 20 listed companies have initiated the process to change their auditing firms this year, with 9 of these changes occurring in December alone [2][6]. - Two of Yongtuo's clients, *ST Shengxun and *ST Jingang, announced their decision to switch to new auditing firms on December 15 [6]. Group 3: Financial Impact - Yongtuo Accounting Firm, which had a total revenue of 323 million yuan in 2024, generated 131 million yuan from its securities business [6]. - The firm faced a penalty of 65.283 million yuan and was banned from providing securities services, with several of its registered accountants also facing fines and lifetime bans [5]. Group 4: Industry Dynamics - A total of 12 other accounting firms have begun to take over Yongtuo's clients, with Zhongshen Zhonghuan Accounting Firm taking the most, acquiring 6 clients [7]. - The firm has experienced a significant reduction in its workforce, with a decrease of nearly 16% in registered accountants, impacting its operational capacity [7].

Group 1 - The core viewpoint of the report is that the outlook for China's consumer market is optimistic, with expectations of a stronger RMB by 2026 and a stabilization in the real estate market, which will boost consumer confidence and stimulate local consumption [1] - PwC highlights the significant potential of the Chinese consumer market, driven by the growth of the middle and high-income groups who are increasingly focused on health and sustainability [1] - Retailers are leveraging technology and artificial intelligence to accelerate category management and the development of private labels, enhancing their competitive edge in the market [1] Group 2 - The Chinese government is actively promoting domestic demand and attracting foreign direct investment, with new policies being implemented to create substantial business opportunities in the consumer market [1] - Specific measures include tax incentives for reinvestment of profits by foreign investors, the full operation of the Hainan Free Trade Port, and enhanced tax benefits and open measures in the Greater Bay Area cooperation zones [1]