Group 1 - The core viewpoint of the report indicates that the A-share market showed signs of recovery in the second quarter of 2025 after a slowdown in the first quarter, with expectations that the overall new stock issuance in 2025 will align with 2024 levels [1][2] - The report highlights that the implementation of the "1+6" policy measures by the China Securities Regulatory Commission and the introduction of a third set of standards on the ChiNext board will support the listing of high-quality, unprofitable innovative companies, leading to increased activity in the A-share market, particularly for high-tech enterprises [1][2] - It is projected that by June 30, 2025, there will be 50 new stocks listed in the A-share market, raising 37.1 billion RMB, which represents a 14% increase in both the number of new stocks and total financing compared to the first half of 2024 [1] Group 2 - The report anticipates that the H-share market will see 40 new stocks raising 10.21 billion HKD in the first half of 2025, marking a 33% increase in the number of new listings and a 673% increase in total financing compared to the same period last year [2] - Factors driving the Hong Kong new stock market include encouragement for leading mainland enterprises to list in Hong Kong, simplification of the listing application process for A-share companies, and improved market liquidity and valuation [2] - The report estimates that the Hong Kong new stock market could see 80 new stocks raising 20 billion HKD in 2025, with significant contributions expected from the technology, media, telecommunications, and consumer sectors [2]

Core Viewpoint - The article discusses the significant increase in the number of listed companies in Shenzhen changing their auditing firms, primarily due to regulatory penalties affecting several major accounting firms [2][10]. Group 1: Audit Firm Changes - In 2024, 103 listed companies in Shenzhen changed their auditing firms, surpassing the total of 98 changes in 2022 and 2023 combined [3][10]. - The proportion of companies changing auditors has increased significantly, with 35, 63, and 103 companies changing firms in 2022, 2023, and 2024 respectively [10]. Group 2: Impact on Major Accounting Firms - Major firms such as Daxin, PwC, and Tianzhi International experienced a drastic reduction in the number of projects they undertook, with Daxin's projects dropping from 49 to 6 (a decrease of 87.76%), PwC's from 12 to 3 (a decrease of 75%), and Tianzhi's from 22 to 10 (a decrease of 54.55%) [4][10]. - The article highlights that the loss of clients for these firms is attributed to regulatory penalties and the resulting loss of qualifications [9]. Group 3: Audit Reports and Fees - As of April 30, 2025, all 423 listed companies in Shenzhen submitted their 2024 annual reports and audit reports on time, with 407 receiving standard unqualified audit opinions [5]. - The total audit fees for the 414 companies that disclosed their fees amounted to 862 million yuan, with an average fee of 2.0376 million yuan, reflecting a slight increase from the previous year's average of 2.0116 million yuan [6][7]. - Among the listed companies, 189 experienced an increase in audit fees, with the highest increase reaching 172.73%, while 94 companies saw a decrease, with the largest drop being 57.14% [7]. Group 4: Long-term Auditor Relationships - There are 57 listed companies in Shenzhen that have retained the same auditing firm for over 10 years, accounting for 13.48% of the total [11]. - One company has maintained the same auditor for 24 years and has announced plans to change its auditing firm [11].

Core Viewpoint - The recent cancellation of the registration of three accounting firms indicates the effective implementation of the newly revised "Administrative Measures for the Registration of Accounting Firms Engaging in Securities Services," showcasing the emergence of a survival of the fittest mechanism in the industry [1][3]. Group 1: Regulatory Changes - The new regulations allow for the cancellation of registration for accounting firms that voluntarily apply for it, fail to report significant events, or have false or misleading information in their registration materials [1]. - The cancellation of registration is not a permanent status, establishing a dynamic mechanism for quality control in the securities auditing market [1]. Group 2: Recommendations for Improvement - Establish a rating system for accounting firms engaged in securities services, with annual evaluations based on current performance and historical audit cases, categorizing firms into grades A, B, C, and D [2]. - Mandatory disclosure of the latest ratings for accounting firms hired by listed companies, with specific warnings for those hiring D-rated firms, and requirements to disclose audit fees [2]. - Increase the circumstances under which firms can be deregistered, including automatic deregistration for the lowest-rated firms and those with significant violations [2]. - Create a seamless transition system for audit services when a firm is deregistered, ensuring continuity in audit operations [2]. Group 3: Liability and Accountability - The structure of special partnerships in accounting firms may allow partners to evade responsibility for misconduct; thus, there is a need to clarify conditions under which partners can be held jointly liable [3]. - The cancellation of registration for accounting firms should not absolve them of civil liability, and a simplified compensation process for investors should be explored [2][3].

近日，港股上市公司新城悦服务发布公告称，应董事会及该公司审核委员会建议，罗兵咸永道会计师事务 所（即普华永道在香港分支机构，以下简称罗兵咸永道）已辞任该公司核数师。 截至目前，新城悦服务尚未发布2024年年报。据公告，在审核2024年全年业绩的过程中，罗兵咸永道发现该公 司与关联人士之间的若干资金往来并未记入公司编制的记账记录及财务报表等问题。在该公司成立独立调查委 员会后，罗兵咸永道提交了额外审计收费报价，但遭上市公司拒绝，并被建议辞任核数师。而这也是辞任函 中，罗兵咸永道提请股东垂注的事宜。 据券商中国记者梳理，在具有上述财报争议事项前提下，因审计费用分歧而被上市公司建议辞任的案例较为少 见。 已担任该公司核数师多年 新城悦服务是一家主要提供物业管理服务及增值服务的投资控股公司，实控人是房地产公司新城控股原董事长 王振华。罗兵咸永道服务该公司已有多年。2018年，新城悦服务登陆港股时，罗兵咸永道担任申报会计师和核 数师，此后的2018年—2023年六个报告期，均被委任为年报核数师。 3月19日，新城悦服务发布预亏公告，称预计2024年度该公司拥有人应占净亏损介乎约人民币7亿元至9亿元。 公告提到，该亏损主 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed penalties on Zhongshen Hua Accounting Firm for failing to conduct due diligence during the audit of Ningxia Yuangao Industrial Group's financial statements for 2018 and 2019, resulting in false records of cash, revenue, and profits [1][5]. Summary by Sections Audit Violations - Zhongshen Hua's audit reports contained false records, with Ningxia Yuangao's 2018 and 2019 annual reports showing inflated cash, revenue, and profit figures [1][5]. - The firm failed to develop specific audit plans and did not adequately identify and assess risks, leading to significant deficiencies in fraud risk response and audit procedures [6][8]. Specific Audit Failures - The firm did not independently send confirmation letters and failed to monitor the mailing process, exposing the audit to risks of interception and alteration [11]. - In 2018 and 2019, Zhongshen Hua did not execute planned audit procedures to test the effectiveness of the financial reporting system, violating relevant auditing standards [7][8]. Penalties Imposed - The CSRC has ordered the confiscation of Zhongshen Hua's audit business income amounting to 754,717 yuan and imposed a fine of approximately 1,509,433 yuan. The two signing accountants, Zhao Gang and Wang Haiting, were each fined 250,000 yuan [2].

5月21日晚间，德银天下发布公告称，罗兵咸永道会计师事务所和普华永道中天会计师事务所（特殊普 通合伙）将于其当前任期届满后分别退任本公司国际财务报告准则和中国企业会计准则下的核数师。 公告称，鉴于公司未来审计服务的需要及为了维持良好的企业管治，本公司正在筹备新一任核数师的选 聘工作，因此董事会已批准不寻求在本公司股东周年大会上续聘罗兵咸永道及普华永道。据悉，罗兵咸 永道为普华永道会计师事务所（以下合称"普华永道"）在香港市场开展业务的主体。 值得注意的是，自德银天下2022年上市以来，罗兵咸永道便一直担任其核数师。德银天下年报显示， 2022年-2024年，德银天下向普华永道支付的服务费用分别为348.3万元、337.3万元、392.2万元。 这并非普华永道近期首次被上市公司解约。5月14日，李宁也曾发布公告称，公司拟聘任安永会计师事 务所为核数师，前任核数师罗兵咸永道会计师事务所将不再续聘。 事实上，受证监会立案调查影响，近年来普华永道接连遭上市公司解约。据21世纪经济报道，2023年， 普华永道中天在A股市场的客户合计106家，审计费用合计9.47亿元，在行业位居第二（仅次于立信）， 但2024年，这些客 ...

Core Points - The revised Anti-Money Laundering Law in China now includes specific non-financial industries, such as accounting firms, under its regulatory framework [1][2] - The draft management measures for anti-money laundering in accounting firms were released for public consultation, aiming to strengthen and standardize their anti-money laundering efforts [1][2] Group 1: Regulatory Framework - The draft management measures outline 30 provisions detailing the anti-money laundering obligations, supervision, and legal responsibilities of accounting firms [1][2] - The inclusion of accounting firms in the anti-money laundering framework is a response to the evolving methods of money laundering that bypass traditional financial institutions [1] Group 2: Implementation Requirements - The draft specifies requirements for internal control systems, risk assessments, and customer due diligence for accounting firms [2] - Accounting firms must refuse transactions or terminate business relationships if they identify a high risk of money laundering [2] - Obligations include reporting suspicious transactions to the Chinese Anti-Money Laundering Monitoring and Analysis Center through the Chinese Institute of Certified Public Accountants [2] Group 3: Oversight and Accountability - Responsibilities for oversight are assigned to provincial-level finance departments, the People's Bank of China, and industry associations regarding anti-money laundering efforts in accounting firms [2] - Legal consequences are established for accounting firms that violate anti-money laundering obligations, as well as for personnel involved in anti-money laundering activities who breach regulations [2]

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has imposed administrative penalties on Lixin Certified Public Accountants for their audit of the financial statements of Rihai Intelligent Technology Co., Ltd. for the years 2018 and 2019, citing false records and inadequate audit procedures [1][4][11]. Group 1: Audit Violations - Lixin's audit reports and related documents for Rihai Intelligent contained false records, leading to inflated profits of 33.43 million yuan in 2018 and 3.68 million yuan in 2019, which represented 37.58% and 5.13% of the reported profits for those years respectively [1][4][10]. - The audit procedures for goodwill were inadequately executed, as Lixin relied on an asset evaluation report that did not consider the impact of minority shareholders' equity on goodwill, resulting in incorrect audit conclusions [2][5][9]. - The audit of main business income was also insufficient, with Lixin failing to account for significant financing components in a contract, leading to an overstatement of income by 2.13 million yuan [2][6][9]. Group 2: Penalties and Responsibilities - Lixin was ordered to correct its practices, had its business income confiscated amounting to 3.77 million yuan, and was fined 7.55 million yuan [11][12]. - The responsible auditors, Zhang Yong and Wang Zehui, received warnings and fines of 550,000 yuan and 500,000 yuan respectively for their roles in the audit failures [11][12]. - The regulatory body emphasized that Lixin's actions violated multiple provisions of the Securities Law and auditing standards, indicating a lack of due diligence in their audit processes [6][10][11].

张明益认为，AI、大数据等数字科技在ESG领域具有多元应用前景。从支撑上市公司实现可持续发展目 标的角度看，在环境场景中，AI可优化能源管理系统，实时监测能源消耗，实现节能减排。社会场景 中，可借助大数据分析员工需求，改善工作环境与福利。治理场景下，AI助力企业完善风险管理体 系，识别潜在合规风险，优化公司决策流程，提高治理效率。 张明益表示，结合安永的经验与观察，接下来，AI+ESG的核心价值将从"工具辅助"转向"战略驱动"， 多个重点行业或将取得突破，如高碳行业(电力、钢铁、化工)、制造业以及金融业等。 随着AI技术在ESG领域持续渗透，现有ESG披露机制也将助力AI治理落地。安永大中华区ESG可持续发 展主管合伙人李菁认为，ESG披露机制是连接企业实践与外部监督的制度框架，通过规则设计引导"技 术向善"。具体而言，ESG披露机制可以进一步推动AI治理体系化构建，从制度层面规避技术滥用风 险；强化AI治理外部监督，尤其投资者可以根据ESG披露信息择优进行投资，形成正向激励机制；增强 AI治理的价值传导，促使企业将技术伦理、社会影响评估嵌入产品设计与业务流程，实现技术创新与 ESG目标协同进化。 中证报中证 ...

Group 1 - The emergence of AI technologies, such as Deepseek, is set to enhance the ESG (Environmental, Social, Governance) development of listed companies, promoting a new model of "technology innovation + green governance" [1][5] - The fourth "Listed Company Sustainable Development Officer Forum and Annual Best Awards Evaluation" was launched on May 7, focusing on the innovative application of AI in the entire ESG governance chain [1][6] - Ernst & Young (EY) has introduced an AI-assisted evaluation mechanism for this year's awards, utilizing the "EY Corporate ESG Information Database" to improve the scientific and fair nature of the evaluation [1][8] Group 2 - The mandatory disclosure of ESG information has become a critical requirement for listed companies, especially with the new regulations from the China Securities Regulatory Commission (CSRC) effective from July 1 [4][5] - The CSRC's revised disclosure management measures mark a significant shift in ESG reporting, transitioning from optional to mandatory for listed companies [4][6] - The three major stock exchanges in China have also established guidelines to standardize the disclosure of sustainable development reports, providing detailed guidance for companies [4][6] Group 3 - The current macroeconomic context indicates that China is at a critical stage in its "14th Five-Year Plan" for carbon peak, creating a favorable environment for the development of green low-carbon industries [5][6] - Companies are shifting from passive compliance to proactive innovation in ESG disclosures, aiming to transform ESG into a new growth point that balances environmental benefits and commercial value [5][6] - The integration of ESG systems with China's new productive forces is accelerating, positioning ESG as a key driver for high-quality economic development [6][7] Group 4 - AI is expected to significantly enhance the efficiency of corporate ESG disclosures by improving data processing, policy analysis, and alignment with industry standards [7] - The transition from compliance disclosure to value communication is facilitated by AI, allowing companies to better convey their sustainable development competitiveness [7] - AI will also play a crucial role in the cultivation of ESG talent within companies, although challenges such as technological credibility and industry application scenarios remain [7][8] Group 5 - The evaluation standards for the awards cover nine dimensions, including innovation, low-carbon emission reduction benefits, ecological environmental benefits, social responsibility benefits, and governance improvement benefits [10] - EY aims to continue supporting Chinese companies in contributing to global sustainable development by integrating local wisdom with global values [10]