Core Viewpoint - The article discusses a recent court ruling regarding the entitlement of employees from auditing firms to performance bonuses in cases of financial fraud by listed companies, highlighting the legal distinctions between labor compensation and professional liability [2][6]. Group 1: Case Background - The case involves an employee from the auditing team of Hongda Xingye, a company penalized for financial fraud in June 2025, who sought unpaid performance compensation [2][3]. - The employee, identified as Xiong, was part of the auditing team from December 2019 until the termination of his contract in December 2024, during which he was owed over 70,000 yuan in performance bonuses for the years 2022 to 2024 [3][5]. Group 2: Court Rulings - The second-instance court ruled in favor of the employee, stating that the auditing firm must pay the owed performance compensation as there was no administrative penalty against the firm at the time of the ruling [6][7]. - The court clarified that the employee's request for compensation was valid despite the auditing firm's claims linking performance pay to the employee's involvement in the fraudulent activities of Hongda Xingye [6][7]. Group 3: Implications for the Industry - The ruling emphasizes the need to separate labor compensation issues from professional liability, suggesting that auditing firms cannot withhold salaries based on the actions of their employees unless there is a proven link to misconduct [6][7]. - The case sets a precedent for future disputes regarding employee compensation in the auditing sector, particularly in instances where firms face penalties for the actions of their staff [6][7].

Core Viewpoint - The crisis faced by Zhongxing Caiguanghua Accounting Firm is unprecedented due to the administrative penalty imposed by the China Securities Regulatory Commission (CSRC) on Lifang Shuke for financial fraud, leading to a mass termination of contracts by numerous companies with the firm [1][4][10]. Group 1: Impact of CSRC Investigation - On November 28, the CSRC announced an administrative penalty against Lifang Shuke for inflating revenues and costs over three consecutive years, prompting the Shenzhen Stock Exchange to initiate delisting procedures [1][4]. - Following the announcement, 52 A-share companies terminated their contracts with Zhongxing Caiguanghua between November 28 and December 30, with a total of 61 companies having done so since October [1][10]. - The firm lost nearly 70% of its A-share clients, which is considered a "fatal blow" for any accounting firm [1][10]. Group 2: Client Transition and Market Dynamics - The latest company to terminate its contract with Zhongxing Caiguanghua is Yunding Technology, citing internal resource optimization and personnel changes as reasons for the inability to provide qualified audit personnel [2]. - A significant number of companies in the New Third Board have also switched from Zhongxing Caiguanghua, with 91 companies reported to have terminated their contracts since November [2][12]. - Many companies are experiencing a "change of firm but not of auditor" phenomenon, where the signing auditors remain the same despite the change in the accounting firm [2][22]. Group 3: Historical Context and Previous Penalties - This is not the first time Zhongxing Caiguanghua has faced scrutiny; the firm has been penalized six times and subjected to 25 supervisory measures in the past three years [4][5]. - The firm was previously investigated for failing to exercise due diligence in audits for companies like Shihang High-Tech, which led to significant financial discrepancies [4][5]. - The firm has been involved in multiple cases of regulatory violations, including the "Blue Mountain Technology Fraud" case, which was highlighted as a typical case of fraud in the New Third Board [5]. Group 4: Operational Changes and Future Outlook - Following the investigation, Zhongxing Caiguanghua has significantly reduced its registered capital from 38.5 million to 16.3 million, a decrease of 57.7% [13]. - The firm has also seen a reduction in its partner count, with the number dropping from 187 to around 160, indicating a contraction in its operational capacity [19]. - The firm has emphasized the need to improve audit quality in light of the current challenges, as stated by its chief partner during a recent partners' meeting [19].

2025年度圆满收官。回顾今年以来IPO市场，2025年，A股IPO市场交出了一份亮眼的成绩单，今年A股新股延续了"零破发"的态势，赚钱效应明 显，打新收益创三年新高。本系列将从多个角度对2025年A股IPO进行数据盘点。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 根据Wind数据统计，年内A股共有116家企业成功上市，同比增长16%，新股受理及发行持续实现常态化；合计募集资金1317.71亿元，同比增长 95.64%；平均募集额11.36亿元，同比增长68.66%。 年内共受理278家，上会124家，过会107家，撤回99家，终止7家，过会率为95.7%，真实过会率为45.3%（真实过会率=本期开会且已通过家数/ （本期状态更新为通过+未通过+暂缓表决+待表决家数+终止/撤回的家数）） 截至2025年12月31日，仍有333家企业处于IPO排队状态。按审核状态，已受理68家，已问询178家，已审核通过15家，暂缓表决2家，报送证监会 29家，证监会注册13家，中止审查28家。 审计业务方面，有17家会计师事务所担任了这116家IPO上市企业的审计机构，首发审计费合计16 ...

（文章来源：证券日报） 证券日报网讯 12月30日，三元生物发布公告称，近日，公司收到容诚会计师事务所（特殊普通合伙） （简称"容诚会计师事务所"）出具的《关于变更山东三元生物科技股份有限公司签字注册会计师的说明 函》。容诚会计师事务所作为公司2025年年度财务报表和内部控制的审计机构，原指派王准女士、郝光 伟先生为项目签字注册会计师，鉴于原签字注册会计师郝光伟先生工作调整，经容诚会计师事务所安 排，将签字注册会计师变更为郑珊杉女士。公司的签字会计师由王准女士、郝光伟先生变更为王准女 士、郑珊杉女士。 ...

【环球时报报道 记者 李萌】全球知名会计师事务所毕马威22日发布的《2025年跨国企业中国展望报 告》显示，尽管面临短期收入增长放缓和利润率收紧的挑战，但3/4在中国运营的跨国公司仍在2025年 维持或增加了投资。 据香港《南华早报》23日报道，毕马威本次调查于今年6月至9月开展，受访对象为137名在华运营的跨 国公司高管。调查结果显示，除多数企业维持或加码投资外，本地化布局成为重要趋势，83%的公司已 实现或计划实现中国业务关键部分的本地化，重点覆盖制造业、供应链和研发领域。 毕马威中国区合伙人兼跨国客户联席主管马克·哈里森表示，过去6个月在华跨国公司并购活动显著增 加，背后主要受两大战略驱动。一方面，全球跨国公司积极收购电动汽车、医疗技术、生物技术、水技 术、先进材料和机器人等优势行业企业，借此挖掘全球商业潜力并充分利用生产能力；另一方面，面向 消费者的行业中，为应对激烈本土竞争和复杂市场动态，跨国公司通过收购经销商、代理商及原始设备 制造商推进垂直整合，以更精准地把握中国消费者需求并提升服务质量。 与此同时，数字化转型已成为跨国公司在华核心战略。调查显示，超90%的企业将数字化转型列为重点 方向，其中5 ...

Group 1 - A significant wave of accounting firm changes is occurring among A-share listed companies, with 50 companies terminating contracts with Zhongxing Caiguanghua and Yongtuo accounting firms due to regulatory penalties for financial misconduct [2] - The wave of terminations is driven by the China Securities Regulatory Commission's (CSRC) strict enforcement actions, including the investigation of Zhongxing Caiguanghua for failing to perform due diligence in the case of *ST Lifang, which inflated revenue by 638 million yuan from 2021 to 2023 [2] - More than 30 companies, including ST Changfang and Tongniu Information, have announced contract terminations with Zhongxing Caiguanghua, opting for other firms like Unitai Zhenqing and Zhongxinghua [2] Group 2 - Yongtuo accounting firm faces severe consequences, having been penalized 65.283 million yuan for issuing false audit reports for companies like Hongda Xingye, which inflated profits by over 4 billion yuan [3] - Following the penalties, over 10 companies, including *ST Jingang and *ST Shengxun, have hastily severed ties with Yongtuo [3] - The implementation of the new Securities Law and the collective litigation system has intensified the responsibilities of intermediary institutions, leading to a "zero tolerance" approach in the capital market since 2025 [3]

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。 ...

Core Viewpoint - The Shenzhen Stock Exchange has imposed disciplinary actions against Da Xin Accounting Firm and its certified public accountants Wang Jin and Cui Huqiang for failing to perform due diligence in the audit of Huaxun Fangzhou Co., Ltd. for the years 2016 and 2017, resulting in false records in the audit reports [1][3][9]. Group 1: Disciplinary Actions - Da Xin Accounting Firm and the two accountants received public reprimands and criticism for their roles in the audit of Huaxun Fangzhou's financial statements [1][9]. - The firm and the accountants were previously warned by the Shenzhen Stock Exchange regarding issues in the 2018 annual report audit of Huaxun Fangzhou [1][3]. Group 2: Violations Identified - The audit reports for 2016 and 2017 contained false records due to the firm's failure to maintain professional skepticism and obtain sufficient audit evidence [3][9]. - Specific instances of negligence included not recognizing significant discrepancies in sales and inventory records, such as sales invoices being dated earlier than delivery dates and inconsistencies in customer addresses [4][5][6][7][8]. Group 3: Consequences and Record Keeping - The violations by Da Xin Accounting Firm and the accountants will be recorded in their integrity files, impacting their professional reputation [10].

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]