Core Insights - Merit Financial Advisors is pursuing both inorganic and organic growth through the acquisition of SSC Wealth, a financial advice team valued at $260 million [2] - The acquisition will bring four advisors to Merit, including Michele Hammann, who will take on a dual role as regional vice president and partner while continuing as chief strategy officer at SSC CPAs + Advisors [2][3] - The partnership aims to enhance client services by combining tax expertise from SSC with Merit's wealth management capabilities [4][6] Inorganic Growth - Merit has acquired SSC Wealth, which is part of SSC CPAs + Advisors, based in Topeka, Kansas [2] - SSC Wealth has a focus on high-net-worth individuals and business owners, providing tax strategy and business valuation services [5] - The acquisition is part of a trend where RIAs are increasingly integrating CPA services, with examples from both large and smaller firms [4] Organic Growth - Michele Hammann will facilitate organic growth by fostering referral collaboration and joint client engagement between Merit and SSC [3] - The partnership will allow Merit clients to access SSC's tax planning and business advisory services, while SSC clients can work with Merit's wealth managers [6] Industry Context - A recent survey indicated that 57% of RIA executives offer tax planning services, and 22% provide tax preparation [5] - The collaboration between RIAs and CPAs has been evolving, with many firms opting to bring tax services in-house [4]

Group 1: IPO Overview - In 2025, a total of 119 companies listed on the Hong Kong Stock Exchange, with 114 through IPOs and 5 through other methods [1] - The IPO intermediaries included 42 brokerage firms, 39 Hong Kong legal advisors, 33 Chinese legal advisors, and 9 accounting firms [1] Group 2: Sponsor Performance Rankings - The top five sponsors for the 114 Hong Kong IPOs were: 1. CICC with 41 deals 2. CITIC Securities (Hong Kong) with 32 deals 3. Huatai International with 22 deals 4. Guotai Junan with 13 deals 5. Morgan Stanley and China Merchants International, both with 12 deals [2][3] Group 3: Hong Kong Legal Advisors Rankings - The leading Hong Kong legal advisors for the IPOs were: 1. Davis Polk and Highbury with 16 deals each 2. K&L Gates with 9 deals 3. Several firms including Farrer & Co, King & Wood Mallesons, and others with 5 deals each [7][8] Group 4: Chinese Legal Advisors Rankings - The top Chinese legal advisors for the IPOs were: 1. Tongshang with 19 deals 2. Jingtian & Gongcheng with 17 deals 3. Zhong Lun with 10 deals [10][11] Group 5: Accounting Firms Rankings - The leading accounting firms for the IPOs were: 1. Ernst & Young with 41 deals 2. KPMG with 25 deals 3. Deloitte with 21 deals 4. PwC with 13 deals [14][15]

Group 1 - 52% of CFOs are optimistic about the US economy, a slight increase from 51% last quarter, contrasting with previous fluctuations [1] - The survey included responses from 230 finance leaders, indicating a steady outlook compared to the sharp swings seen after last year's election and Q2 tariff announcements [1][2] - CFOs are investing in digital tools and automation to tackle uncertainty and are focusing on building agile organizations to enhance efficiency and capture growth opportunities [2] Group 2 - Confidence in meeting supply chain needs remained unchanged at 57%, while confidence in meeting labor needs increased to 53% from 51% in the previous quarter [3] - Confidence in cost control rose to 53% from 50%, and confidence in growth increased to 49% from 46% [3] - 67% of CFOs expect to increase IT and digital transformation budgets next year, indicating a strengthening in technology spending plans [3] Group 3 - Cybersecurity budgets are expected to rise, with 60% of respondents forecasting an increase, which is a 17% rise from the previous quarter [4] - 51% of respondents expect operating expenses to rise over the next year [4] - 44% of CFOs believe the One Big Beautiful Bill Act will benefit their business, while 18% anticipate it will negatively impact their financial position [4]

Core Insights - In 2025, a total of 119 companies listed on the Hong Kong Stock Exchange, with 114 through IPOs, 2 via SPACs, 2 GEM to main board transfers, and 1 through introduction [1] - The leading underwriter for the IPOs was CICC, with 41 deals, followed by CITIC Securities (Hong Kong) with 32 deals [2][3] Underwriter Performance Rankings - The top five underwriters for the 114 Hong Kong IPOs were: 1. CICC: 41 deals 2. CITIC Securities (Hong Kong): 32 deals 3. Huatai International: 22 deals 4. Guotai Junan: 13 deals 5. Morgan Stanley and China Merchants International: 12 deals each [2][3] Hong Kong Legal Advisors Performance Rankings - A total of 39 Hong Kong legal advisors provided services for the IPOs, with the top five being: 1. Davis Polk & Wardwell and King & Wood Mallesons: 16 deals each 3. Conyers Dill & Pearman: 9 deals 4. Various firms including Farrer & Co, K&L Gates, and others: 5 deals each [5][6] Chinese Legal Advisors Performance Rankings - Among 33 Chinese legal advisors, the top five were: 1. Commerce & Finance Law Offices: 19 deals 2. Jingtian & Gongcheng: 17 deals 3. Zhong Lun Law Firm: 10 deals 4. DeHeng Law Offices: 8 deals 5. Guo Feng Law Firm: 7 deals [7][8] Accounting Firms Performance Rankings - Nine accounting firms provided audit services for the IPOs, with the top five being: 1. Ernst & Young: 41 deals 2. KPMG: 25 deals 3. Deloitte: 21 deals 4. PricewaterhouseCoopers: 13 deals 5. Hong Kong Lixin and Crowe (Hong Kong): 4 deals each [11][12]

Core Insights - Doeren Mayhew, a US-based assurance, tax, and advisory firm, has acquired Gerald Stinnett CPA, an accounting practice in Georgia, enhancing its service offerings and market presence in the region [1][4] Group 1: Acquisition Details - Gerald Stinnett CPA, founded in 1983, provides tax, accounting, and consulting services to both for-profit and non-profit sectors [1] - Following the acquisition, Gerald Stinnett and his team will operate from Doeren Mayhew's Metro Atlanta office [1] Group 2: Strategic Implications - The acquisition is expected to expand Doeren Mayhew's presence in Metro Atlanta, aiming to capture a larger market share and drive long-term value for businesses and high-net-worth individuals [3] - The transaction aligns with Doeren Mayhew's strategy of sustained growth, as stated by Jay Robbins, the managing principal for Greater Atlanta [3] Group 3: Client and Employee Benefits - Gerald Stinnett expressed excitement about the expanded scope of services and resources available to clients through the merger, highlighting the evolving nature of the accounting industry due to technology and regulations [2] - The acquisition will also provide staff with access to value-added training and opportunities for career growth [2]

Core Insights - The A-share IPO market in 2025 is showing signs of recovery, with a total of 116 companies completing their initial public offerings, an increase of 16 from the previous year, and total funds raised reaching 131.77 billion yuan, a year-on-year surge of 95.63% [1][4] Group 1: Competitive Landscape of Intermediaries - The competition among the three main intermediary institutions—brokerages, accounting firms, and law firms—is intensifying, directly impacting the health of the IPO market [1] - The "Matthew Effect" is evident in the brokerage sector, with top firms dominating both project numbers and underwriting amounts. Guotai Junan leads with 17 projects, followed by CITIC Securities with 15, and CITIC Jiantou with 11 [4][6] - In terms of underwriting scale, the total amount for A-share IPOs reached 130.83 billion yuan, a 97.4% increase year-on-year, with CITIC Securities leading at 24.65 billion yuan, capturing nearly half of the market share [6] Group 2: Audit and Legal Services - The audit sector is characterized by a "one strong, many strong" pattern, with Rongcheng CPA leading with 29 IPO projects, benefiting from a focus on high-tech sectors [7] - Legal services show a lower concentration, with Zhonglun and Jintiancheng each handling 14 projects, while Guohao follows with 13. Zhonglun excels in cross-border listings, and Jintiancheng is rapidly growing in the new energy sector [11][13] Group 3: Regulatory Changes - Significant regulatory changes are shaping the intermediary market, with new rules effective from February 15, 2025, emphasizing integrity and diligence among intermediaries and prohibiting collusion in fraudulent activities [15][17] - The new regulations also enhance penalties for violations, with fines up to ten times the illegal gains and potential suspension of practice for serious offenses, pushing the industry towards a focus on quality over scale [17]

Core Insights - Smith + Howard, a US-based accounting and advisory firm, has acquired Bauknight Pietras & Stormer (BPS), enhancing its presence in the southeastern US as part of its regional growth strategy [1][2] - The acquisition allows Smith + Howard to strengthen its position in key sectors such as construction, real estate, and manufacturing, while also broadening its exposure to BPS' core sectors like captive insurance and telecommunications [2][3] - BPS will transition to the Smith + Howard brand following the completion of the acquisition, which is expected to enhance client service and support sustainable growth [3][4] Company Expansion - The financial terms of the acquisition were not disclosed, but it is noted that this move is part of Smith + Howard's broader regional growth plans [1] - BPS managing shareholder Jay Swearingen emphasized the alignment of values and commitment to trust and innovation between the two firms, which will benefit their clients [2] - Smith + Howard's CEO Sean Taylor highlighted that BPS brings specialized expertise and strong client relationships, which will enhance the overall value delivered to clients [3][4] Advisory Services Enhancement - The acquisition adds to Smith + Howard's advisory offerings, including forensic accounting and litigation support, thereby expanding its service capabilities [3] - This strategic move follows Smith + Howard's previous acquisition of Smith Kesler & Co, which focused on accounting services for the construction sector, indicating a trend of growth through acquisitions [4]

Core Insights - The A-share market's IPO ecosystem remains active in 2025, with key intermediary institutions such as securities firms, accounting firms, and law firms playing crucial roles in the listing process [1][20] - A total of 116 companies completed their initial public offerings (IPOs) in 2025, raising a total of 131.77 billion yuan, an increase of 16 companies and 64.42 billion yuan compared to the previous year [1] Securities Firms - The leading securities firms in the IPO sponsorship field are Guotai Junan with 17 projects, followed by CITIC Securities with 15, and CITIC Jiantou with 11 [6][9] - Guotai Junan's success is attributed to its strong presence in the Yangtze River Delta and diversified service capabilities, particularly in the Sci-Tech Innovation Board and Growth Enterprise Market [9] - The second-tier firms, such as Huatai United and招商证券, are catching up, indicating increasing competition among smaller firms [10] Accounting Firms - Rongcheng CPA leads the accounting sector with 29 IPO projects, followed by Tianjian and Lixin with 20 and 17 projects, respectively [12] - Rongcheng's rise is due to its focus on hard technology sectors like semiconductors and biomedicine, while Tianjian benefits from its stronghold in the Zhejiang region [15] Law Firms - The concentration among top law firms is relatively low, with Zhonglun and Jintiancheng each handling 14 projects, and Guohao with 13 [19] - Zhonglun's international business strategy has positioned it well for Chinese concept stocks returning and cross-border mergers, while Jintiancheng has rapidly grown in the new energy and high-end manufacturing sectors [19] Market Trends - The 2025 A-share IPO intermediary service market exhibits characteristics of "head concentration and professional segmentation," with leading firms consolidating their market positions through brand effects and resource integration [19] - As the comprehensive registration system reform deepens, the professional responsibilities of intermediary institutions are becoming more pronounced, with a growing demand for firms capable of navigating complex regulatory environments [20]

Core Insights - MGI Worldwide has expanded its presence in West Africa by incorporating Ivory Coast-based Cabinet d'Expertise Comptable & de Conseils (CE2C) into its network [1][5] - CE2C, founded in 2014, operates from Abidjan and is led by Oura Kondro, a chartered accountant [1][3] - The firm employs 13 in-house professionals and collaborates with four external consultants [1] Service Offerings - CE2C provides a range of services including company incorporation, bookkeeping, tax and social security declarations, annual financial statement preparation, and business advisory [2] - The firm conducts statutory audits and frequently audits development projects funded by organizations like the World Bank and the African Development Bank [2] Strategic Development - Oura Kondro emphasized that joining MGI Worldwide is a crucial step in CE2C's development strategy, aiming to enhance service quality through shared skills and experience [3] - The partnership is expected to strengthen CE2C's international capabilities and visibility, supporting growth for both CE2C and its clients [4] - MGI Worldwide's network includes over 8,800 professionals across approximately 440 offices in nearly 100 countries [4]

The Association of Chartered Certified Accountants (ACCA) has confirmed that its Professional Diploma in Sustainability (ProDipSust) has been credit-rated by the Scottish Credit and Qualifications Framework (SCQF) at Level 10 and allocated 20 credits. SCQF Level 10 – part of an internationally agreed educational benchmark – aligns with the level associated with a UK bachelor’s (honours) degree. The ACCA said that the recognition underscores the programme’s academic standard and professional relevance. I ...