Changing the name of Dahua International to Dehao does not solve all problems. Author | Li Feilin Source | Bond Market Observer After publicly dissociating itself from Dahua Securities, Beijing Dahua International further severed ties with Dahua Securities. According to Tianyanch

Dahua International changed its name to Dehao, but it does not solve all the problems.

Author | Li Feilin

Source | Bond Market Observation

After publicly dissociating itself from Dahua Securities, Beijing Dahua International further severed ties with Dahua Securities.

According to Tianyancha, Beijing Dahua International Accounting Firm (Special General Partnership) (referred to as "Beijing Dahua International") has now been renamed Beijing Dehao International Accounting Firm (Special General Partnership) (referred to as "Dehao International") .

Picture source: Tianyancha

On June 3, Beijing Dahua International also used the name of Beijing Dahua International to issue a statement on its official Weibo, saying that has always been an independent market entity operating in accordance with the law, and has no relationship with any historical or existing has neither legal affiliation nor any actual control relationship with any other organization.

Picture source: Beijing Dahua International official WeChat account

In less than a week, Beijing Dahua International changed its face, and completely abandoned the once golden brand name of "Dahua".

But in the statement on June 3, Beijing Dahua International also specifically explained its history and brand. "Dahua" is called the brand of the accounting industry. With the improvement of China's international status, Moore Global, the world's top accounting international organization, has determined the Chinese name as "Dahua International". Based on the recognition of the brand spirit and the requirement to apply to join the international network program, changed its name to Beijing Dahua International after obtaining formal consent letters from 9 institutions in the accounting firm industry that hold the "Dahua" brand name. The name of Rongshen Accounting Firm (General Partnership) was changed to Beijing Dahua International.

Regarding the name change of Beijing Dahua International, some netizens said, “18 partners of Dahua Law Firm have become partners of Beijing Dahua International, and 57 listed company clients of the original Dahua Law Firm have announced that they have been hired by Beijing Dahua International. These things can't be fooled by just changing the name." "What's the difference? It's not the same as DH." Some netizens said, "I found out that there are so many tricks in your industry." However, Beijing Dahua International has not issued a public response to similar remarks.

Picture source: Xiaohongshu

01

In 2024, 18 Dahua clients

switched to Beijing Dahua International

Previously, affected by the financial fraud case of Jin Tongling (300091.sz), Dahua Accounting Firm (Special General Partnership) ( (hereinafter referred to as "Dahua Firm") Dahua Firm was fined 41.3208 million by regulatory authorities and suspended its securities service business for 6 months. After the penalty was implemented, many listed companies canceled cooperation with it. Many IPOs served by Dahua Firm The company also suspended the IPO process.

Source: Can Gallery

At the same time, the market noticed that an A-share listed company that had canceled cooperation with Dahua Exchange quickly hired Shenzhen Dahua International Accounting Firm (Special General Partnership) (referred to as "Shenzhen Dahua International") ) is the audit agency. Even before the punishment was implemented, in late April, an A-share listed company changed its audit agency to Beijing Dahua International.

This phenomenon has also attracted market attention, questioning whether Dahua Law Firm has changed its "vest" to continue operating, or whether it has "started a new business" after the partners separated.

Picture source: Xiaohongshu

According to statistics from the self-media "ycy Accounting Industry Observation", as of now, all 35 A-share clients of Dahua's 2024 annual report audit have changed to other accounting firms (and Xinguodu has canceled the change), Among them, 18 companies switched to Beijing Dahua International and 10 changed to Shenzhen Dahua International.

Source: We-media "ycy Accounting Industry Observation"

In fact, before this, the relationship between Dahua Law Firm and Beijing Dahua International had begun to take shape.

According to statistics from the self-media "ycy Accounting Industry Observation", by the end of 2023, had 57 and 16 A-share companies respectively. changed its 2023 annual report audit from Dahua Accounting Firm to Beijing Dahua International Accounting Firm. or Shenzhen Dahua International Accounting Firm. Such as listed companies Furui Special Equipment, ST Xintong, Longyu Holdings, Oriental Fashion, Tianyu Digital, Eternal Asia, Xinbang Pharmaceutical, Meihua Biotech, etc.

Dahua International changed its name to Dehao, but it does not solve all the problems.

Author | Li Feilin

Source | Bond Market Observation

After publicly dissociating itself from Dahua Securities, Beijing Dahua International further severed ties with Dahua Securities.

According to Tianyancha, Beijing Dahua International Accounting Firm (Special General Partnership) (referred to as "Beijing Dahua International") has now been renamed Beijing Dehao International Accounting Firm (Special General Partnership) (referred to as "Dehao International") .

Picture source: Tianyancha

On June 3, Beijing Dahua International also used the name of Beijing Dahua International to issue a statement on its official Weibo, saying that has always been an independent market entity operating in accordance with the law, and has no relationship with any historical or existing has neither legal affiliation nor any actual control relationship with any other organization.

Picture source: Beijing Dahua International official WeChat account

In less than a week, Beijing Dahua International changed its face, and completely abandoned the once golden brand name of "Dahua".

But in the statement on June 3, Beijing Dahua International also specifically explained its history and brand. "Dahua" is called the brand of the accounting industry. With the improvement of China's international status, Moore Global, the world's top accounting international organization, has determined the Chinese name as "Dahua International". Based on the recognition of the brand spirit and the requirement to apply to join the international network program, changed its name to Beijing Dahua International after obtaining formal consent letters from 9 institutions in the accounting firm industry that hold the "Dahua" brand name. The name of Rongshen Accounting Firm (General Partnership) was changed to Beijing Dahua International.

Regarding the name change of Beijing Dahua International, some netizens said, “18 partners of Dahua Law Firm have become partners of Beijing Dahua International, and 57 listed company clients of the original Dahua Law Firm have announced that they have been hired by Beijing Dahua International. These things can't be fooled by just changing the name." "What's the difference? It's not the same as DH." Some netizens said, "I found out that there are so many tricks in your industry." However, Beijing Dahua International has not issued a public response to similar remarks.

Picture source: Xiaohongshu

01

In 2024, 18 Dahua clients

switched to Beijing Dahua International

Previously, affected by the financial fraud case of Jin Tongling (300091.sz), Dahua Accounting Firm (Special General Partnership) ( (hereinafter referred to as "Dahua Firm") Dahua Firm was fined 41.3208 million by regulatory authorities and suspended its securities service business for 6 months. After the penalty was implemented, many listed companies canceled cooperation with it. Many IPOs served by Dahua Firm The company also suspended the IPO process.

Source: Can Gallery

At the same time, the market noticed that an A-share listed company that had canceled cooperation with Dahua Exchange quickly hired Shenzhen Dahua International Accounting Firm (Special General Partnership) (referred to as "Shenzhen Dahua International") ) is the audit agency. Even before the punishment was implemented, in late April, an A-share listed company changed its audit agency to Beijing Dahua International.

This phenomenon has also attracted market attention, questioning whether Dahua Law Firm has changed its "vest" to continue operating, or whether it has "started a new business" after the partners separated.

Picture source: Xiaohongshu

According to statistics from the self-media "ycy Accounting Industry Observation", as of now, all 35 A-share clients of Dahua's 2024 annual report audit have changed to other accounting firms (and Xinguodu has canceled the change), Among them, 18 companies switched to Beijing Dahua International and 10 changed to Shenzhen Dahua International.

Source: We-media "ycy Accounting Industry Observation"

In fact, before this, the relationship between Dahua Law Firm and Beijing Dahua International had begun to take shape.

According to statistics from the self-media "ycy Accounting Industry Observation", by the end of 2023, had 57 and 16 A-share companies respectively. changed its 2023 annual report audit from Dahua Accounting Firm to Beijing Dahua International Accounting Firm. or Shenzhen Dahua International Accounting Firm. Such as listed companies Furui Special Equipment, ST Xintong, Longyu Holdings, Oriental Fashion, Tianyu Digital, Eternal Asia, Xinbang Pharmaceutical, Meihua Biotech, etc.

In fact, in late April, three companies, Huayuan Biology (300401.sz), *st Zhengbang (002157.sz), and Lianchuang Electronics (002036.sz), changed their audit institutions from Dahua to Beijing Dahua. The reason for the change of international and is . "Because the original audit team has been separated from Dahua as a whole and has been absorbed and merged by Beijing Dahua International, it is planned to appoint Beijing Dahua International as the company's annual financial audit agency and internal control audit agency in 2024. ".

According to Tianyancha, 18 partners withdrew from Dahua on November 24 last year, and on November 28, the names of these 18 people appeared in the list of new partners of Beijing Dahua International. It is worth noting that Jin Tongling (300091.sz), which dragged Dahua into the quagmire, received the "Administrative Penalty Advance Notice" issued by the China Securities Regulatory Commission on November 20 last year.

Source: Tianyancha

In addition, bond market observation also noticed that the registered addresses of Dahua Securities and several branches of Beijing Dahua International overlap. Sky Eye Check shows that the registered addresses of Dahua Guizhou Branch and Beijing Dahua International Guizhou Branch are on the same floor of the Jinyanghuicheng Commercial Office Building in Guanshanhu District, Guiyang City; Dahua Jiangxi Branch and Beijing Dahua International Jiangxi Branch The registered addresses of the offices are the same; the registered addresses of Dahua Zhejiang Branch and Dahua International Hangzhou Branch are both in Ruikai Shuixiang Building, Shangcheng District, Hangzhou.

Picture source: Tianyancha

02

Dahua Institute Shenzhen branch coincides with Shenzhen Dahua International

registered address

also uses the sign of "Dahua International". Bond market observation also noticed that Shenzhen Dahua International and Dahua Institute also Not without intersection.

Xinguodu said that received a letter from Dahua International stating that part of the audit team of the former Dahua firm that it served has been transferred to Shenzhen Dahua International. also stated that the changed accounting firm had communicated with both the previous and the previous accounting firms, and both parties had no objection to the change.

It is worth noting that Xinguodu has changed to cooperate with Shenzhen Dahua International. One of the signing certified public accountants is still Zhu Lili, the signing certified public accountant sent by Dahua when the original plan was to renew the contract with Dahua.

However, Beijing Dahua International and Shenzhen Dahua International, two accounting firms with surprisingly similar names, can easily be misunderstood as being established by the same boss. However, from public information, it seems that the two Dahua International are not directly related.

According to the official website, Shenzhen Dahua International, formerly known as Shenzhen Tianpeng Accounting Firm (General Partnership), was established on January 12, 2005. In September 2023, it was renamed Shenzhen Dahua International Accounting Firm (Special General Partnership). Shenzhen Dahua International stated that it has absorbed part of the business team of Dahua Law Firm Shenzhen Branch. Currently, has 21 partners and 68 certified public accountants with relevant industry experience and listed company audit experience.

could originally be understood as a normal job-hopping for practitioners, but bond market observation found that the registered addresses of the Shenzhen Branch of Dahua Securities and Shenzhen Dahua International also overlapped.

Picture source: Can Gallery

The registered addresses of Shenzhen Dahua International and Dahua Law Firm Shenzhen Branch are both Radio and Television Financial Center , No. 9 Pengcheng 1st Road, Fuxin Community, Lianhua Street, Futian District, Shenzhen, one is at 14f and the other is at 11a11- 14f. The two companies share a registered address, and the relationship between Dahua Law Firm and Shenzhen Dahua International suddenly became unclear.

It is worth noting that on May 29, Xinguodu once again issued an announcement saying that had canceled the original plan to change Shenzhen Dahua International as the audit agency in 2024. The reason was that in view of the recent related matters of Shenzhen Dahua International, the company has yet to make further progress. Verify.

Picture source: Xinguodu Announcement

03

What is the impact of the suspension of business?

The house leaked and it rained all night. In fact, not only the securities services business of UOB has been suspended for 6 months, but also UOB’s inter-bank business has been suspended for 6 months, according to Brokerage China.

In the inter-bank market, Dahua promised to "suspend the audit business of new debt financing instrument issuers during the suspension of securities service business."

While the securities business and inter-bank business have pressed the pause button, means that the impact of Jin Tongling’s financial fraud case on Dahua Securities is not limited to the securities regulatory system and the exchange market. The inter-bank market business has also been affected. This will be Comprehensive impact across markets at once.

With the implementation of Dahua’s punishment, according to “Interface News”, more than 40 A-share listed companies have announced the cancellation of cooperation with Dahua.

In addition, according to bond market observation, as of May 27, the status of 12 projects served by Dahua has been updated to "suspended", including 1 IPO project, 9 refinancing projects, and 2 major asset restructuring projects. The projects involved in the suspension of

cover many fields, including the ipo process of Afanda; Yuan New Materials, Yuncong Technology, Dongfang Electric, AVIC Heavy Machinery and Huayi Brothers' private placement ; as well as Zhibang Home Furnishing, Solar Energy, Tianshan Shares and Lingyi Intelligent Manufacturing issued convertible bonds. In addition, the merger and reorganization project of AVIC Electronics and Visionox has also been affected.

Picture source: Can Gallery

From the perspective of customer churn rate, the IPO business has the most severe impact. The business has been suspended for up to 6 months. Companies often hire other accounting firms because they "can't afford to wait". In fact, according to wind data, as of May 29, among the IPO filing companies, 35 of the 38 companies served by Dahua have entered the "suspended" state.

The penalty imposed on Dahua forced these projects under review to press the pause button. Faced with such a situation, what will these companies make next choices? Should continue to wait for Dahua Law Firm to resume practice, turn to an audit agency that has close ties with Dahua Law Firm, or find a new partner?

According to the opinions of industry insiders quoted by "New Express", rumors about the punishment of Dahua Law Firm have been circulating for some time. Dahua International Accounting Firm was established before Dahua Law Firm. This firm and Dahua Law Firm can be said to be owned by the same group of people. Two cards. Since the relevant business of UOB can be directly transferred to UOB International, regulatory penalties will have little impact on UOB.

Source: Can Gallery

In addition, "Brokerage China" quoted the opinions of experts, scholars and lawyers as saying that should not only respect the rights of accountants to legally transfer firms, but also implement the responsibility and punishment for fraud cases on individuals. In addition to the signatory accountants of relevant projects, the person in charge of risk control within the accounting firm and the relevant partners of the accounting firm should bear personal liability corresponding to their faults.

Previously, not long after the regulatory penalties came into effect, Dahua Firm broke out about a fight with a partner of Dahua International in the office. This inevitably led to speculation that whether Dahua Firm transferred business to Dahua International, there was a dispute between the partners. Are there differences in the distribution of benefits? Dahua Securities has not made a public response to the rumors that leaked out on the Internet and the market questioning its "opening a trumpet account."

However, before waiting for Dahua Law Firm’s response, Beijing Dahua International took the lead and made a public statement, saying that it had no legal or actual control relationship with other institutions. He also expressed his recognition of the "Dahua" brand. Now he has changed his name and surname to further separate himself from Dahua.

What do you think of Beijing Dahua International changing its name to Dehao? welcomes comments in the comment area for discussion.

In the inter-bank market, Dahua promised to "suspend the audit business of new debt financing instrument issuers during the suspension of securities service business."

While the securities business and inter-bank business have pressed the pause button, means that the impact of Jin Tongling’s financial fraud case on Dahua Securities is not limited to the securities regulatory system and the exchange market. The inter-bank market business has also been affected. This will be Comprehensive impact across markets at once.

With the implementation of Dahua’s punishment, according to “Interface News”, more than 40 A-share listed companies have announced the cancellation of cooperation with Dahua.

In addition, according to bond market observation, as of May 27, the status of 12 projects served by Dahua has been updated to "suspended", including 1 IPO project, 9 refinancing projects, and 2 major asset restructuring projects. The projects involved in the suspension of

cover many fields, including the ipo process of Afanda; Yuan New Materials, Yuncong Technology, Dongfang Electric, AVIC Heavy Machinery and Huayi Brothers' private placement ; as well as Zhibang Home Furnishing, Solar Energy, Tianshan Shares and Lingyi Intelligent Manufacturing issued convertible bonds. In addition, the merger and reorganization project of AVIC Electronics and Visionox has also been affected.

Picture source: Can Gallery

From the perspective of customer churn rate, the IPO business has the most severe impact. The business has been suspended for up to 6 months. Companies often hire other accounting firms because they "can't afford to wait". In fact, according to wind data, as of May 29, among the IPO filing companies, 35 of the 38 companies served by Dahua have entered the "suspended" state.

The penalty imposed on Dahua forced these projects under review to press the pause button. Faced with such a situation, what will these companies make next choices? Should continue to wait for Dahua Law Firm to resume practice, turn to an audit agency that has close ties with Dahua Law Firm, or find a new partner?

According to the opinions of industry insiders quoted by "New Express", rumors about the punishment of Dahua Law Firm have been circulating for some time. Dahua International Accounting Firm was established before Dahua Law Firm. This firm and Dahua Law Firm can be said to be owned by the same group of people. Two cards. Since the relevant business of UOB can be directly transferred to UOB International, regulatory penalties will have little impact on UOB.

Source: Can Gallery

In addition, "Brokerage China" quoted the opinions of experts, scholars and lawyers as saying that should not only respect the rights of accountants to legally transfer firms, but also implement the responsibility and punishment for fraud cases on individuals. In addition to the signatory accountants of relevant projects, the person in charge of risk control within the accounting firm and the relevant partners of the accounting firm should bear personal liability corresponding to their faults.

Previously, not long after the regulatory penalties came into effect, Dahua Firm broke out about a fight with a partner of Dahua International in the office. This inevitably led to speculation that whether Dahua Firm transferred business to Dahua International, there was a dispute between the partners. Are there differences in the distribution of benefits? Dahua Securities has not made a public response to the rumors that leaked out on the Internet and the market questioning its "opening a trumpet account."

However, before waiting for Dahua Law Firm’s response, Beijing Dahua International took the lead and made a public statement, saying that it had no legal or actual control relationship with other institutions. He also expressed his recognition of the "Dahua" brand. Now he has changed his name and surname to further separate himself from Dahua.

What do you think of Beijing Dahua International changing its name to Dehao? welcomes comments in the comment area for discussion.