On April 2nd, according to statistics, more than 1100 A-share listed companies have announced the replacement of their 2024 annual report audit institutions, setting a new historical high, with over half of them involving accounting firms that have been punished by regulators. Dahua has lost over 300 clients, with client churn rates exceeding 70% for firms such as PwC, Asia Pacific, Suya Jincheng, and Zhongzhun. At the same time, local firms such as Rongcheng and Lixin have added over a hundred signed projects against the trend, and many small and medium-sized firms have also taken the opportunity to share a piece of the pie. The competitive landscape of the Chinese audit market is undergoing restructuring.
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