Company Profile: ShineWing
As Chinese investment continues to flow into Australia, so too will Chinese services companies following suit to accommodate their Chinese clients. In Australia, ShineWing is the first Chinese accounting firm to set up a successful collaboration with an Australian firm Hall Chadwick, writes Sophie Loras.
As Chinese businesses increase their presence and investments in Australia, many will be hoping to draw on legal, financial and other services familiar with the needs and methods of operation particular to the way business is done in China.
ShineWing Certified Public Accountants is China’s biggest domestically owned accounting firm serving the larger state-owned enterprises (“SOE”) and private equities covering a range of industry sectors including resources, telecommunications, automobile manufacturing, banking, industrial and technology. It was the first Chinese accounting firm to set up operations in Australia when it opened its Melbourne office in 2008.
Yancoal Australia, a subsidiary of China’s Yanzhou Coal Mining Company, is just one of many of ShineWing’s high profile Chinese clients looking to invest in Australia, which last year acquired Australia’s Felix Resources for $3.2 billion.
David Chu has been the driving force behind the company’s Australian operations, after ShineWing set up offices in Asia’s key financial hubs – starting with Hong Kong in 2005, Singapore in 2006 and Tokyo in 2007. Australia is ShineWing’s first Western port of call – establishing its Melbourne office in 2008 to accommodate the growing interests of its Chinese clients’ investments in Australia.
ShineWing’s Australian operations have now extended into a local collaboration with Australia’s 130-year accounting and advisory firm Hall Chadwick. ShineWing parent company has equity ownership in the recently renamed ShineWing Hall Chadwick Melbourne practice.
A further six independently-owned Hall Chadwick firms across Australia would take the new name of ShineWing Hall Chadwick.
“After setting up our Melbourne office and assisting our Chinese clients, we realized the need for national coverage so from that point onward we began looking at the possibility of a collaboration,” says David Chu, now the Managing Partner of ShineWing Hall Chadwick Melbourne.
Mr Chu says it was an interesting experience finding just the right Australian partner. Some Australian firms, he says, showed little understanding of China, while others who did know China displayed a sense of skepticism as to how Chinese accounting firms operated.
The bond with Hall Chadwick however was instant. Already familiar with Chinese business operations through existing work in China, Hall Chadwick came on board with ShineWing in Australia within two weeks of beginning negotiations.
It is hoped the collaboration will present both firms with untapped opportunities in both countries as the Australia-China trade and investment relationships continue to skyrocket.
The collaboration gives Hall Chadwick greater access to Chinese investors coming into Australia, allowing it to be more competitive on cross-border business in the areas of audit, taxation, valuations and advice on IPOs, and for ShineWing, being able to better assist Australian companies with their business interests in ChinaThe co-branding initiative will allow the newly named ShineWing Hall Chadwick business to capitalize on the strong brand equity of ShineWing in China – considered one of China’s top three most reputable accounting firms.
From previous experience, Mr Chu found that existing clients’ main concerns in relation to a name change were whether there would be changes to the level of service and whether fees would increase.
“So long as those didn’t change, the Australian clients said they were happy with the change,” says David Chu.
“For clients already operating in China or looking at China, they considered the collaboration to be very positive as it allows Australian companies to tap into the network of Chinese mega SOE clients being served by ShineWing – so it works both ways,” he says.
For David Chu, establishing the Chinese firm’s Australian interests in such a short time has been a satisfying experience.
“There is nothing more rewarding than a client telling you they value your service,” says Mr Chu.
“We are actually part of a team which furthers Australia-China collaboration and being part of a team that is able to really help people is very fulfilling.”
Firms in the ShineWing Hall Chadwick National Association now employ 400 people across Australia. The national office is located in Sydney, where David Fairfull, the chairman, is highly regarded.
There are hopes to establish ShineWing Hall Chadwick offices in Canberra, Hobart and Adelaide in the near future. ■
*Pictured: David Fairfull (Chairman of ShineWing Hall Chadwick National Board), David Chu (Managing Partner of ShineWing Hall Chadwick Melbourne) and Ken Glynn (Partner of ShineWing Hall Chadwick Melbourne and member of National Board).