PwC Zhong Tian eyeing M&A opportunities in China

PricewaterhouseCoopers Zhong Tian CPAs Ltd Co will consider taking over local accounting firms if there are appropriate opportunities, the company's top management said on Monday.

"If there are local companies that fit our business strategy and culture, we will consider mergers and acquisitions to further expand our presence in China," said Silas Yang, PwC Asia Pacific chairman and senior partner of the firm.

Yang made the comments while attending a ceremony to announce the company's successful conversion to a Special General Partnership, or SGP.

China's Ministry of Finance approved the firm's conversion from a joint venture into an SGP in December 2012, and with the issuance of the firm's business license from the Shanghai Administration for Industry and Commerce in  January, PwC's SGP in China is now legally set up.

"While our existing joint venture license does not expire until early 2018, we are determined to accelerate the process to show our full support for the MoF's Special General Partnership initiative. It also reaffirms our commitment and confidence in China," said Yang.

The firm has been localizing its China practice by investing heavily in developing local talent and promoting local partners over the past 20 years. It now has 148 SGP partners, 91 of which are Chinese Institute of Certified Public Accountants qualified.