As reported last year in AccountantsDaily, Moore Stephens' Melbourne office recently merged with the Chinese giant's local operation, ShineWing Hall Chadwick, to form ShineWing Australia. ShineWing Australia is part of the China-based ShineWing International network.
Speaking to AccountantsDaily, ShineWing Australia managing partner Marco Carlei said the firm has significant ambitions in Australia and sees itself as a future alternative to the big four. Mr Carlei said he believes the firm's strong relationships in China will be a major competitive advantage.
"ShineWing International, particularly in China, has got an impressive client list and a number of those clients have operations here in Australia and are currently being serviced by the big four firms," he added.
Mr Carlei said that in order for the new firm to win business, it must capitalise on its relationship with the Chinese firm and clearly differentiate itself from all competitors.
"One way of doing that is [by] positioning ourselves whereby we can facilitate Australian companies' strategic aspirations in Asia, in China, because now we have got a relationship with what we believe to be the most reputable nation practice in China."
To compete with the big four, Mr Carlei said he has plans to expand the ShineWing brand right across the country.
"Our plans are to establish ShineWing Australia offices in Sydney, Brisbane, Perth and Adelaide and approaching it in the same way that we have approached the development of our Melbourne practice," he said.
"We have done that by an inorganic strategy of acquisitions and lateral partner appointments --all coming back to focusing on retaining, developing and attracting talent."
While Mr Carlei said acquisitions are on the radar, however, he said it is not the only option under consideration.
"We will be focusing on redeploying resources from Melbourne and lateral partner appointments," he said.
"If the opportunity arises and they have the right capabilities, which complement our capabilities, we may entertain an acquisition but that's not necessarily our preference at this stage. It is all about maintaining the culture, the values and the direction," Mr Carlei said.
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