SICC Re-appoints BDO China Shu Lun Pan CPAs as 2026 Auditor; Plans Sole Use of PRC Accounting Standards

SICC CO., LTD. confirmed that BDO China Shu Lun Pan Certified Public Accountants LLP will continue as the company’s external auditor for the financial year ending 2026, subject to shareholder approval at the next general meeting.

The Shanghai-based firm—founded in 1927 and now a member of the BDO global network—reported unaudited 2025 revenue of RMB 5.00 billion, of which RMB 3.67 billion derived from audit work and RMB 1.50 billion from securities-related services. The partnership employs 9,933 professionals, including 2,523 certified public accountants and 300 partners; 802 CPAs have signed securities audit reports.

Investor-protection measures include an occupational risk fund of RMB 171 million and professional liability insurance with an aggregate limit of RMB 1.05 billion. Over the past three years, the firm faced seven administrative penalties, 42 supervisory measures, six self-regulatory actions and three disciplinary sanctions, but no criminal cases.

The designated project team for SICC—comprising project partner Zheng Bin, signing CPA Xu Yaofei and quality-control reviewer Rao Haibing—has maintained full compliance with independence requirements and has no record of penalties or disciplinary actions in the past three years.

Audit fees for SICC totalled RMB 1.30 million for 2025, split between RMB 1.00 million for financial-statement auditing and RMB 0.30 million for internal-control review. Management will negotiate 2026 fees with Shu Lun Pan CPAs based on business conditions and market rates, pending shareholder authorization.

Concurrently, SICC will cease preparing dual financial statements under both China Accounting Standards for Business Enterprises (CASBE) and International Financial Reporting Standards. Beginning with the 2026 annual report, CASBE will serve as the sole reporting framework, eliminating the need for separate audits by BDO Limited in Hong Kong, whose engagement concludes with the 2025 audit.

The audit committee and the board of directors have unanimously endorsed the re-appointment, citing the auditor’s professional competence, regulatory qualifications and on-time delivery of prior audit work. The decision will take effect upon shareholder approval.