Rise in IPOs to Increase Hiring Among Hong Kong's Accountancy Firms

Many of Hong Kong's accounting firms are expected to hire 10 percent more staff in 2014 in  response to increasing numbers of takeover deals and initial public offerings in the city, reports the South China Morning Post.


A survey by financial firm KPMG finds that more than HK$160 billion was raised through listings in the city this year, up 78 percent from HK$90 billion last year.


“Despite the freeze in IPO activity in mainland China, with listings suspended since late-2012, Greater China has seen high levels of activity in 2013 with Hong Kong seeing an increase in the number of deals and total funds raised, a trend that is set to continue into 2014,” says Jacky Lai, EY’s Assurance Partner.


"Initial public offerings have become more active since the fourth quarter, and we can expect more new listings in the first quarter of next year," says Clement Chan Kam-wing, president of the Hong Kong Institute of Certified Public Accountants. "This would demand more audit work and many firms have expanded their teams accordingly."


Chan adds that accountants also need to make preparations to work on the mainland as the Shanghai free-trade zone and other zones are going to attract many international firms. To do so, they would need to pass the mainland's qualification examinations.


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