Our journey in China since 1917
The story of our partnership is an integral part of the story of our marketplace. We invite you to take a journey back in time with us and revisit the highlights of each era, and make the journey into the future together with us.
Back in 1917…
Starting our growth journey
Great American Auditing Co., the Chinese Mainland ancestor of Deloitte, was one of the first foreign accounting firms to set up in Shanghai, at 29 Nanjing East Road, Huangpu.
Helping companies enter China
The 1970s marked the launch of Deloitte brand in the China marketplace. We established in Hong Kong in 1972 under the name of Deloitte Haskins & Sells with a team of 30, and offices in Ka Wah Bank Building, Sheung Wan. In 1975, Deloitte Haskins & Sells merged with Ian McCabe & Co. We moved to an expanded office in Wing On Centre, Sheung Wan, and headcount reached 180 in 1978.
This is the era when we provided audit, tax, bookkeeping, trade documentation, trustee and secretarial services to a combination of Hong Kong and multinational companies, which sought to enter the China marketplace and expand their manufacturing bases in the country. This is also the era when we were part of the economic boom in Hong Kong, when visionary business in finance and real estate industries sought to raise capital for accelerated growth through public listings.
IPO reporting services launch and re-building our presence in Shanghai
In 1981, we launched our IPO reporting services, commencing our journey to support over 500 IPOs with proceeds of HK$1 trillion over the next three decades. During the same year, we established a representative office in Shanghai alongside the opening of our Macau office. In 1985, Deloitte Haskins & Sells (DHS) established representative office in Beijing.
Touche Ross, which would merge with DHS in 1990, also set up its representative offices in Beijing in 1984 and in Guangzhou in 1985.
Shanghai office in Lian Yi Building, 1986-1994
Shanghai office in Bund Centre, since 2002
Strategic mergers paved way for clients to reach new milestones
Asia and China would continue to rise in the global economic order in the medium to longer term. Deloitte‘s development during the 1990s anticipated these trends.
In 1990, Deloitte Haskins & Sells and Touche Ross, then two of the Big Eight international accounting firms, merged to become Deloitte Ross Tohmatsu, which was later renamed as Deloitte Touche Tohmatsu in 1992. In 1991, another merger took place with Spicer & Oppenheim, followed by the launch of Deloitte Touche Tohmatsu Shanghai Certified Public Accountants in 1993 as the first audit and accountancy joint venture established in Shanghai by an international accountancy firm. In 1997, Deloitte merged with Kwan Wong Tan & Fong, then the largest Hong Kong local accounting firm. Through this and other mergers, we expanded our professional team from 30 people in 1972, around 900 in 1990, to over 2,000 in 1997.
Celebration of merger of Deloitte Touche Tohmatsu and Kwan Wong Tan & Fong, Hong Kong, 1997
Groundbreaking investment in China millennium
China‘s rise in the global economy was also mirrored by Deloitte China’s growth to provide the services, global network and talent resources needed by our Chinese and MNC clients.
This was a decade of rapid expansion of our service network with the opening of nine offices across China: Guangzhou in 2000; Shenzhen in 2001; Dalian, Nanjing and Tianjin in 2002; Suzhou in 2004; Hangzhou in 2006 and Xiamen and Chongqing in 2009. In 2005, Deloitte completed the mergers with Pan-China Certified Public Accountants and Pan-China (Schinda) Certified Public Accountants. To cope with our growth, we moved our Hong Kong office to the expanded office space in Pacific Place, Admiralty in 2006.
At 2003-end, Deloitte announced its landmark decision to invest US$150 million in China. During the same year, we achieved a new milestone by serving more than 300 of the companies listed in Hong Kong.
New Deloitte offices in 2000s: (from upper left, clockwise) Guangzhou, Dalian, Nanjing, and Shenzhen
Our office at One Pacific Place, Admiralty, Hong Kong
As One, Number One
It was another phase of expansion for our service network. In 2010, Deloitte China made a strategic decision to establish a joint venture with Deloitte’s Consulting practice in the U.S. In the same year, Deloitte’s Asia Pacific International Core of Excellence was established to provide cross border tax and business services on a real time basis, involving a team of tax professionals from 14 jurisdictions, all based in Hong Kong. In 2012, Deloitte announced to invest another US$160 million in China alongside the establishment of a closer collaboration model with Deloitte Taiwan. We also established new offices in Wuhan in 2010, Harbin and Jinan in 2011, Chengdu in 2013; and our new Western Region Headquarters in Chongqing in 2014, reflecting our commitment to provide top quality services to the companies in Chongqing, Sichuan, Shaanxi, Yunnan, Guizhou, and Guangxi.
Globally, Deloitte became the world’s largest private professional services organization in 2010 (by revenue) and again in 2013 and 2014.
Signing ceremony for the consulting joint venture between Deloitte China and Deloitte‘s Consulting practice in the U.S. practice during the Deloitte China National Partners & Directors Conference, Shenzhen, September 2010. L-R: Jack Witlin, U.S. Consulting Principal, Danny Lau, then Deloitte China ERS Leader, Chris Lu, then China CEO, Barry Salzberg, Deloitte Global CEO, Charles Yen, then Deloitte China Chief Strategy Officer, Norman Sze, Deloitte China Consulting Leader and JV Co-leader, Joseph Bucill, U.S. Consulting Principal and JV Co-leader
Over the years
We are proud of our many firsts
- We are one of the first foreign accounting firms to set up in Shanghai in 1917
- Former Partner Peter Wong was the first Legislative Council Member for the Accounting Constituency in Hong Kong (1988 – 1995)
- Established in 1993, Deloitte Touche Tohmatsu Shanghai Certified Public Accountants was the first audit and accountancy cooperative joint venture set up in Shanghai by an international accountancy firm
- In 2011, we supported the launch of Hui Xian Real Estate Investment Trust, the first RMB-denominated REIT to be listed in Hong Kong
- In 2011, we served as IPO reporting accountant for SBI Holdings, the first Japanese company to list through Hong Kong Depository Receipts.