Chinese audit giant arrives in Chile together with local partners and challenges the “Big Four”
The integration with Eluchans Abogados and BLTA will materialize on July 1, when they officially start operating as part of the SW global network.
Por: Paula Vargas | Publicado: Miércoles 8 de junio de 2022 a las 11:04 hrs.
At exactly 7 a.m. this Wednesday, the integration agreement was signed between SW (ShineWing), one of the largest Chinese auditing and consulting firms, and the centenary Chilean law firm Eluchans Abogados, together with the local auditor and consultant BLTA , to integrate them into your global network.
After a meeting that took place by videoconference between Santiago, Beijing, Hong Kong, Berlin and Sydney, its protagonists in Chile told DF the details of the agreement that will materialize on July 1 and with which they seek to start the landing of the giant in the region, taking advantage of a market that is receiving more and more investment from that country, particularly in the area of infrastructure and energy.
After the formalization of the agreement, they will simultaneously look for partners in other countries of the continent with which they can have synergies and thus serve Asian firms that are arriving in other jurisdictions in the region, or accompany those local companies and SMEs that are or are looking for enter the Asian market.
“The Chinese network aspires to become, in the medium term, the leader in legal services, auditing and consulting in the country, at the same time that it has defined Chile as its regional hub and key market to project its foray into Latin America.”
Ricardo Ihnen, partner Eluchans Lawyers.
“We are confident that business in the Asia Pacific will continue to deepen, understanding that the region is, and will be for a long time, the engine of the world economy, generator of employment and opportunities.”
Mauricio Benitez, partner of BLTA.
For the local members of the network, the fact that SW has chosen Chile as its entry point to the region is “a powerful sign of confidence in our country,” assured Eluchans’s partner, Ricardo Ihnen, who also emphasized the aspiration to become in the medium term in one of the most important firms in legal services, auditing and consulting in the territory. And he said that they have also “defined Chile as their regional hub and key market to project their foray into Latin America.”
They also reiterated their confidence that Asia-Pacific business will continue to deepen, “understanding that Asia is, and will be for a long time, the engine of the world economy, generator of employment and opportunities for large companies, SMEs and local entrepreneurs”, pointed out the BTLA partner, Mauricio Benítez.
This is how in Chile, the firm joins the forces of Eluchans (with seven partners and 30 lawyers) and BLTA, which also has a similar size (six partners and 20 professionals). As to who will head the corporate governance of the Eluchans-BLTA alliance, it is not yet defined, meanwhile they indicated that they will start operating independently but being part of the SW network.
Present at the signing of the agreement were none other than Zhang Ke, president of SW International; its executive director, Marco Carlei, among other international directors, in addition to the partners of Eluchans Abogados, Edmundo Eluchans, Tzu-Hsin Shen, Ricardo Ihnen, Carlos Ossandón, Andrés Correa, Guillermo Malatrassi and Fernando Lathrop, and by BLTA, Rodrigo and Mauricio Benítez, Rodrigo Cancino, Mario Guajardo, Marisol Gacitua and Angelo González.
Making a bit of history, this integration began to take shape about two years ago, in the midst of a pandemic, but it was preceded by the closeness and links that both Chilean firms had with the Asian giant. On the one hand, Mauricio Benítez (ex-BDO) lived for a time in Shanghai, after taking charge of opening a BDO office and, on the other hand, in Eluchans they knew the culture and the market very well due to the links established by their partner – already deceased- Héctor Novoa, who later reinforced with the arrival of Tzu-Hsin Shen.
But it was Benítez who started the conversations with SW, which took off in 2021, when they also added Eluchans Abogados. They assure that they were not the only ones in the race to land in the country, but their expertise and confidence gained in these years did make a difference, key aspects to reach an agreement with firms from that nation.
All in all, the expectations and goals of this alliance are quite ambitious, considering the access to the different markets offered by being part of this integration, they assured.
The power of sw
ShineWind, in just over 20 years, has positioned itself as one of the most important auditing and consulting firms in China, facing the so-called Big Four (EY, Deloitte, KPMG and PwC) and fighting side by side with consultancies from firms from the industrial, financial and infrastructure sectors.
It is currently part of the 20 largest specialized firms in the world and the seventh in the Asian giant. It has a presence in Hong Kong, Singapore, Australia, Japan, Egypt, India, Germany and the United Kingdom, with more than 10 thousand professionals, including 500 partners, more than 80 offices in 16 regions and US$ 500 million in annual sales. .
In recent times the Chinese firm has been very active. In fact, last week it added an important legal consulting company in Australia to its network, where it now has nearly 40 partners and 300 professionals, with a turnover of US$60 million.