HLB Hodgson Impey Cheng

What HLB Hodgson Impey Cheng does

HLB Hodgson Impey Cheng is a Hong Kong-headquartered CPA firm with over 70 years of operating history in the territory. It is ranked in the Top 6 of the Hong Kong listed-company audit market and serves primarily Hong Kong-listed corporates, IPO candidates, and entities undergoing mergers and acquisitions. Service lines cover audit and assurance, IPO and M&A reporting accountant work, forensic and fraud investigation, and regulatory compliance engagements. The firm operates through dedicated subsidiaries covering risk advisory services and taxation services, and extends its reach via membership in HLB International, a top-10 global accounting network with 40,831 professionals across 156 countries.

The firm is led by Prof. Raymond Cheng as Chairman (the 48th President of the Hong Kong Institute of Certified Public Accountants) and Alex Hon as Managing Director, with a partnership bench exceeding 20 directors. It earns revenue on a fee-for-engagement basis across statutory audits, transaction-related reporting accountant mandates, forensic investigations, and advisory mandates; long-tenure clients such as Blue Box Holdings (retained over 20 years) indicate a recurring, relationship-driven revenue model typical of mid-tier audit practices. Recent strategic positioning includes a 2025 Executive Committee seat at HLB International, council membership in PIEAA, and a cross-border collaboration with HLB Thailand, signaling intent to deepen regional and listed-entity mandates.

Business model mechanics are those of a professional services partnership: fees are negotiated per engagement and per mandate, with audit work recurring annually under statutory requirements and transaction work episodic but higher-margin. Distribution is largely referral-driven through the HLB network, professional relationships, and the firm's regulatory standing; there is no evidence of subscription, platform, or productised revenue lines. The firm is privately held as a partnership, so no public funding, M&A, or capital-markets signals apply.

Name

HLB Hodgson Impey Cheng

Legal name

HLB Hodgson Impey Cheng Limited

Website

https://hic.com.hk

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

Hong Kong-based CPA firm with 70+ years of history, ranked Top 6 in the Hong Kong listed-company audit market. Provides audit, IPO/M&A reporting accountant, forensic investigation, and regulatory compliance services to listed corporates, and is a member of the HLB International global network.

Ownership category

akta.pro rank

Product category

Accounting & Audit Services

NAICS

Offices of Certified Public Accountants (541211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Fraud Risk Management & Anti-Bribery/Anti-Corruption (ABAC) (BPAHAFAL), ESG Governance, Sustainability Reporting & Assurance Advisory (BPAHAFAJ)

Keywords

• Audit assurance services
• IPO reporting accountant
• Forensic fraud investigation
• Regulatory compliance advisory
• M&A due diligence

Headquarters

HQ city

Central

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Audit & Assurance Services: Annual audit services for listed companies and private enterprises, providing independent financial statement audits and assurance engagements.
2. IPO and M&A Reporting Accountant Services: Acting as reporting accountants for initial public offerings and providing due diligence services for mergers and acquisitions transactions.
3. Forensic and Advisory Services: Fraud investigation, regulatory compliance reviews, and special investigation services for corporate clients.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

HLB Hodgson Impey Cheng Limited is a Hong Kong CPA firm providing audit and assurance, reporting accountant services for IPOs and M&A, forensic and fraud investigation, and regulatory compliance services. It primarily serves Hong Kong-listed companies, SMEs, and regulated financial institutions across multiple exchanges including HKEx, Nasdaq, SGX, CSE, and LSE. The firm operates as a Council Member of HLB International, a top 10 global network of independent advisory and accounting firms.

Product overview

HLB Hodgson Impey Cheng is a Certified Public Accountants (CPA) firm providing professional audit and advisory services. The firm operates as a single-service-entity offering four interconnected professional service lines: Audit & Assurance (core audit work for listed and private companies), Reporting Accountants for IPO and M&A (acting as reporting accountants for companies listing on Hong Kong and overseas exchanges, supporting mergers and acquisitions), Forensic and Fraud Investigation (investigative services), and Regulatory Compliance Services (advisory on regulatory requirements for HKEx, HKMA, SFC). The firm is a member of HLB International, a top 10 global network of independent advisory and accounting firms.

Differentiator

Problem solved

Functional benefit

Products and services

• Audit & Assurance Core audit and assurance services for listed and private companies across various industries including financial services, manufacturing, trading, and real estate. Services include annual financial statement audits and assurance engagements.
• Reporting Accountants for IPO and M&A Specialized reporting accountant services for companies seeking IPO listing on the Hong Kong Stock Exchange and overseas exchanges (Nasdaq, SGX, CSE, LSE), as well as M&A transaction support including due diligence reviews.
• Forensic and Fraud Investigation Investigative services for detecting and addressing fraud, corporate irregularities, and special investigations for listed and private companies.
• Regulatory Compliance Services Compliance advisory services covering regulatory reporting to HKEx, HKMA, and SFC, internal control reviews, and regulatory compliance reviews for listed and private companies.

Quantifiable outcome

• Top 6 ranking in Hong Kong listed company audit market

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered regional and core.

• HLB ThailandregionalStrategic or Co-development Partner · 13 October 2025Collaboration between HLB Hodgson Impey Cheng and HLB Thailand for business cooperation and mutual referrals within the Asia Pacific region through HLB International network.
• HLB Mann JuddregionalStrategic or Co-development Partner · 30 June 2023Meeting between HLB Hodgson Impey Cheng and HLB Mann Judd Melbourne to discuss prospective cooperation between two council member firms of HLB International.
• HLB InternationalcoreStrategic or Co-development Partner · 1 January 1985HLB Hodgson Impey Cheng has been a Council Member of HLB International since 1985. HLB International is a top 10 global network of independent advisory and accounting firms with 40,831 professionals across 156 countries. Prof. Raymond Cheng serves as Council Member and Executive Committee Member of HLB International.
• Hong Kong Institute of Certified Public Accountants (HKICPA)coreStrategic or Co-development PartnerActive involvement in HKICPA activities; Prof. Raymond Cheng served as 48th President (2020-2021) and council member for 13 consecutive years. Firm serves as Diamond sponsor and panel reviewers for HKICPA events.
• Hong Kong Association of Registered Public Interest Entity Auditors Limited (PIEAA)coreStrategic or Co-development PartnerProf. Raymond Cheng serves as Council Member of PIEAA. Firm participates as Gold Sponsor in PIEAA-organized events including the Hong Kong Capital Markets Forum.
• Institute of Accountants ExchangeregionalStrategic or Co-development PartnerProf. Raymond Cheng is Founding Council Member and Past President of Institute of Accountants Exchange. Firm serves as Supporting Organisation for Greater Bay Area conferences and youth development programs.
• City University of Hong KongregionalStrategic or Co-development PartnerProf. Raymond Cheng serves as Adjunct Professor and Member of Departmental Advisory Committee. Raymond Cheng HLB Hodgson Impey Cheng Scholarships established for undergraduate students since 2022.
• PropertyGururegionalOthersOfficial supervisor of PropertyGuru Asia Property Awards Hong Kong and Macau since 2021, providing independent oversight and credibility to the awards process.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Baker Tilly Hong Kong: Baker Tilly is a global mid-tier accounting network with a Hong Kong presence providing audit, tax, and advisory services to listed and private companies—directly comparable in tier and service offering.
• Mazars Hong Kong: Mazars operates a comparable mid-tier international accounting and advisory practice in Hong Kong, competing for the same SME and listed-company audit mandates as well as IPO and M&A due diligence engagements.
• Moore Hong Kong: Moore Global is a mid-tier international accounting network with a Hong Kong member firm serving listed and private clients with audit and advisory services—positioned similarly to HLB Hodgson Impey Cheng in the mid-tier.
• RSM Hong Kong: RSM is a major mid-tier international accounting network with active Hong Kong operations across audit, tax, and advisory—competing for the same listed and private company audit mandates as HLB Hodgson Impey Cheng.
• BDO Hong Kong: BDO is one of the largest mid-tier global accounting networks and a direct competitor in Hong Kong listed company audits, IPO reporting, and advisory services—closely comparable in tier, client base, and service mix to HLB Hodgson Impey Cheng.
• Grant Thornton Hong Kong: Grant Thornton is a top-tier mid-market global accounting network with a strong Hong Kong practice serving listed companies, SMEs, and IPO candidates—directly comparable in positioning to HLB Hodgson Impey Cheng.
• Crowe (HK): Crowe Global operates a Hong Kong member firm providing audit, tax, and advisory services to mid-market and listed clients—closely comparable in positioning and service mix to HLB Hodgson Impey Cheng.
• PKF Hong Kong: PKF is an international mid-tier accounting network with a Hong Kong practice focused on audit, IPO reporting, and advisory for SMEs and listed companies—a direct competitive comparable in the Hong Kong market.

Broad incumbents

• Deloitte Hong Kong: Deloitte is a Big 4 firm with a dominant Hong Kong audit and advisory practice, competing for the largest listed company mandates. It represents the upper-tier incumbent that defines the market HLB Hodgson Impey Cheng operates in.
• KPMG Hong Kong: KPMG is one of the Big 4 in Hong Kong, dominating large-cap audit, IPO, and advisory mandates. While not directly competing in the same tier, KPMG is the primary incumbent against which HLB Hodgson Impey Cheng competes for PIE clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Hlbhicl
• Facebookfacebook.com/HLBHodgsonImpeyChengLimited
• LinkedInlinkedin.com/company/hlb-hodgson-impey-cheng-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HLB Hodgson Impey Cheng