"I think the best scenario is a U.S. based firm that has a strong China based presence."
Maj, I think they are called big four (or 6).
If an US based accounting firm is a big enough with a strongChina based presence, its org structure will have to be organized as local partnership in China or HK. The big four, BDO, and ALLLLLL large international accounting firms are organized this way in China (and across the globe.)
You seem to discount this structure in your checklist, sort of contradicting yourself here.
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