I have empirically examined the difference of earnings(NI_t) and cash flow (CFO_t) persistence, along with the difference in explanatory powers of NI_t and CFO_t on the market value(MV_t) and intrinsic value(IV_t) between the firms of mainland China listed in Shanghai and Shenzhen, and those listed in Hong Kong and Korea stock exchanges, using ex-post intrinsic value model suggested by Subramanyam and Venkatachalam(2007). My findings are as follows. Firstly, the results of both Ni_t+n and CFO_t+n regressions on NI_t and CFO_t respectively show that adjusted R²s and regression coefficients(bi) of the firms listed in Shanghai and Shenzhen stock exchanges are notably lower in each subsequent period, and decrease substantially faster for the next three periods(n+1~n+3) than those listed in Hong Kong and Korea stock exchanges. Secondly, the results from MV_t regressions on NI_t and CFO_t show that adjusted R²s of the listed firms of Shanghai and Shenzhen are remarkably lower than those of Hong Kong and Korea. Thirdly, the IV_t regressions on NI_t and CFO_t have also resulted significantly lower adjusted R s for the firms of Shanghai and Shenzhen than those of Hong Kong and Korea. These findings are very well compatible with my predictions that both Shanghai and Shenzhen firms’ persistence of earnings(NI_t) and cash flowCFO_t), and their explanatory powers for not only future earnings(NI_t+n) and cash flow(CFO_t+n) but also market value(MV_t) and ex-post intrinsic value(IV_t) are significantly lower than those of Hong Kong and Korea firms. My findings are no little important, providing an empirical evidence on which the Chinese government may set new accounting rules with higher earnings quality standards.