New MOU positions KPMG Luxembourg as bridge to Europe for Chinese high-tech enterprises
KPMG Luxembourg has today announced a strategic collaboration with the Haidian Science Park, Beijing. The two organisations have signed a memorandum of understanding that will see KPMG help the Chinese high-tech enterprises based in the Haidian Science Park in their journey to internationalisation.
Known as the “Chinese Silicon Valley”, the Haidian Science Park is home to one in ten of all high-tech companies in China (416 listed companies and 5,100 national high-tech enterprises). KPMG Luxembourg will be supporting the park’s management in fulfilling its vision for the future, namely becoming one of the most influential global high-tech innovation centers by 2020 and establishing a national Mergers and Acquisitions centre – the China M&A Capital Centre – in the park, to facilitate such a process.
KPMG Luxembourg Managing Partner Georges Bock explained: “In signing this MOU in China today, we really feel we’re in the right place for innovation and are collaborating with the right people. China is currently transitioning to a new economic growth model, the China New Normal, which will see the emphasis shift from ‘quantity growth’ through resource extraction abroad to ‘quality development’ through diversification. China’s future will be in industries like technology, science and agriculture. The Zhongguancun Haidian Park, as a hub for high-tech companies, will be central to China’s transformation.”
KPMG Luxembourg Senior Manager, Daniel Wang, shared Georges Bock’s enthusiasm: “Like China, Luxembourg was also forced to change its economic model, when the European steel industry went into decline. We opted for a service-led economy, becoming a host country for investments. This is where our expertise can complement that of China: Luxembourg is a bridge to Europe for international business. KPMG Luxembourg is building this bridge, by providing a number of services that will allow China’s entrepreneurs to flourish in Europe.”
KPMG Luxembourg will offer a range of services to the occupants of the Haidian Science Park. When structuring M&As, Chinese companies will now be able to benefit from KPMG’s M&A expertise such as research, valuation, due diligence and investment structuring. Digital and e-commerce companies also have much to gain from the collaboration, with plans to get the Chinese companies over to Luxembourg to take part in technical exchanges and to explore the services and products that they could develop to appeal to the European market. FinTech was therefore also included in the MOU, as an area for future collaboration and knowledge-sharing.
The announcement was made at a jointly-held thematic event, Joining Hands with Luxembourg to Europe, held at the park this afternoon. In attendance were representatives of both the Chinese government and the Science and Technology sector – Ms. Ding, Assistant Governor of the Haidian Science Park; Governor Mr. Yu of the Haidian District, Beijing; and Mr. Gao, Deputy Director of the China Torch Centre, Ministry of Science & Technology. The KPMG Luxembourg delegation was joined by Mr. Bertoli, Deputy Head of Grand Duchy of Luxembourg Embassy to China, to represent Luxembourg.
The Luxembourg party were in China as part of a Luxembourg for Finance financial mission to Beijing, Shanghai and Shenzhen from 21 September to 25 September 2015.
About KPMG Luxembourg
KPMG in Luxembourg is a leading provider of professional services of audit, tax and advisory. KPMG operates in 155 countries and has more than 162,000 professionals working in member firms around the world.
The press release published here reflects only the opinion of the author: KPMG Luxembourg
