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KPMG Entering Changsha, Supporting Strategic Rise in Central China

KPMG Entering Changsha, Supporting Strategic Rise...

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KPMG announced the official opening of its Changsha Branch today. Through the Changsha Branch, KPMG will provide a full range of professional services for local companies in the city of Changsha, Hunan Province and the peripheral areas, driving strategic development in the central region.

Honson To, Chairman of KPMG Asia Pacific and China, said, “Setting up the Changsha Branch is important to KPMG China’s expansion. It is another milestone for KPMG’s business development in Central China.” Entering Changsha signifies KPMG’s confidence in Hunan’s prospect and it will help us respond more quickly to the needs of local governments and companies. KPMG’s professional team will take advantage of our global network and rich industry experience to help companies in Hunan improve their internal control, achieve strategic transformation and improve their competitiveness, with our all-round professional services in audit, tax advisory, risk advisory, management consulting and financial advisory. “We will also introduce high level local talents from all around, forge a high quality talent pool with continuous effect, and promote the centralization of the technology and people, further strengthening the core competitive advantage of the area.” To said.

With its favourable location and sound industrial foundation, Changsha has always been one of the core cities in Central China and is an important area in China’s strategy to drive the rise of the central region. In 2017, Changsha GDP increased by 9% from the previous year to over RMB 1.02 trillion, joining the “trillion-yuan club” for the first time and ranking the sixth among provincial capitals in the country. There were 12 newly listed companies and the total was 66, accounting for 75.59% in the province. Changsha ranked the first in the central region by both the number and market value of A-share listed companies. Changsha is one of the leading provincial capitals with rapid economic development.

According to the Changsha Municipal Government Work Report issued in 2018, Changsha will highlight the development of highlands of innovation and opening up in 2018 and adhere to the “innovation in opening up and opening up in innovation” guideline, so that innovation and opening up will become the core driving force for Changsha's development. In the internationalization process, Changsha will step up international cooperation in manufacturing, help competitive manufactures to “go global” and vigorously develop processing, intermediary trades and new trades to increase the extroversion of the economy. At the same time, the city will strengthen its role as the provincial capital to drive the all-round integration among industrial development, infrastructure, public services and environmental governance in an effort to build a megalopolis. In addition, Changsha will further embrace the “One Belt, One Road” initiative and strengthen cooperation with cities in the middle reaches of the Yangtze River and the Guangdong-Hong Kong-Macao Greater Bay Area. 

Benny Liu, Chairman of KPMG China said, “In recent years, under the leadership of the Provincial Party Committee and Provincial Government, Hunan Province has been vigorously implementing the development strategy of opening up through innovation, combining coordination with the development of important regions, and has further defined the design and development of traditional industries and emerging industries. Apart from the steady development of traditional pillar industries such as mining and metallurgy, tobacco production and equipment manufacturing, emerging industries such as new energy, electronic information, bio-pharmaceuticals, and artificial intelligence, have also shown good momentum and have become the core driver for Hunan's economic transformation and upgrade. ” 

In recent years, Changsha has been leading the industrial transformation and upgrade as well as the upgrade of industrial value chains with the help of smart manufacturing. The total output value of high-tech industries has exceeded one trillion yuan, and a large number of innovative companies have emerged. At the same time, the financial sector of Changsha also developed rapidly. According to the financial development plan under Changsha’s “Thirteenth Five-Year Plan”  and the three-year listing action plan for companies, by 2020, the percentage of direct financing in Changsha will increase to 30%, and the number of domestic and foreign listed companies will reach 100. That is to say, in the next three years, at least 33 companies in Changsha will go public. In 2017, there were 12 newly listed companies in Changsha, three of which were listed in Hong Kong, making Changsha a “dark horse” in China’s capital markets in 2017. With the increasing exchanges between Changsha and Hong Kong, economic and trade cooperation continues to expand. On March 27, the Changsha Government and the Hong Kong Exchanges and Clearing Limited entered into a memorandum of strategic cooperation. The listing regime reform of the Stock Exchange of Hong Kong has provided rare opportunities and opened up new channels for Changsha to step up its efforts to help companies get listed. Signing the memorandum of strategic cooperation is a win-win move for both parties.

The reform and developments in Hong Kong’s capital markets in recent years have provided new channels and opportunities for Mainland Chinese companies to enter the capital markets in Hong Kong. As a response to the memorandum of strategic cooperation between Changsha Government and the Stock Exchange of Hong Kong, in the opening ceremony of KPMG’s Changsha Branch, KPMG invited representatives from the Stock Exchange of Hong Kong and senior representatives from Haitong International, Jingtian & Gongcheng and other intermediaries to join a seminar on listing in Hong Kong. In the seminar, the representatives discussed important topics on the recent developments in listing in Hong Kong, as well as experience in taxation and legal issues in the listing process to help companies understand the capital markets, especially listing in Hong Kong. Hong Kong’s capital markets have always been a bridge linking Mainland companies with international capital markets. They are also an important window for Mainland companies to expand overseas. With our experience in emerging industries such as biotechnology, artificial intelligence, education as well as in building smart cities and innovation ecosystems, KPMG will help Changsha speed up the development of innovation highlands, cultivate innovative technology companies, as well as help companies capture new opportunities in the new normal economy to realise growth. 

KPMG Changsha Branch is located in Yuhua District. As the "southeast gateway" to Changsha, Yuhua District has obvious geographical advantages - it is at the forefront of the Changsha-Zhuzhou-Xiangtan-Rongcheng Integration in Hunan and is essential to the development of the Eastern Open Economic Corridor in Changsha. Furthermore, Yuhua District has a high degree of economic internationalization and modernization with a solid industrial foundation, vibrant modern commerce and modern service industries, creating a self-circulatory system for the coordinated development of companies.

Ronald Sze, KPMG China Vice Chairman and Senior Partner of KPMG Southern Region, said, “The primary factors attracting KPMG to Yuhua District include rapid growth of the economy, its position as the transportation hub in the central region, solid foundation of state-owned companies, sound environment for private companies as well as the rapid development of cultural and creative industries. We are optimistic about KPMG’s prospect in Changsha. KPMG’s focuses in Changsha in the future will be the finance industry, industrial manufacturing and new economy industries. KPMG looks to bring our professional advantages into full play to drive mixed-ownership reform in state-owned enterprises, help companies go public or with mergers and acquisitions, help companies capture opportunities in the “One Road, One Belt” initiative, strengthen international operation capabilities of companies as well as help Hunan companies go global.

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About KPMG China

KPMG China operates in 18 cities across China, with around 12,000 partners and staff in Beijing, Beijing Zhongguancun, Changsha, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Hangzhou, Nanjing, Qingdao, Shanghai, Shenyang, Shenzhen, Tianjin, Wuhan, Xiamen, Hong Kong SAR and Macau SAR. With a single management structure across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located. 

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 154 countries and territories and have 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

In 1992, KPMG became the first international accounting network to be granted a joint venture licence in mainland China. KPMG China was also the first among the Big Four in mainland China to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong office can trace its origins to 1945. This early commitment to the China market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in the Chinese member firm’s appointment by some of China’s most prestigious companies. 

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