| Times may be tough for businesses around the world, but global accountancy firm Mazars sees the financial turmoil as an opportunity for foreign companies to focus on the market that holds the greatest promise: China. The company, which is a member of the global accountancy umbrella Praxity Alliance, is using Hong Kong as an international market place and key training centre for its growing practice in the Chinese mainland and in East Asia.
"The biggest challenge now is to be alive to our existing clients and their needs because they are fearful," said Ken Morrison, Mazars' Managing Director. "Whereas there was bullishness and a desire to grow and expand to new frontiers, particularly to China, those plans are now on hold because of uncertainty. And when there's uncertainty, there's opportunity for us to hand-hold and to remind them of what their strengths are."
Focus on Asia
Some companies are attempting to turn the challenges into new possibilities. Mazars Executive Director Michael To said he has received several inquiries to carry out due diligence on prospective firms. "I have received inquiries from the United States and France, not only thinking of buying new companies in China ¨C they are, in fact, putting more focus into Asia because they're thinking about how to capture this opportunity for expanding their investment in China through Hong Kong."
For Mazars, a year-long study carried out with overseas partners concluded that its focus should be on the Chinese mainland. "China is the manufacturer of the world, and as a global-integrated firm, we felt the resources should emphasise our investment in China," Mr Morrison said.
And he is a firm believer in Hong Kong's integral role in developing the mainland economy. "Hong Kong has a maturity that our colleagues in China can benefit from, so we can help them to develop and grow. I see that as a role not only of our firm, but also Hong Kong. I believe Hong Kong is more advanced, in terms of its experience in many of the areas and challenges that companies in China are facing."
Training a priority
Training, Mr Morrison said, is Hong Kong's key contribution: "The Hong Kong Institute of CPAs has a very important role to help increase the skills and abilities of colleagues in China. As a firm, we see that as a priority," he said.
Mazars has doubled in size internationally in the past four years, but the company is still looking to grow its primarily blue-chip client base, many of whom are looking to expand into the mainland.
Director David Cho said foreign small and medium-sized companies (SMEs) have been enjoying greater access into the mainland since China joined the World Trade Organisation.
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