KPMG Luxembourg today announced a strategic collaboration with the Haidian Science Park, Beijing, with the two organisation signing a memorandum of understanding.

The MoU will see that KPMG helps Chinese high-tech enterprises based in the Haidian Science Park in their journey to internationalisation.

The Haidian Science Park, also known as the 'Chinese Silicon Valley', plays host to one in ten of all high-tech companies in China, with 416 listed companies and 5,100 national high-tech enterprises. KPMG Luxembourg will facilitate the fulfilling of the park's vision for the future to become one of the most influential global high-tech innovation centres by 2020 and to establish a national Mergers and Acquisitions centre, the China M&A Capital Centre, in the park.

"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," commented Georges Bock, KPMG Luxembourg Managing Partner. "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."

Daniel Wang, KPMG Luxembourg Senior Manager, added: "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 will contribute research, valuation, due diligence and investment structuring to the Park's M&As structuring process. 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.

 

Photo by KPMG