1、2022 Grant Thornton Hong Kong Limited.All rights reserved.Asia Private Equity Insights 2022Reforming for the future2022 Grant Thornton Hong Kong Limited.All rights reserved.3ForewordPrivate Equity(“PE”)Market OverviewCautious optimism justified by popular demandDespite the continued threatening of m

2、acro-economic risks such as accelerating inflation in major economies and an expected increase in tax rates,PE investors were still actively on the lookout for valuable investment opportunities in 2021.Covid-19 continued to disrupt supply chains as the variants of the virus kept surprising and start

3、ed putting some major economies back into lockdown.Fortunately,remote due diligence was adopted widely across the industry,and delays due to uncertainties brought about by the pandemic were minimised.As a result,on a global scale,there were more than 4,600 buyout transactions in the first three quar

4、ters of 2021,already surpassed the annual total of the global PE market in 2020.The robust performance was supported by stimulus policies deployed by governments to control damage and maintain or boost the competitiveness of their economies.With the high level of dry powder still waiting to be deplo

5、yed,stronger competition and extreme market valuations resulted in decreased margins.Heightened political tensions between countries also gave rise to protectionism,which would more likely benefit well-developed countries driven by domestic demand.Q1-Q3 2020US$493.1billionQ1-Q3 2021Source:Mergermark

6、etDespite many uncontrollable factors,confidence in the Asian PE market remained high and is likely to have a bright future.Strong performance was recorded in the Asian M&A market.In the first three quarters of 2021,a 49%year-on-year increase in total deal value was recorded.Both the deal number and

7、 the deal value were higher than their pre-Covid levels,mainly driven by digital transformation and streamline operations.PE buyout activities experienced a significant surge in the first three quarters of 2021.A total buyout deal value of US$200 billion was recorded across 688 deals,representing a

8、138%increase compared to the same period in 2020.US$601billionUS$896billionAsian M&A market A 49%increase in deal value in 2021 against the equivalent period in 2020.Technology,Media and Telecommunications(“TMT”),construction and energy,mining and utilities sectors were the most active industries.Q1

9、-Q3 2020US$493.1billionQ1-Q3 2021Source:Dechert LLP 2022 Global Private Equity OutlookDeal value in 2021 achieved a YoY growth of 138%,continuing its rising trend since 2019.TMT continued to dominate the Asian PE buyout market,followed by the industrials and chemicals industry.US$200billionUS$84bill

10、ionAsian PE market Barry TongNational Leader of Forensic Investigation Services,ChinaUS$418billionQ1-Q3 2019US$72billionQ1-Q3 20192022 Grant Thornton Hong Kong Limited.All rights reserved.4Major Opportunities and Challenges by Sector in 2022 Uncertainties from Covid-19 developments Rising geopolitic

11、al tensions between major markets leading to more protectionist measures Potential inflation and interest rate risks affecting company valuations Increasing regulations creating barriers to entry Sustaining soaring profits and growth rates in TMT and healthcare industries in post-Covid times Returns

12、 compromised by extreme valuations Potential rise in tax ratesChallenges The TMT sector continued to be the star performer of PE markets.The importance of digital transformation was recognised across industries,thus driving demand for relevant investments and pushing price multiples to extreme level

13、s for such assets.However,during the year,China tightened controls over the technology sector,which might spur worries for investors planning to put capital in the industry.On the other hand,this can be seen as regulators rectifying market practices for a better future environment and boosting inves

14、tor confidence.TMT The pharmaceutical,medical and biotech industry is still going full steam ahead in combating the global pandemic.From developing vaccines and treatments to more efficient testing techniques,the industry is trying to catch up with the new variants and the virus development.Signific

15、ant investment opportunities in the APAC region were presented by the influx of digital health or health tech,and digitalisation within the industry also boosted buyout activities.In August 2021,Blackstone announced its acquisition of Japanese healthcare business,Takeda Consumer Healthcare,which was

16、 valued at around US$2.3 billion.Industrials&Chemicals The industrials and chemicals industry saw a series of investment activities as companies experienced disruptions caused by the pandemic and realised the importance of supply chain management.Consolidation on a global scale was derived from such

17、 demand.The growing demand for specialty chemicals,especially those related to electronics and medical,also led to higher investor attention to the sector.HealthcareOpportunities2022 Grant Thornton Hong Kong Limited.All rights reserved.5A New Era of Opportunities in 2022Liu Dongdong National Leader

18、of Advisory Services,ChinaSpecial purpose acquisition companies(“SPACs”)unlock more opportunitiesDuring the last quarter of 2020 and the beginning of 2021,SPAC was definitely one of the buzz words in the financial market.To PE investors,SPACs provide an additional source of liquidity for exits.SPACs

19、 can also be used to accelerate the process of gaining public access for private assets.The Singapore Exchange announced new rules that allow SPAC listings in September 2021.Hong Kong decided to follow suit and announced the implementation of new rules for SPACs which took effect on 1 January 2022.I

20、n addition,Hong Kong has recently introduced a few new schemes to attract PE funds,such as the limited partnership fund regime,tax concessions on carried interests and the fund re-domicile regime.FamilyOfficeHKwas also established to help the setting up of family offices in Hong Kong.Era of digital

21、assetsThe breakthrough in technology development allows digital assets,not just cryptocurrencies,to gain popularity with improvement in information transparency,automation and distribution.Investing in digital assets allows fund managers to diversify their portfolios and expose to a new value-creati

22、on ecosystem.Such investments can also work as an inflation hedge.In terms of deal processes,unlike trading shares of private companies,digital assets minimise administrative documentation.Through smart contracts,agreement terms are programmable and can be automated.Despite regulatory uncertainty su

23、rrounding the digital assets market,plenty of opportunities are waiting to be explored once a plausible infrastructure framework is set out.New opportunities usually come with regulatory scrutiny.Investors need to closely follow the latest development and updates to identify valuable opportunities.P

24、E investors are placing an increasing emphasis on ESG.Companies with suitable ESG policies are considered more sustainable,hence increasing their saleability and corporate value.EU and North American regulators are taking steps to introduce ESG disclosure requirements for the PE firms portfolio comp

25、anies,especially on climate,diversity and governance.The APAC region traditionally has looser regulations in this regard.However,with global investors beginning to weigh up ESG factors,companies in the APAC region may need to follow suit in order to boost their competitiveness and secure funds.Weigh

26、ing up environmental,social and governance(“ESG”)factors2022 Grant Thornton Hong Kong Limited.All rights reserved.6Outlook for the PE Industry in 2022Global PESource:PEI Perspectives 2021 and 2022WHAT DO RESPONDENTS SEE AS THE GREATEST IMPACT ON THEIR PERSONAL PORTFOLIOS IN THE NEXT 12 MONTHS?A bull

27、ish sentiment seemed to surround the private markets.93%of the investors surveyed expressed their intention to increase or maintain their exposure to PE assets in 2022.WHAT IS YOUR EXPOSURE LEVEL TO PE NEXT YEAR?Investors considered extreme market valuations the greatest obstacle that might impact t

28、heir portfolios over the next 12 months.The amount of dry powder in the industry led to significant competition for attractive investments,pushing valuations and buyout multiples to extreme heights while making promised returns more difficult to achieve.The continued Covid-19 impacts remained a majo

29、r worry factor for investors due to its unpredictability.Although the rollouts of vaccines alleviated the situation to some extent,the effect has diminished recently with the rebound of worldwide cases caused by the new variants of the virus.A new wave of lockdown is also probable,leading to further

30、 disruptions.Although the percentage fell significantly compared to last years survey,recession in core markets was still a major concern for investors.The Omicron variant of the virus put many countries back into lockdown and more countries are considering new restrictions to prevent further outspr

31、ead.Source:PEI-Perspectives 2021 and 20222022 Grant Thornton Hong Kong Limited.All rights reserved.7Outlook for the PE Industry in 2022Global PESource:PEI-Perspectives 2022Source:PEI-Perspectives 2022Around 76%of investors are looking to increase or keep their allocation to buyout and growth funds.D

32、emand for these two types of funds continued to rise as their performance outperformed public markets over the long term.Funds of funds strategy remained a less preferred option for investors,with only 26%investors planning to keep the same allocation or shift capital towards the strategy.Out of the

33、 four strategies,the popularity of distressed funds fell the most,from 71%of investors planning to increase or keep last years weight to only 36%this year.It shows that while distressed deals were a viable investment option,many investors moved to the market last year,leading to higher competition a

34、nd making the strategy slightly less favourable than last year.59%of the respondents mentioned that their portfolios outperformed the benchmarks in 2021,whereas 36%said their portfolios performed as expected.Only 5%said their returns fell short of benchmarks.The overall improved PE performance contr

35、ibuted to the building of private investment momentum.HOW DID PE PORTFOLIOS PERFORM AGAINST BENCHMARKS IN 2021?WHAT IS YOUR PLANNED ALLOCATION TO PE FUNDS IN 2022?Lloyd LiuNational Co-leader of Transaction Advisory Services,ChinaThere are still many speedbumps for the PE market in the year ahead.Inv

36、estors need to be well prepared for external shocks.2022 Grant Thornton Hong Kong Limited.All rights reserved.8Outlook for the PE Industry in 2022Asian PEThe Chinese market remained investors top Asian investment destination despite a fall in percentage from 58%last year to 40%this year.It was mainl

37、y attributed to the nations escalating economic and geopolitical tension with the US and other countries,for example from the Beijing Winter Olympics boycott.The Indian and Japanese markets were the PE investors second and third most preferred markets in Asia,with 24%and 22%of investors showing inte

38、rest respectively.TMT was by far the most popular sector for Asian buyout funds in 2021.The industry saw an aggregated deal value of approximately US$86 billion for the first three quarters of 2021,showing the continued extreme demand unlocked by supply chain disruptions brought about by the pandemi

39、c.Around US$23 billion was recorded in the first three quarters of 2021 for the industrials and chemicals sector,with demand partially spurred by the trend of electrified vehicles and autonomous driving.Source:Probitas Partners-2022 Institutional Investors Private Equity SurveySource:Dechert LLP 202

40、2 Global Private Equity OutlookWHICH ASIAN MARKET DID INVESTORS SHOW THE MOST INTEREST IN?WHAT WAS THE MOST PREFERRED INDUSTRY FOR ASIAN BUYOUT FUNDS IN Q1-Q3 2021?2022 Grant Thornton Hong Kong Limited.All rights reserved.9Despite the recent tightening of regulations,the Chinese PE market remained a

41、ttractive to investors given its high return and plenty of opportunities.However,many investors are shifting capital to more stable sectors,such as semiconductors and healthcare,which are less vulnerable to data protection and antitrust issues.The Chinese PE market picked up the pace,driven by post-

42、pandemic stimulus policies and the recovering economy.As a result,the amount of funds raised,the number of deals and deal value all recorded a year-on-year growth of more than 50%.With intensifying geopolitical tensions and scrutiny,investors maintained a noticeable preference for RMB denominated fu

43、nds,representing over 85%of total capital raised.The year-on-year growth in the amount of RMB denominated funds and foreign currency denominated funds raised in the first three quarters of 2021 were 89%and 43%,respectively.In the first three quarters of 2021,the fund size of the majority of fundrais

44、ing rounds was below RMB1 billion.Outlook for the PE Industry in 2022Chinese PESource:Zero2IPO Research China VC/PE Market Review Q321FUNDRAISING IN CHINAS PE MARKET BY FUND SIZE IN Q1-Q3 2021FUNDRAISING IN CHINAS PE MARKETThe establishment of the Beijing Stock Exchange(“BSE”)could be a key driver f

45、or the Chinese PE market as it provides an extra exit option for PE investors,who focus especially on SMEs.Edward FengPartner of Transaction Advisory Services,ChinaSource:Zero2IPO Research China VC/PE Market Review Q3212022 Grant Thornton Hong Kong Limited.All rights reserved.10Outlook for the PE In

46、dustry in 2022Chinese PE FUNDRAISING IN CHINAS PE MARKET BY FUND TYPE TOP FIVE INDUSTRIES BY DEAL VALUE IN Q1-Q3 2020 and 2021Source:Zero2IPO Research China VC/PE Market Review Q321During the first three quarters of 2021,the Chinese PE market recorded RMB1,269 billion raised funds,of which 58%was ra

47、ised for growth funds and 31%was for venture capital.Infrastructure funds and buyout funds also attracted investor interest,representing 5%and 3%of the total fund raised in the period.Most industries in the Chinese PE market recorded an increase in deal value in the first three quarters of 2021,comp

48、ared with the same period in 2020.The popular sectors were similar to those last year,with the logistics industry being the only newcomer among the top five industries in terms of aggregate deal value.Source:Zero2IPO Research China VC/PE Market Review Q321Chinas goal of being as technologically inde

49、pendent sparked opportunities within the domestic market.With Chinas domestic consumption-led economy and the global chip shortage,the market shifted its focus the spotlight to opportunities in semiconductor and electronic equipment.Unsurprisingly,the biotechnology and healthcare sector also took ce

50、ntrestage,the industry was heavily relied on in the development of vaccines and cures to tackle the pandemic.2022 Grant Thornton Hong Kong Limited.All rights reserved.11Pre-transaction and Target SearchesKey Challenges Facing PE in 2022The PE dry powder is not going to deplete anytime soon.It is dow

51、n to the markets to come up with attractive opportunities.David LiangPartner of Transaction Advisory Services,ChinaSource:Probitas Partners 2021 and 2022 Institutional Investors Private Equity SurveyWHAT ARE LIKELY TO BE THE BIGGEST CONCERNS FOR PE INVESTORS IN 2022?The highest percentage of respond

52、ents(65%)believed that having too much money used to pursue too few attractive opportunities was a major concern for the PE market.With fundraising activities rebounding from Covid-19 disruptions,more money will be pouring into the market,and dry powder will remain at a high level,causing high compe

53、tition for limited opportunities.Therefore,it is down to fund managers ability to source attractive transactions.56%and 54%of respondents expressed their concerns over the inflated purchase price multiples in middle market and large market buyouts respectively.Fierce competition for quality opportun

54、ities pushes price multiples to a high level and threatens future returns,affecting the attractiveness of the investments.32%of respondents were worried that the current market situation was causing another technology bubble to form.Technology companies kept attracting investors with the excitement

55、surrounding new technologies,which are not always easy to value due to limited information available.When the multiples continue to rise due to such momentum,the prices may become difficult to justify based on the profitability of the underlying companies.In the competitive PE/VC market,GPs need to

56、emphasise on their specific value-add to growth companies in order to win the pursuit of the best investment opportunities.Kevin ChanNational Co-leader of Transaction Advisory Services,China2022 Grant Thornton Hong Kong Limited.All rights reserved.12Investment and IntegrationKey PE-backed Buyout Loc

57、ationsSource:Preqin Quarterly Update Private Equity&Venture Capital 2019-Q3 2021,GT analysisTOTAL VALUE OF PE-BACKED BUYOUT DEALS BY REGION BETWEEN 2019 AND Q3 2021A robust performance was recorded for the global PE in terms of PE-backed buyout deal value.It increased from around US$266 billion in t

58、he first three quarters of 2020 to around US$597 billion in 2021,representing a 124%year-on-year growth.Total deal value for Asia saw a modest growth of around 5%in 2020,mainly due to Asias quicker recovery from Covid-19 in the second and third quarter of 2020,leading to a less affected performance

59、in 2020 and a more moderate growth rate in 2021 compared to other regions.One of the major obstacles for deals to processwas the ongoing border restrictions in the region,especially China,which is the largest market in the region.Only limited individuals were allowed to visit the country.North Ameri

60、ca continued to dominate the global PE market.Both North America and Europe grew more than doubled.The significant increase in deals in Europe was a result of strong performance in infrastructure investments,with governments promoting infrastructure investments as a way of stabilising and stimulatin

61、g economic growth and meeting carbon reduction targets.Investing in ESG was particularly stressed in North America and Europe.The role of comprehensive due diligence is becoming more and more important.Financial health and performance,legal compliance,business environment and ESG are all factors tha

62、t affect the underlying value of companies and the consideration of transactions.Yvonne YeDirector of Transaction Advisory Services,China2022 Grant Thornton Hong Kong Limited.All rights reserved.13ExitPE Exit TrendsSource:Preqin Quarterly Update Private Equity&Venture Capital 2020-Q3 2021Source:Preq

63、in Quarterly Update Private Equity&Venture Capital 2019-Q3 2021,GT analysisPROPORTION OF EXIT OPTIONSGLOBAL NUMBER OF PE-BACKED EXITS BY TYPE BETWEEN 2019 AND 2021 Q3In the first three quarters of 2021,exit activities exceeded pre-Covid levels.The total number of exits in the buyout capital-backed e

64、xit market increased 84%from around 980 deals in the first three quarters of 2020 to around 1,800 deals in the same period of 2021.Trade sales remained the go-to exit option for investors,accounting for 50%of the total exits in the first three quarters of 2021,a slight drop from 53%recorded in 2020.

65、Secondary buyouts was the second most popular exit option in 2021,representing around 40%of exit deals,a slight rise from 38%in 2020.IPOs and restructuring accounted for around 9%and 1%of total exit deals in the first three quarters of 2021 respectively.It shows that most investors still preferred t

66、rading in the private market,choosing the liquidity option in trade sales over retaining control of businesses.Exit activities are expected to remain robust given low interest rates and bullish sentiment around the market.Kelvin YuPartner of Transaction Advisory Services,China2022 Grant Thornton Hon

67、g Kong Limited.All rights reserved.14ExitMajor IPO Market Trends in Hong Kong and Mainland ChinaSource:Hong Kong,Shanghai,Shenzhen and Beijing Stock Exchanges*The figure includes 11 new listings and 71 companies transferred from the Select Tier of the New Third Board.Source:Hong Kong,Shanghai,Shenzh

68、en and Beijing Stock ExchangesTOTAL FUNDS RAISED ON THE HONG KONG,SHANGHAI,SHENZHEN AND BEIJING STOCK EXCHANGESNUMBER OF COMPANIES NEWLY LISTED ON THE HONG KONG,SHANGHAI,SHENZHEN AND BEIJING STOCK EXCHANGESThe Hong Kong Stock Exchange(“HKEx”)recorded a modest growth in 2021 in terms of IPO equity fu

69、nds raised.The number of newly listed companies decreased 36%from 154 in 2020 to 98 in 2021.Approximately US$42 million was raised by the new listings,an 18%decrease from 2020.The trend of biotech IPOs and mega homecoming dual listings continued to drive Hong Kong listing activities.The largest IPO

70、on the HKEx in 2021 was the listing of KuaishouTechnology,which raised around HK$48 billion.After Singapore,the HKEx also announced that new rules for creating a listing regime for SPACs will take effect on 1 January 2022.The Chinese IPO market also continued to grow amid the recovery of the Chinese

71、 economy and the undergoing reforms of the New Third Board.The Shanghai and Shenzhen stock exchanges recorded 249 and 233 new listings in 2021 respectively,representing a 7%growth for SSE and a 45%growth for SZSE,mainly driven by the strong performance of the SSE STAR market and the SZSE ChiNextmark

72、et.On the newly established Beijing Stock Exchange,trading commenced on 15 November 2021,over 80 companies were listed.Its main focus is to provide a primary platform for innovation-oriented SMEs and enhance Chinas multi-layered capital market.Mainland China and Hong Kong were both in the process of

73、 refining their market structures and policies according to the latest trends and demands.This will boost their attractiveness and competitiveness,and strengthen their positions in the global setting.2022 Grant Thornton Hong Kong Limited.All rights reserved.15Key InsightsAsian PE in 2022 The Covid-1

74、9 pandemic continued to disrupt economies and put cities and countries back into lockdown with the new variants.Investors should also remain aware of the development of ongoing geopolitical tensions,especially between China and the US,which can have a huge impact on trades and financial activities.S

75、timulus policies aimed to stabilise and boost economies may push inflations to high levels.Investors should be aware of inflation and interest rate risks.Macro uncertainties persistTechnology and healthcareTMT and healthcare related sectors remained the forefront of PE activities.The current situati

76、on reflects their focus of promoting sustainable growth.In the TMT sector,investors are looking for future growth as digital transformation is a hot topic for every industry.Automation and refinement of supply chains tend to rely heavily on different technologies,which explains the popularity of the

77、 industry.The APAC region is expected to invest more in healthcare due to Covid-19 and the rapidly ageing population.ESG and APACs attractivenessDue to border restrictions amid the Covid-19 pandemic,the PE market found alternative ways to maintain and facilitate transactions.A large number of due di

78、ligence works are done remotely through utilising virtual data rooms,which speeds up the deal process.ESG,diversity,equality and inclusion have become important considerations for investors.ESG forms a major part of due diligence.Companies and PE funds in the APAC region should invest resources in s

79、uch areas to maintain their competitiveness.SPAC debatesWith Hong Kong and Singapore exchanges allowing SPACs to be listed,a new wave of opportunities is set to drive listing activities in the APAC.Compared to traditional IPOs,SPAC listings generally save more time and money.While SPAC activities gr

80、adually slowed towards the end of last year,they work as a very viable exit option for PE investors when more comprehensive regulatory frameworks are in place.In addition to SPACs,Hong Kong is undergoing a series of reforms to attract PE funds and family offices,which can become a significant contri

81、butor to the Asian PE market.2022 Grant Thornton Hong Kong Limited.All rights reserved.16Polly has experience in financial due diligence,business valuation,forensic investigation and auditing;with knowledge of both Hong Kong and Singapore listing rules.She has provided services for various listed co

82、mpanies in Hong Kong,Singapore and the PRC.Prior to joining Grant Thornton,Polly worked as an audit senior at a Big Four firm.She also has audit experience in Singapore,Shanghai and Beijing through secondment opportunities.Carol has considerable experience in financial due diligence,litigation suppo

83、rt,internal control review,analysing financial forecasts and cash flows.Carol has provided auditing services for various listed companies and initial public offerings in Hong Kong.Prior to joining Grant Thornton Carol worked at a Big Four firm and served a wide range of clients from various industri

84、es,including trading,manufacturing,retail,pharmaceutical,information technology and construction.Katherine has experience in buy side and sell side financial due diligence,forensic investigation,reviewing business valuation,financial and cash flows forecast review and internal control review.She has

85、 worked for clients in investing companies with diversified portfolios,including manufacturing,financial services,real estate,technology,advertising,retail&service industry and energy&resources etc.Barry has over twenty years of experience in financial due diligence,transaction support,recovery and

86、reorganisation,forensic investigation and other advisory services.Prior to joining,Barry was a principal of corporate finance in an international accounting firm.He has also worked as a manager in the financial advisory services department of a Big Four firm.He is also the President of the Associati

87、on of Certified Fraud Examiners(ACFE),Hong Kong Chapter,the worlds largest anti-fraud and forensic organisation with over 90,000 members around the globe.Transaction Advisory Services Leadership TeamHong Kong,ChinaBarry TongNational Leader of Forensic Investigation Services,ChinaT +852 3987 1266M+85

88、2 9038 8075E Barry.TKatherine ChungManager,AdvisoryT+852 3987 1396E Katherine.CYvonne has extensive experience in finance,transaction-related and management advisory services;including financial due diligence,transaction support,post-deal integration and implementation,business valuation,internal co

89、ntrol,marketing,strategic planning and corporate development,finance and accounting,and management advisory services.She has served a number of leading investment banks,PE/VC firms,listed companies and multinational enterprises.Her experience is diversified,including fintech,advertising,medical and

90、healthcare,education,energy,food and beverage,logistic,retail,and manufacturing.Yvonne YeDirector,AdvisoryT+852 3987 1319E Yvonne.YPolly WongSenior Manager,AdvisoryT+852 3987 1277E Polly.KC.WCarol MakSenior Manager,AdvisoryT+852 3987 1361E Carol.M2022 Grant Thornton Hong Kong Limited.All rights rese

91、rved.17Barry TongNational Leader of Forensic Investigation Services,ChinaM+852 9038 8075 T +852 3987 1266E Barry.TLiu DongdongNational Leader of Advisory Services,ChinaM+86 139 1061 6007T +86 010 8566 5818E Dongdong.LKevin ChanNational Co-leader of Transaction Advisory Services,ChinaM+86 150 0082 44

92、33T +86 021 2322 0279E Kevin.CLloyd LiuNational Co-leader of Transaction Advisory Services,ChinaM+86 139 1135 5440T +86 010 8566 5618E Lloyd.L Kelvin YuPartner of Transaction Advisory Services,ChinaM+86 186 1677 7707T +86 021 2322 0588E Kelvin.YEdward FengPartner of Transaction Advisory Services,Chi

93、naM+86 139 9627 3535T +86 010 8566 5686 E Weiqi.FTransaction Advisory Services Leadership TeamChinaDavid LiangPartner of Transaction Advisory Services,ChinaM+86 150 0124 8137T +86 010 8566 5862E David.L2022 Grant Thornton Hong Kong Limited.All rights reserved.18Grant Thornton Hong KongGrant Thornton

94、 China has an International Business Centre(IBC)that provides a gateway to the resources of the Grant Thornton International global organisation.IBCs are led by experts in international business familiar with the wealth of experience held by member firm partners around the world.They coordinate this

95、 expertise to serve clients across borders.Why Grant ThorntonGrant Thornton Hong Kong is committed to building long term relationships with clients.We invest partners and managers time and effort in understanding clients organisational needs.We tailor each client team with the right mix of technical

96、 knowledge and experience.Our clientsGrant Thornton Hong Kong serves a wide range of clients ranging from SMEs to companies listed in Hong Kong and the U.S.,as well as large owner-managed businesses operating in Hong Kong and state-owned enterprises in mainland China.We offer a full range of assuran

97、ce,tax and advisory services to a range of businesses.Our client base is broad and diverse,comprising of approximately 200 listed companies,and more than 3,000 state owned enterprises,privately held businesses and foreign investment companies.Who we areGrant Thornton Hong Kong Limited is a member fi

98、rm of Grant Thornton International Ltd.We are an integrated part of Grant Thornton China that offers a full range of assurance,tax and advisory services to privately held businesses and listed companies of all sizes.Where are weLocated in Hong Kong,we also have close links with Grant Thornton China

99、which is headquartered in Beijing,with offices in Changchun,Changsha,Chengdu,Chongqing,Dalian,Fuzhou,Guangzhou,Harbin,Haikou,Hangzhou,Jinan,Kunming,Nanjing,Nanning,Ningbo,Qingdao,Shanghai,Shenzhen,Taiyuan,Tianjin,Wenzhou,Wuhan,Xian,Xiamen,Zhengzhou and Zhuhai.How we workGrant Thornton Hong Kong comb

100、ines international experience with local business and technical expertise.We pride ourselves on having a partner-led and responsive service for all our clients.We are moving towards a new model of an integrated network that works seamlessly together with all the offices of Grant Thornton China,formi

101、ng a network of 28 offices with access to over 270 partners and 6,000 professionals.These offices are strategically aligned and serving clients seamlessly across the mainland China and Hong Kong markets.2022 Grant Thornton Hong Kong Limited.All rights reserved.19Our offices in ChinaNational office5t

102、h Floor,Scitech Palace,22 Jianguomen Wai Avenue,Chaoyang District,Beijing 100004,ChinaT+86 10 8566 5858F+86 10 8566 5120Hong Kong SAR11th Floor,Lee Garden Two,28 Yun Ping Road,Causeway Bay,Hong Kong SAR,ChinaT+852 3987 1200F+852 2895 6500Beijing5th Floor,Scitech Place,22 Jianguomen Wai Avenue,Chaoya

103、ng District,Beijing 100004,ChinaT+86 10 8566 5588F+86 10 8566 5120Changchun10th Floor,Building BIncubation Building,Jida Science Park,701 Xuehai Street,High-tech Zone,Changchun City,Jilin 130042,ChinaT+86 431 8197 2215F+86 431 8920 3788ChangshaRoom 3303,Building C3,Wanda Plaza,Kaifu District,Changsh

104、a City,Hunan 410000,ChinaT+86 713 8220 8086F+86 713 8220 8086ChengduBuilding 7-502,Block H,Qingyang Industry Development Centre,229 Jingye Road,Chengdu,Sichuan 610091,ChinaT+86 28 6150 1466F+86 28 6150 1468Chongqing44th Floor,Building A,Tianfu Square,28 Nanping West Road,Nanan District,Chongqing 400

105、060,ChinaT+86 23 6261 6325F+86 23 6298 2646DalianRoom 1408,Shengshi Tower,35 Luxun Road,Zhongshan District,Dalian,Liaoning 116001,ChinaT+86 411 8273 9275/76F+86 411 8273 9270Fuzhou22nd Floor,Yango Time Square,Xiangban Road,Taijang District,Fuzhou,Fujian 350002,ChinaT+86 591 8727 2662F+86 591 8727 06

106、78Guangzhou10th Floor,Leatop Plaza,32 Zhujiang East Road,Pearl River New Town,Tianhe District,Guangzhou,Guangdong 510623,ChinaT+86 20 3896 3388F+86 20 3896 3399HaikouRoom 803,Xinda Business Building,Guomao Avenue,Haikou,Hainan 570125,ChinaT+86 898 6853 9173F+86 898 6854 2303Hangzhou3501,Sanao Centra

107、l Business Building,No.200 Citizen Road,Jianggan District,Hangzhou 310000,ChinaT+86 571 8196 9519F+86 571 8196 9594Harbin7th Floor,16 Jing Wei 5th Avenue,Dao Li District,Harbin,Heilongjiang 150018,ChinaT+86 451 8420 8418F+86 451 8420 8498JinanFloor 11-12,Building No.4,HuaChuang GuanLi Center,219 Shu

108、nhai Road,Lixia District Jinan,Shandong 250103,ChinaT+86 531 6897 8057F+86 531 6897 8060KunmingF23,Building B3,Yunnan Investment Fortune Plaza,No.315 Renmin West Road,Kunming,Yunnan650032,ChinaT+86 871 6838 3636F+86 871 6837 6929Nanjing2nd Floor,Building A,Room 532-1 Zhongshan Road,Qinhuai District,

109、Nanjing,Jiangsu,ChinaT+86 25 6906 3686F+86 25 6906 3667Nanning45th Floor,Hejing InternationalFinance Place,18 Kaixuan Road,Liangqing District,Nanning 530028,ChinaT+86 771 5556 369F+86 771 5536 576Ningbo2nd Floor,Yongjin Building,8 Xinghai South Road,Ningbo,Zhejiang 315041,ChinaT+86 574 8706 0769F+86

110、 574 8706 0767Qingdao11th Floor,Zhonggang Tower,No.16 South Road of Fuzhou,South District,QingdaoShandong 266073,ChinaT+86 532 5861 5858F+86 532 5861 5861Shanghai45th Floor,Raffles City,268 Xizang Middle Road,Shanghai 200001,ChinaT+86 21 2322 0200F+86 21 6340 3644Shenzhen14th Floor,Middle Session,Gr

111、eat ChinaInternational Exchange Square,Jintian South Road,Futian DistrictShenzhen,Guangdong 518048,ChinaT+86 755 3699 0066F+86 755 3299 5566TaiyuanRoom1605-1608,16th Floor,B,Building 2Shanxi International Financial Center,No.426 South Central Avenue,Taiyuan University DistrictShanxi Transformation a

112、nd Comprehensive Reform Demonstration Zone,Shanxi 030012,ChinaT+86 351 795 5588F+86 351 795 5120TianjinRoom 2808-2812,28th Floor,1,Building 2 Ronghui Square,Nankai District,Tianjin 300100,ChinaT+86 022 8747 5588WenzhouRoom 1504,Hengjiu Tower,525 Shifu Road,Wenzhou,Zhejiang 325000,ChinaT+86 577 8812

113、5583F+86 577 8898 6388Wuhan29th Floor,Building E,Han Street Headquarter International,58 Zhongbei Road,Wuchang DistrictWuhan,Hubei 430071,ChinaT+86 27 8781 9677F+86 27 8781 2377Xian24th floor,Room 2406-2407,Yongli International Financial Center,No.6 JinYe 1st Road,GaoXin District,Xian,Shaanxi 710000

114、,ChinaT+86 29 6563 5588F+86 29 6563 5120XiamenRoom 2401,North Building,Ruida International Finance Center,Siming District,Xiamen,Fujian 36100,ChinaT+86 592 5166 881F+86 592 5170 682ZhengzhouRoom 2611,Block B,Yunfeng Building,Greenbelt Window,80 Puhui Road,Zhengdong New District,Zhengzhou,Henan 45000

115、0,ChinaT+86 371 5526 9186F+86 371 6165 5760ZhuhaiNo.215 Xingye Road,Xiangzhou District,Zhuhai,Guangzhou 519001,ChinaT+86 756 2611 335F+86 756 2611 2022 Grant Thornton Hong Kong Limited.All rights reserved.“Grant Thornton”refers to the brand under which the Grant Thornton member firms provide assuran

116、ce,tax and advisory services to their clients and/or refers to one or more member firms,as the context requires.Grant Thornton Hong Kong Limited is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member firms are not a worldwide partnership.GTIL and each member firm is a separat

117、e legal entity.Services are delivered by the member firms.GTIL does not provide services to clients.GTIL and its member firms are not agents of,and do not obligate,one another and are not liable for one anothers acts or omissions.This presentation has been prepared only as an introduction.No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this document.Tableau versionGrantThorntonHongKonggrantthorntonhk3987 1200T:E: