KPMG China and Hong Kong SAR

KPMG is a global network of professional firms providing audit, tax, and advisory services, with an industry focus. The aim of KPMG member firms is to turn knowledge into value for the benefit of the firms' clients, people, and the capital markets. With more than 123,000 people worldwide, member firms provide audit, tax, and advisory services in 145 countries.

 

KPMG China has twelve offices (including KPMG Advisory (China) Limited) in Beijing, Shenyang, Qingdao, Shanghai, Nanjing, Chengdu, Hangzhou, Guangzhou, Fuzhou, Shenzhen, Hong Kong and Macau, with more than 7,000 professionals. In 1992, KPMG became the first international accounting firm to be granted a joint venture licence in China, and our Hong Kong SAR operations have been established for over 60 years since 1945. This early commitment to the China market, together with our unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in our appointment by some of the China's most prestigious companies.

 

As China businesses join the global economy and international companies seek to enter the China market, KPMG's blend of international experience and local knowledge makes us well-positioned to serve our clients in this increasingly complex, but exciting market. Our single management structure for all our China offices allows efficient and rapid allocation of experienced professionals wherever the client is located in China. The flexibility of this single structure allows us to effectively serve companies across China - and we have many projects where professionals from different offices work together on a project under the supervision of a single nominated client partner, who has operational control of all resources.

 

Our business in China has established industry groups, helping enable targeted, industry-specific experience and methodologies to be delivered where needed. For our clients, this focus on industry and country specific knowledge helps us deliver exceptional people with an intimate knowledge of your specific business issues, as well as an overriding commitment to strive for the highest quality services. China market China today has a dual allure for foreign investors: as a manufacturing base or as a marketplace in its own right. Yet even with China's rapid modernisation and WTO membership it remains a challenging place in which to do business. Foreign investors need reliable, independent professional advice as they establish, structure and expand their business in China. KPMG understands the issues that cross-border investors face.

 

We strive to provide clear advice on national and local issues to meet the needs of multinationals - and their "Head office" at home. As the China market opens to foreign companies, Chinese firms face the challenge of competing with global leaders in their home market. Increasingly, being successful in the home market will not be enough - the leading Chinese firms will also face the challenge of how to compete internationally. This means making all aspects of operations at global level, and understanding and adapting to international standards and practices. Raising funds, restructuring, seeking a public listing, or identifying foreign partners and overseas opportunities are some of the strategic objectives to consider.

 

KPMG's international experience, together with our appreciation and experience of the specific issues in the China marketplace, enables us to help our clients in China meet these challenges in ways that are appropriate for their businesses. Investment in China offers enormous opportunity but also risks. Foreign companies are entering unfamiliar territory and local companies are adapting to unfamiliar competitive pressures.

 

The ongoing transition from a socialist planned economy to one that competes aggressively in the global marketplace results in volatility and change. From the birth of the idea to the realisation of your strategy, KPMG China has professionals with the experience to help add value at each stage of your business. Industry knowledge KPMG professionals operate in multi-disciplinary groups focusing on clients' needs and their industries. We place particular emphasis on consolidating industry knowledge and delivering services through dedicated teams operating through lines of business.

 

Our business in mainland China has established industry groups for banking and finance, telecommunications, petrochemicals and consumer and industrial products. We also have senior individuals from Japan, the USA, the UK and Germany who can deal with country specific issues, and provide reports under the relevant national form of Generally Accepted Accounting Practice. For our clients, this focus on industry and country specific experience, means we we strive to deliver exceptional people with an intimate knowledge of relevant business issues, as well as an overriding commitment to providing quality services.

The history of KPMG internationally KPMG was formed in 1987 with the merger of Peat Marwick International (PMI) and Klynveld Main Goerdeler (KMG) and their individual member firms. With a rich history, spanning three centuries, the organization's background can be traced through the names of its principal founding members - whose initials form the name "KPMG."

 

* K stands for Klynveld. Piet Klynveld founded the accounting firm Klynveld Kraayenhof & Co. in Amsterdam in 1917. * P is for Peat. William Barclay Peat founded the accounting firm William Barclay Peat & Co. in London in 1870. * M stands for Marwick. James Marwick founded the accounting firm Marwick, Mitchell & Co. with Roger Mitchell in New York City in 1897. * G is for Goerdeler. Dr. Reinhard Goerdeler was for many years chairman of Deutsche Treuhand-Gesellschaft and later chairman of KPMG.

 

He is credited with laying much of the groundwork for the KMG merger. In 1911, William Barclay Peat & Co. and Marwick Mitchell & Co. joined forces to form what would later be known as Peat Marwick International (PMI), a worldwide network of accounting and consulting firms. In 1979, Klynveld joined forces with Deutsche Treuhand-Gesellschaft and the international professional services firm McLintock Main Lafrentz to form Klynveld Main Goerdeler (KMG). In 1987, PMI and KMG and their member firms joined forces.

 

Today, all member firms throughout the world carry the KPMG name exclusively or include it in their national firm names.

 

The history of KPMG China The presence of KPMG China can be traced back to 1945. When Hong Kong was occupied in December 1941, the head office of the Hongkong and Shanghai Bank was transferred to London. Peat Marwick Mitchell & Co of London, one of the banks' auditors was asked to assist in preparing the bank's accounts.

 

After the war, by which time Peat Marwick Mitchell & Co was co-auditor, the bank's head office returned to Hong Kong. In order to maintain staff continuity on the audit and at the request of the bank's Chief Manager (Sir Arthur Morse), Peat Marwick Mitchell & Co established a presence in Hong Kong.