Tricor expects continued growth in China market
Tricor, a business consultancy firm, expects “double-digit” revenue growth annually on the Chinese mainland, thanks to booming opportunities and an improved business environment.
Tricor, a first-timer at the China International Import Expo, singed several memoranda of understanding during the event, covering business environment, investment and talent sectors.
“Many foreign investment companies and funds are tapping into China or expanding their business scopes in the country. We have seen booming outbound and inbound investment opportunities,” said Zhang Hailiang, Tricor China CEO.
Zhang expected to achieve double-digit revenue growth in China, where private equity and venture capital firms are actively investing in industries like TMT or medical. They also benefit from national strategies as intelligent infrastructure construction and openness of the financial market like the debut of the STAR Market in Shanghai.
There are nearly 15,000 VC and PE companies in China's private investment market that managed about 10.6 trillion yuan (US$1.56 trillion) as of the end of August, according to industry researchers.
Founded in 2000, HK-based Tricor Group (Tricor) offers business consulting services including corporate expansion, investor, human resources and payroll and corporate trust & debt services. It has over 50,000 clients worldwide including over 40 percent Fortune 500 firms. Tricor China now has over 20,000 clients since its debut on the Chinese mainland in 2001.
In the domestic market, Tricor China now has offices in 13 cities, compared with five a year ago. It plans to hire more to accelerate business, Zhang said.
During the CIIE, Tricor China has signed memoranda with the Shenzhen International Investment & Promotion Association (SIIPA) and the China (Shanghai) Pilot Free Trade Zone Lujiazui Administration Bureau on business development. It also joined with the Shanghai University of International Business and Economics on a talent deal.
Tricor China also joined with Ipsos China to release a report on trends of doing business in China in the post-pandemic era.
China’s business environment has jumped 65 positions in the past six years to rank No. 31 globally in 2020, the report said citing figures from the World Bank.
The improved business environment and unique opportunities in China have given Tricor and its clients the confidence to expand. For example, capital market innovations, like the debut of the STAR Market, bring investors new exit channels. National strategies, such as developing the Great Bay Area economy and opening Free Trade Zones, bring overseas firms fair and unique opportunities, said Zhang.