""We did not have a meaningful capability to service multinational corporations that wanted to go into mainland China," Lennard Yong, Ascentium's co-founder and CEO, explains. The acquisition adds new offices in mainland Chinese cities like Guangzhou and Tianjin, and pairs Ascentium's outbound expertise with Dezan Shira's inbound knowledge."
""Ascentium has the capability to bring Chinese companies out globally," Yong explains, highlighting the strategic importance of the acquisition in the context of China's increasing outward investment."
""Now, one-third of our customers in Vietnam are Chinese," says Alberto Vettoretti, a managing partner at Dezan Shira, noting a significant shift in customer demographics over the past five years."
"Vietnam in particular is benefiting from greater inward investment from China and other economies, with the country growing by 8.0% last year and manufacturing expanding by almost 10%."
Ascentium, backed by Hillhouse Investment, is acquiring Dezan Shira & Associates to strengthen its presence in mainland China and Southeast Asia. This acquisition addresses Ascentium's previous lack of services for multinational corporations entering China. The deal adds offices in cities like Guangzhou and Tianjin, combining Ascentium's outbound expertise with Dezan Shira's inbound knowledge. China's outward investment increased significantly, and the shift in customer demographics shows a growing number of Chinese clients in Vietnam, reflecting changing investment patterns in the region.
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