Deloitte announces 128-mln-USD strategic investment in Hong Kong

HONG KONG, Nov. 23 (Xinhua) -- Deloitte China said on Tuesday that it will invest 1 billion Hong Kong dollars (about 128 million U.S. dollars) over the next three years into transformation of its Hong Kong practice to capture new opportunities.

The investment will be part of the audit firm's new strategic initiative -- Inspire HK -- to sharpen its strategic focus, strengthen its multidisciplinary capabilities, and enhance talent development to capture the growing opportunities locally and in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), it said in a statement.

"With the full support of the central government, Hong Kong has got back on the right track of 'one country, two systems' and we are now standing at a new starting point of economic development," said Deloitte China CEO Patrick Tsang.

"Hong Kong continues to be a pivotal market for Deloitte in a global environment, where digital transformation, climate and trust are reshaping market needs and expectations," said Tsang, adding that the firm is committed to building a brighter future for Hong Kong as it moves forward from the pandemic and other instabilities.

Hong Kong, alongside Beijing and Shanghai, is one of Deloitte's three biggest offices in China by revenue and earnings contribution. Deloitte has continued to expand its Hong Kong practice beyond audit and tax by strengthening its advisory capabilities over the past few decades, according to the statement.

"Underlined by Deloitte's aspiration to sustainable growth in the Hong Kong market, Inspire HK will strengthen the firm's multidisciplinary capabilities, reinforce our market competitiveness, and further expand our presence in the GBA and beyond," said Deloitte China Chairman Dennis Chow.