Ascentium Acquires Dezan Shira & Associates: A Strategic Move towards Enhancing Business Services in Mainland China and Southeast Asian Markets

Expanding Business Services into Mainland China

Ascentium, a business services platform in Asia backed by Hillhouse Investment, has made a strategic move by acquiring Dezan Shira & Associates, a renowned advisory firm with a 33-year history. This firm is well-known for its Asia Briefing intelligence platform. This move culminates in Ascentium’s series of acquisitions, with a key focus on filling the void in the company’s service provision in mainland China, while extending its reach in the rapidly-growing Southeast Asian markets.

“Our earlier capabilities fell short of efficiently servicing multinational corporations venturing into mainland China,” says Lennard Yong, Ascentium’s co-founder and CEO. The acquisition ushers in new offices in major Chinese cities such as Guangzhou and Tianjin, marrying Ascentium’s outbound proficiency with Dezan Shira’s inbound know-how.

Chinese Outward Investment and Business Diversification

Chinese outward investment rose to $174 billion in the past year, indicating a 7% growth. A recent report from McKinsey highlighted that China is transitioning into a net overseas investor. This shift can be attributed to decreased inward flows from the U.S. and Europe, as well as, a concerted effort by Chinese firms to diversify their supply chains and target consumers in emerging markets. “Ascentium has the capability to facilitate Chinese companies’ global expansion,” Yong elaborates.

Trade Patterns and Strategic Investments

Last year, China’s exports to ASEAN spiked by 13.4%. Vietnamese imports from China alone soared over 22%, while exports to the U.S. saw a 20% dip, due to Donald Trump’s tariff regime. Alberto Vettoretti, a managing partner at Dezan Shira, has observed shifts in customer demographics. He said, “Now, one-third of our customers in Vietnam are Chinese. The shift in customer nationality is significant.”

The Roll-up Logic behind Ascentium’s Acquisitions

Lennard Yong, also a chartered accountant, co-founded Ascentium in 2024 with Wendy Wang. Ascentium, through several acquisitions such as InCorp Global and Links International, offers a broad range of services including finance, accounting, payroll, HR, and cross-border services across 46 cities in 27 markets. The acquisition of Dezan Shira & Associates – a firm that spans 27 offices across the region – further bolsters Ascentium’s capabilities and scale.

Yong highlights that the Dezan Shira brand will eventually merge under the Ascentium brand to maintain a unified approach. Ascentium, an Asia-focused company, is positioned to seize the Asian growth opportunity. “We choose to be anchored in Asia because we want our CEOs to be very close to the Fortune 500 firms of tomorrow,” Yong concludes.

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