China's clampdown on its consultancy and due diligence sector has driven companies to review their operations after some tested the limits of laws to meet surging demand as China emerged from lockdowns.
A surveillance camera is seen in front of an office building, where the office of Capvision is located, in Shanghai, China, May 9, 2023. REUTERS/Aly SongSHANGHAI/HONG KONG, May 15 - China's clampdown on its consultancy and due diligence sector has driven companies to review their operations after some tested the limits of the laws and Beijing's patience to meet surging demand as China emerged from its COVID-lockdowns.
About a month later, state-run CCTV reported "expert network" services firm Capvision had accepted projects from overseas firms to source information, including "state secrets and intelligence" on sensitive sectors. Consultants could charge clients hefty fees for access to experts, such as ones with in-depth knowledge of a company's results or those that understand the competition and regulatory landscape, industry sources said.
Many China-based consultancy firms also outsourced on the ground investigations to local contractors.
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