This last year has been a volatile year for many businesses. CRCC Asia was no exception, but the volatility was positive in nature and has seen the company move from strength to strength.

It was the year that China Consulting Ltd and China Recruitment Ltd became united under the complete ownership of CRCC Asia Ltd, a Hong Kong holding company.

Our most significant milestone was bringing on-board Kirkwood and Sons LLC, who are now co-owners of the firm. With 15 years experience of working in China, Tom Kirkwood adds enormously to our board of directors. He comes from an oil and gas background, primarily focussing on exploration and production, but has a wealth of experience in real estate, telecommunications and other project finance deals.

During the last year CRCC Asia took on three new members of staff in China, and one in the UK. Our office moves in both Beijing and London have enhanced efficiency and reputation, and our teams are flourishing in their new environments. We have recently expanded into the USA and expect our office there to flourish in the coming year.

The focus of our consulting business has shifted throughout the year and we find ourselves playing the role of investment broker more frequently than ever before. In particular, we have been working on mining and energy deals in Africa and Australia and have been helping a variety of UK companies to expand into China. Beijing remains our key strength but we have been spending an increasing amount of time in Beijing’s rapidly growing neighbour, Tianjin and we have signed MOUs with the Tianjin Economic Development Area and the Nankai District Government. This will ensure CRCC Asia or any of its clients will be given preferential treatment when working within these areas.

Two of our members of staff have been on World Bank sponsored training courses and are both now certified by the International Finance Corporation to assess the corporate governance of Chinese firms and make recommendations as to how they can improve. We believe that this is a valuable service for both Western firms doing due diligence on Chinese companies and Chinese firms preparing to for IPO.

Applications for our student internship programs have increased dramatically, no doubt thanks to negative growth in employment and corresponding worries for graduates looking for jobs. We have already helped over 100 UK applicants arrange an internship in Beijing during 2009. Likewise, our links with Peking and Tsinghua Universities remain strong and we will regularly be bringing groups from both universities to London  to take part in career development programs.

We also expect to continue to see growth in Chinese Outbound Investment, which is one area we will work on alongside our partner Kirkwood and Sons. There is huge potential for Chinese firms to acquire existing management structures, sales channels and other assets at bargain prices this year, and we believe that this model can only replicate itself with the ongoing shift in global power and wealth.

While there is no doubt that the global financial crisis has started to affect China, the CRCC Asia team is confident that China will continue to grow in a number of areas, and that opportunities are still increasing for a huge variety of cross-border transactions. We strongly encourage both Western and Chinese businesses to get in touch with us to explore opportunities.

On a personal level, Tom Kirkwood expects to spend more time on projects in the US but will still be in Beijing for several weeks every quarter. Daniel has taken to life in Beijing like a fish to water, and Edward continues to head-up the London operation. Several of our staff will travel from the Beijing office to London this summer and vice versa as a way of keeping our teams fresh and in touch with current developments in the respective countries.

Thank you for your time, and we would encourage you to be in touch if you feel there are projects in which we may add value.