New World China: HK-Mainland Real Estate Financial Platform

Introduction

Through the construction of general ledger, statements, consolidated statements, multiple account books, differential account books and other modules, across China and Hong Kong, nine major industry and more than 500 companies, a unified financial digital platform was achieved in 8 months.

Background

Founded in 1970, New World Development Company Limited ( “the Group”, Hong Kong stock code: 00017) was publicly listed in Hong Kong in 1972 and is a constituent stock of the Hong Kong Hang Seng Index. A premium brand infused with a unique personality, New World Group’s core business areas include investment in property and property development, and investment in and/or operation of roads, commercial aircraft leasing, construction, insurance, hotels and other strategic businesses. The Group is confident of the development of the country and has been actively seeking development opportunities. As at 31 December 2019, the Group’s existing investments in Mainland China has exceeded US$20 billion, spreading across four municipalities and spanning more than 20 provinces.

With the development of business, information islands caused by the industry characteristics of cross-regional operations have brought inconvenience to the business management of enterprises, such as distortion of financial data, multiple financial systems, and untimely data reporting.

Solution

i. In accordance with the needs of customers, yonyou builds a unified financial accounting system across China and Hong Kong through the iUAP platform.

• Unified financial accounting standards for general ledger, fixed assets, and internal transactions;
• improved the accuracy and timeliness of data reporting for group statements and consolidated statements ;
• multiple service books to resolve the differences in financial accounting policies between China and Hong Kong.

ii. After 8 months of implementation, more than 500 companies in China and Hong Kong have all moved online, standardizing the financial accounting system and unifying the group’s financial accounting policies.