Entrepreneurs and market leaders alike have reason to celebrate the evolutionary CanCan platform, thanks to the vision of trial/time-tested visionary KATHERINE LUI.
Katherine Lui, Founder and CEO.
Tech companies and entrepreneurs (SMEs) will find immense value in a brilliantly created resource that’s making business life easier, cleaner and user-friendly.
The well-designed, increasingly pop- ular CanCan Platform makes accounting and auditing more transparent and happen on a daily basis (i.e. you can see the exact financial status of your compa- ny on the app or web anytime), a respite from the traditional ways where you give everything once a year to the accountant and wait for their report.
This is crucial for SMEs because it enables them to manage their cash-flow easier and review their expenses, profits with a click of a button.
The CanCan Group celebrates its 10th anniversary this year (since 2008) and its team’s expertise in the China market spans the last 23 years since Lui was based there as an auditor with KPMG with all her other team members also garnering invaluable experienced from the big 4 companies accounting firms in China.
Solutions and Expertise
CanCan currently boasts more than 150 companies using their platform. Lui says SMEs like it because it makes them easier to attract investors when their books are clean and transparent. The cost per month to use the platform ranges from HK$5,000 to HK$8,000 and the main selling point is users not only access the platform, but the financial advice and financial due diligence expertise of Lui and her team.
“CanCan Group is a fin-tech company and we use our own self-developed database and application software to provide CFO services. These include making sure the financial information of a business is complete and accurate, advising owners on strategies for growth and expansion, implementing financial controls and ensuring cash flows are healthy. Of course a CFO will also ensure the com- panies are in compliance with company laws, tax rules and other regulated areas,” explains Lui.
Since 2008, CanAsia Group has been assisting US/International institutional investors with the accuracy of the financial numbers provided by their target companies in China and this was the financial due-diligence part of the Group’s services.
“Then in late 2010, we were asked by an e-commerce company with head- quarters in Guangzhou China called VIP SHOP (later on it was listed in the NYSE) to become their advisors and help provide solutions to the problems we highlighted in the financial due diligence study,” Lui explains.
“We managed to use our professional and practical mindset and work outside the accounting departments – we worked closing with the product design depart ment, inventory department and legal department to build a solid foundation of financial data for their quick preparation of listing in March 2012.” said Lui.
With a sudden lack of any demand on this financial ‘due diligence service’ in the year 2013 there was virtually no reve- nue for CanAsia at all for nearly months. Lui had to borrow from a bank to support the monthly salaries of the staff.
“Soon, I had no choice but to inno- vate and design a new product to sell. In a way I was forced to innovate and launch the acting CFO services. By 2012, we had done probably about 15 to 20 due diligence projects in total and I noticed that the quality of the financial data in the target companies was woefully poor. So I came up with a package of work tasks to offer to them and to provide a part time CFO solution to them.”
“From 2014 to 2016 I acted as the CFO of Yidao Yongche—a fast growing China version of Uber—and it grew 300 times (in terms of number of daily orders) over those 2 years. The founder inspired me to use technology to grow fast and impact the society. I decided to use my accumulated profits from CanAsia plus a few investors (individual angels and an institutional early stage Silicon Valley fund) to develop CanCan—a software solution for our clients.”
What’s So Unique?
“We are planning to connect to digital payments systems, international tax filing, HR and legal platforms. We will begin working closely with business channels and will be actively seeking platforms for expansion into the Greater Bay,” Lui concludes.
For additional information, please visit www.cancangroup.com
Hong Kong’s Business Leaders share market and interest intelligence in the pages of HKMVC 2019