https://www.scmp.com/rss/519942/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu Hong Kong’s Securities and Futures Commission (SFC) has reached an agreement with PricewaterhouseCoopers Hong Kong (PwC HK) to pay HK$1 billion (US$128 million) in compensation to minority shareholders of China Evergrande Group, following what the regulator described as serious breaches of auditors’ professional duties. Separately, the Accounting and Financial Reporting Council (AFRC) imposed a HK$300 million fine and a six-month practice restriction on PricewaterhouseCoopers, along with HK$10... https://www.scmp.com/business/article/3351148/pwc-pay-hk1-billion-minority-shareholders-over-evergrande-audit-failures?utm_source=rss_feed https://www.scmp.com/business/article/3351148/pwc-pay-hk1-billion-minority-shareholders-over-evergrande-audit-failures?utm_source=rss_feed Thu, 23 Apr 2026 09:01:42 +0000 Zhu Wenqian Zhu Wenqian The momentum in China’s venture-capital industry, which is recovering after years of decline, is likely to continue this year, mainly bolstered by government financing, but an expert warned that the lack of funding diversity poses a hidden risk. Fundraising picked up in 2025, with most of the gains coming from government sources, as central policymakers loosened rules to allow local governments to issue more bonds to finance government guidance funds, according to a report released on Tuesday by... https://www.scmp.com/business/banking-finance/article/3345502/chinas-venture-capital-revival-fuelled-state-cash-faces-risk-losing-momentum?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345502/chinas-venture-capital-revival-fuelled-state-cash-faces-risk-losing-momentum?utm_source=rss_feed Thu, 05 Mar 2026 03:20:41 +0000 Aileen Chuang,Emily Hung Aileen Chuang,Emily Hung Hong Kong is aiming to sharpen its competitive edge as an offshore yuan hub, an asset and wealth management base, and a digital-asset front runner under Financial Secretary Paul Chan Mo-po’s budget released on Wednesday. Market participants largely welcomed Hong Kong’s renewed push to strengthen its position as an international financial centre, after Chan highlighted the city’s unique role in driving the yuan’s internationalisation and capital account opening. The initiative comes as Beijing... https://www.scmp.com/news/hong-kong/article/3344634/hong-kong-seeks-hone-edge-offshore-yuan-hub-digital-asset-front-runner?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/3344634/hong-kong-seeks-hone-edge-offshore-yuan-hub-digital-asset-front-runner?utm_source=rss_feed Wed, 25 Feb 2026 12:23:24 +0000 Lam Ka-sing Lam Ka-sing Hong Kong’s workforce lags behind regional peers in the frequent use of artificial intelligence, a sluggish adoption rate that experts say are limiting pay rewards and job security even as companies prepare to trim entry-level roles. A 2025 survey conducted by PricewaterhouseCoopers (PwC) released on Thursday found that half of Hong Kong respondents were infrequent users of generative AI at work in the past 12 months, compared with 34 per cent for the Asia-Pacific region. The data showed only 22... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3341683/hong-kong-workers-lag-regional-peers-ai-use-lose-out-pay-security-pwc-study?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3341683/hong-kong-workers-lag-regional-peers-ai-use-lose-out-pay-security-pwc-study?utm_source=rss_feed Thu, 29 Jan 2026 09:31:27 +0000 Luna Sun,He Huifeng Luna Sun,He Huifeng With domestic profits narrowing and production capacity expanding, China’s firms are continuing to widen their overseas footprints in search of new, more lucrative markets. In this series, we examine China Inc.’s next phase of “going global” and the complex, challenging international environment its companies have chosen to enter. In the days since Washington’s ousting and abduction of former Venezuelan president Nicolas Maduro – an event that sent shock waves through global markets – some... https://www.scmp.com/economy/global-economy/article/3339607/us-has-played-its-hand-latin-america-will-chinas-firms-there-cash-out?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3339607/us-has-played-its-hand-latin-america-will-chinas-firms-there-cash-out?utm_source=rss_feed Mon, 12 Jan 2026 22:00:19 +0000 Aileen Chuang Aileen Chuang Hong Kong is emerging as a neutral hub bridging the technological strengths of East and West while leveraging its robust education and financial systems to drive the next wave of artificial intelligence transformation in businesses, according to PwC executives. As companies worldwide pushed to move AI from isolated experiments to capabilities deployed at scale, not just to solve problems but to unlock new revenue opportunities, Hong Kong was “well‑positioned” to harness the technology’s... https://www.scmp.com/business/companies/article/3337571/hong-kong-emerging-worlds-ai-crossroads-between-east-and-west-pwc?utm_source=rss_feed https://www.scmp.com/business/companies/article/3337571/hong-kong-emerging-worlds-ai-crossroads-between-east-and-west-pwc?utm_source=rss_feed Fri, 26 Dec 2025 06:30:08 +0000 Alice Li Alice Li The State Council has approved draft regulations for implementing China’s new value-added tax (VAT) law, which is aimed at governing the country’s largest source of tax revenue and set to come into effect early next year. The regulations, released for public consultation in August and approved on Friday, give detailed rules for enforcing the VAT law. Approval by the cabinet signals the regulations are moving closer to finalisation ahead of the law’s expected implementation. The VAT law was... https://www.scmp.com/news/article/3337231/chinas-cabinet-clears-path-vat-law-take-effect-next-month?utm_source=rss_feed https://www.scmp.com/news/article/3337231/chinas-cabinet-clears-path-vat-law-take-effect-next-month?utm_source=rss_feed Sun, 21 Dec 2025 09:06:43 +0000 Cheryl Arcibal Cheryl Arcibal The 50,000-seat Kai Tak Stadium is transforming Hong Kong into a major sports and events destination, as it drives repeat tourism, supports retailers and helps prop up the city’s retail property landlords, according to experts. It served as the venue for British rock band Coldplay’s four-night concert in April and K-pop girl group Twice’s first-ever shows in the city earlier this month. A three-night gig by K-pop sensation Blackpink will also be held there next month. The stadium had been ranked... https://www.scmp.com/business/article/3336788/hong-kongs-kai-tak-stadium-lifts-citys-status-major-sports-and-entertainment-venue?utm_source=rss_feed https://www.scmp.com/business/article/3336788/hong-kongs-kai-tak-stadium-lifts-citys-status-major-sports-and-entertainment-venue?utm_source=rss_feed Wed, 17 Dec 2025 10:30:08 +0000 He Huifeng He Huifeng Each winter for the past three years, Claire Zhou, a teenager from the southern Chinese city of Guangzhou, has counted down the days until she can fly to northern China and pull on a new ski suit and boots. The better she skis, the more frequently she upgrades her gear, reshaping her family’s holiday budget and pulling them deeper into China’s fast-growing winter sports consumption chain. The country’s winter sports boom, sparked by the 2022 Beijing Winter Olympics and fuelled by supportive... https://www.scmp.com/economy/china-economy/article/3333702/frost-and-funds-chinas-winter-sports-boom-drives-spending-and-industry-growth?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3333702/frost-and-funds-chinas-winter-sports-boom-drives-spending-and-industry-growth?utm_source=rss_feed Sun, 23 Nov 2025 08:00:16 +0000 Julie Zhang Julie Zhang Hong Kong has a “huge opportunity” to become a global finance hub for multicurrency stablecoins but being a “first mover” in the market would be key to success, according to PwC. “From an ecosystem perspective, having stablecoin issuers is just the first part of the puzzle,” said Peter Brewin, partner at PwC Hong Kong. He predicted a world with “multiple stablecoins in different currencies and with differing global footprints in terms of usage and acceptability”. For example, a supplier in Latin... https://www.scmp.com/business/banking-finance/article/3324606/first-mover-advantage-key-hong-kongs-success-multicurrency-stablecoin-hub-says-pwc?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3324606/first-mover-advantage-key-hong-kongs-success-multicurrency-stablecoin-hub-says-pwc?utm_source=rss_feed Sun, 07 Sep 2025 02:00:20 +0000 Karen Chiu,Hannah Wang,Sam Phillips Karen Chiu,Hannah Wang,Sam Phillips Climate change could disrupt a third of the world’s semiconductor supply by 2035, as severe drought threatens the mining of copper – a critical material used in chip production – according to a new report from PwC released on Tuesday. The extraction of copper, essential for building the microscopic wires found on semiconductor circuits, requires substantial water resources. About 1,600 litres (423 gallons) of water were needed to obtain just 19kg of copper, the report said, citing data from the... https://www.scmp.com/tech/tech-trends/article/3317237/third-global-chip-supply-threatened-climate-change-and-drought-2035-pwc?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3317237/third-global-chip-supply-threatened-climate-change-and-drought-2035-pwc?utm_source=rss_feed Tue, 08 Jul 2025 06:00:14 +0000 Anthony Rowley Anthony Rowley Fashionable, frivolous or downright foolish? Which of these words best describes the trend in markets toward derivatives, cryptocurrencies, digital assets and tokens as supplements or alternatives to traditional finance? Where is this great “paper chase” leading? For one thing, it is likely to be causing a flight into gold. But unless gold is remonetised and mining output is stepped up sharply, that trend could lead to deflation and limited economic growth. So a retreat to sustainable safety... https://www.scmp.com/opinion/world-opinion/article/3314109/how-obsession-risky-assets-putting-global-finance-peril?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3314109/how-obsession-risky-assets-putting-global-finance-peril?utm_source=rss_feed Sat, 14 Jun 2025 08:30:07 +0000 Hannah Wang Hannah Wang Jobs requiring artificial intelligence (AI) skills are on the rise in Hong Kong as more businesses find practical use for the technology, but rather than replacing human ingenuity, AI is being combined with it to deliver productivity gains, according to PwC. The proportion of job postings in Hong Kong seeking AI skills rose to 1.9 per cent in 2024 from 1.6 per cent in 2021, according to the consultancy’s “Global AI Jobs Barometer” report published on Friday. In the information and communications... https://www.scmp.com/business/companies/article/3314317/hong-kong-and-globally-ai-not-job-and-wage-killer-pwc-says?utm_source=rss_feed https://www.scmp.com/business/companies/article/3314317/hong-kong-and-globally-ai-not-job-and-wage-killer-pwc-says?utm_source=rss_feed Fri, 13 Jun 2025 09:00:21 +0000 Ralph Jennings Ralph Jennings There was an elephant in the showroom at this year’s Computex Taipei tech expo. Loud speakers boomed the guttural sounds of action games loud enough to be heard across dozens of booths, where blazing white lights glinted off the thin black edges of new microprocessors on display. Some of the show’s 86,521 prospective buyers tried out AI-enabled laptops with 3D displays – visible without special glasses – screening a country lane in Japan one moment, a complicated colon surgery the next. And... https://www.scmp.com/economy/global-economy/article/3312466/trade-war-elephant-showroom-computex-taipei-asias-biggest-tech-expo?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3312466/trade-war-elephant-showroom-computex-taipei-asias-biggest-tech-expo?utm_source=rss_feed Sat, 31 May 2025 03:00:21 +0000 Ishani Sarkar Ishani Sarkar If you’ve ever heard of OnlyFans, the adult content platform that took off during the pandemic, you’ll probably also recognise the names Lily Phillips and Bonnie Blue. Phillips went viral for having sex with more than a hundred men in a single night. She documented the experience and later broke down in tears on camera, only to announce that her next goal was to sleep with 10 times that number. However, she later ditched the attempt after rival creator Bonnie Blue beat her to it. Meanwhile,... https://www.scmp.com/magazines/style/entertainment/article/3310406/who-onlyfans-ceo-keily-blair-who-claims-platform-feminist-mum-2-lawyer-and-says-people-should-be?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3310406/who-onlyfans-ceo-keily-blair-who-claims-platform-feminist-mum-2-lawyer-and-says-people-should-be?utm_source=rss_feed Fri, 16 May 2025 10:00:15 +0000 Yuke Xie Yuke Xie A number of mainland China companies are making plans for initial public offerings (IPOs) or secondary listings in Hong Kong, a trend that augurs well for the city’s effort to claw its way back to the top of the global league table of fundraising destinations. Wang Xingxing, the founder of humanoid-robotics start-up Unitree, told Hong Kong’s chief executive John Lee Ka-chiu during his visit to Hangzhou last week that a listing in the city remains a future consideration, local media... https://www.scmp.com/business/markets/article/3308167/chinas-unitree-open-hong-kong-ipo-auntea-jenny-tech-firms-move-ahead-listings?utm_source=rss_feed https://www.scmp.com/business/markets/article/3308167/chinas-unitree-open-hong-kong-ipo-auntea-jenny-tech-firms-move-ahead-listings?utm_source=rss_feed Mon, 28 Apr 2025 05:59:59 +0000 Enoch Yiu Enoch Yiu Hong Kong will continue to play a critical role in connecting China with the rest of the world when it comes to the regulation of cross-border accounting regulation and talent development in the industry, according to Financial Secretary Paul Chan Mo-po. Since 2022, Hong Kong has been the nerve centre for the Public Company Accounting Oversight Board’s (PCAOB’s) annual inspections into the audits of US-listed mainland companies, which Chan said underscored the city’s crucial role in the process.... https://www.scmp.com/business/article/3288968/paul-chan-hong-kong-critical-bridge-between-china-and-world-accounting-sector?utm_source=rss_feed https://www.scmp.com/business/article/3288968/paul-chan-hong-kong-critical-bridge-between-china-and-world-accounting-sector?utm_source=rss_feed Mon, 02 Dec 2024 08:51:14 +0000 Mia Castagnone Mia Castagnone China’s vice-finance minister met the global chair of PwC in Beijing, after the accounting firm’s mainland unit was slapped with a hefty fine and suspended for six months, according to a finance ministry statement on Monday. Vice-Finance Minister Guo Tingting told PwC’s global chair Mohamed Kande during their meeting on September 19 that he hoped the Big Four firm would strictly abide by China’s laws and regulations, and adopt effective measures to correct mistakes, the statement said. Guo said... https://www.scmp.com/business/banking-finance/article/3280591/china-urges-pwcs-global-chair-strictly-abide-rules-and-regulations-after-evergrande-debacle?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3280591/china-urges-pwcs-global-chair-strictly-abide-rules-and-regulations-after-evergrande-debacle?utm_source=rss_feed Mon, 30 Sep 2024 11:57:26 +0000 Reuters Reuters PwC is making “tangible investments” to ensure the Big Four firm has high quality and sustainable business in China, it said in a memo to staff after Chinese regulators on Friday hit the company’s mainland unit with a record penalty. PwC Zhong Tian was hit with a six-month suspension and a fine of 441 million yuan (US$62 million) on Friday over the firm’s audit of failed property developer China Evergrande Group. Chinese authorities have been examining PwC’s role in Evergrande’s accounting... https://www.scmp.com/business/banking-finance/article/3278710/pwc-invests-high-quality-china-business-ensure-survival-after-us62-million-fine?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3278710/pwc-invests-high-quality-china-business-ensure-survival-after-us62-million-fine?utm_source=rss_feed Mon, 16 Sep 2024 08:07:50 +0000 Enoch Yiu Enoch Yiu PwC Zhong Tian, the China unit of the Big Four accounting firm, has been fined a record 441 million yuan (US$62.2 million) and banned for six months from undertaking auditing for its failures in checking the books of bankrupt developer China Evergrande Group. The penalty, the harshest imposed on any audit firm by China to date, is part of Beijing’s effort to tighten financial regulations and improve market integrity, analysts said. The PwC unit failed to detect the true financial condition and... https://www.scmp.com/business/article/3278419/china-slaps-pwc-record-us6216-million-fine-6-month-ban-evergrande-missteps?utm_source=rss_feed https://www.scmp.com/business/article/3278419/china-slaps-pwc-record-us6216-million-fine-6-month-ban-evergrande-missteps?utm_source=rss_feed Fri, 13 Sep 2024 09:18:05 +0000 Yuke Xie Yuke Xie Beleaguered property developer Country Garden dropped PricewaterhouseCoopers (PwC) as its auditor, in another setback for the firm that has lost more than 50 clients this year due to its link with the collapse of China Evergrande. Country Garden said in a Thursday filing to the Hong Kong stock exchange that it recommended PwC consider resigning as its auditor due to the firm’s failure to publish its financial results on time. PwC has agreed to step down; the resignation is effective... https://www.scmp.com/property/article/3277435/chinese-developer-country-garden-drops-pwc-its-auditor?utm_source=rss_feed https://www.scmp.com/property/article/3277435/chinese-developer-country-garden-drops-pwc-its-auditor?utm_source=rss_feed Fri, 06 Sep 2024 04:25:27 +0000 Enoch Yiu Enoch Yiu China is preparing to penalise PwC with the biggest fine ever imposed on a global accounting firm for its shortcomings in the audit of bankrupt developer China Evergrande Group, including a ban on taking on new clients and signing off accounts of mainland-based companies, according to people familiar with the matter. PwC Zhong Tian could face a fine of up to 500 million yuan (US$70 million) and a six-month nationwide ban on doing business for its alleged failure in scrutinising the accounts of... https://www.scmp.com/business/article/3275448/pwcs-china-unit-faces-record-us70-million-fine-6-month-ban-evergrande-failures?utm_source=rss_feed https://www.scmp.com/business/article/3275448/pwcs-china-unit-faces-record-us70-million-fine-6-month-ban-evergrande-failures?utm_source=rss_feed Thu, 22 Aug 2024 07:05:39 +0000 Enoch Yiu,Bloomberg Enoch Yiu,Bloomberg PwC, the former auditor of China Evergrande Group, is facing legal action from the collapsed developer’s liquidators, the latest setback for the accounting firm. The lawyers for the liquidators have started legal action against PwC and its mainland unit PwC Zhong Tian, according to Hong Kong court documents seen by Bloomberg. The lawsuit was filed in March and only recently made public. Liquidators launched court proceedings against PwC’s “negligence” and “misrepresentation” in auditing work.... https://www.scmp.com/business/banking-finance/article/3273530/evergrande-liquidators-start-legal-action-against-pwc-negligence-auditing-work?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3273530/evergrande-liquidators-start-legal-action-against-pwc-negligence-auditing-work?utm_source=rss_feed Wed, 07 Aug 2024 06:18:16 +0000 Enoch Yiu Enoch Yiu China’s Ministry of Finance and Hong Kong’s audit regulators are assisting each other in their separate investigations of PwC’s audit work of the now-liquidated China Evergrande Group. “Under the memorandum of understanding (MOU) signed between the Ministry of Finance and Hong Kong’s Accounting and Financial Reporting Council [AFRC] in 2019, the two regulators are mutually reliant on each other regarding investigations,” said AFRC chairman Kelvin Wong Tin-yau. The Evergrande investigation should... https://www.scmp.com/business/banking-finance/article/3270104/hong-kong-chinese-regulators-cooperate-probes-pwcs-evergrande-bookkeeping?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3270104/hong-kong-chinese-regulators-cooperate-probes-pwcs-evergrande-bookkeeping?utm_source=rss_feed Thu, 11 Jul 2024 10:14:01 +0000 Yuke Xie Yuke Xie Hong Kong’s accounting regulator said there was no evidence to support allegations made by whistle-blowers against PwC, which has been caught in a slew of scandals tied to the now-liquidated China Evergrande Group. The Accounting and Financial Reporting Council (AFRC) said in a statement on Wednesday that after examining the internal investigation carried out by PwC, it has determined that the evidence does not support three of the allegations concerning the auditing firm’s quality controls. The... https://www.scmp.com/business/banking-finance/article/3269979/hong-kongs-audit-regulator-says-whistle-blower-allegations-against-pwc-not-supported?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3269979/hong-kongs-audit-regulator-says-whistle-blower-allegations-against-pwc-not-supported?utm_source=rss_feed Wed, 10 Jul 2024 14:14:35 +0000 Bloomberg Bloomberg PricewaterhouseCoopers is cutting staff across its China operations, according to people familiar with the matter, after an exodus of corporate clients diminished the accounting firm’s revenue prospects in the country. At least 100 staffers from different teams at PwC China’s offices in Beijing, Shanghai and other locations are being let go, the people said, asking not to be identified discussing private matters. More than half of one team was laid off, according to one of the people. The final... https://www.scmp.com/business/article/3269917/pwc-starts-mass-lay-china-amid-exodus-clients-wake-evergrandes-fraud?utm_source=rss_feed https://www.scmp.com/business/article/3269917/pwc-starts-mass-lay-china-amid-exodus-clients-wake-evergrandes-fraud?utm_source=rss_feed Wed, 10 Jul 2024 08:39:02 +0000 Mia Castagnone Mia Castagnone PwC has downgraded its outlook for Hong Kong’s initial public offering (IPO) market, noting the high interest rate environment has weighed on companies’ fundraising plans. The accounting firm said in its half-yearly report on Tuesday that it anticipates 80 companies to list on the city’s stock exchange this year, with fundraising to reach up to HK$80 billion (US$10.2 billion), significantly lower than its forecast of more than HK$100 billion in January. The city’s new listing environment... https://www.scmp.com/business/markets/article/3268864/hong-kong-ipos-pwc-cuts-2024-fundraising-prediction-20-us102-billion?utm_source=rss_feed https://www.scmp.com/business/markets/article/3268864/hong-kong-ipos-pwc-cuts-2024-fundraising-prediction-20-us102-billion?utm_source=rss_feed Tue, 02 Jul 2024 09:30:10 +0000 The property development arm of state-owned China Merchants Group (CMG) has become the latest Chinese company to sever ties with PwC, amid concerns over the auditor’s role at insolvent developer China Evergrande. China Merchants Shekou Industrial Zone Holdings said late on Wednesday night that it will hire KPMG as its auditor, reversing its decision from less than three months ago to appoint PwC. Shekou had previously appointed Deloitte and in March replaced it with PwC. PwC’s troubles have... https://www.scmp.com/business/banking-finance/article/3265569/pwcs-china-woes-merchants-group-unit-latest-jump-ship-auditor-comes-under-scrutiny?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3265569/pwcs-china-woes-merchants-group-unit-latest-jump-ship-auditor-comes-under-scrutiny?utm_source=rss_feed Thu, 06 Jun 2024 04:19:46 +0000 State-owned China Cinda Asset Management has become the latest major company to terminate its contract with PwC, after at least five big firms recently cut ties with the auditor amid growing concerns about alleged financial fraud tied to embattled developer China Evergrande. China Cinda has replaced PwC’s services with those of fellow “big four” accounting firm Ernst & Young (EY) for 2024, the asset manager said in a stock exchange filing on Monday. The decision was made to “practice sound... https://www.scmp.com/business/article/3265212/pwc-defections-continue-china-cinda-asset-management-ditches-auditor-facing-fines-alleged-evergrande?utm_source=rss_feed https://www.scmp.com/business/article/3265212/pwc-defections-continue-china-cinda-asset-management-ditches-auditor-facing-fines-alleged-evergrande?utm_source=rss_feed Mon, 03 Jun 2024 13:00:18 +0000 PwC will become the largest customer and first reseller of OpenAI’s enterprise product as part of a new deal, the accounting giant said on Wednesday, as businesses rush to adopt and capitalise on generative artificial intelligence (genAI). PwC will roll out ChatGPT Enterprise, a version of the Microsoft-backed AI start-up’s chatbot aimed at large companies. The firm will provide ChatGPT Enterprise to its 75,000 US employees and 26,000 UK employees, according to the Wall Street Journal which... https://www.scmp.com/tech/tech-trends/article/3264644/pwc-become-openais-largest-customer-custom-gpts-help-staff-review-tax-returns-generate-reports?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3264644/pwc-become-openais-largest-customer-custom-gpts-help-staff-review-tax-returns-generate-reports?utm_source=rss_feed Thu, 30 May 2024 03:30:15 +0000 Shenzhen-listed conglomerate China Merchants Port Group has joined at least four other large corporations that have terminated contracts with auditing firm PricewaterhouseCoopers (PwC) in the last month amid concerns around possible malpractice tied to insolvent property developer China Evergrande. The Hong Kong headquartered port operator and shipping company said in a Wednesday stock exchange filing that its shareholders have decided to retract a proposal to hire PwC as its auditor for the... https://www.scmp.com/business/article/3264609/pwc-faces-defections-hong-kong-mainland-china-clients-amid-concerns-about-china-evergrande?utm_source=rss_feed https://www.scmp.com/business/article/3264609/pwc-faces-defections-hong-kong-mainland-china-clients-amid-concerns-about-china-evergrande?utm_source=rss_feed Wed, 29 May 2024 13:00:19 +0000 Hong Kong’s accounting watchdog said it will investigate accounting firm PwC for alleged auditing fraud related to bankrupt Chinese developer China Evergrande Group, adding that it would not hesitate to take enforcement action. The Accounting and Financial Reporting Council (AFRC) said in a statement on Friday that it had taken note of the whistleblower’s allegations about PwC that circulated in the media earlier in the week. An anonymous letter expressed concerns regarding potential alleged... https://www.scmp.com/business/companies/article/3259736/hong-kong-accounting-watchdog-initiates-probe-pwc-audits-bankrupt-developer-evergrande?utm_source=rss_feed https://www.scmp.com/business/companies/article/3259736/hong-kong-accounting-watchdog-initiates-probe-pwc-audits-bankrupt-developer-evergrande?utm_source=rss_feed Sat, 20 Apr 2024 05:58:40 +0000 PricewaterhouseCoopers (PwC) has refuted a letter alleging that its partners were involved in auditing fraud tied to bankrupt Chinese developer China Evergrande Group and said it has taken measures to investigate the origins of the “false information”. The anonymous letter, titled “Who dragged PwC into the fire pit of Evergrande”, began circulating on Chinese social media earlier this week. The claims made in the letter against the auditing company and its partners were “clearly contradictory to... https://www.scmp.com/business/article/3259172/china-evergrande-pwc-refutes-letter-claiming-fraud-tied-indebted-developer-vows-investigate?utm_source=rss_feed https://www.scmp.com/business/article/3259172/china-evergrande-pwc-refutes-letter-claiming-fraud-tied-indebted-developer-vows-investigate?utm_source=rss_feed Tue, 16 Apr 2024 07:34:36 +0000 Nearly two-thirds of Asia-Pacific CEOs are not confident in the long-term survival of their company despite an overwhelming majority of leaders taking measures to reinvent their business models, according to a survey by PwC. The lack of confidence was most evident among CEOs in mainland China, Hong Kong and South Korea, as they have been confronted with heightened exposure to geopolitical tensions and economic headwinds from their trading partners. Uncertainties like inflation, geopolitical... https://www.scmp.com/business/banking-finance/article/3248658/existential-threat-asia-pacific-ceos-uncertain-about-long-term-survival-they-fear-business?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3248658/existential-threat-asia-pacific-ceos-uncertain-about-long-term-survival-they-fear-business?utm_source=rss_feed Tue, 16 Jan 2024 23:00:19 +0000 Hong Kong’s initial public offering (IPO) market will gradually stabilise this year notwithstanding the geopolitical tensions and economic uncertainties globally, aided by listing reforms and potential interest rate cuts in the second quarter, according to PwC. Hong Kong’s capital market will benefit from a drop in bearish factors, demand for corporate development financing, and return of capital from Europe, the US and the Middle East to Asia, which will increase market liquidity and improve... https://www.scmp.com/business/banking-finance/article/3247025/hong-kongs-ipo-market-stabilise-amid-listing-reforms-and-lower-interest-rates-pwc-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3247025/hong-kongs-ipo-market-stabilise-amid-listing-reforms-and-lower-interest-rates-pwc-says?utm_source=rss_feed Tue, 02 Jan 2024 09:41:36 +0000 PwC’s affiliates in mainland China and Hong Kong, along with a Chinese accounting firm, have agreed to pay a combined fine of nearly US$8 million for auditing failures related to US-listed Chinese companies, according to the US accounting watchdog. The settlements come a year after China and the US reached a landmark agreement that allowed the Public Company Accounting Oversight Board (PCAOB) to inspect auditors’ work of more than 100 Chinese companies. The companies faced the prospect of being... https://www.scmp.com/business/banking-finance/article/3243476/us-watchdog-fines-pwc-affiliates-and-chinese-accounting-firm-some-us8-million-audit-failures?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3243476/us-watchdog-fines-pwc-affiliates-and-chinese-accounting-firm-some-us8-million-audit-failures?utm_source=rss_feed Fri, 01 Dec 2023 05:58:11 +0000 Hong Kong-listed companies must step up their preparedness for more challenging climate-related reporting requirements set to be phased in starting next year, according to audit and consulting firm PwC. Only a quarter of 300 Hong Kong listed companies PwC studied voluntarily made any disclosures of their so-called scope 3 greenhouse-gas emissions – those attributable to their suppliers and customers – in their 2022 financial year reports on environment, social and governance (ESG) issues. Under... https://www.scmp.com/business/article/3237700/climate-change-hong-kong-listed-companies-risk-failing-meet-more-stringent-emissions-reporting-rules?utm_source=rss_feed https://www.scmp.com/business/article/3237700/climate-change-hong-kong-listed-companies-risk-failing-meet-more-stringent-emissions-reporting-rules?utm_source=rss_feed Thu, 12 Oct 2023 10:30:16 +0000 Initial public offerings (IPOs) by mainland Chinese technology, media and telecommunications (TMT) companies declined in total number and value of funds raised in the first half of this year, according to PwC, but new capital market reform policies and the country’s economy recovery are expected to boost this sector’s outlook. There were 66 mainland TMT firms that went public in the first six months of the year, down from the 124 that completed IPOs in the second half of 2022, consulting giant... https://www.scmp.com/tech/tech-trends/article/3234725/chinas-tech-media-and-telecoms-ipos-fall-first-half-2023-new-capital-market-policies-and-nations?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3234725/chinas-tech-media-and-telecoms-ipos-fall-first-half-2023-new-capital-market-policies-and-nations?utm_source=rss_feed Fri, 15 Sep 2023 12:00:19 +0000 Chinese consumers are adjusting their spending habits to account for the country’s less-than optimistic economic outlook, according to global advisory firm PwC. The crisis in China’s real estate sector and high youth unemployment are among concerns weighing on consumer spending, it said in a report published on Tuesday. “Although the degree of financial concern felt by Chinese consumers is less acute than global counterparts, consumers have been holding back on non-essential spending,” said... https://www.scmp.com/business/china-business/article/3231935/chinas-gloomy-economic-outlook-has-taken-fizz-out-consumer-spending-pwc-says?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3231935/chinas-gloomy-economic-outlook-has-taken-fizz-out-consumer-spending-pwc-says?utm_source=rss_feed Tue, 22 Aug 2023 23:30:09 +0000 Companies in Hong Kong will need to “know their greenhouse gas emissions” and “look for solutions” to meet the stock exchange’s tightening climate disclosure requirements, according to accounting firm PwC. Businesses have been urged to take immediate action on emissions after bourse operator Hong Kong Exchanges and Clearing (HKEX) ended a consultation on Friday to make climate-related disclosures mandatory and align them with international standards as early as January next year. Climate change... https://www.scmp.com/business/banking-finance/article/3228125/hkexs-climate-disclosure-rules-will-force-hong-kong-firms-seek-solutions-greenhouse-gas-emissions?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3228125/hkexs-climate-disclosure-rules-will-force-hong-kong-firms-seek-solutions-greenhouse-gas-emissions?utm_source=rss_feed Tue, 18 Jul 2023 12:00:23 +0000 The total annual revenue of China’s entertainment and media industry is set to reach around US$479.9 billion by 2027, as adoption of cutting-edge technology such as artificial intelligence (AI) boosts productivity, according to PwC. Internet advertising and video games will be the main growth drivers of the world’s second-largest entertainment and media market, and both segments could see a transformation from the adoption of such technology, according to PwC’s Global Entertainment and Media... https://www.scmp.com/business/banking-finance/article/3227608/chinas-entertainment-and-media-industry-set-reach-us4799-billion-annual-revenue-ai-boosts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3227608/chinas-entertainment-and-media-industry-set-reach-us4799-billion-annual-revenue-ai-boosts?utm_source=rss_feed Thu, 13 Jul 2023 23:00:19 +0000 Hedge funds around the world are taking a step back from virtual assets as the cryptocurrency sector continues to reel from a series of collapses last year, including the fall of FTX, and a crackdown in the US, according to a new PwC survey. A survey of traditional hedge funds, which do not focus on cryptocurrencies, found that only 29 per cent were investing in virtual assets this year, down from 37 per cent last year, PwC said in a report published on Wednesday in conjunction with the... https://www.scmp.com/tech/tech-trends/article/3227451/hedge-funds-retreat-cryptocurrencies-after-2022-ftx-scandal-us-regulatory-crackdown-pwc-survey?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3227451/hedge-funds-retreat-cryptocurrencies-after-2022-ftx-scandal-us-regulatory-crackdown-pwc-survey?utm_source=rss_feed Wed, 12 Jul 2023 11:00:26 +0000 Some Australian public figures and lawmakers are calling for Canberra to cut ties with the Big Four consulting companies as more evidence of the “immense” PwC scandal surfaces amid revelations the firm tipped off tech giant Google on confidential national tax laws. Former Australian senator Rex Patrick – who has called out tax dodgers as well as Australia’s Aukus nuclear submarine purchase – has asked the government to ban “morally bankrupt” consultancy firms from taking taxpayers’ money. The... https://www.scmp.com/week-asia/politics/article/3226819/morally-bankrupt-australia-urged-cut-ties-big-four-firms-amid-pwc-scandal?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3226819/morally-bankrupt-australia-urged-cut-ties-big-four-firms-amid-pwc-scandal?utm_source=rss_feed Fri, 07 Jul 2023 01:30:10 +0000 PricewaterhouseCoopers is facing increased scrutiny in Australia amid a Senate inquiry this week into the leaking of sensitive government tax policy to private clients as heads roll at the embattled consultancy giant and a criminal investigation gets under way. The scandal unfolded earlier this year after the former head of international tax for PwC Australia, Peter-John Collins, was deregistered for sharing confidential government briefings on new tax evasion laws with the company’s partners... https://www.scmp.com/week-asia/economics/article/3222560/can-pwc-tide-over-trust-crisis-tax-leak-scandal-rages-australia?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3222560/can-pwc-tide-over-trust-crisis-tax-leak-scandal-rages-australia?utm_source=rss_feed Thu, 01 Jun 2023 05:30:16 +0000 Fewer Hong Kong companies are inclined to raise their spending on initiatives that enhance their environment, social and governance (ESG) performance this year, as economic headwinds draw their attention to other priorities, according to a survey. About three quarters of the respondents plan to increase their investment in ESG-related programmes this year, the annual survey co-launched by the Hong Kong Trade Development Council and accountancy giant PwC found. Last year, nine out of 10 companies... https://www.scmp.com/business/article/3206377/less-hong-kong-firms-plan-their-spending-sustainable-initiatives-amid-economic-downturn-pwc-survey?utm_source=rss_feed https://www.scmp.com/business/article/3206377/less-hong-kong-firms-plan-their-spending-sustainable-initiatives-amid-economic-downturn-pwc-survey?utm_source=rss_feed Wed, 11 Jan 2023 06:00:10 +0000 A team of US regulators is in the final stages of discussions with two Hong Kong accounting firms regarding their audits of mainland Chinese companies facing possible delisting from US exchanges, according to two sources familiar with the situation. This indicates the unprecedented review is nearing its end, and a report may come as soon as the end of this year, potentially deciding the fate of about 168 US-listed mainland firms. Two teams of inspectors from the Public Company Accounting... https://www.scmp.com/business/article/3202994/us-regulator-final-talks-pwc-kpmg-over-audits-mainland-firms-facing-delisting-report-due-soon?utm_source=rss_feed https://www.scmp.com/business/article/3202994/us-regulator-final-talks-pwc-kpmg-over-audits-mainland-firms-facing-delisting-report-due-soon?utm_source=rss_feed Tue, 13 Dec 2022 00:30:08 +0000 Hainan has sent officials to Germany, Japan and Hong Kong to seek offshore trade orders and investment capital to prop up a sagging economy, the South China Morning Post has learned, as local governments in China rush to make similar moves. The southernmost province in China is sending officials led by Deputy Provincial Governor Ni Qiang to Germany, who are arriving on Monday afternoon Beijing time in Frankfurt for a five-day trip. The team is set to sign a contract with Bielefeld University of... https://www.scmp.com/business/china-business/article/3202959/hainan-officials-seek-investment-germany-after-trips-japan-hong-kong-secure-contracts-swire-pwc?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3202959/hainan-officials-seek-investment-germany-after-trips-japan-hong-kong-secure-contracts-swire-pwc?utm_source=rss_feed Mon, 12 Dec 2022 07:00:06 +0000 The popular Chinese resort city of Sanya in southern Hainan province will soon be home to a 1 billion yuan (US$144 million) training institute funded by PwC China. Reimagine Park will be built by the Sanya municipal government and PwC, according to a joint announcement at a launch event in Hong Kong on Saturday. The park will be a platform for the PwC Asia-Pacific Trust Leadership Institute as well as a campus for international business schools. “Delivering Reimagine Park is a critical pillar of... https://www.scmp.com/business/companies/article/3202778/pwc-invest-1-billion-yuan-training-institute-chinas-sanya-partners-international-business-schools?utm_source=rss_feed https://www.scmp.com/business/companies/article/3202778/pwc-invest-1-billion-yuan-training-institute-chinas-sanya-partners-international-business-schools?utm_source=rss_feed Sun, 11 Dec 2022 01:30:13 +0000 The number of initial public offerings (IPOs) in Hong Kong is likely to drop 19 per cent this year amid a global slowdown, but the city’s stock exchange should regain bragging rights as one of the world’s top three markets by facilitating twice as much fundingraising in 2023, according to PwC. Hong Kong saw 69 IPOs in the first 11 months of 2022, and PwC expects this to reach 80 by the end of December, bringing the year’s total funds raised to HK$105.6 billion (US$13.6 billion). A stable capital... https://www.scmp.com/business/banking-finance/article/3202117/hong-kong-be-among-top-three-ipo-hubs-2023-fundraising-set-double-us26-billion-pwc?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3202117/hong-kong-be-among-top-three-ipo-hubs-2023-fundraising-set-double-us26-billion-pwc?utm_source=rss_feed Mon, 05 Dec 2022 08:59:39 +0000 Teams of US audit inspectors arrived at the Central offices of accounting firms PwC and KPMG this morning to begin a historic review of the audit records of US-listed, China-based companies, two sources told the South China Morning Post. The inspectors from the Public Company Accounting Oversight Board (PCAOB) arrived in Central on Monday morning to work at the Hong Kong offices of PwC in the Prince’s Building and Edinburgh Tower as well as KPMG’s office in the Prince’s Building, the sources... https://www.scmp.com/business/article/3192982/us-inspectors-arrive-pwc-kpmg-offices-hong-kong-review-chinese-companies?utm_source=rss_feed https://www.scmp.com/business/article/3192982/us-inspectors-arrive-pwc-kpmg-offices-hong-kong-review-chinese-companies?utm_source=rss_feed Mon, 19 Sep 2022 06:04:15 +0000