According to reports, the China Securities Regulatory Commission ruled at the beginning of the year that Evergrande inflated its revenue by about RMB 560 billion in 2019 and 2020. However, three years ago, the Hong Kong Financial Reporting Council announced that it was investigating audit issues at three listed companies, including China Evergrande. The new CEO, Lai Cui Bi, said that the investigation is still ongoing and that "we cannot speed up just because other regulatory agencies are doing it quickly. Regulation is not a race." Hong Kong Financial Reporting Council Chairman Huang Tianyou added that the direction of regulatory agencies across the country is consistent, and that "if we feel pressure because others are doing it quickly, our psychological quality is too poor." Complaints cannot be received today and people cannot be arrested and charged tomorrow; the public will question whether due process has been followed. After the Evergrande real estate case was made public, there was attention paid to the responsibility of PwC, its former auditor; in May, the China Securities Regulatory Commission stated that it would "promote an investigation into relevant intermediary organizations," but the results have not yet been released. However, many state-owned enterprises have announced the suspension of PwC's auditing. Regarding this matter, although he cannot comment on individual cases, Huang Tianyou said that he does not encourage listed companies to boycott or exclude a firm because of a single penalty. It is too hasty to decide to replace a firm unless the firm admits or is found to be riddled with problems throughout the entire system. If the SQM (quality management system) fails, it should be rectified. You cannot easily "hit the boatman with one oar." (Economic Observer Network)