PwC sustained nearly 500 million yuan in lost revenue due to ongoing contract terminations.

Breakings ·  Jun 12 19:12
According to journalists' statistics, more than 20 listed companies have terminated their contract with PwC, including Bank of China, Haitong Securities, China Telecom, PetroChina, and others, resulting in a total loss of audit fees of 496 million yuan for PwC. From the perspective of the terminated contracts, the number of listed companies losing contracts accounted for 20% of PwC's annual A-share audit projects, with losses accounting for nearly 50%. From the perspective of competition, the market share of the four well-known international accounting firms in A-share IPOs has long been inferior to that of domestic accounting firms, but they were the audit firms for many large early-stage listed companies. Moreover, PwC (PwC Hong Kong) occupies more than one-third of the market share for HK IPOs. If they continue to lose contracts due to punishment, the competitive landscape of the four major international accounting firms will change. (Brokerage China)

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