Which companies gained the market share lost by PwC after being terminated by multiple listed companies?

Breakings ·  Jun 13 06:57
PwC, the accounting firm caught up in the storm of Evergrande's financial fraud, recently lost annual audit projects for a number of listed companies, including the largest audit project at Bank of China worth approximately 200 million yuan in audit fees. According to the journalists' statistics, more than 20 listed companies have terminated their contracts with PwC, including Bank of China, Haitong Securities, China Telecom, and PetroChina. As a result, PwC has lost approximately 500 million yuan in audit fees. From the perspective of contract termination, PwC's number of lost contracts accounts for 20% of its A-share annual audit projects, while its loss amount accounts for more than 50%. Although the four leading international accounting firms are no longer as dominant as domestic accounting firms in terms of market share in A-share IPOs, they are still auditors for many of the large early-stage listed companies; and, in the Hong Kong IPO market, PwC (PwC Hong Kong) has a market share of more than one-third. In the future, if PwC continues to lose contracts due to punishment, its market share will most likely be shared among other accounting firms, and the industry competitive landscape will inevitably change. (Securities Times)

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