PwC Loses Five China Clients in May After Evergrande-Linked Probe

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Signage at the lobby of PricewaterhouseCoopers Australia office in Sydney, Australia, on Thursday, May 25, 2023. The Australian government has referred a PwC tax scandal to the police and asked them to consider a criminal investigation as political scrutiny mounts. Photographer: Brent Lewin/Bloomberg

(Bloomberg) — PricewaterhouseCoopers LLP lost five Chinese clients in May alone, adding to a list of more than a dozen firms its stopped auditing in the country in the last two years.

China Taiping Insurance Holdings Co. Ltd. said on Monday it appointed KPMG as its auditor for 2024 after PwC retired, just as China Merchants Bank Co. Ltd. replaced it with Ernst & Young. China Railway Group Ltd., China Electronics Huada Technology Co. Ltd. and Eastroc Beverage Group Co. Ltd. are among the others that changed auditors.