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PwC

PwC
The latest news, analysis and opinion on PwC. In-depth analysis, industry insights and expert opinion.
The survey showed that only 19 per cent of local respondents attributed a salary increase to AI in the last 12 months, far below Asia-Pacific’s 46 per cent. Photo: Eugene Lee
Hong Kong economy

Hong Kong workers lag regional peers in AI use, lose out on pay, security: PwC

PricewaterhouseCoopers survey finds half of Hong Kong workers use gen AI infrequently at work compared with 34 per cent for Asia-Pacific region.

US-Venezuela conflict

‘Expansion to defence’: China firms strategise in Latin America after Venezuela

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Fintech

Why Hong Kong is emerging as the world’s AI crossroads between East and West

China economy

China’s cabinet clears path for VAT law to take effect next month

State Council approves draft regulations to implement the new law, which aims to govern China’s biggest source of tax revenue.

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Shoppers browse goods in a gift shop in Beijing, China on December 8. Chinese authorities have highlighted tax policy as a way to support growth amid weak demand. Photo: EPA
Hong Kong property

Kai Tak Stadium lifts Hong Kong’s status as major sports and entertainment venue

The 50,000-seat stadium drives repeat tourism, supports retailers and helps prop up retail property landlords, experts say.

China travel

Snowcapped prosperity: China’s winter sports market glides upwards

Growing participation and government support are fuelling innovation in equipment, expanding domestic resorts, and creating new jobs in China’s ice and snow economy.

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Banking & finance

First-mover advantage key to Hong Kong’s success in multicurrency stablecoins

Multicurrency stablecoins are designed to maintain their value by being backed by a basket of fiat currencies on a blockchain.

Hong Kong’s niche in stablecoins was in a multicurrency approach, Hong Kong Financial Secretary Paul Chan wrote in his blog. Photo: Shutterstock Images
Semiconductors

A third of chip supply threatened by climate change by 2035: PwC

The acceleration of climate change may prove calamitous for semiconductor production, which relies on copper, a new report says.

Banking & finance

Macroscope | How the obsession with risky assets is putting global finance in peril

From the speculative frenzy over digital assets to the assault on bond markets, the next financial crisis will be self-inflicted.

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Mainland China

In Hong Kong and globally, AI is not a job and wage killer, PwC says

Across all industries, roles that ‘collate AI with human expertise’ are in demand and command a premium, report says.

Contrary to expectations, AI is making workers more valuable, productive and able to command higher wage premiums, according to PwC. Photo: Shutterstock
Taiwan economy

Trade war elephant in the showroom at Computex Taipei, Asia’s biggest tech expo

As Trump threatens to reinstate high tariffs on Taiwan, tech-sector exporters reliant on the US market fear the worst.

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People attend Computex 2025 at Nangang Exhibition Center in Taipei on May 20, 2025. Photo: AFP
Fame and celebrity

Who is OnlyFans CEO Keily Blair, who claims the platform is ‘feminist’?

Keily Blair was a partner at a law firm before taking the reins at OnlyFans, but the Taylor Swift fan said a bank once refused her custom because of her connection to the platform.

Hong Kong stock market

Unitree leads influx of mainland companies eyeing IPOs in Hong Kong

Surge in listing plans augurs well for city’s effort to claw way back to top of global ranking of fundraising destinations.

Accounting and auditing

Hong Kong is bridge between China and the world for accounting, Paul Chan says

Ministry of Finance will continue to support Hong Kong in cross-border accounting regulation and talent nurturing, vice-minister says.

Hong Kong Financial Secretary Paul Chan Mo-po. Photo: Jonathan Wong
Accounting and auditing

China urges audit firm PwC to strictly abide by rules and regulations

China’s vice-finance minister met PwC’s chief in Beijing following a hefty fine and suspension handed to the firm’s mainland unit over auditing failures at Evergrande.

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PwC Zhong Tian, the China unit of the accounting firm, was handed a record fine of 441 million yuan on September 16. Photo: AP Photo
Accounting and auditing

PwC invests in ‘high quality’ business to survive in China after fine

PwC Zhong Tian was hit with a six-month suspension and a fine of 441 million yuan on Friday over the firm’s audit of failed property developer China Evergrande Group.

Accounting and auditing

China slaps PwC with record US$62.2 million fine, 6-month ban

Beijing wants to send a strong message to auditors about their role as gatekeeper, Hong Kong lawmaker Edmund Wong says.

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Accounting and auditing

Struggling Country Garden drops PwC amid turmoil in China property sector

Country Garden drops PwC as its auditor, in another setback for the firm that has lost more than 50 clients this year.

A Country Garden logo in Tianjin, China. Photo: Reuters
Accounting and auditing

PwC China unit faces record fine, 6-month ban for Evergrande audit failures

PwC’s mainland unit could face a 500 million yuan (US$70 million) fine and a six-month ban on business for its failure in the audit of bankrupt developer China Evergrande Group, sources say.

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China property

Evergrande liquidators sue PwC for ‘negligence and misrepresentation’ in audit

PwC, former auditor of the collapsed developer China Evergrande Group, is facing legal action from the liquidators of the company, the latest setback for the accounting firm.

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Accounting and auditing

Hong Kong and mainland China team up on investigating PwC’s audits of Evergrande

China’s Ministry of Finance and Hong Kong’s audit regulators have been assisting each other in their respective investigations of PwC’s audit work of China Evergrande Group.

Hong Kong and mainland Chinese regulators have conducted separate investigations into PwC on the quality of the audit work related to Evergrande. Photo: Bloomberg
Accounting and auditing

Hong Kong’s regulator partially clears PwC in whistle-blowing case

Review of PwC’s internal investigation shows there is no evidence to support some of the allegations made by anonymous whistle-blowers, AFRC says.

PwC is laying off some 100 employees across various divisions and locations in China due to a downturn in revenue prospects. Photo: Bloomberg
Accounting and auditing

PwC starts mass lay-offs in China after losing dozens of clients

More than 30 publicly listed companies including state-owned giants PetroChina, China Life Insurance and Bank of China, dropped PwC as their auditor after an alleged accounting fraud at China Evergrande Group.

IPO

Hong Kong IPOs: PwC cuts 2024 fundraising prediction by 20% to US$10.2 billion

About 80 companies could list in Hong Kong this year, raising a total of HK$80 billion (US$10.2 billion), much lower than the HK$100 billion previously anticipated, PwC says.

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Accounting and auditing

Another Chinese firm abandons PwC as regulators tighten scrutiny of auditor

China Merchants Shekou Holdings, the property arm of the state-owned group, said it will hire KPMG, reversing its decision to appoint scandal-plagued PwC.

PwC has found itself in trouble over its role as Evergrande’s auditor. Photo: Weibo
Accounting and auditing

Another big client ditches PwC as firm faces fines over Evergrande audits

State-owned China Cinda Asset Management is the latest major client to terminate its contract with PwC, after several big firms cut ties with the auditor amid growing concerns about possible financial fraud tied to embattled developer China Evergrande.

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PwC’s troubles have deepened since regulators in mainland China and Hong Kong began investigating its involvement in the financial fraud of China Evergrande. Photo: Reuters
Artificial intelligence

PwC to become OpenAI’s largest customer in genAI push in office

The company will provide the enterprise version of ChatGPT to its 75,000 US employees and 26,000 UK employees.

Accounting and auditing

PwC faces client defections after accusations about China Evergrande

China Merchants Port Group joins at least four other large corporations that have scrapped plans to hire or ended contracts with the auditing firm in the last month, after whistle-blowers in April alleged PwC ‘turned a blind eye’ to misconduct by China Evergrande.

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