PwC’s China unit has lost about two-thirds of its accounting revenues from mainland-listed clients this year, exposing the scale of the fallout from its audit of failed property giant Evergrande.
PwC Zhong Tian, the mainland entity commonly known as PwC China, has lost at least Rmb561mn ($77mn), out of Rmb869mn in 2023 auditing income from Chinese companies listed on mainland exchanges in the past six months, according to China database Wind Info.
Major clients, including state-owned China Life Insurance, which paid an accounting fee of Rmb65mn in 2023, and China Railway Group, which paid Rmb33mn last year, are among more than 20 mainland-listed companies that have switched firms as PwC braces for a fine in connection with its Evergrande audit.