SF Holding Affirms 2025 Audit Quality of PwC Zhongtian and PwC Hong Kong

On 30 March 2026, SF Holding (06936) issued an overseas regulatory announcement detailing its annual assessment of audit partners PwC Zhongtian LLP (mainland) and PwC Hong Kong for the 2025 fiscal year.

PwC Zhongtian—established in 1993 and converted to a special general partnership in 2013—maintains its headquarters in Shanghai’s Free Trade Zone, with 172 partners and approximately 940 certified public accountants, more than 200 of whom have signed securities service audit reports since 2013. The firm holds an H-share audit licence and is registered with the US PCAOB. PwC Hong Kong, founded in 1902 and registered as a Public Interest Entity auditor since 1 October 2019, is licensed by China’s Ministry of Finance to conduct on-shore audit work for mainland companies.

SF Holding’s Audit Committee endorsed the re-appointment of both firms on 28 April 2025. The board and supervisory committee approved the proposal the same day, and shareholders ratified it at the 2024 annual general meeting on 13 June 2025.

During 2025, PwC Zhongtian audited the group’s financial statements prepared under China Accounting Standards and tested internal control effectiveness as of 31 December 2025, also issuing a special assurance report on funds occupied by controlling shareholders and related parties. PwC Hong Kong audited the IFRS financial statements and delivered agreed-upon procedures reports in line with Hong Kong Institute of Certified Public Accountants’ PN730 (Revised) and PN740 (Revised).

The auditors designed detailed audit plans, coordinated with component teams, and focused on key areas such as logistics and freight-forwarding revenue recognition and goodwill impairment testing. All deliverables were submitted within the statutory disclosure timetable, and constructive management recommendations were provided.

SF Holding’s board concluded that both PwC Zhongtian and PwC Hong Kong possessed valid professional qualifications, upheld independence and professional ethics, and produced objective, comprehensive and timely audit reports for the 2025 fiscal year.