SF Holding disclosed an Audit Committee report summarising its 2025 oversight of the Group’s domestic auditor PwC Zhong Tian (Shanghai) and overseas auditor PwC Hong Kong.
The Committee stated that both firms were re-appointed on 28 April 2025, with shareholder approval on 13 June 2025, to audit the FY2025 financial statements. PwC Zhong Tian audited reports prepared under PRC Accounting Standards and the related internal-control effectiveness at 31 December 2025, while PwC Hong Kong audited the IFRS statements and issued additional agreed-upon-procedures and connected-transaction assurance reports required in Hong Kong.
Audit planning began on 30 December 2025 and progressed through scheduled Committee meetings on 27 February 2026 and 27 March 2026. Key risk areas included logistics and freight-forwarding revenue recognition and goodwill impairment testing. The Committee noted that both audit teams developed detailed work plans, ensured coordination with component auditors, met all reporting deadlines and maintained regular communication with management and the Board.
PwC Zhong Tian, converted to a special general partnership in 2013 and registered in Shanghai, counts approximately 172 partners and more than 940 certified public accountants, over 200 of whom have signed securities-related audit opinions since 2013. PwC Hong Kong, founded in 1902, is a registered public-interest-entity auditor under Hong Kong regulations and holds a temporary licence from China’s Ministry of Finance to perform mainland audit engagements.
After reviewing qualifications, independence and work quality, the Audit Committee concluded that both PwC firms upheld fair, objective and professional standards, and that the FY2025 audit reports were “objective, complete, clear and timely.”
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