SCHOLAR EDU to Replace PwC with Rongcheng (HK) CPA as Independent Auditor After Decade-Long Engagement

Bulletin Express05-22

Scholar Education Group (SCHOLAR EDU) has announced a proposed transition of its independent auditor in accordance with Rule 13.51(4) of the Hong Kong Listing Rules. PricewaterhouseCoopers (PwC), auditor to the Group for the past ten consecutive years, will retire upon conclusion of the annual general meeting (AGM) scheduled for 18 June 2026 and will not seek re-appointment.

Following a joint review by the Board and the Audit Committee, the Company intends to appoint Rongcheng (Hong Kong) CPA Limited as the new independent auditor, subject to shareholder approval at the forthcoming AGM.

Key considerations behind the recommendation of Rongcheng include: 1. Competitive fee proposal and audit plan. 2. Demonstrated experience with Hong Kong-listed companies and familiarity with IFRS and Listing Rule requirements. 3. Adequate manpower, time allocation and technical resources. 4. Confirmed independence and objectivity. 5. Established market reputation. 6. Alignment with the Accounting and Financial Reporting Council’s “Guidelines for Effective Audit Committees” and “Guidance Notes on Change of Auditors.”

The Board confirmed there are no disagreements or unresolved matters with PwC, and no issues require shareholder attention regarding the change. A circular detailing the proposed auditor change and the AGM notice will be dispatched in due course.

The Board expressed its appreciation to PwC for a decade of professional service to the Group.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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