Market Chatter: China Orders Large State-Owned Financial Companies to Terminate PwC as Auditor, Sources Say

MT Newswires Live08-06

Market Chatter: China Orders Large State-Owned Financial Companies to Terminate PwC as Auditor, Sources Say Chinese authorities have asked large state-owned companies to remove PricewaterhouseCoopers ...

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(SHA:601628, HKG:2628) The People's Insurance Company (Group) of China or PICC (HKG:1339, SHA:601319), China Taiping Insurance (HKG:0966), and China Cinda Asset Management (HKG:1359), the report said.More than 20 of China's state-owned financial firms have the country's finance ministry as their largest shareholder. The ministry is the primary regulator for auditors in the country.Sources attributed the informal guidance as the reason for the departure of clients from PwC, Reuters said.PwC declined to comment on the matter, according to an email sent to MT Newswires.China Life Insurance, PICC, Taiping Insurance, and Cinda did not immediately respond to a request for comment from MT Newswires.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457191310"}