Latest news with #LiNing
Business Times
4 days ago
- Business
- Business Times
PwC troubles in China deepen with exit of Hong Kong partners
[HONG KONG] PricewaterhouseCoopers troubles are now deepening in Hong Kong as the firm is wrestling with the consequences of its audits of China Evergrande Group. Over the coming month, at least 10 partners in the city are poised to leave, adding to the 20 that have already exited the firm in the past six months, according to people familiar with the matter. On the Chinese mainland, some 77 partners have left their roles since December, according to filings with the unified supervision platform of the Chinese CPA profession. Some of the partners are being let go because of business reasons while others are leaving voluntarily for early retirement or to join other firms, the people said, asking not be discussing confidential matters. PwC declined to comment. PwC China, locally known as Zhongtian, was fined 441 million yuan (S$79 million) by Chinese regulators last year for its auditing work on Evergrande's inflated financial reports from 2018 to 2020. The regulator also suspended the operations of PwC's China arm for six months back in September. PwC China's revenue dropped about 11 per cent to 6.3 billion yuan in 2024, according to its website. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The exits underscore that the firm is also feeling the pain in Hong Kong from its China woes. PwC Hong Kong and China are legally separate partnerships, but operate in collaboration and effectively share the profit and loss of the business together, the people said. The firm has 220 mainland partners, according to the Chinese Institute of Certified Public Accountants as of Monday (Jun 2). It had 250 partners in Hong Kong as of Dec 31, 2024, according to a person familiar with the matter. Last year, PwC global sent Hemione Hudson, a senior partner from the UK, to head the region. The firm has over the past months conducted internal business reviews, aiming to streamline and consolidate, the people said. Losing clients PwC has grappled with retaining key clients in China since the Evergrande-linked probe. AIA Group and Li Ning joined a slew of Chinese clients to drop PwC even after the ban ended. Hong Kong's market regulator, the Securities and Futures Commission, has switched its auditor from PwC to Deloitte, Hong Kong Economic Journal reported this week, citing unidentified sources. Hong Kong's audit regulator is still investigating PwC's Hong Kong role in the Evergrande audit. The firm also faces a lawsuit in Hong Kong filed by Evergrande's liquidators as they try to recover investments in the failed developer. Evergrande defaulted in 2021 as China's housing crisis began to spiral. The liquidators cited the accounting firm's 'negligence' and 'misrepresentation' in the auditing work. BLOOMBERG
South China Morning Post
14-05-2025
- Business
- South China Morning Post
China sports brand sparks outrage after diving queen Quan Hongchan sidelined in event photo
Chinese sportswear giant Li-Ning is facing a public backlash and a wave of product returns after young diving sensation Quan Hongchan was placed on the sidelines rather than at the centre of a recent group photograph. The positioning row has sparked accusations of opportunism, with critics accusing the brand of initially capitalising on Quan's popularity for marketing purposes, but sidelining her after she lost to Chen Yuxi, her teammate and rival. Quan has a massive fan base both in China and overseas. The controversy arose during an event on May 6, co-hosted by the Chinese Olympic Committee and the Li-Ning brand, at the General Administration of Sport of China in Beijing. In another photo at the same event, Quan Hongchan, fifth from left, while Chen Yuxi, sixth from right, also put Quan not at the centre. Photo: Baidu The event announced Li-Ning as the official sportswear partner of the Chinese Olympic Committee from 2025 to 2028, making it the sportswear provider for China's Olympic delegation over the next four years, including the 2028 Los Angeles Olympics.
South China Morning Post
31-03-2025
- Business
- South China Morning Post
Hong Kong stocks retreat to 4-month low as Trump's reciprocal tariffs draw near
Hong Kong stocks slid to a four-month low on Monday as investor worries about US President Donald Trump's coming reciprocal tariffs outweighed the positive impact of an official report showing an expansion in China's manufacturing industry and Beijing's effort to recapitalise the banking sector. Advertisement The Hang Seng Index fell 0.5 per cent to 23,302.82 as of 10.07am local time, heading for the lowest close since March 4. The Hang Seng Tech Index dropped 1.3 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.1 per cent. Chinese sportswear maker Li Ning tumbled 7.1 per cent to HK$15.94, and Macau casino operator Sands China lost 5.5 per cent to HK$15.48. Alibaba Group Holding fell 1.9 per cent to HK$120.50, while Tencent Holdings slid 1.4 per cent to HK$502.50. CK Hutchison Holdings, the conglomerate controlled by the Li Ka-shing family, sank 2.8 per cent to HK$43.90 after the company said it was evaluating a plan to spin off its global telecoms business Other major markets around Asia tumbled more severely then Hong Kong's. Japan's Nikkei 225 lost almost 4 per cent and South Korea's Kospi retreated 2.4 per cent. Haven trade has taken hold, with spot gold prices rising to a record of US$3,093.14 per ounce. Trump said he plans to start his reciprocal tariff push with 'all countries', dousing speculation that he could limit the initial scope of tariffs set to be unveiled on April 2. The president, who has touted his coming announcement as a 'Liberation Day', escalated his trade war last week by slapping a 25 per cent levy on all cars not made in the US. Advertisement He also said he would consider 'secondary tariffs' on Russian oil and those who buy it, if a ceasefire with Ukraine cannot be reached. Russia is the world's third-largest producer of crude oil.
South China Morning Post
28-03-2025
- Automotive
- South China Morning Post
Hong Kong stocks rise for a third day as investors look past US car tariffs
Hong Kong stocks rose for a third day on Friday, as investors' worries about US car tariffs eased although more tariff announcements loomed on April 2. Advertisement The Hang Seng Index added 0.3 per cent to 23,658.46 as of 10.10am. The Hang Seng Tech Index rose 0.1 per cent. On the mainland, the CSI 300 Index traded 0.2 per cent lower, while the Shanghai Composite Index declined 0.3 per cent. Sportswear maker Li Ning added 4.4 per cent to HK$17.88 after its full-year sales and operating profit exceeded analysts' expectations. Alibaba Group Holding rose 1.8 per cent to HK$132.50, while Tencent Music Entertainment gained 2.1 per cent to HK$57.80. advanced 2.1 per cent to HK$511.00. Having digested US President Donald Trump's 25 per cent tariffs on car imports, investors are bracing for a slew of new tariff announcements on April 2, which are likely to fuel inflation in the US. Trimming the gains, Nio sank 7.5 per cent to HK$30.10 after it announced a new share placement in Hong Kong, joining its peers BYD and Xiaomi selling additional shares this month. Haier Smart Home dropped 5.1 per cent to HK$25.35 after its net income for the full year missed estimates, while laptop maker Lenovo Group declined 4.1 per cent to HK$10.90. Advertisement ICBC, China's biggest bank by assets, dropped 0.5 per cent to HK$5.51, while China Construction Bank was mostly flat. Both banks will announce their results later in the day.
South China Morning Post
17-03-2025
- Business
- South China Morning Post
China's strong economic data boosts Hong Kong stocks; AIA and Li Ning lead gains
Hong Kong stocks rose to a one-week high after China's economic data beat expectations, pointing to the growing strength of the nation's recovery. Advertisement The Hang Seng Index climbed 1.2 per cent to 24,238.41 as of 10.21am local time. The Hang Seng Tech Index gained 0.1 per cent. On the mainland, the CSI 300 Index slipped 0.1 per cent, while the Shanghai Composite Index added 0.3 per cent. AIA Group rallied 3.4 per cent to HK$63.40 after the insurer reported an 82 per cent profit jump for 2024 and announced a US$12 billion stock buy-back plan. Chinese sportswear maker Li Ning advanced 3.6 per cent to HK$19.98 and HSBC Holdings added 3 per cent to HK$88.05. Alibaba Group Holding gained 0.6 per cent to HK$136.60 and Tencent Holdings rose 0.8 per cent to HK$525.50. China's retail sales rose 4 per cent in the first two months of the year from a year earlier, the National Bureau of Statistics said on Monday. That exceeded estimates of a 3.8 per cent gain in a Bloomberg survey. Industrial production grew 5.9 per cent and fixed-asset investment rose 4.1 per cent, compared with projections for 5.3 per cent and 3.2 per cent growth, respectively. China's retail sales rose 4 per cent in the first two months of the year. Photo: CFOTO/Future Publishing via Getty Images Separately, China on Sunday issued a 30-point guideline aimed at boost consumer spending, pledging to promote income growth, raising the minimum wage and stepping up enforcement of paid annual holidays.
