PwC names batch of new Hong Kong, China partners to revive firm

PricewaterhouseCoopers LLP named more than 20 new partners in Greater China as the firm seeks to reboot its business following the troubles stemming from its role in the collapse of the nation’s biggest property developer, according to people familiar with the matter.

The new Hong Kong and mainland China partners were announced internally last week, according to people who asked not to be identified because they are not authorized to speak publicly. The number of new partner promotions is in line with previous years, the people said. 

A PwC spokesperson wasn’t immediately available to comment.  

The promotions come as the audit firm seeks to rebuild following a hefty penalty by Beijing for its audit work on China Evergrande Group. The fine stoked an exodus of state-owned enterprise clients, major Chinese firms and even Hong Kong regulators, as well as staff. 

In the 2022 league table, PwC ranked first among China-based audit firms by revenue, but was left off the list in the 2023 ranking. Rivals EY, KPMG and BDO snapped up the top three spots in 2023. 

PwC Hong Kong is still engaged with Hong Kong regulators on non-audit projects after it was dropped as the accountant, according to two people. The audit regulator is still investigating the firm’s work on China Evergrande.