PwC in China lost major clients following Beijing's pressure due to ties with Evergrande. Ministry of Finance advised state-owned firms to sever relationships, resulting in significant financial losses.
Departures including Bank of China led PwC to lose over 30 listed companies in China in 2023, causing hundreds of million dollars in lost fees and prompting cost-cutting measures like staff reductions.
Chinese regulators implicated Evergrande in fraud, leading to its liquidation. PwC China, uncertain if client losses were regulator-driven, remains silent on the situation, despite facing significant financial setbacks.
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