HKG:3333

3 stories mentioning HKG:3333

Every FINWIRES story that references HKG:3333, newest first.

Market Chatter: Evergrande Liquidation Prompts PwC China Partners to Seek Financial Safeguards

China Evergrande's (HKG:3333) liquidation has pushed partners at former auditor PricewaterhouseCoopers China to look for ways to secure their own finances due to the legal and regulatory impact of the operation, Bloomberg reported Thursday.One of PwC's partners has even contemplated divorce to protect their wealth, and others have slashed school budgets, the report said.The failed property giant claimed "negligence" and "misrepresentation" in PwC's affiliates in Hong Kong and mainland China and are seeking 57 billion yuan in damages, the report said.The case comes after Hong Kong's Accounting and Financial Reporting Council watchdog claimed PwC's audits reflected "particularly egregious" deficiencies due to inflated profits and liquidity.(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.)

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Asia53d ago

Hong Kong Regulator Reaches HK$1 Billion Compensation Deal With PwC Over Evergrande

Hong Kong's Securities and Futures Commission has reached an agreement with PricewaterhouseCoopers Hong Kong under which the auditor will set aside HK$1 billion to compensate eligible minority shareholders of China Evergrande (HKG:3333), according to a statement on Thursday.The regulator found Evergrande had materially overstated revenue and profits in 2019 and 2020, while PwC failed to meet auditing standards, including maintaining independence and verifying key financial information.The agreement resolves the matter without admission of liability, and the SFC will take no further action against PwC if the terms are fulfilled.The compensation will be distributed to eligible shareholders through an independent process to be announced later, the regulator said.

Hang SengHKG:3333

Asia62d ago

China Evergrande Founder Pleads Guilty to Fraud in Shenzhen Trial

The founder of China Evergrande (HKG:3333), Xu Jiayin, pleaded guilty to eight charges, including misuse of funds, fundraising fraud, and illegally taking public deposits, Xinhua News Agency reported Tuesday, citing The Shenzhen Intermediate People's Court.Prosecutors also accused Xu of illegally granting loans. They charged China Evergrande Group and its unit, Evergrande Real Estate Group, with offenses including fraudulent issuance of securities.In 2024, China's securities regulator fined Xu $6.6 million and barred him from the securities market for life after finding Evergrande's flagship unit had inflated earnings and committed securities fraud.Creditors have lodged claims totaling about HK$350 billion, while liquidators have taken control of more than 100 subsidiaries and reported asset sales of about HK$2 billion since early 2024.The company's debt troubles surfaced in December 2021 when it first defaulted on a US dollar bond.In 2024, a Hong Kong court ordered Evergrande's liquidation, with the company later delisted, ending one of China's most high-profile property collapses.

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