PwC Loses Hong Kong Exchange Audit to KPMG in Evergrande Fallout

PwC has lost the audit of the Hong Kong stock exchange to KPMG as the fallout from the collapse of property developer China Evergrande Group continues.

More than 99% of the exchange’s shareholders approved the switch of auditors Wednesday, with KPMG taking over the work starting this financial year. Hong Kong Exchanges and Clearing Limited had announced in November that KPMG had won the audit and that PwC’s Hong Kong affiliate had been invited to apply for the work. It gave no reason for tendering the audit except for saying it was “in line with the Group’s commitment to maintaining ...