A view of PwC office in Beijing in January. Photo: VCG

Global auditing firm PricewaterhouseCoopers (PwC) has appointed Li Dan, also known as Daniel Li, as the new chairman for the Asia Pacific and China area, the official website of PwC said. 

Li took over from his predecessor Zhao Baiji, also known as Raymund Chao. 

Li has worked for PwC China area for more than 30 years, having joined it as part of the firm's first recruits in the Chinese mainland in 1993. He has served in navigating the complexities of IPOs, M&As, and inbound and outbound transactions for a diverse range of MNCs, POEs and SOEs, the company website said. 

PwC's Asia Pacific and China area chairman switch came after reports in May that China is considering financial penalties for PwC over its role in auditing the troubled property firm China Evergrande Group, which was ordered to be liquidated earlier this year.

Multiple Chinese companies, such as insurance firms China Life Insurance Company and PICC Property and Casualty Company, as well as energy giant PetroChina, and China Merchant Bank, had announced the cancellation of their auditing partnership with PwC. 

The official social media account of PwC showed that the company participated in an event held by the Beijing Institute of Certified Public Accountants on July 1, 2024, celebrating the 103th anniversary of the establishment of the CPC. 

Four employees from PwC's Beijing office received awards at the event. PwC said that the awarded employees made remarkable contributions in their roles, played leading roles as CPC members, and they are models for all Party members in the company to learn from.

In the second half of 2024, PwC vowed to further integrate inner knowledge learning associated with building up China's socialist market economy and company business, to assist more enterprises to go public, in order to make due contribution to the development of China's capital market. 

Global Times