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On August 7, Baoying Fund issued an announcement stating that with immediate effect, the accounting firm of its Baoying Xiangze Hybrid will be changed from PricewaterhouseCoopers Zhongtian Accounting Firm (referred to as "PwC") to Rongcheng Accounting Firm.

Image source: Screenshot of Baoying Fund’s official website

It is understood that since November 2009, Baoying Fund has cooperated with PricewaterhouseCoopers on its eight funds, but in December 2015, the accounting firm of four of the funds was changed to Deloitte China. In December 2017, the accounting firm of these four funds was changed back to PricewaterhouseCoopers.

A reporter from Southern Finance News called Baoying Fund to inquire about matters related to dismissal, but no call was received as of press time.

It is worth mentioning that Baoying Fund is not the first fund company to choose to replace PwC.

On June 29, Red Soil Innovation Fund announced that it would change the accounting firm of its 22 funds from PricewaterhouseCoopers to Ernst & Young Hua Ming ("Ernst & Young Hua Ming"), and the date of change would be June 25.

On August 6, CSOP Asset Management also announced that its funds had changed their accounting firms. The announcement showed that since August 2, the accounting firms of its 51 funds have all been changed from PricewaterhouseCoopers to Ernst & Young Hua Ming.

The reporter noticed that in addition to fund companies, PwC has also recently encountered a number of major clients terminating their contracts. According to incomplete statistics, more than 40 A-share and Hong Kong-listed companies have cancelled their cooperation with it this year. Fuyao Glass also announced on the evening of August 6 that it plans to change the company's accounting firm from PwC and PricewaterhouseCoopers to EY.

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