PwC China is currently sitting on the sidelines after Chinese regulators handed down a six month ban and $62 million in fines for the firm’s work on collapsed developer Evergrande. At least five clients have left since the news of the punishment came out on Friday despite PwC’s assurance (no pun) they would continue to work to the extent they’re allowed through the ban period. This on top of an exodus of clients leading to a loss of two-thirds of the firm’s revenue for mainland-listed clients when whispers of an upcoming regulatory ban started circulating in July. Safe to say PwC China is not having a good time.
Meanwhile, EY China put out this press release:
EY Greater China Region (EY) joins hands with Yan Chai Hospital and Share for Good for joint charitable initiatives. A group of 25 volunteers took part in visiting and distributing mooncakes, sharing holiday blessings and warmth with more than 800 underprivileged children, seniors and families from multiple beneficiary institutions.
The Mid-Autumn Festival — also called the Moon Festival or Mooncake Festival — is celebrated every year on the 15th day of the 8th month of the Chinese lunar calendar, so sometime in late September or early October on the Gregorian calendar. Here’s a quick explainer from South China Morning Post for the unfamiliar:
The press release continues:
Jasmine Lee, EY Hong Kong and Macau Managing Partner, says: “My heartfelt thanks to the charitable organizations and volunteers for their support on this campaign and their charitable efforts. Their support and facilitation have enabled our series of activities to be held smoothly. Akin to the Mid-Autumn Festival full moon, mooncakes symbolize reunion and harmony, while the society serves as a whole, and we are all a part of it. On top of adding the festivities to the holiday through these activities, allowing everyone to welcome and enjoy the Mid-Autumn Festival, we witnessed the coming together of community resources and strength. More importantly, we hope to continue conveying the message of care and support to the underprivileged, and to encourage the spirit of community and charity, where everyone cares for each other and build a society of inclusivity and kindness.”
The firm has been known to hand out mooncakes to staff this time of year, too.
There, some nice news for once.
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