HK Builder Lai Sun Seeks More Bank Support for Loan Refinancing
The property firm — controlled by local tycoon Peter Lam — has secured commitments from nine out of the original 19 lenders for the five-year refinancing, said the people, who declined to be identified discussing private matters. The existing loan matures on Oct. 5, according to Bloomberg-compiled data, adding urgency to Lai Sun's efforts.
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29 minutes ago
- Yahoo
PCAOB slams Hong Kong auditor of Luckin Coffee
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: The Public Company Accounting Oversight Board sanctioned a Hong Kong accounting firm and its owner for disregarding rules and standards when auditing the books of Luckin Coffee and two other companies operating in China. Centurion ZD CPA & Co and its sole partner, Chan Kam Fuk, failed to properly perform risk assessments and obtain sufficient evidence when testing for several types of risks, including in the 2021 audit of Luckin Coffee, the PCAOB said Tuesday. In 2020, the Securities and Exchange Commission fined Luckin $180 million for fraudulently overstating its 2019 revenue, costs and expenses. The PCAOB permanently revoked Centurion's PCAOB registration, set a permanent bar against Chan and imposed a $75,000 penalty, the board said. Centurion and Chan neither admitted nor denied the findings, the PCAOB said. Dive Insight: Under Erica Williams — PCAOB chair from January 2022 until her resignation on Tuesday — the audit watchdog gained access to investigate China-based accounting firms for the first time and bring enforcement actions against violators. The PCAOB in recent years held China-based firms accountable for falsifying audit reports, failing to maintain independence, improperly depicting the work of another accounting firm as their own and sharing test answers during mandatory internal training courses. 'The PCAOB is committed to using the tools the U.S. Congress entrusted to it, and the access that the PCAOB spent years negotiating, to hold accountable auditors in China that audit Chinese companies,' Williams said in a statement Tuesday before leaving the board at the request of SEC Chair Paul Atkins. Luckin hired Centurion as its auditor soon after settling the SEC's fraud charges. Yet in the audit for the following year, Centurion and Chan failed to use information about the company's bogus accounting when assessing risks of misstatement or to design audit procedures aimed at averting fraud, the PCAOB said. Centurion also violated auditing standards in the audits of two public companies operating in China, Greenpro Capital and Moxian, including by failing to make required communications with the companies' audit committees, the PCAOB said. Moreover, the PCAOB's investigation of Centurion revealed that its quality control system did not provide sufficient assurance that the firm assigned work to staff with technical skills aligned with PCAOB standards, and ensure staff involved in the audit showed a level of skepticism required by PCAOB rules, the board said. The SEC appointed George Botic to serve as acting PCAOB chair, effective Wednesday. Botic, a certified public accountant, joined the audit watchdog shortly after it was formed in 2002, taking the position as manager of inspections in the division of registration and inspections in August 2003, according to his LinkedIn profile. Botic became a PCAOB board member in 2023 after serving as director of the division of registration and inspections. In that role he oversaw the registration and inspection of all domestic and foreign accounting firms registered with the PCAOB as well as all broker-dealer audits. Botic also served as the PCAOB director of the office of international affairs and special advisor to former Chair James R. Doty, and deputy director of the registration and inspections division. Earlier in his career, Botic was employed by PwC as a senior manager. Recommended Reading SEC approves new PCAOB audit confirmation standards targeting fraud Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
4 hours ago
- New York Post
TikTok will go dark in US if China doesn't OK sale before Trump's deadline: Lutnik
Commerce Secretary Howard Lutnick said Thursday that TikTok will have to stop operating in the United States if China does not approve a deal for the sale of the Chinese-owned short video app that is used by some 170 million Americans. Lutnick, speaking on CNBC, also said the US must control the algorithm that makes the social media platform work. Last month, President Trump extended by 90 days to Sept. 17, a deadline for China-based ByteDance to divest the US assets of TikTok. Trump's action took place despite a 2024 law that mandated a sale or shutdown by Jan. 19 of this year if there had not been significant progress. Commerce Secretary Howard Lutnick warned TikTok will go dark in the US if China doesn't approve a sale to American investors. REUTERS 'China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm,' Lutnick said. 'If that deal gets approved, by the Chinese, then that deal will happen. If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon.' TikTok did not immediately comment. A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump has three times granted reprieves from federal enforcement of the law that mandated the sale or shutdown of TikTok that was supposed to take effect in January. A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. REUTERS Attorney General Pam Bondi sent letters to Apple, Google and other companies that provide services or host the TikTok app that were made public this month. The letters said the Justice Department was irrevocably relinquishing any claims against the companies for potential violations of the law, citing Trump's determination that an abrupt shutdown would interfere with his overseeing national security and foreign affairs. Some Democratic lawmakers argue Trump has no legal authority to extend the deadline and suggest the deal under consideration would not meet legal requirements.
Yahoo
6 hours ago
- Yahoo
BYD to start first car assembly in Pakistan by mid-2026
China's BYD has announced plans to commence the assembly of its first electric car in Pakistan by July or August 2026, aiming to meet the increasing electric and plug-in hybrid vehicle demand in the region, a company executive said, according to Reuters. This development comes as part of BYD's strategic expansion in the Asia-Pacific market and follows the company's plan to initiate vehicle sales in Pakistan last year. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You Great Rates and Award-Winning Service The Insurance Savings You Expect BYD Pakistan sales and strategy vice president, Danish Khaliq, revealed to Reuters that the new assembly plant, currently under construction since April near Karachi, represents a collaboration between BYD and Mega Motor Company, a subsidiary of Pakistani utility Hub Power. The facility is expected to have an initial production capacity of 25,000 units annually on a double shift schedule. However, he did not provide details on when the plant would reach full capacity or when mass production would start. Khaliq further explained that the plant would begin by assembling imported parts and locally producing non-electric components. The initial focus will be on supplying the domestic market, with the possibility of exporting to other right-hand drive countries in the region if it makes economic sense. BYD has already commenced delivering imported EVs in the country since March, with sales surpassing internal targets by 30%, although exact numbers were not disclosed. The market for EVs and plug-in hybrid cars in Pakistan is expected to grow significantly, with Khaliq anticipating a three to fourfold increase by 2025 from around 1,000 units last year. Khaliq noted that BYD is aiming for a 30-35% market share in this segment. According to a HUBCO filing, BYD Pakistan reported a profit of around PKR444m ($1.56m) in the March quarter of this year. The Pakistani market is set to welcome the upcoming launch of BYD's Shark 6 plug-in hybrid pickup truck. The Pakistani government is promoting EV adoption by reducing power tariffs for chargers by 45% in January and encouraging the establishment of private charging stations, addressing the current lack of infrastructure for all-electric vehicles. "BYD to start first car assembly in Pakistan by mid-2026 – report" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
