Tsingtao Brewery, China’s biggest beer company, is seeking shareholder approval to dismiss its foreign auditors and rely solely on mainland Chinese auditors and accounting standards to prepare its financial statements.
Tsingtao would become the first Chinese company listed in Hong Kong to stop using the territory’s auditors and accounting standards – which became possible after a controversial stock exchange decision last month.
The rule change drew criticism from some quarters – notably the Asian Corporate Governance Association – because of concerns that Hong Kong regulators would not have oversight over mainland auditing firms, which are supervised by bodies such as the Ministry of Finance.
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