The U.S. Public Company Accounting Oversight Board said on Tuesday it had revoked the license of a Hong Kong firm and barred its owner for violating audit rules related to companies operating in China, including Luckin Coffee Inc., Reuters reported. The PCAOB said in a statement it had sanctioned Centurion ZD CPA & Co and its owner Chan Kam Fuk and hit them with a civil penalty of $75,000 for violating the board's rules and standards in connection with its audit work for three firms.
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Hong Kong's retailers are battling against shifting consumer habits, as visitors spend less and locals head across the border to China for cheaper dining and shopping, leading to a wave of store closures, Reuters reported. A 36-year-old Chinese seafood restaurant chain and a popular high-end food court in the bustling Causeway Bay district closed this week. Other recent closures in the financial hub include cinema chains, a major catering group, a 41-year-old bakery and a three-decade-old congee chain.
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Hong Kong recorded 949 bankruptcy petitions in May, up 17 percent from the previous month, marking the first time since 2022 that monthly filings exceeded 900, data from the Official Receiver's Office shows, The Standard reported. The figure is also 9 percent from a year ago. However, the number of bankruptcy or receiving orders issued by the court dropped to 712 last month, down over 24 percent from April, though still up around 14 percent year-on-year.
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A subsidiary of a Hong Kong conglomerate that is embroiled in U.S.-China tensions over its Panama Canal port assets denied allegations Wednesday that it had failed to pay about $1.2 billion to the Central American country, the Associated Press reported. Panama’s comptroller authority announced on Monday that an audit of Panama Ports Company found irregularities in the renewal of a 25-year port concession in the interoceanic canal. The authority's accusations came the same day as U.S. Defense Secretary Pete Hegseth's arrival in the country to participate in a security conference.
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