Hong Kong’s Accounting and Financial Reporting Council (AFRC) found no evidence supporting whistleblower allegations against PwC related to its dealings with the now-liquidated China Evergrande Group. The AFRC stated on Wednesday that their investigation into PwC’s internal controls and adherence to professional standards showed the claims were unsubstantiated. These allegations were initially raised in an anonymous letter shared on social media in April. While PwC has faced client losses amid concerns over its involvement with Evergrande’s financial discrepancies, the regulator confirmed that a separate inquiry into PwC’s audit quality for Evergrande remains ongoing. Despite losing significant clients, PwC recently secured Alibaba Group for its audit services through 2025, amidst increased regulatory scrutiny on financial intermediaries in China.