Viomi Technology Co., Ltd., headquartered in Shenzhen, China, has announced a change in its independent registered public accounting firm. The company has dismissed PricewaterhouseCoopers Zhong Tian LLP (PwC) and engaged WWC, P.C. for the fiscal year ending December 31, 2024. This change follows PwC's identification of issues concerning the business purpose and substance of certain loan transactions between a Viomi subsidiary and a Hong Kong-incorporated company. These loans, amounting to HK$16 million, were repaid early at Viomi's request. PwC suggested an investigation into these transactions, which Viomi has initiated with international counsel and forensic accountants. The investigation is ongoing. Despite no disagreements on accounting principles with PwC, Viomi was previously advised of material weaknesses in its internal control over financial reporting, particularly in relation to U.S. GAAP understanding and procedures. The re-audit by WWC will cover financial statements for 2022 and 2023 due to a business reorganization.
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