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PCAOB bans auditor of last resort

On May 19, the Public Company Accounting Board revoked the PCAOB registration of Hong Kong CPA firm AWC (CPA) Limited (AWC), formerly known as Albert Wong & Company. AWC has long been one of the auditors of last resort for Chinese companies listed in the United States, particularly those that came to market through reverse mergers. 

The client that finally brought down AWC was Kandi Technologies Group, Inc. (Kandi). Kandi is a Chinese electric vehicle company that was still using AWC as auditor for 2015.   

Here is a list of AWC’s public companies from its website:

1. Kandi Technologies, Corp. (NASDAQ trading code KNDI), a motor vehicle producer in China.

2. QKL Stores Inc. (NASDAQ trading code QKLS), a supermarket chain store in China. 

3. Shengkai Innovations, Inc. (NASDAQ trading code VALV), a high tech manufacturer in China.

4. Dragon Bright Mintai Botanical Technology (Cayman) Ltd. (NASDAQ trading code DGBMF), a wood products company in China.

5. ACL Semiconductors Inc. (OTCBB trading code ACLO), a semiconductor trader in H.K. 

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