Chinese data analysis software company, Gridsum, listed on the NASDAQ in September 2016. In April 2018, the company announced that auditor PwC had identified issues relating to sales and expenses while auditing its FY17 financial statements. In June 2018, the company dismissed PwC and engaged Marcum. However, Marcum was dismissed in January 2019 as it was reportedly unable to complete the audit work owing to regulatory issues. The company then engaged Shandong Haoxin which immediately gave an unqualified opinion on Gridsum's financials from FY15 to FY17. Gridsum was taken private in April 2021. However, in September 2023, the SEC filed a complaint against Gridsum and its founder for embezzlement. Finally, the PCAOB announced disciplinary orders sanctioning auditor Shandong Haoxin for agreeing to issue an unqualified opinion on Gridsum's financials before being engaged.

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