Congratulations to Beijing 51WORLD Digital Twin Technology Co., Ltd.（6651.HK） on its successful Listing on the Mainboard of HKSE on 30 Dec 2025.
Beijing 51WORLD Digital Twin Technology Co., Ltd. ( “51WORLD” ) is a leading digital twin technology company in China. It has developed core technological competencies in three major areas: 3D graphics, simulation, and AI.
With regard to this listing application, AVISTA Group is honored to be engaged in providing ESG advisory services in support of responding to inquiries from the Hong Kong Stock Exchange.
Congratulations again Beijing 51WORLD Digital Twin Technology Co., Ltd.（6651.HK） on its successful listing. The issue price of the shares is HKD 30.5 per share, and the amount of funds raised is HKD 649.9 million.
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Congratulations to Beijing 51WORLD Digital Twin Technology Co., Ltd.（6651.HK） on its Successful Listing

As the festive season arrives once again, AVISTA Group would like to extend our heartfelt wishes to you and your loved ones. May this Christmas bring you moments of peace, joy, and cherished togetherness.
Merry Christmas!🎅🎁🌟
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🎄✨ Season's Greetings from AVISTA Group! _2025✨🎄

AVISTA Group is pleased to once again participate in the Heep Yunn School Work Experience Placement Programme this year. Through this initiative, we are providing two talented Form 4 students, Liza and Charlotte, with a 4-day work placement in our valuation advisory team. This opportunity allows them to gain first-hand workplace experience and practical insights into the business valuation advisory industry.
At AVISTA, we remain committed to nurturing the next generation of leaders by offering meaningful learning experiences. We are pleased to welcome these bright students to our team, share our expertise, and support them as they explore their future career paths.
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As a Participating Company in Heep Yunn School Work Experience Placement Programme_2025

CiDi Inc. is a leader in intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous mining trucks and logistics vehicles in closed environments, V2X technology, and intelligent perception solutions.
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services in relation to financial guarantee, expected credit losses, equity investments, employee stock options and impairment testing of cash-generating units.
Congratulations again CiDi Inc.（3881.HK） on its successful listing. The issue price of the shares is HKD 263 per share, and the amount of funds raised is HKD 1.4223 billion.
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Congratulations to CiDi Inc.（3881.HK） on its successful Listing on the Mainboard of HKSE on 19 Dec 2025

AVISTA Group is delighted to have been invited by the Hong Kong Independent Non-Executive Directors Association (HKiNEDA) to attend its flagship Annual Conference 2025. The conference was successfully held on 6 December 2025 at the Hong Kong Convention and Exhibition Centre.
Under the theme “Opportunities and Challenges for INEDs in Dual Listing Wave, Digital Asset Era &amp; AI-Driven Risk”, the half-day conference focused on three transformative areas: the surge in dual listings, the rise of digital assets and Web3, and AI-driven governance risks. Against a backdrop of global capital markets undergoing profound change — where dual listings are becoming the new norm and the explosive growth of digital assets and AI technologies bring both unprecedented opportunities and ethical challenges — the role of INEDs is evolving from compliance gatekeepers to strategic navigators. The event featured insightful keynote speeches and panel discussions, providing forward-looking guidance on how independent directors can best steer boards through this new era.
The conference brought together a vibrant gathering of independent directors, regulators, listed-company leaders and governance professionals for an enriching day of dialogue on how INEDs can best steer boards through today’s transformative era.
Our Managing Partner, Mr. Vincent Pang, was honoured to serve as a panelist in the discussion “Role of INEDs in the New Era Dual-Listing IPO Wave”. Mr Pang shared practical insights on how independent directors can effectively oversee cross-border compliance, valuation alignment, and risk governance in today’s fast-evolving dual-listing environment, helping boards turn regulatory complexity into competitive advantage.
AVISTA Group remains deeply committed to advancing valuation excellence and robust governance practices across Greater China. We extend our heartfelt thanks to HKiNEDA for another inspiring and impactful conference.
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As the Panelist of HKiNEDA Annual Conference 2025 

Congratulations to Seyond Holdings Limited (2665.HK) on its completion of the De-SPAC transaction with TechStar Acquisition Corporation and listed on the Mainboard of HKSE on 10 December 2025
 
Seyond Holdings Limited was founded in 2016 and has rapidly become a global leader in automotive-grade LiDAR solutions, supplying high-fidelity LiDAR sensors and intelligent sensing systems for autonomous driving, intelligent transportation, robotics, and infrastructure applications. The company is among the first to achieve mass-production of automotive-grade LiDAR and ranked first globally in passenger-car LiDAR solution sales in 2023. 
 
With regard to this De-SPAC application, AVISTA Group is honored to be engaged in providing the valuation service in relation to the fair value assessment of promoter warrants and promoter shares. Under the agreed terms, Seyond’s valuation is HKD 11.7 billion, and the amount of funds raised from PIPE investors is approximately HKD 551.3 million.
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Congratulations to Seyond Holdings Limited (2665.HK) on its completion of the De-SPAC transaction with TechStar Acquisition Corporation and listed on the Mainboard of HKSE

Congratulations to Shanghai Bao Pharmaceuticals Co., Ltd.（2659.HK） on its successful Listing on the Mainboard of HKSE on 10 Dec 2025.
Shanghai Bao Pharmaceuticals Co., Ltd. is a clinical-stage biotechnology company leveraging synthetic biology technology to develop and deliver recombinant biologic drugs in China, targeting conditions with limited treatment options and complex manufacturing challenges.
  Shanghai Bao Pharmaceuticals Co., Ltd. has strategically focused on creating biologic drugs that elevate treatment standards by replacing biochemically extracted products derived from animal organs, blood or urine, or otherwise upgrading the current treatments.
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services for two industrial properties located in Baoshan District, Shanghai City, the PRC.
Congratulations again Shanghai Bao Pharmaceuticals Co., Ltd.（2659.HK） on its successful listing. The issue price of the shares is HKD 26.38 per share, and the amount of funds raised is HKD1,000.1 million.
 
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