Duality Biotherapeutics is a clinical-stage biotech company dedicated to the discovery and development of next-generation ADC to treat cancer and autoimmune diseases. The company has successfully built several cutting-edge ADC technology platforms with global intellectual property rights. Leveraging a robust pipeline, the company is conducting multiple global clinical trials across 17 countries, has enrolled over 2000 patients for multiple clinical-stage ADC candidates.
 
With regard to this listing application, AVISTA Group is honoured to be engaged in providing valuation services related to preferred stock, employee stock option and intangible asset impairment testing for financial reporting purposes. 
Congratulations again to Duality Biotherapeutics, Inc.(9606.HK) on its successful listing. The issue price is HKD 94.6 per share, and the amount of funds raised is HKD 1.51 billion.
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Congratulations to Duality Biotherapeutics, Inc.(9606.HK) on its Successful Listing

AVISTA Group was honored to be invited by Hong Kong Securities and Investment Institute (HKSI) to serve as the project sponsor of Institute Case Competition 2025. Our Managing Partner, Mr. Vincent Pang, and Director of Risk Management Advisory Services, Ms. Sabrina Lam, took on the role of coaches, guiding and mentoring the talented participants throughout the competition.
This year's competition focused on a sustainability research project, with the theme centered around "Identifying best practices in financial institutions' climate disclosures aligned with TCFD and/or IFRS S2, along with an analysis of their current progress in Scope 3 emissions reporting." Mr. Pang and Ms. Lam have chosen one group of the best performers among five to advance to the semi-final round. All groups demonstrated strong analytical skills and delivered outstanding performances in the initial round.
We extend our heartfelt thanks to all the participating groups for their hard work and dedication. Congratulations to all the semi-finalists and finalists for their remarkable achievements in the competition. As a leading professional advisory firm, AVISTA is privileged to contribute our expertise and support the development of future business leaders through initiatives like the HKSI Institute Case Competition.
 
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As a project sponsor of the Hong Kong Securities and Investment Institute (HKSI) Institute Case Competition 2025

Congratulations to ZG Group (6676.HK) on its completion of the De-SPAC transaction with Aquila Acquisition (7836.HK) and listed on the Mainboard of HKSE on 10 March 2025
 
ZG Group was established in 2012 and is a leading industrial digitalization platform in China. By connecting key participants in the steel trading industry, its platform currently provides a one-stop B2B comprehensive service covering the entire value chain of steel trading, including online steel transactions, logistics, warehousing and processing, SaaS products, and big data analytics.
 
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 earn-out rights. The negotiated value of ZG Group under the De-SPAC transaction is HKD 10.004 billion, and the amount of funds raised by PIPE investors is approximately HKD 540 million. 
 
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 Congratulations to ZG Group (6676.HK) on its completion of the De-SPAC transaction with Aquila Acquisition (7836.HK) and listed on the Mainboard of HKSE on 10 March 2025

Our Managing Partner, Mr. Vincent Pang, was pleased to be invited as the opening guest for ESG Achievement Awards 2023/2024 Campus Sharing this year. He also had the honor of serving as a moderator of the panel discussion at the campus sharing held on 17 February 2025.
 Co-organized by HKU Business School and organized by Institute of ESG &amp; Benchmark (iESGB), the campus sharing commenced with an opening address by Mr. Pang, expressing his joy regarding the submissions that highlighted the tangible impact and leadership in sustainability. He also conveyed appreciation for how the ESG Achievement Awards contribute to the progress of sustainability and innovation in Hong Kong and beyond.
 Under the theme " Insights into Sustainable Practices and ESG Career Pathways", four awardee such as Henderson Land Development Company Limited, China Overseas Grand Oceans Group LTD., Sun Life Asset Management (HK) Limited and Sino Land Company Limited shated their company’s ESG leadership through holistic reporting, effective operations, and innovative approaches to sustainable development. The leaders also shared how students should competent and aware as they prepare for a career in the ESG field. 
 In today's business landscape, ESG factors are essential for promoting sustainable practices and increasing long-term value creation. AVISTA Group is honored to observe the rapid development of ESG on a global scale and actively engage in it, aiming to witness further advancements in the future.
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As the Opening Guest of the ESG Achievement Awards 2023/2024 Campus Sharing and explore the path to sustainable development

Congratulations to Guming Holdings Limited (1364.HK) on its successful Listing on the Mainboard of HKSE on 12 February 2025
 
Guming Holdings Limited (“Good me”) has grown into a fast-growing freshly-made beverage company in China after 14 years of development. Good me currently has over 9,900 stores across the country, covering 19 provinces and more than 200 cities. In 2023 alone, the total number of drinks sold is about 1.2 billion cups.
 
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services in relation to the fair values of preferred shares, employee share options and financial asset.
 
Congratulations again to Guming Holdings Limited (1364.HK) on its successful listing. The issue price is HKD 9.94 per share, and the amount of funds raised is HKD 1813million.
 
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Congratulations to Guming Holdings Limited (1364.HK) on its successful Listing on the Mainboard of HKSE on 12 February 2025

Congratulations to Diginex Limited (DGNX.US) on its successful Listing on NASDAQ on 22 January 2025
 
Diginex Limited (“Diginex”) was founded in 2020, Diginex engages in the provision of environmental, social, and governance (ESG) reporting solution services, supply chain due diligence solutions services, advisory services, and developing customization solutions in Hong Kong, the United Kingdom, and the United States. Through its subsidiaries, the company utilizes the latest blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action. Highlights of its suite of products include digninexESG, a cloud based ESG platform that offers end to end reporting from topic discovery, data collection, and collaborative report publishing services and diginexLUMEN, which allows companies to execute supply chain risk assessment.
 
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services in relation to the fair values of preferred shares, convertible loan notes, warrants, put option and employee share options.
 
Congratulations again to Diginex Limited (DGNX.US) on its successful listing. The issue price is USD 4.1 per share, and the amount of funds raised is USD 9.23 million.
 
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 Congratulations to Diginex Limited (DGNX.US) on its successful Listing on NASDAQ on 22 January 2025

AVISTA was honored to be invited by The Chamber of Hong Kong Listed Companies (CHKLC), Hong Kong Association of Registered Public Interest Entity Auditors Limited (PIEAA), Association of Hong Kong Capital Market Practitioners Limited (HKCMP) and The Hong Kong Institute of Directors (HKIoD) to attend and sponsor the Hong Kong Capital Markets Forum 2025.
 
The forum, titled "Enhancing Economic Vitality and Strengthening Competitiveness," has invited Mr. Paul Chan Mo-Po GBM, GBS, MH, JP, the Financial Secretary of the HKSAR Government, to deliver the opening speech. This forum aims to explore the development of the Chinese capital markets and Hong Kong’s role, innovations in the Hong Kong capital markets, the current status and future trends of Hong Kong, as well as ways to attract domestic and international investors. It also examined innovative financial and business models to address challenges such as fluctuations in the economic environment and geopolitical issues, enabling Hong Kong to respond to challenges and seize opportunities.
 
AVISTA is delighted to be part of this esteemed forum, alongside professionals from the capital markets, government agencies, academia, and the financial industry, to discuss the prospects, challenges, and opportunities for the global and Chinese economies in 2025. We will bring our expertise in advisory services to support the growth and development of Hong Kong's economic vitality.
 
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