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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Congratulations to Shanghai Bao Pharmaceuticals Co., Ltd.（2659.HK） on its Successful Listing

Shanghai Able Digital Science&amp;Tech Co., Ltd. (“Able Digital”) is a reputable digital teaching and learning solution provider for higher education institutions in China, committed to the provision, delivery and operation of digital educational content and digital teaching and learning environment services and products for higher education institutions. Able Digital offerings cover all critical aspects from teaching, learning, practicing, testing and evaluating to administrating. According to Frost &amp; Sullivan, Able Digital ranked second in terms of revenue among all companies in China’s higher education teaching and learning digitalization market with a market share of 4.0% and first in terms of revenue among all companies in China’s higher education digital educational content production market with a market share of 7.3% in 2024.
With regard to this listing application, AVISTA Group is honored to be engaged in providing ESG advisory services.
Congratulations again Shanghai Able Digital Science&amp;Tech Co., Ltd. （2687.HK） on its successful listing. The issue price of the shares is  HKD67.50 per share, and the amount of funds raised is HKD 450 million.
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Congratulations to Shanghai Able Digital Science&Tech Co., Ltd.（2687.HK） on its Successful Listing

We are deeply saddened by the tragic fire at Wang Fuk Court in Tai Po, which claimed the lives of so many residents and the brave firefighter who made the ultimate sacrifice in the line of duty. Our heartfelt condolences extend to all the victims, their grieving families, and every individual affected by this heartbreaking loss. We also extend our profound respect and gratitude to the firefighters, emergency responders, medical professionals, and volunteers who faced unimaginable dangers with unwavering courage and selflessness—their heroism inspires us all.
In the spirit of compassion and community, AVISTA Group is taking immediate action to support both urgent relief and long-term recovery efforts. We are committed to making a meaningful impact through the following initiatives:
Donation to the HKSAR Government-established Support Fund
A donation of HK$200,000 to the HKSAR Government-established Support Fund for Wang Fuk Court in Tai Po, to provide critical resources including emergency rescue operations, transitional shelter, essential living supplies, and emotional counseling for those impacted.
Group-wide Matching Employee’s Fundraising Campaign
In addition to our donation to the HKSAR Government-established Support Fund, we are launching a Matching Employee’s Fundraising Campaign to amplify our collective impact. We encourage our employees to contribute to frontline relief efforts, with AVISTA Group matching EVERY dollar donated. Through this campaign, we aim to double the employee-led support for those affected by this tragedy.
As Hong Kong unites in mourning, we share in the collective sorrow and reaffirm our commitment to standing shoulder-to-shoulder with our community during this difficult time.
Together, we honor the lives lost, celebrate the bravery displayed, and build toward a brighter tomorrow.

Standing in Solidarity: AVISTA Group's Support for Tai Po's Wang Fuk Court Fire Victims

Congratulations to Hebei Haiwei Electronic New Material Technology Co., Ltd.（9609.HK） on its successful Listing on the Mainboard of HKSE on 28 Nov 2025
Hebei Haiwei Electronic New Material Technology Co., Ltd. is one of China’s largest manufacturers of capacitor film used in film capacitors for new energy vehicles (NEVs), new energy electricity system, industrial equipment, home appliances and other end-use application scenarios. It engages primarily in the production and sale of capacitor film products for film capacitors and possesses the capability of independent design and development of capacitor base film production lines.
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services on secured liabilities and PPA.
Congratulations again Hebei Haiwei Electronic New Material Technology Co., Ltd. （9609.HK） on its successful listing. The issue price of the shares is  HKD 14.28 per share, and the amount of funds raised is HKD 506.31 million.
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