Business Valuation

ClouDr Group Ltd. has been successfully listed on the Mainboard of HKSE on 6 July 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to this listing application. Established in 2014, the digital healthcare unicorn provides medical supplies and SaaS to hospitals and pharmacies, digital marketing services to pharmaceutical companies, and online consultation and prescriptions to patients, all centered around chronic condition management. Aspired to become a leader in China’s digital solutions for chronic care, ClouDr‘s solutions cater to the needs of all major participants along the value chain and cover the entire cycle of digital chronic condition management inside and outside hospital, in which include in-hospital, pharmacy and individual chronic condition management solutions. According to the Frost &amp; Sullivan Report, ClouDr was the largest digital chronic condition management solution provider in China as well as the largest online medical services provider in 2021, in terms of numbers of SaaS installations in hospitals and pharmacies in China, and number of online prescriptions issued. <img src="../../../../../uploads/EN_ad_d8b49379d3.jpg" alt="" width="500" height="375" />

Congratulations to ClouDr Group Ltd. (9955.HK) on its Successful Listing

Vision Deal HK Acquisition Corporation has been successfully listed on the Mainboard of HKSE on 10 June 2022. AVISTA Group is honored to be engaged in providing valuation services. Vision Deal is a special purpose acquisition company (SPAC) that intends to acquire high-quality companies in China which specialize in smart car technologies or possess supply chain and cross-border e-commerce capabilities, that position them to benefit from domestic consumption upgrading trends. David Wei, the founding partner and chairman of Vision Knight Capital, DealGlobe and Opus Capital are promoters of the SPAC. Citigroup and Haitong International Capital are serving as joint sponsors. Vision Deal plans to accomplish the announcement within 18 months and the completion of a De-SPAC Transaction within 30 months from now. <img src="../../../../../uploads/Slide1_721945af3a.PNG" alt="" width="533" height="400" />

Congratulations to Vision Deal HK Acquisition Corp. (7827.HK) on its Successful Listing

Our Managing Director, Mr. Vincent Pang, was delighted to be invited on 2 June to deliver a workshop on startup valuation titled “What is Your Business Worth?” to the finalist teams at the HKUST-Sino One Million Dollar Entrepreneurship Competition 2022. During the webinar, Vincent shared a comprehensive overview on the fundamentals of various valuation methodologies, complemented by case studies, from evaluating financial health and growth potential to curating valuation models specific to startups. He also explored some possible material valuation issues that may have a significant impact on the business value and term sheet negotiation to prepare the teams for the pitching stage and final round. In its 12th anniversary, the HKUST-Sino One Million Dollar Entrepreneurship Competition 2022 is open to both local and overseas participants for the first time. As the bronze sponsor of the annual flagship entrepreneurial event, AVISTA gladly supports the city-wide competition to continue its vision of shaping Hong Kong into an international tech hub by facilitating a platform for the younger generation to realize their innovative ideas. <img src="../../../../../uploads/pic_social_2f202f3721.jpg" alt="" width="450" height="338" /> <img src="../../../../../uploads/AVISTA_Group_workshop_web_banner_v2_e2690bf5cc.png" alt="" width="450" height="238" />

As Guest Speaker of Startup Valuation Workshop “What is Your Business Worth?” at HKUST-Sino One Million Dollar Entrepreneurship Competition 2022

Yunkang Group Ltd. has been successfully listed on the Mainboard of HKSE on 18 May 2022. AVISTA Group is honored to be engaged in providing valuation services. Yunkang Group is a medical operation service provider in China established in 2008, primarily engaged in offering a full suite of diagnostic testing services for medical institutions. The group was among the top five major medical operation service providers in China in 2020, with a market share of 3.7% in terms of revenue, according to Frost &amp; Sullivan. Yunkang also ranked the second largest provider in China’s diagnostic testing services for medical institution alliances market in 2020, accounted for a 12.5% market share. The outbreak of the COVID-19 pandemic, and the subsequent growth in market needs for diagnostic services and supplies, the COVID-19 test kits in particular, have contributed to a surge in demand for Yunkang’s diagnostic outsourcing services, presenting a higher gross-profit margin accompanied by economies of scale.   Located in a diagnostic outsourcing service market with sizable growth potential, and equipped with own reliable diagnostic capabilities and a nationwide customer base, currently Yunkang operates three lines of business, namely diagnostic testing services for medical institution alliances, diagnostic outsourcing services and diagnostic testing services via outpatient clinic for non-medical institution customers.  The group targets to continue expanding its on-site diagnostic center network to capture a larger market share.
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Congratulations to Yunkang Group Ltd. (2325.HK) on its Successful Listing

Aquila Acquisition Corporation has been successfully listed on the Mainboard of HKSE on 18 March 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to the first-ever special purpose acquisition company (SPAC) listing application on the Hong Kong Stock Exchange (HKSE). Co-founded by CMB International and AAC Management Holding Ltd., Aquila is the first SPAC in Hong Kong to make an IPO under the new SPAC listing mechanism, which came into effect on 1 January this year. Aquila has been formed for the purpose of effecting a business combination (“De-SPAC Transaction”) with one or more businesses (“De-SPAC Targets”). In identifying its De-SPAC Targets, Aquila intends to concentrate efforts on technology-enabled companies in new economy sectors, such as green energy, life sciences and advanced technology and manufacturing in Asia, with a focus on China, yet they may pursue a De-SPAC Target in any sector.
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Congratulations to Hong Kong’s First-ever SPAC IPO – Aquila Acquisition Corporation (7836.HK) on its Successful Listing

Lepu Biopharma Co., Ltd. has been successfully listed on the Mainboard of HKSE on 23 February 2022. AVISTA Group is honored to be engaged in providing valuation services. Incorporated in 2018, Lepu Biopharma is a biopharmaceutical company focusing on oncology therapeutics. Lepu Biopharma is the industry leader in ADC therapeutics in China, with an integrated end-to-end platform from drug discovery, clinical development, CMC to GMP compliant production. It has built a product pipeline with clinical efficacy and commercialization synergies. The pipeline features three major products: broad-spectrum anti-tumor drugs (primarily anti-PD1 antibody drugs), and ADC and oncolytic virus drug candidates. Lepu Biopharma has a range of oncology products in its pipeline, including eight clinical-stage drug candidates, three pre-clinical drug candidates, and three clinical-stage combination therapies of the drug candidates. Among the eight clinical-stage drug candidates, five are in targeted therapy and three are in immunotherapy, with two of the three being immune checkpoint drugs and one being oncolytic virus drug. Lepu Biopharma has initiated 28 clinical trials, among which three had entered registration trial phase and two were ongoing in the U.S. Lepu Biopharma houses the leading ADC drug candidate pipeline in China in terms of the number of clinical-stage ADC drug candidates, according to Frost &amp; Sullivan. Its comprehensive ADC and oncolytic virus drug candidates pipeline creates synergies and maximizes its competitive strength in commercialization. <img src="../../../../../uploads/2157_hk_en_ca8b1131e9.JPG" alt="" width="533" height="400" />

Congratulations to Lepu Biopharma Co., Ltd. (2157.HK) on its Successful Listing

Clarity Medical Group Holding Ltd. has been successfully listed on the Mainboard of #HKSE on 18 February 2022. AVISTA Group is honored to be engaged in providing valuation services. Clarity Medical Group Holding Ltd. (Clarity Medical) is a private healthcare institution specialising in ophthalmology. It provides comprehensive ophthalmic services to patients with a focus on offering various refractive treatment services including SMILE surgeries, multifocal IOL replacements and ICL implantations. Different treatments for other eye problems, such as standard cataract surgeries, laser procedures, PPV surgeries, other treatments and surgeries, medical consultation and examination services and sales of prescriptions and others are also available. According to Frost &amp; Sullivan, Clarity Medical ranked fourth in ophthalmic healthcare services, in terms of revenue, among all private healthcare institutions in Hong Kong in 2020, with a market share of 5.0%. Clarity Medical also ranked first in SMILE surgery; the second in multifocal IOL replacement; and the first in ICL implantation, in terms of revenue generated from respective treatments in 2020. During 2020, Clarity Medical accounted for approximately 38.0% of Hong Kong’s SMILE surgery market by revenue; approximately 6.0% of Hong Kong’s multifocal IOL replacement market by revenue; and approximately 46.4% of Hong Kong’s ICL implantation market by revenue.
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