Internal Control

ESG Reporting

The Stock Exchange of Hong Kong Limited (the “HKEX”) has published the Guide for New Listing Applicants (the “Guide”), effective from 1 January 2024, introducing the new chapter on prospectus disclosure requirements and guidance in relation to Corporate Governance and Environmental, Social and Governance (“ESG”) (Chapter4.3 of the Guide). Listing applicants should pay attention to the impact of the Guide on the contents of the prospectus, in order to timely assess and optimize the proposed listing timetable.
 
<a href="../../../../../uploads/HKEX_s_Latest_Prospectus_Disclosure_Requirements_on_Corporate_Governance_and_Environmental_Social_and_Governance_under_the_Guide_for_New_Listing_Applicants_V6_5de8f68b61.pdf" target="_blank" rel="noopener">Read the report now</a>
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CFA, FCPA, FCPA (Aust.), MRICS, RICS Registered Valuer
Vincent is the Founder and Managing Partner of AVISTA Group, who leads the firm’s Valuation Advisory, Risk Management Advisory, ESG Advisory and Corporate Advisory services in Hong Kong and the PRC.
Vincent has over 20 years of experiences in valuation advisory, M&amp;A advisory, business consulting and corporate investment, advising clients in a range of industries, including TMT, financial services, pharmaceutical, energy and etc. Hence, leading the firm to make breakthroughs in these areas.
Before founding AVISTA, Vincent served as an Associate Director of PwC and was in charge of the valuation division in Beijing. He has advised numerous large M&amp;A deals in both China and overseas for multinational corporations and Chinese state-owned enterprises. He also has extensive experiences in providing valuation services for US and HK IPO listing.
Vincent is the Vice Chairman of Business Valuation Committee and the Executive Council Member of The Hong Kong Independent Non-Executive Director Association (HKiNEDA), Reviewer of HKICPA Best Corporate Governance and ESG Awards, Head Juror of Institute of ESG and Benchmark (iESGB) Achievement Awards, and the member of Financial Reporting Valuation Advisory Panel of HKICPA.

VINCENT PANG

Managing Partner

Sabrina has over 9 years of substantial experience in sustainability, climate and risk management advisory for Hong Kong listed companies, IPO applicants and asset managers, with a focus on ESG disclosure and compliance, ESG strategy and impact enhancement, sustainability governance, ESG and climate risk management, sustainable investment, decarbonization roadmap and ESG assurance.
Sabrina has been a reviewer for the Best Corporate Governance and ESG Awards (the “Award”) organized by the HKICPA since 2020, reviewing the ESG reports of listed companies. From 2023 onwards, she has also served as an organizing committee member of the Award, providing her professional ESG knowledge and insights to the judging criteria and process.
Her industry exposure includes healthcare and pharmaceutical, TMT, property, green and renewable energy, e-commerce, environmental solutions, manufacturing, RFID, luxury goods &amp; retail, financial services, hospitality, F&amp;B, apparel &amp; textile, logistics etc. across Hong Kong, Mainland China, Australia and other Asia Pacific regions.

SABRINA LAM

Principal

CPA Derek is responsible for Risk Management Advisory and Environment, Social and Governance (ESG) Advisory services in AVISTA. Derek has over 9 years of experience in audit assurance, spanning diverse industries including aesthetic service provision, manufacturing and trading. Before joining AVISTA, Derek had also worked in PwC HK with a client portfolio of US IPO, US listed entities and Japanese MNCs, and was engaged in the IPO process of an electronic component manufacturing group in Hong Kong as a financial controller.

DEREK CHIM

HKEX’s Latest Prospectus Disclosure Requirements on Corporate Governance & Environmental, Social and Governance under the Guide for New Listing Applicants 

Taking reference to compliance development of other stock exchanges, previous consultations, and years of corporate governance reports review results, HKEX would like to introduce a series of listing rules amendments. A consultation paper has been published in June2024 to collect market’s feedback. According to the consultation paper, except for the proposed amendment in relation to long serving independent non-executive director(“INED”) and overboarding with a three-year transition period starting January 2028, other amendments will take effect since January 2025. Most amendments are newly introduced practices, and thus companies are recommended to arrange resources promptly to prepare for the new compliance requirements by 2025.
 
<a href="../../../../../uploads/Amendments_to_the_Hong_Kong_Stock_Exchange_s_Corporate_Governance_Code_and_Related_Listing_Rules_V6_e6b9c5f6f4.pdf" target="_blank" rel="noopener">Read the summary now</a>
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Amendments to the Hong Kong Stock Exchange's Corporate Governance Code and Related Listing Rules

The International Accounting Standards Board (“IASB”) has published the Exposure Draft on Business Combinations — Disclosures, Goodwill and Impairment (the “Exposure Draft”) in March 2024, proposing changes to IFRS 3 and IAS 36 to improve the information provide to investors in order to help investors better assess management’s decision to make an acquisition and the performance of that acquisition. Companies should pay attention to the potential impact of the Exposure Draft and ensure their compliance with the latest rules and disclosure requirements.
 
<a href="../../../../../uploads/IASB_Exposure_Draft_on_Business_Combinations_Disclosures_Goodwill_and_Impairment_V3_79e696e4f5.pdf" target="_blank" rel="noopener">Read the report now</a>
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IASB Exposure Draft on  Business Combinations — Disclosures, Goodwill and Impairment

As a guidance and enhanced regulations on the compliance audit activities of personal information protection, the Cyberspace Administration of China issued "Administrative Measures for the Personal Information Protection Compliance Audit (Comment Draft)” and the annex of "Reference Points for Compliance Audit of Personal Information Protection" for public comments.
 
Avista extracted some key provisions, with additional interpretation in terms of internal control, to provide personal information processors a better understanding for the regulatory requirements of the personal information protection-related compliance audit.
 
<a href="../../../../../uploads/Highlights_of_the_Compliance_Audit_Requirement_in_the_Administrative_Measures_for_the_Personal_Information_Protection_Compliance_Audit_Comment_Draft_4a2daaddc3.pdf" target="_blank" rel="noopener">Read the report now</a>
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Highlights of the Compliance Audit Requirement in the “Administrative Measures for the Personal Information Protection Compliance Audit (Comment Draft)”