Business Valuation

On August 21, 2023, the Ministry of Finance officially released the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" ("Provisions"), which will be implemented from January 1, 2024. In response to this, under the guidance of the Ministry of Finance, the China Appraisal Society issued the "Guidelines on Data Assets Valuation" ("Guidelines") on September 8, 2023, which will be implemented from October 1, 2023. Against this backdrop, the valuation of data assets faces new challenges, and data assets’ valuation has become an indispensable and crucial link in promoting data capitalization and the development of the data assets market.
 
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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

Hailey is responsible for business valuation, intangible asset valuation and financial instrument valuation service for financial reporting and consulting purposes.
Hailey graduated from Shanghai Jiao Tong University Antai College and has 18 years’ experience in valuation service and M&amp;A financial advisory service in China. Before joining AVISTA, Hailey was a manager in PricewaterhouseCoopers with working experience in both Valuation Service and Corporate Finance Department.
During the past years, Hailey has participated in several large M&amp;A deals to provide modeling, pricing valuation or valuation advisory service. Besides, she was involved in numerous projects for US and HK listed or pre-IPO listing companies to review their valuation prepared for financial reporting purpose. In addition, she also acted as a financial advisor for several private equity financing and outbound acquisition projects.

HAILEY JIN

Partner

CPV, MRICS
Jessica is responsible for statutory valuation, business valuation, intangible asset valuation, tangible assets valuation and financial instrument valuation services for financial reporting and transaction purposes at AVISTA’s Beijing Office. As a member of the study group of the State-Owned Assets Supervision and Administration Commission of the State Council, Ms. Zhong participated in the theoretical and practical study work of valuation on investment value.
Jessica has over 20 years’ experience in valuation and M&amp;A financial advisory in China. Prior to joining AVISTA, she served as the director of the valuation and modeling department of KPMG. In the past, Ms. Zhong has provided valuation services and modelling service to numerous state-owned enterprises and multinational corporations.

JESSICA ZHONG

Overview of Data Assets Valuation Methods

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.
 
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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.
 
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IASB Exposure Draft on  Business Combinations — Disclosures, Goodwill and Impairment

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