AVISTA Group and Xinghua Group are pleased to announce a strategic partnership, marking a new chapter in professional services integration and digital transformation. Founded in 1992, Xinghua Group is one of China’s most influential professional service providers, with a comprehensive platform spanning asset appraisal, real estate valuation, mining valuation, accounting services, architectural engineering services, and engineering technical expert service, and more. With over three decades of experience and a strong presence in China’s capital markets, Xinghua Group brings deep industry knowledge and a broad client base, including large state-owned enterprises. This collaboration combines AVISTA’s expertise in emerging industries—such as advanced technology, media, telecommunications, biotech, new energy, and ESG—with Xinghua’s extensive local experience.
 
 Together, we will leverage our complementary strengths and shared resources to deliver end-to-end professional services, supporting clients in cross-border investments, overseas listings, and complex transactions worldwide. This partnership underscores our commitment to providing high-quality, integrated solutions and shaping the future of the professional services industry.
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AVISTA Group and Xinghua Group Announce Strategic Partnership to Drive Integrated Professional Services in Mainland China

AVISTA had the honor of being invited as a speaker by the China Appraisal Society (CAS) for the Financial Instruments Valuation Training. This training, held during 26-28 August 2025, in Weihai, provided a platform for industry experts to share insights and knowledge with certified practicing valuers in the PRC.
 
Our Managing Partner, Mr. Vincent Pang, delivered a professional presentation on "Expected Credit Loss (ECL) and Preferred Shares Valuation Practice." Through real-world case studies, he provided practical insights into building ECL models, estimating key parameters, and addressing special clauses and terms in preferred shares valuation. His session helped participants deepen their understanding of financial instrument valuation and enhance their practical skills. AVISTA Group remains committed to supporting professional development in the asset appraisal industry. By sharing our expertise and promoting knowledge exchange, we aim to foster talent, encourage best practices, and contribute to the sustainable growth of the industry.
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As the Speaker of China Appraisal Society (CAS) for the Financial Instruments Valuation Training

Congratulations to Nanjing Leads Biolabs Co., Ltd. (9887.HK) on its successful Listing on the Mainboard of HKSE on 25 July 2025
Nanjing Leads Biolabs Co., Ltd. is a clinical-stage biotechnology company focused on the discovery, development, and commercialization of new therapies in oncology, autoimmune, and other severe diseases.
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services on share reform, ODI valuation; and valuation services related to financial reporting purposes such as share-based compensation, preferred shares and convertible bonds.
Congratulations again Nanjing Leads Biolabs Co., Ltd. (9887.HK) on its successful listing. The issue price of the shares is HKD35 per share, and the amount of funds raised is 1.29 billion HKD.
 
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Congratulations to Nanjing Leads Biolabs Co., Ltd. (9887.HK) on its Successful Listing

Congratulations to Scage International Limited (SCAG.NASDAQ) on successfully completing the previously announced business combination. The American depositary shares (“ADSs”) of the combined company, Scage Future, will commence trading on the Nasdaq Stock Market under the ticker symbol “SCAG.NASDAQ” on 30 June 2025.
 
Scage International Limited is a leading zero-emission technology provider in China, dedicated to decarbonizing global commercial transportation through its portfolio of advanced heavy-duty NEV trucks and innovative e-fuel systems. Through strategic partnerships with top-tier vehicle manufacturers and a strong quality control framework, the Company delivers intelligent, high-performance NEVs addressing the transport needs across logistics, mining and port operations.
 
With regard to this DeSPAC application, AVISTA Group is honoured to be engaged in providing valuation services in relation to Total equity value, financial instruments and equity investments.
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Congratulations to Scage International Limited (SCAG) on on successfully completing the previously announced business combination. The American depositary shares (“ADSs”) of the combined company, Scage Future, will commence trading on the Nasdaq Stock Market under the ticker symbol “SCAG.NASDAQ” on 30 June 2025.

Congratulations to SAINT BELLA Inc. (2508.HK) on its successful Listing on the Mainboard of HKSE on 26 June 2025
SAINT BELLA Inc. (“SAINT BELLA”) is a family care group with a leading postpartum care and recovery operation in China, providing a wide array of premium services and products that address the ever-growing under-served family care demand from the lifestyle-minded younger generation. SAINT BELLA aims to become a leading comprehensive family care group in Asia with an evolving brand portfolio, through enhancing its presence in the existing business segments and operating markets, launching new offerings to tap into new segments such as elderly care services, as well as expanding its service network to promising markets in addition to its established presence in China, Singapore, and the United States.
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services in relation to the purchase price allocation of the transaction, goodwill impairment, financial instrument and financial asset.
Congratulations again SAINT BELLA Inc. (2508.HK) on its successful listing. The issue price of the shares is 6.58 HKD per share, and the amount of funds raised is 629 million HKD.
 
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Congratulations to SAINT BELLA Inc. (2508.HK) on its Successful Listing

Congratulations to X.J. Electrics (Hu Bei) Co., Ltd (2619.SEHK) on its successful Listing on the Mainboard of HKSE on 25 June 2025 
X.J. Electrics (Hu Bei) Co., Ltd (X.J. Electrics) are a manufacturer of lifestyle household goods in the PRC. X.J. Electrics mainly operate on ODM/OEM basis and have built a customer portfolio comprising globally reputable and long-standing names, such as Walmart, Telebrands, SEB, Sensio, Hamilton Beach and Philips etc. With X.J. Electrics capability to design, develop and manufacture a range of small home appliances, we have gained recognition in our small kitchen appliances. 
With regard to this listing application, AVISTA Group is honored to be engaged in providing ESG consulting services, as well as valuation services for various properties located in Guangdong Province and Hubei Province, the PRC. 
Congratulations again to X.J. Electrics (Hu Bei) Co., Ltd (2619.SEHK) on its successful listing. The issue price of the shares is HKD 2.86 per share, and the amount of funds raised is HKD 195.11 million. 
 
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Congratulations to X.J. Electrics (Hu Bei) Co., Ltd (2619.SEHK) on its successful Listing on the Mainboard of HKSE on 25 June 2025 

Congratulations to CaoCao Inc. (2643.HK) on its successful Listing on the Mainboard of HKSE on 25 June 2025
CaoCao Inc.(“CaoCao”) is a ride hailing platform in China originally incubated by Geely Group. CaoCao connects passengers and drivers to deliver consistent and high-quality ride experiences. CaoCao upholds a commitment to user experience, which is essential for its growth into one of China’s largest ride hailing platforms. CaoCao offers an array of safe, affordable, and convenient mobility services.
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services in relation to the fair values of employee share options, financial liabilities and financial asset.
Congratulations again to CaoCao Inc. (2643.HK) on its successful listing. The issue price of the shares is 41.94 HKD per share, and the amount of funds raised is 1.85 billion HKD.
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