AVISTA wishes you a happy Chinese New Year! May the Year of the Rat bring you good health and good fortune!
 
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Chinese New Year Greetings from AVISTA Group

On September 5, 2023, Geely Automobile Holdings Limited (0175.HK) ("Geely") successfully established a joint venture with Renault S.A.S. ("Renault"). (the “Transaction”)
 
The formation of the Joint Venture company（“JV Company”） will combine the ICE, hybrid, and plug-in hybrid engine and transmission activities of Geely and Renault. The JV Company Group will benefit from significant strategic, product and geographic complementarity, as well as economies of scale between the businesses of Geely and Renault. This will provide the JV Company with the opportunity to gain additional market share, target new third-party customers, pursue production efficiencies, and develop new technology solutions. In particular, the product portfolio of the JV Company Group will encompass various types of fuel, such as synthetic fuel (including e-fuel) and others, enabling the offering of a wide range of Powertrain Products and solutions to meet customer needs and comply with future regulations in different regions such as Euro 7 and potentially the next emission standard in the PRC. In addition, the JV Company Group will benefit from global geographical presence, with 17 plants strategically located worldwide, each equipped with advanced production facilities and supported by five dedicated research and development centres. Further, the JV Company will operate as a fully-fledged autonomous entity, leveraging Geely’s and Renault’s extensive expertise in ICE, hybrid, and plug-in hybrid powertrain, which positions it well to serve existing customers and secure new contracts from third party customers.
 
AVISTA Group ("AVISTA") has been engaged by Geely to provide valuation services for the Transaction. The business of the joint venture in the Transaction includes the entire shareholding of Aurobay Holding, Aurobay SG, and Horse Holding. Horse Holding and its subsidiaries carry out activities of research, development, procurement, production, trading (including sales) of combustion, hybrid and plug-in hybrid engines and gearboxes as well as the components and parts thereof for passenger and light commercial vehicles, in Portugal, Romania, Spain, Turkey, Argentina, Brazil and Chile. AVISTA has provided independent valuation services for the enterprise value of Horse Holding, serving as a reference for the pricing of the Transaction.
 
Geely, listed on the Stock Exchange of Hong Kong (175 HK), is primarily engaged in the wholesale and retail sales of automobiles and related components. Geely has been ranked in the Fortune Global 500 for twelve consecutive years (ranked 225th in 2023). Zhejiang Geely Holding Group is committed to becoming a globally competitive and influential technology company in intelligent electric mobility and energy services, with business coverage in the automotive and upstream/downstream industry chains, intelligent mobility services, green transportation, digital technology, and more.
 
Renault is a wholly-owned subsidiary of Renault S.A. (a limited company listed on Euronext Paris, stock code: RNO.PA). Renault is primarily engaged in the automotive business. With a long heritage and accumulated experience, Renault constantly leads industry transformation and embraces the trends of the times. As a world-leading French brand, Renault is dedicated to developing innovative concepts, reshaping the way people travel, and enabling users to enjoy a relaxed and enjoyable driving experience. In China, Renault understands the emotional appeal of consumers' lives and advocates the brand proposition of "Enjoy Yourself, Enjoy Life," emphasizing a brand personality of "passionate, romantic, unique, optimistic, and bright."
 
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AVISTA Group | Facilitating Geely and Renault in Establishing a Joint Venture

ImmuneOnco was established in June 2015 in Zhangjiang High tech Science and Technology Park, China (Shanghai) Pilot Free Trade Zone, which is a clinical biotechnology company dedicated to developing innovative tumor immunotherapy. As one of the few biotechnology companies in the world that can systematically utilize innate and adaptive immunity, Yiming Angke stands out in the industry. Currently, approved immunotherapies mainly focus on the adaptive immune system, and often face limited clinical benefits due to low response rates and inevitable drug resistance or recurrence in many cancer indications. By using both innate and adaptive immune systems, we can overcome the limitations of current T cell based immunotherapy and address the significant unmet medical needs of cancer patients.
 
With regard to this listing application, AVISTA Group is honoured to be engaged in providing valuation services in relation to preferred shares, employee stock option and restricted stock unit for financial reporting purposes.
 
Congratulations again to ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (1541.HK) on its successful listing. The issue price is HKD18.6 per share, and the amount of funds raised is HKD319 million.
 
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Congratulations to ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (1541.HK) on its successful listing

AVISTA is pleased to become the participating organization for the “Global Career Exploration (GCE) Beijing Programme”, offering enriching internship opportunities for Hong Kong students in our Beijing office. This program, organized by Seeding’s Culture Youth Exchange Centre, has continuously received joint sponsorship from the Home and Youth Affairs Bureau and the Hong Kong Youth Development Commission for the past decade. 
 
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This year, we are glad to welcome three exceptional Hong Kong students from The Chinese University of Hong Kong and Peking University to our team. Over an intensive three-week period, these interns undertook comprehensive training in three distinct modules, which encompassed fundamental training, simulation circular project management, and general software training, enabling them to gain invaluable insights into the practical aspects of business valuation advisory services.
 
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As a Hong Kong enterprise, AVISTA is delighted to contribute to this internship initiative, reflecting our commitment to sustainable development and fostering stronger ties between Hong Kong and Mainland China. While equipping young individuals with an understanding of the business advisory industry, we also aim to provide more opportunities for Hong Kong’s youth to immerse themselves in different workplace cultures and customs across the Mainland. This, we believe, will better prepares them to contribute significantly to our nation’s development in the future.