Guest Speaker at the HKICPA Listing Company Workshop on Chapters 18A and 18C IPO Valuations

Our Managing Partner, Mr. Vincent Pang, was once again invited by the Hong Kong Institute of Certified Public Accountants (HKICPA) to speak as a distinguished guest speaker at its Listing Company Workshop.

The workshop, titled "Biotech and Tech IPOs under Chapters 18A and 18C," focused on the evolving regulatory landscape and market trends within Hong Kong’s vibrant IPO ecosystem. During the session, Mr. Pang shared comprehensive insights into the core eligibility criteria, capital-raising dynamics, and valuation considerations for pre-revenue biotech firms and specialist technology companies.

Drawing from extensive real-world case studies—including prominent 2026 listings—Mr. Pang delivered an in-depth exploration of critical technical areas, including:

• Valuation Methodologies: Addressing valuation challenges for early-stage and high-risk companies through specialized approaches such as Risk-Adjusted NPV (rNPV), the Market Approach (including Price-to-Research and EV/ARR ratios), and Real Options Valuation.
• M&A, Investments & Financial Reporting: Best practices in Purchase Price Allocation (PPA) for intangible assets, backsolve and calibration workflows for equity investments, and navigating goodwill impairment under HKAS 36.
• Regulatory & Audit Pitfalls: Key strategies to avoid oversimplified metrics, unverified forward-looking assumptions, and inadequate financial disclosures.

Drawing on our deep expertise in business valuation and corporate advisory, AVISTA Group is grateful for the continued opportunity to collaborate with the HKICPA and contribute to the professional development of the accounting and finance community. We look forward to future partnerships that will further enhance industry knowledge, standards, and financial practices.