Business Valuation

Atour Lifestyle Holdings Ltd. has been successfully listed on NASDAQ on 11 November 2022. AVISTA Group is honored to be engaged in providing valuation services in relation to preferred shares, employee incentive plan, long-lived assets impairment test, goodwill impairment test and M&amp;A transactions.
 
Atour Lifestyle Holdings Ltd. is the largest upper midscale hotel chain in China in terms of room number as of the end of 2021, according to Frost &amp; Sullivan. As of June 30, 2022, Atour’s hotel network covered 834 hotels spanning 151 cities in China, with a total of 96,969 hotel rooms.
 
Atour distinguishes itself from peers in the following aspects:
 
Hotel network with a distinct portfolio of lifestyle brands. Atour offers guests a diversified collection of lifestyle hotel brands, each created with a unique personality under the unified ethos of inclusivity and presence of humanness.
 
"A-Card" loyalty program with strong customer stickiness. Atour built A-Card loyalty program to enhance engagement with guests and provide them with a unique and personalized experience.
 
Proprietary data and technology capabilities. To provide customers with personalized services and products, Atour has developed a comprehensive digital management system, which improves customer experience and operational efficiency in room reservation, room management, pricing and membership benefits.
 
In addition, Atour is the first hotel chain in China to develop a scenario-based retail business.
Congratulations again to Atour Lifestyle Holdings Ltd. (ATAT.US) on its successful listing. The issue price is USD 11 per ADS, and the amount of funds raised is USD 52.25 million.
 
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Congratulations to Atour Lifestyle Holdings Ltd. (ATAT.US) on its Successful Listing

Zibuyu Group Ltd. has been successfully listed on the Mainboard of HKSE on 11 November 2022. AVISTA Group is honored to be engaged in providing financial instrument related valuation services.
 
Zibuyu Group Ltd. is one of the largest cross-border e-commerce companies in China, which focuses on sales of clothing and footwear products through third-party e-commerce platforms. According to Frost Sullivan's data, based on the GMV in 2021, Zibuyu ranks third among all platform sellers in China's cross-border export B2C e-commerce apparel and footwear market, accounting for 0.4% of the market share in the RMB 596.5 billion market. In addition, based on the GMV generated in North America in 2021, Zibuyu ranks first among all platform sellers in China's cross-border export B2C e-commerce apparel and footwear market, and accounts for 0.7% of the market share in the RMB 303 billion market.
 
The company has a strong design team with extensive experience in designing with the support of their extensive database and big data analysis, and the capability to quickly identify fashion trend and address customers’ evolving needs, extensive experience in the digital management and integration of supply chain, thereby holding leading position in the industry, strong self-owned brands and extraordinary brand cultivation capability and effective e-commerce operating capabilities. All the above competitive strengths have contributed to their success.
 
Congratulations again to Zibuyu Group Ltd. (2420.HK) on its successful listing. The issue price of the shares is HKD 7.86 per share, and the maximum amount of funds raised is HKD 198 million.
 
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Congratulations to Zibuyu Group Ltd. (2420.HK) on its Successful Listing

AVISTA was pleased to be invited once again by the China Appraisal Society (CAS) to offering an online training on the topic of Financial Instruments and Assets Valuation.
 
Our Shanghai office Senior Manager of Business Valuation Advisory Services, Ms. Irene Ma, gave a presentation with fellow asset valuer on the topic of preferred shares or common shares with preferential right embedded and common valuation issues involved in share-based payments, following with an in-depth exploration on case studies to develop conceptual understanding on related topic.
 
Leverage our extensive industry expertise in business valuation, AVISTA always supports young talents in their professional aspiration.
 
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As the Speaker of China Appraisal Society (CAS) Financial Instruments and Assets Valuation Training

Congratulations to Interra Acquisition Corporation (7801.HK) on its Successful Listing on the Mainboard of HKSE on 16 September 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to this listing application.
 
Interra is a special purpose acquisition company (SPAC) that intends to focus on high-growth companies in Greater China area in the sectors of innovative technology, consumer and new retail, advanced manufacturing, healthcare and climate action that have ESG friendly business model and corporate governance as its de-SPAC target.
 
Interra is the fourth successfully listed SPAC in Hong Kong. Primavera Capital Acquisition LLC and ABCI Asset Management Limited are the promoters of the SPAC. ABCI Capital Limited and J.P. Morgan Securities (Far East) Limited are the SPAC’s Joint Sponsors.
 
Interra have a seasoned management team composed of investment veterans from its Promoters, as well as influential experts across various disciplines, including investment banking, accounting and audit, legal and regulatory communication to leverage the extensive experience and competitive advantages to increase shareholder value as company’s strengths.
 
Congratulations again to Interra Acquisition Corporation (7801.HK) on its successful listing. The issue price of the shares is HKD 10 per share, and the amount of funds raised is HKD 1.0 billion.
 
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Congratulations to Interra Acquisition Corporation (7801.HK) on its Successful Listing

Congratulations to HK Acquisition Corporation (07841.HK) on its Successful Listing on the Mainboard of HKSE on 15 August 2022. AVISTA Group is honored to be engaged in providing valuation services in relation to the fair value assessment of listed warrants and promoter warrants.
 
HK Acquisition Corporation is a special purpose acquisition company (SPAC) that intends to focus on companies in financial services and technology sectors that have competitive edges on sustainability and corporate governance and with operations or prospective operations in the Greater China area as its de-SPAC target.
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 Congratulations to HK Acquisition Corporation (07841.HK) on its Successful Listing 

ClouDr Group Ltd. has been successfully listed on the Mainboard of HKSE on 6 July 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to this listing application. Established in 2014, the digital healthcare unicorn provides medical supplies and SaaS to hospitals and pharmacies, digital marketing services to pharmaceutical companies, and online consultation and prescriptions to patients, all centered around chronic condition management. Aspired to become a leader in China’s digital solutions for chronic care, ClouDr‘s solutions cater to the needs of all major participants along the value chain and cover the entire cycle of digital chronic condition management inside and outside hospital, in which include in-hospital, pharmacy and individual chronic condition management solutions. According to the Frost &amp; Sullivan Report, ClouDr was the largest digital chronic condition management solution provider in China as well as the largest online medical services provider in 2021, in terms of numbers of SaaS installations in hospitals and pharmacies in China, and number of online prescriptions issued. <img src="../../../../../uploads/EN_ad_d8b49379d3.jpg" alt="" width="500" height="375" />

Congratulations to ClouDr Group Ltd. (9955.HK) on its Successful Listing

Vision Deal HK Acquisition Corporation has been successfully listed on the Mainboard of HKSE on 10 June 2022. AVISTA Group is honored to be engaged in providing valuation services. Vision Deal is a special purpose acquisition company (SPAC) that intends to acquire high-quality companies in China which specialize in smart car technologies or possess supply chain and cross-border e-commerce capabilities, that position them to benefit from domestic consumption upgrading trends. David Wei, the founding partner and chairman of Vision Knight Capital, DealGlobe and Opus Capital are promoters of the SPAC. Citigroup and Haitong International Capital are serving as joint sponsors. Vision Deal plans to accomplish the announcement within 18 months and the completion of a De-SPAC Transaction within 30 months from now. <img src="../../../../../uploads/Slide1_721945af3a.PNG" alt="" width="533" height="400" />