Business Valuation

Prenetics Global Ltd. (PRE.US), the combined company of Prenetics Group Ltd., the Hong Kong-based biotech firm, and Artisan Acquisition Corp., a special purpose acquisitions company (SPAC), has been successfully listed on NASDAQ on 18 May 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to the first Hong Kong-based unicorn’s listing application on NASDAQ via a SPAC merger. Prenetics Group Ltd. is a global leader in genomic and diagnostic testing with significant operations in Hong Kong and the U.K. Known for its COVID-19 testing services, the billion-dollar start-up reported a record-high US$92 million in revenue for the first quarter of 2022, representing a 60.2% year-on-year growth. Prenetics Group Ltd. has a robust product pipeline and has launched a range of new products in the first half of 2022, including ColoClear, a non-invasive stool DNA test for colon cancer screening, and Circle Snapshot, an at-home painless blood collection device with a user-friendly sample collection and result delivery system. Artisan Acquisition Corp. (ARTAU.US) is a SPAC which searches globally for a target with operations or prospects focusing on high-growth healthcare, consumer and technology sectors, and companies that it believes can be well-positioned for success in Greater China. The merger is expected to raise up to US$459 million proceeds for Prenetics upon the completion of de-SPAC transaction. UBS, Citi, Credit Suisse and CICC are financial advisors on the de-SPAC transaction. <img src="../../../../../uploads/Prenetics_EN_0be7bbf215.PNG" alt="" width="533" height="400" />

Congratulations to Prenetics Global Ltd. (PRE.US)–First Hong Kong Unicorn Going Public via SPAC Merger–on its Successful Listing 

Yunkang Group Ltd. (2325.HK) has been successfully listed on the Mainboard of HKSE on 18 May 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to this listing application. Yunkang is a medical operation service provider in China established in 2008, primarily engaged in offering a full suite of diagnostic testing services for medical institutions. The group was among the top five major medical operation service providers in China in 2020, with a market share of 3.7% in terms of revenue, according to Frost &amp; Sullivan. Yunkang also ranked the second largest provider in China’s diagnostic testing services for medical institution alliances market in 2020, accounted for a 12.5% market share. The outbreak of the COVID-19 pandemic, and the subsequent growth in market needs for diagnostic services and supplies, the COVID-19 test kits in particular, have contributed to a surge in demand for Yunkang’s diagnostic outsourcing services, presenting a higher gross-profit margin accompanied by economies of scale.  Located in a diagnostic outsourcing service market with sizable growth potential, and equipped with its own reliable diagnostic capabilities and a nationwide customer base, currently Yunkang operates three lines of business, namely diagnostic testing services for medical institution alliances, diagnostic outsourcing services and diagnostic testing services via outpatient clinic for non-medical institution customers. The group targets to continue expanding its on-site diagnostic center network to capture a larger market share. <img src="../../../../../uploads/2325_HK_EN_fe4921a7c5.PNG" alt="" width="533" height="400" />

Congratulations to Yunkang Group Ltd. (2325.HK) on its Successful Listing

Our Managing Director, Mr. Vincent Pang, was pleased to be invited by The Hong Kong Chartered Governance Institute (HKCGI) to present a webinar titled “Valuation in Practice: from Fundraising to IPOs and Beyond” on 11 May 2022. The webinar is dedicated to sharing important valuation specific experience and related up-to-date knowledge applicable in the course of corporate development, from start-up to IPO stages and subsequent M&amp;A activities, to a room of over 200 corporate leaders and decision makers. From the perspective of an industry veteran, Vincent delved into various approaches of valuation practice that support and enable informed decision-making, robust strategic planning and sustainable growth of a company. The prevailing reporting frameworks and standards, as well as regulators of concern were also introduced to provide a comprehensive view of how to make inroads into effective corporate governance augmented by a credible and professional valuation services provider. <img src="../../../../../uploads/1_5ecec2af98.png" alt="" width="533" height="300" /> <img src="../../../../../uploads/2a_e6ea7857b1.png" alt="" width="533" height="300" />

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As Speaker of the HKCGI Webinar – “Valuation in Practice: from Fundraising to IPOs and Beyond”

Aquila Acquisition Corporation has been successfully listed on the Mainboard of HKSE on 18 March 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to the first-ever special purpose acquisition company (SPAC) listing application on the Hong Kong Stock Exchange (HKSE). Co-founded by CMB International and AAC Management Holding Ltd., Aquila is the first SPAC in Hong Kong to make an IPO under the new SPAC listing mechanism, which came into effect on 1 January this year. Aquila has been formed for the purpose of effecting a business combination (“De-SPAC Transaction”) with one or more businesses (“De-SPAC Targets”). In identifying its De-SPAC Targets, Aquila intends to concentrate efforts on technology-enabled companies in new economy sectors, such as green energy, life sciences and advanced technology and manufacturing in Asia, with a focus on China, yet they may pursue a De-SPAC Target in any sector. <img src="../../../../../uploads/Aquila_EN_congrat_ad_900948f019.PNG" alt="" width="667" height="500" /> <img src="../../../../../uploads/Aquila_EN_AVISTA_049e37d0d0.png" alt="" width="667" height="443" />

Congratulations to Hong Kong’s First-ever SPAC IPO – Aquila Acquisition Corporation (7836.HK) on its Successful Listing

Clarity Medical Group Holding Ltd. has been successfully listed on the Mainboard of HKSE on 18 February 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to this listing application. Clarity Medical Group Holding Ltd. is a private healthcare institution specialising in ophthalmology. It provides comprehensive ophthalmic services to patients with a focus on offering various refractive treatment services including SMILE surgeries, multifocal IOL replacements and ICL implantations. Different treatments for other eye problems, such as standard cataract surgeries, laser procedures, PPV surgeries, other treatments and surgeries, medical consultation and examination services and sales of prescriptions and others are also available. According to Frost &amp; Sullivan, Clarity Medical ranked fourth in ophthalmic healthcare services, in terms of revenue, among all private healthcare institutions in Hong Kong in 2020, with a market share of 5.0%. Clarity Medical also ranked first in SMILE surgery; the second in multifocal IOL replacement; and the first in ICL implantation, in terms of revenue generated from respective treatments in 2020. During 2020, Clarity Medical accounted for approximately 38.0% of Hong Kong’s SMILE surgery market by revenue; approximately 6.0% of Hong Kong’s multifocal IOL replacement market by revenue; and approximately 46.4% of Hong Kong’s ICL implantation market by revenue. <img src="../../../../../uploads/1406_EN_1b3a8b7cdf.JPG" alt="" width="667" height="500" />

Congratulations to Clarity Medical Group Holding Ltd. (1406.HK) on its Successful Listing

Qingdao AInnovation Technology Group Co., Ltd. has been successfully listed on the Mainboard of HKSE on 27 January 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to this listing application. Founded in 2018, AInnovation is a leading enterprise AI solutions provider in China with a mission to empower businesses with AI technology. Leveraging its research capabilities in deep learning, AInnovation has developed proprietary computer vision and machine learning AI technologies to offer full-stack AI-based products and solutions to enable businesses to reduce costs, improve operational efficiency, optimize decision-making and realize intelligent transformation. Built upon its industry insights, AInnovation focuses on developing AI technologies and delivering for manufacturing, financial services and other industries in China. According to Frost &amp; Sullivan, in 2020, AInnovation was the third largest AI technology driven solution provider in enterprise AI solutions market in China; and the largest AI technology driven solution provider in China’s AI solution market in manufacturing industry in terms of revenue; and one of the nine companies in China with proprietary deep learning platforms, which enable it to accumulate a repertoire of AI technology assets and build an ever-growing algorithm model library. The AI unicorn, AInnovation, is guided by four core values, namely Intelligent Production, Edge Vision Analysis, Intelligent Data Center and Intelligent Data Governance, when developing its products and solutions. Three proprietary AI platforms: ManuVision, an intelligent machine vision platform; MatrixVision, an intelligent edge video platform; and Orion, a distributed machine learning platform, have been established. Currently AInnovation is building an open architecture technology platform to attract more players in the AI industry value chain and drive cross-industry collaboration, and is planning to develop its ManuVision and MatrixVision platforms to become cloud-based with enhanced device compatibility and broader application. <img src="../../../../../uploads/EN_A_Innovation_891a632487.JPG" alt="" width="533" height="400" />

Congratulations to Qingdao AInnovation Technology Group Co., Ltd. (2121.HK) on its Successful Listing

Sirnaomics Ltd. has been successfully listed on the Mainboard of HKSE on 30 December 2021. AVISTA Group is honored to be engaged in providing valuation services with regards to this listing application. Sirnaomics is an RNA therapeutics biopharmaceutical company. Founded in 2007 in the U.S., the company is the first company to achieve positive Phase IIa clinical outcomes in oncology for an RNAi therapeutic. With research and development centers in both China and the U.S., the company delivers pre-clinical and clinical stage products and focuses on the discovery and development of innovative drugs. Sirnaomics’ core product STP705 demonstrated efficacy and safety in an oncology Phase I/II clinical trial for non-melanoma skin cancer. STP705 was further advanced in a Phase IIb clinical trial for squamous cell carcinoma in situ (isSCC), a Phase II clinical trial for treatment of skin basal cell carcinoma (BCC), a Phase II clinical trial for treatment of keloid and a Phase I/II clinical trial for treatment of hypertrophic scar (HTS). Sirnaomics has initiated a Phase I clinical trial using STP705 for treatment of liver cancer (basket) through a local injection based on an independent IND approval from US FDA. In addition, Sirnaomics will further optimize its drug delivery technology platforms and strengthen its capabilities to manufacture its products in large scale to promote the rapid growth of different clinical stage product lines they have currently and in the future. <img src="../../../../../uploads/EN_c93f3c2aa4.jpg" alt="" width="533" height="400" />