Business Valuation

DPC Dash Ltd. has been successfully listed on the Mainboard of HKSE on 28 March 2023. AVISTA Group is honored to be engaged in providing valuation services in relation to preferred common stock, equity incentives, stock appreciation rights, goodwill impairment testing and expected credit loss of financial assets for financial reporting purposes, and providing valuation services related to the total equity of Domino's subsidiaries for tax purposes. 
 
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DPC Dash is the exclusive master franchisee of Domino’s Pizza in mainland China, Hong Kong and Macau. Domino’s Pizza, Inc., is the world’s largest pizza company in terms of 2022 global retail sales.
 
As of the Latest Practicable Date, they operated 604 stores across 17 cities in mainland China.
 
DPC Dash has created a unique business model by localizing its key features for China’s market. By combining the globally recognized Domino’s playbook with their knowledge of China, they have developed a unique business model that is purpose-built for serving Chinese consumers delicious, value for money pizza through online channels, with an emphasis on delivery, enhanced by technology. According to the Frost &amp; Sullivan Report, DPC Dash is the only pizza company in China to have a 30-minute delivery promise serving customers across all sales channels, providing higher quality food and provide better customer experience, as one of the competitive edges to set them apart from competitors.
 
Leveraging a unique and focused business model, DPC Dash has experienced rapid growth and improving profitability, with revenue increasing by 45.9% from RMB1,104.1 million in 2020 to RMB1,611.3 million in 2021 and increasing by 25.4% % to RMB2,020.8 million in 2022. Meanwhile, the store numbers in their network also increased from 268 in 2020 to 588 stores in 2022, with an increase of 119.4%.
 
Congratulations again to DPC Dash Ltd. (1405.HK) on its successful listing. The issue price is HKD 46 per share, and the amount of funds raised is HKD 589 million.

Congratulations to DPC Dash Ltd. (1405.HK) on its Successful Listing

The "Kangqiao Town 2023 Economic Work Conference and Key Project Signing and Commencement Ceremony" was held in Pudong New Area, Shanghai on 10 March, reviewing achievements and recognizing outstanding enterprises that have made significant contributions in Kangqiao Town in 2022.
 
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<h6>AVISTA received ‘2022 Enterprises Promoting Economic Development of Kangqiao - High Quality Development Award’ </h6>
 AVISTA Shanghai is honored to be selected as an enterprise that has made outstanding contributions to promote the economic development of Kangqiao Town and to be bestowed with the "High-Quality Development Award".
 
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<h6>Our Assistant Manager, Ms. Jaime Jiang attended the conference on behalf of AVISTA Group                 2022 Enterprises Promoting Economic Development of Kangqiao - High Quality Development Award</h6>
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This recognition serves as both a testament to our unwavering commitment and motivation for us to continue striving towards excellence and make greater contribution to our society.
 
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<h6>High Quality Development Award certificate and trophy</h6>

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AVISTA received ‘2022 Enterprises Promoting Economic Development of Kangqiao - High Quality Development Award’ 

Our Managing Partner, Mr. Vincent Pang was pleased to be invited by The Hong Kong Independent Non-Executive Director Association (HKiNEDA) to deliver a topical webinar titled “SPAC and Its Valuation” on 12 January 2023.
 
Given the new regime of Special Purpose Acquisition Company (SPAC) listing announced by The Hong Kong Stock Exchange, SPAC has been a new market opportunity for Hong Kong businesses and professional investors. The webinar, hence, delved into SPAC listing and related valuation practices thoroughly. Areas including SPAC features, SPAC listing requirements and its benefits, valuation requirements and methodology are covered with real case sharing.
 
With several successful SPAC listings valuation experiences, AVISTA always strives to keep abreast of the prevailing market trends and constantly provides our clients with high-quality professional services.
 
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As the Speaker of HKiNEDA seminar “SPAC and its Valuation”

TechStar Acquisition Corporation (7855.HK) has been successfully listed on the Mainboard of HKSE on 23 December 2022. AVISTA Group is honored to be engaged in providing valuation services in relation to the fair value assessment of public warrants, promoter shares and warrants with regards to this listing application.
TechStar Acquisition Corporation (“TechStar”) is a special purpose acquisition company (SPAC) that intends to focus their efforts on identifying high-growth De-SPAC Targets in the “new economy” sector in China, including but not limited to innovative technology, advanced manufacturing, healthcare, life sciences, culture and entertainment, consumer and e-commerce, green energy and climate actions industries that align with the national economic trends and industrial policies.
 
With regards to this listing application, CNCB Capital, Zero2IPO Group, Zero2IPO Capital, Mr. NI Zhengdong, Mr. LI Zhu and Mr. LAU Wai Kit are the Promotors.
 
TechStar expects to deploy its network, industry expertise and deal-sourcing capabilities of its Promoters and Directors to develop a robust pipeline of potential targets. The company intended to leverage their experiences in sourcing investment or acquisition opportunities through Promoters’ extensive network to identify high-quality De-SPAC Targets with long-term growth potential, evaluate and conduct company-specific analysis and due diligence reviews, and negotiate, structure and execute M&amp;A and other capital markets transactions. Meanwhile, TechStar will invest, operate and advise on transactions and companies in new economy sector, expand and strengthen partnerships with industry leaders and stakeholders, provide consulting advice to companies across marketing, branding, general business operations, recruiting talents and financial matters, and empower the Successor Company with financial services and intra-industrial networks in pursuit of its business strategy.
 
For the De-SPAC Target, TechStar will seek for high-quality target company with competitive edges in a new economy sector in China with a differentiated value proposition and product or service barriers that align with economic trends and national industrial policies with favorable long-term growth prospects. The De-SPAC Target may possess large consumer or business market with differentiated products and services as its unique competitive edges. The management team shall be ethical, professional and responsible in pursuit of ESG values. With above De-SPAC transaction criteria, TechStar will provide strong and visionary management team that can create significant value for the De-SPAC target and to be benefited from being a public company. Thereby, generating attractive returns for TechStar’s Shareholders.
 
Congratulations again to TechStar Acquisition Corporation (7855.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 TechStar Acquisition Corporation (7855.HK) on its Successful Listing

Shanghai Chicmax Cosmetic Co., Ltd. has been successfully listed on the Mainboard of HKSE on 22 December 2022. AVISTA Group is honored to be engaged in providing market value of various properties located in the PRC and Japan and the fair value of the share-based incentive plans related valuation services. 
 Shanghai Chicmax Cosmetic Co., Ltd. is a leading multi-brand cosmetics company in China, focusing on development, manufacturing and sales of skincare and maternity and childcare products. The company has successfully launched a couple of cosmetics brands in China, primarily including KANS, One Leaf and Baby Elephant, with a focus on the mass market and the implementation of multi-brand strategy.
 
Chicmax’s strong independent R&amp;D capabilities are critical to its success. Approximately 20 years’ accumulation of experience and expertise are underscored by our Sino-Japan dual R&amp;D center system enabling them to stay close to the latest technological developments in the global cosmetics industry.
 
Chicmax manages an extensive sales and distribution network covering a variety of online and offline channels, to effectively achieve consumer coverage and market penetration. They have continuous innovation of marketing strategies to adapt to the evolving media platforms to raise brand power and enhance brand image and possess outstanding cross-border supply chain management capabilities and self-owned production facilities ensuring product quality and flexible production.
 
According to the Frost &amp; Sullivan Report in 2021, Chicmax has ranked among the top five Chinese domestic cosmetics companies in terms of retail sales for seven years from 2015 to 2021.
 
Congratulations again to Shanghai Chicmax Cosmetic Co.,Ltd. (2145.HK) on its successful listing. The issue price is HKD 29.80 per share, and the amount of funds raised is HKD 910.4 million.
 
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Congratulations to Shanghai Chicmax Cosmetic Co., Ltd. (2145.HK) on its Successful Listing

AVISTA is pleased to be invited by The Hong Kong Independent Non-Executive Director Association (HKiNEDA), for the fourth consecutive years, to be the Gold Sponsor of Annual Conference 2022 themed “A New Era in Governance: Carbon Neutrality and Board Diversity”
 
The conference was successfully held on 10 December 2022 at HKEx in a hybrid mode. The annual conference was well-received by on-site and online attendance.  Our Managing Partner, Mr. Vincent Pang and Principal of Risk Management Advisory services, Ms. Sabrina Lam were glad to be invited. Senior management of professional financial services firms, regulatory bodies, and listed companies shared their professional analysis with thoughtful insights into the future market trend in the context of carbon neutrality and board diversity from different perspectives.
 
In the expert panel discussion session entitled “Potential Carbon Market Opportunities for HK”, Vincent leveraged his extensive knowledge and practical experience to share foresights into the topic of how Hong Kong, as a global financial hub, could connect capital with climate and carbon market opportunities for a sustainable future in the race of net zero from the perspective of an industry veteran together with other experts.
 
As a Vice Chairman of the HKiNEDA Business Valuation Research &amp; Survey Subcommittee, Vincent also presented the results of the recently conducted annual survey in relation to ESG, carbon neutrality and board diversity at the conference.
 
AVISTA always stays abreast of the ever-evolving market trend to provide quality and up-to-date professional advisory services.
 
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As the Gold Sponsor and Panelist of the HKiNEDA Annual Conference 2022:  A New Era in Governance: Carbon Neutrality and Board Diversity

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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