Initial Public Offering (IPO)

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

Runhua Living Service Group Holdings Limited (2455.HK) has been successfully listed on the Mainboard of HKSE on 17 January 2023. AVISTA Group is honored to be engaged in providing valuation services in relation to the fair value, market value and market rent for the investment properties located in Jinan City, Shandong Province, the PRC.
 
Runhua Living Service Group Holdings Limited operates as a comprehensive property management service provider. The Company provides property management services, property engineering development, property investment, and other services. Runhua Living Service Group Holdings Limited also offers landscape construction services.
 
Since their establishment, the company has been primarily focusing on the provision of their services in Shandong Province and upholding their strategy of “Shandong Focus”. Over the years, they have gradually expanded their geographic presence from Jinan to cover 15 of the 16 prefecture-level cities in Shandong Province and other cities in the PRC, such as Beijing and Shenzhen.
 
With long history in property management industry and have built up stable business relationship with major customers, their expertise and experience in managing hospitals and public properties allow them to strengthen their property management capabilities to cater for the customers’ high-standard requirement of specialized services. Moreover, the company is with diversified customer base encouraging them to continuously develop their property portfolio and types of services, and ultimately expands their revenue streams. Achieving operational and cost efficiency improvement through their standardized property management methodologies together with utilization of advanced information technology in their daily operations, Runhua Living Services Group Holdings Limited is empowered to have stringent quality control and high safety standard and environmental impact control to provide their customers with sustainable and high-quality services.
 
Congratulations again to Runhua Living Service Group Holdings Limited (2455.HK) on its successful listing. The issue price of the shares is HKD 1.70 per share, and the amount of funds raised is HKD 89.4 million.
 
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Congratulations to Runhua Living Service Group Holdings Limited (2455.HK) on its Successful Listing

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

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

Zhejiang Lingpao Technology Co., Ltd. has been successfully listed on the Mainboard of HKSE on 29 September 2022. AVISTA Group is honored to be engaged in providing Equity Value, Financial Instrument, Employee Stock Ownership Plan and Asset Impairment test related valuation service.
 
Zhejiang Lingpao Technology Co., Ltd. is an innovative intelligent electric vehicle enterprise. The business scope of the company covers intelligent electric vehicle design, R&amp;D and manufacturing, intelligent driving, motor electronic control, battery system development and cloud-based vehicle networking solutions.
 
The company has full-suite of R&amp;D capabilities, diverse portfolio of smart EVs, proven ability to rapidly expand vehicle portfolio, advanced autonomous driving and smart cockpit technologies, and visionary management team with proven ability to execute. Being the most vertically integrated pure-play EV maker in China, their full-suite of R&amp;D capabilities and in-house production of all core systems and electronic components allow them to simplify and streamline their supply chain with lower procurement and production costs. The above strengths are the company’s competitive edge contributing to their success.
 
Congratulations again to Zhejiang Lingpao Technology Co., Ltd. (9863.HK) on its successful listing. The issue price of the shares is between HKD 48 per share, and the maximum amount of funds raised is HKD 6.06 billion.
 
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