Initial Public Offering (IPO)

ImmuneOnco was established in June 2015 in Zhangjiang High tech Science and Technology Park, China (Shanghai) Pilot Free Trade Zone, which is a clinical biotechnology company dedicated to developing innovative tumor immunotherapy. As one of the few biotechnology companies in the world that can systematically utilize innate and adaptive immunity, Yiming Angke stands out in the industry. Currently, approved immunotherapies mainly focus on the adaptive immune system, and often face limited clinical benefits due to low response rates and inevitable drug resistance or recurrence in many cancer indications. By using both innate and adaptive immune systems, we can overcome the limitations of current T cell based immunotherapy and address the significant unmet medical needs of cancer patients.
 
With regard to this listing application, AVISTA Group is honoured to be engaged in providing valuation services in relation to preferred shares, employee stock option and restricted stock unit for financial reporting purposes.
 
Congratulations again to ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (1541.HK) on its successful listing. The issue price is HKD18.6 per share, and the amount of funds raised is HKD319 million.
 
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Congratulations to ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (1541.HK) on its successful listing

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Hua Hong Semiconductor Ltd. has been successfully listed on the Science and Technology Innovation Board (STAR) of the Shanghai Stock Exchange (SSE) on 7 Aug 2023 after the company has been listed on the main board of HKEx in 2014.
 
Hua Hong Semiconductor is a world-leading specialty process wafer foundry company which has the most comprehensive coverage of specialty process platforms in the industry. Based on the strategic goal of using advanced "Specialty IC + Power Discrete", the company provides wafer foundry and supporting services for diversified specialty process platforms including embedded/standalone non-volatile memory, power discrete, analog and power management, logic and RF, with a focus on expanding specialty process technologies.
 
The company has accumulated over 25 years of experience in the semiconductor manufacturing field which has consistently pursued independent innovation and continuously researched and mastered key core technologies of specialty processes. According to TrendForce, in the field of embedded non-volatile memory, Hua Hong Semiconductor is the world's largest IC card foundry and the largest MCU foundry in China. In the field of power discrete, the company ranks first in the world in power discrete wafer foundry capacity and is the only enterprise with both 8-inch and 12-inch wafer fabrication facilities.
 
Meanwhile, Hua Hong Semiconductor has been actively participating in global competition, attracting and serving many renowned local and foreign clients, and occupying an important position in the global semiconductor industry competition. According to IC Insights' annual global wafer foundry company rankings released in 2021, the company ranked sixth globally and second in mainland China. During the reporting period, the company's business growth exceeded benchmark peer companies or the global industry average.
 
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services in relation to financial assets, investment property and employee stock option plan.
 
Congratulations again to Hua Hong Semiconductor Ltd. (688347.SH, 1347.HK) on its successful listing. The issue price is CNY 52 per share, and the amount of funds raised is CNY 21,203 million.

Congratulations to Hua Hong Semiconductor Ltd. (688347.SH) on its Successful Listing

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Congratulations to Adicon Holdings Ltd. (9860.HK) on its Successful Listing on the Mainboard of HKSE on 30 June 2023
 
Adicon Holdings Ltd. (“Adicon”) is one of the three major independent medical laboratory (or ICL) service providers in China, mainly providing testing services to hospitals and medical examination centres through an integrated network of 33 self-operated laboratories throughout the country. According to Frost &amp; Sullivan, as of December 31, 2022, Adicon has 18 laboratories accredited to ISO15189, ensuring quality assurance for customers that comply with this strict international standard. The company’s testing portfolio includes over 4000 medical diagnostic tests, including over 1700 general tests and over 2300 special tests.
 
Adicon’s comprehensive test offerings are supported by their advanced technologies focusing on a broad spectrum of testing platforms, as well as strong R&amp;D capabilities. They operate a dedicated cold-chain logistics network covering more than 19,000 customers across 30 provinces and municipalities and over 1,600 cities and counties in China by the end of 2022, which ensures speedy transport of their samples and timely reporting of testing results. Meanwhile, Adicon leverages its proprietary IT infrastructure, Laboratory Information System, to ensure accurate processing and storage of data, as well as effective customer management across their laboratories nationwide. The company also assembled a dedicated sales and marketing team of over 1,500 personnel with high level of industry knowledge and expertise which empowered them to broaden their presence nationwide.
 
As a leading ICL service provider in China, Adicon is committed to providing high-quality testing services to patients and the general public, and has become a trustworthy and reliable partner for medical professionals and the general public.
 
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services in relation to preferred shares, equity incentives, expected credit loss, purchase price allocation and goodwill impairment test.
 
Congratulations again to Adicon Holdings Ltd. (9860.HK) on its successful listing. The issue price is HKD 12.32 per share, and the amount of funds raised is HKD 409 million.

Congratulations to Adicon Holdings Ltd. (9860.HK) on its Successful Listing

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Congratulations to Laekna Inc. (2105.HK) on its Successful Listing on the Mainboard of HKSE on 29 June 2023.
 
Founded in 2016, Laekna is a science-driven, clinical-stage biotechnology company which has 2 Core Products and 14 other pipeline product candidates. Core Product LAE002 is an adenosine triphosphate (ATP) competitive AKT inhibitor for the treatment of ovarian cancer, prostate cancer, breast cancer and PD-1/PD-L1 drug-resistant solid tumors. The other Core Product LAE001 is an androgen synthesis inhibitor that simultaneously inhibits cytochrome P450 family 17 subfamily A member 1 (CYP17A1) and cytochrome P450 family 11 subfamily B member 2 (CYP11B2) for the treatment of prostate cancer.
 
With potentially better clinical efficacy and favorable safety profile of ATP competitive AKT inhibitor LAE002 in registrational clinical trials, favorable efficacy profile for prostate cancer of CYP17A1/CYP11B2 inhibitor LAE001 as well as deep understanding into fundamental disease biology and clinical practice from their R&amp;D team members, these competitive advantages empower the company’s internal discovery, business development and translational research.
 
With regard to this listing application, AVISTA Group is honoured to be engaged in providing valuation services related to preferred stock, employee stock option and intangible asset impairment testing for financial reporting purposes. 
 
Congratulations again to Laekna Inc. (2105.HK) on its successful listing. The issue price is HKD 12.41 per share, and the amount of funds raised is HKD 791 million.

Congratulations to Laekna Inc. (2105.HK) on its Successful Listing

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Congratulations to YSB Inc. (9885.HK) on its Successful Listing on the Mainboard of HKSE on 28 June 2023
 
Founded in 2015, YSB Inc. is the digital pharmaceutical platform serving businesses outside of hospitals in China.
 
The Company is committed to using digitalization to empower participants in the out-of-hospital pharmaceutical market, including pharmaceutical companies, distributors, vendors, pharmacies and primary healthcare institutions, and strives to bring pharmaceutical health products and services to the downstream in a safe and efficient way, so that users can easily obtain a large number of comprehensive and high-quality drugs at a fair and transparent price. With the mission of building a safer and more efficient trading and service platform for the pharmaceutical industry, YSB drives the improvement of the overall efficiency of the medical and health ecosystem.
 
According to Frost &amp; Sullivan, as of December 31, 2022, YSB has established the largest digital pharmaceutical trading and service network, including approximately 354,000 downstream pharmacies and approximately 173,000 primary healthcare institutions. Furthermore, YSB had 308,000 average number of monthly active buyers in 2022 and the average number of monthly available stock keeping units transacted on their platform was around 3.3 million in 2022, which is the highest among digital pharmaceutical platforms serving businesses outside of hospitals in China.
 
With regard to this listing application, AVISTA Group is honored to be engaged in providing valuation services in relation to purchase price allocation, financial instruments, stock options, assets impairment assessment and expected credit loss for financial reporting purposes.
 
Congratulations again to YSB Inc. (9885.HK) on its successful listing. The issue price is HKD 20 per share, and the amount of funds raised is HKD 215 million.

Congratulations to YSB Inc. (9885.HK) on its Successful Listing

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Congratulations to Viva Goods Company Ltd. (933.HK) on its Successful Transfer of Listing on the Mainboard of HKSE on 27 June 2023
 
Viva Goods Company Ltd. (933.HK) has been successfully transferred listing from GEM (8032.HK) to the Mainboard of HKSE on 27 June 2023.
 
The company is a multi-brand operator principally engaged in design, development, branding and sales of lifestyle. The Company is also involved in the sports experience segment, including the operation, service provision and investment of sports destinations, sports competitions and events, as well as an e-sports club.
 
This transfer of listing would probably further promote Viva Goods’ recognition through the public and strengthen their position in the industry which will be conducive to their future growth, financing flexibility and business development.
 
Over the past few years, AVISTA Group is honored to be engaged in providing valuation services in relation to purchase price allocation, fair value assessment and impairment assessment.
 
Congratulations again to Viva Goods Company Ltd. (933.HK) on its successful transfer of listing.

Congratulations to Viva Goods Company Ltd. (933.HK) on its Successful Transfer of Listing

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Jayud Global Logistics Ltd. (“Jayud”) has been successfully listed on NASDAQ on 21 April 2023. AVISTA Group is honoured to be engaged in providing valuation services in relation to company’s equity value.
 
Jayud is a leading Shenzhen-based end-to-end supply chain solution providers in China, with a focus on providing cross-border logistics services, including freight forwarding services, supply chain management, and other value-added services.
 
According to the Frost &amp; Sullivan Report, in 2021, Jayud ranked fifth in terms of the revenues generated from providing end-to-end cross-border supply chain solution among all end-to-end supply chain solution providers based in Shenzhen. Headquartered in Shenzhen, a key component of the Greater Bay Area, in China, Jayud benefits from the unique geographical advantages of providing high degree of support for ocean, air and overland logistics. A well-connected transportation network enables Jayud to significantly increase efficiency and reduce transportation costs.
 
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<h6 style="text-align: justify;">Source: Jayud Global Logistics Ltd. official website</h6>
 
With the global end-to-end cross-border supply chain solution market experienced a soaring growth during the past two years, Jayud experienced a rapid growth in 2020 and 2021 as well as the six months ended June 30, 2022, with gross profit increased by 161.4%, from RMB11.8 million in 2021 to RMB30.9 million for the six months ended June 30, 2022.
 
In the future, Jayud plans to use the net proceeds from this offering to supplement their operating cash flow, leasing or purchasing warehouse that have strategic importance to their business operation on a long-term basis, adding new chartered services in key trade lines, operating their overseas business entities, branches and offices and for overseas investment and potential mergers and acquisitions.
 
Congratulations again to Jayud Global Logistics Ltd. (JYD.US) on its successful listing. The issue price is USD 4.0 per share, and the amount of funds raised is USD 5.0 million.