Transaction and Valuation

Preferred Shares Valuation

This article will explain the widely-known practice for valuing preferred shares - Option-Pricing Method, and its considerations for adoption. 

ESG Integration in Valuation

This article explores how the valuation of public and private companies may be impacted by the evolution of ESG considerations.

When SPACs Come Irresistibly Close – How Asia Stock Exchanges’ Card Up Their Sleeves?

SPACs may become more popular than traditional IPOs in the near future. Both Hong Kong and Singapore are prompted to introduce SPACs in their capital markets. 

Valuation Review for Financial Reporting

As an independent valuation review has been taking  a more influential role  in audit processes and fair value estimation of company asset and liabilities reporting, the corresponding industry standards is gaining more detailed attention from all valuers and other industry practitioners. A professional practitioner should always consider to obtain additional necessary assurance from experts in relevant professional field.

PRC Asset Appraisal Requirements and Considerations

This article offers guidance to Hong Kong’s investors, accounting and valuation practitioners in understanding the appraisal requirements and considerations in the PRC, with the purpose of promoting further businesses between the two places.

COVID-19 – Valuation and Market Update (30 June)

The first half of 2020 has been full of unexpected events.  COVID-19 has already infected more than 13 million people worldwide, and social distance measures have brought global economic activities to a halt. Other events, such as the oil price crash and the new wave of secondary listing in Hong Kong, further made the market to be extremely volatile. Given the fluid nature of the pandemic, different stakeholders and practitioners in the business world are facing unprecedented challenges. Various regulators and industry organisations, including SFC, HKEX and IFRS Foundation hence published an amount of new guidance and technical notes, aiming to expand the regulatory focus amid economic uncertainties and market volatilities.

Valuation considerations amid the COVID-19 Crisis

As the COVID-19 outbreak accelerates, how to deal with valuation uncertainty is one of the most concerning questions. At the same time, the International Valuation Standards (IVS) did not forbid valuations with uncertainties to be performed. 

Desktop Valuations - Solution to travel restrictions due to the Coronavirus?

Since late January 2020, the outbreak of the novel coronavirus has grasped the headlines of various media outlets across the globe. Big businesses in the PRC are either temporarily shutting down stores or advising staff to work from home. As a range of PRC companies listed in Hong Kong have been severely affected by the virus, on 30 January 2020, the Securities and Futures Commission (SFC) and the Stock Exchange of Hong Kong Limited (HKEX) released a joint statement to remind all Hong Kong listed companies to inform the Exchange about how their businesses have been affected by the outbreak of coronavirus1. Most PRC based listed companies have financial year ends on 31 December, and January through March is their busy period for the preparation of annual reports. However, current travel restrictions to and from PRC and Hong Kong have posed huge challenges for external auditors and also valuers, who often need to conduct on-site inspections and management interview for their work.  

Financial Due Diligence and Audit, is it just a title difference?

While financial performance is one of the grave concerns to an investor, which financial performance measure to look at has always been a challenge for investors.  Many would opt to start in tandem with audited financial statements as these are well governed with detailed verification work. However, we should not therefore extrapolate and conclude that audited financial statements are sufficient for making the right investment choice.  

Present Values of Lease Payments under the New Standard: HKFRS 16 Leases

HKFRS 16 Leases has become effective since 1 January 2019 and replaced HKAS 17 Leases for lease accounting to specify the principles for recognition, measurement presentation and disclosure of leases. The new standard specifies that individual leases should be considered separately.

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