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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.

Cybersecurity preparedness in time of COVID-19

The unprecedented COVID-19 crisis has posed a huge change in many aspects, for instance, remote working has become a trend to reduce the spread of virus. This has provided insights for company’s management and board on cybersecurity preparedness. Regardless of company size, IT expenditure is unavoidable in order to maintain operations during the crisis. The related cybersecurity investment due to regulatory and compliance measures have since increased.  Most companies are caught off guard by the coronavirus. On one hand company’s computing resources are limited to support remote working, at the same time employees in general have not subscribed adequate firewall protection and antivirus packages to work remotely on their personal computers. With remote working becoming the new norm for companies worldwide amid the COVID-19 crisis, cybersecurity is even more crucial than before to support thousands of workers working from home accessing their companies’ networks.

新冠病毒危机中的桌面评估

自今年一月末起,新型冠状病毒疫情的爆发已占据全球各大媒体的头条。大部分香港及中国大陆地区的商业机构暂时关闭门面店铺,或建议员工在家办公。由于大部分在香港上市的大陆企业都受到了疫情的严重影响,香港证监会及香港联交所于今年1月30日,发布联合申明1要求所有于香港上市的公司都需要告知联交所其业务受疫情影响的情况及程度。绝大部分主营业务于大陆的上市公司的年度财务报告日期都是每年12月31日,而每年1月到3月都是上市公司准备和撰写财务年报的繁忙时期。然而,目前针对中港两地来往的旅行限制更对经常需要实地勘察及进行管理层访问的外部审计人员及评估师的工作造成了极大的困难及挑战。
 

Moore Hong Kong Special Work arrangement under threat of Novel Coronavirus

We are here to inform you that even though our office will be tentatively closed until 9 February 2020, to align with our Government’s recommendation, our strong and united teams are here to continue to deliver the same exceptional service and quality work to our clients. We will constantly review the situation and adopt the best arrangement to benefit our clients and of course, our staff.  Health and safety of the community remains our top priority.  

私募股权及风险投资估值准则

针对着特定的估值目的及用途,不尽相同的估值准则应运而生。当中《国际私募股权及风险投资估值指引》(以下简称为”IPEV”) 及《国际估值准则》(以下简称为”IVS”) 分别为私募股权投资和财务报告中最被广泛采用的两项国际估值准则。

ANDY ARMANINO TO SUCCEED RICHARD MOORE AS MOORE GLOBAL CHAIRMAN

After 15 years as Chairman of the leading international accountancy and consulting network, Moore Stephens International, now Moore Global, Richard Moore today announced his decision to step down at the end of 2019. 

Andy Armanino will succeed Richard as Chairman of Moore Global from 1 January 2020. Andy is currently a member of Moore Global’s board and until 1 January 2019 was CEO and Managing Partner of Armanino LLP.

外部尽职调查顾问于并购活动中所扮演的重要角色

于2019年7月4日, 香港证券及期货事务监测委员会(下称「证监会」)发布了《有关董事在考虑企业收购或出售项目时的操守及责任的声明》。当中,证监会重申独立专业估值咨询对上市公司董事在计划收购或出售事项中的法定责任,及受信责任的重要性。此外, 证监会亦特别指出了进行并购活动时尽职调查的重要性。然而,我们关注不少估值机构并不具备相关的会计、税务等专业知识和资源以进行尽职调查工作及提供相关意见。

Building cyber resilience among insurers

With technology advancement, there are more and more digital insurers. Though digitalisation helps insurers increase efficiency and enhances customers experience, cyber threats must be anticipated.  
 
The cyber insurance market is still far from mature. What should the regulators do? What role can insurance play in addressing cyber risks?

How cyber security breaches impact personal data protection in particular in relation to the European Union General Data Protection Regulation (GDPR) on Hong Kong businesses

The news of cyber security breaches come waves after waves. Cathay Pacific leaks information consist of passengers’ names, nationalities, dates of birth, travel document numbers and historical travel details. The hacking of Marriott’s Starwood reservation system exposes data of up to 500 million guests. Just over a week ago, Hong Kong credit reporting agency TransUnion was forced to suspend its online services over unauthorised access of personal credit information.
 
Hong Kong business has largely ignored the EU General Data Protection Regulation (GDPR) that replaced the preceding data protection laws in all European Union (EU) countries on 25 May 2018. The potential impact of GDPR on Hong Kong business with ineffective cyber security measures could be severe.
 

保险公司对社会的贡献也非常重要

咨询服务董事总经理Patrick Rozario与 Management & Excellence (M&E) 的总裁 Dr. William Cox在 Insurance Asia News发表了一篇标题为《Insurers’ Social Contributions Are Important Too (保险公司对社会的贡献也非常重要)》的文章。
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