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Applied Valuation in Hong Kong and Asia Capital Markets

Applied Valuation in Hong Kong and Asia Capital Markets

  • Author:
  • Publisher: Wolters Kluwer (HK) (formerly CCH)
  • ISBN: 9789887935643
  • Published In: September 2022
  • Format: Paperback , 300 pages
  • Jurisdiction: Hong Kong ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 1,380.00

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  • Description 
  • Contents 
  • Author 
  • Details

    Valuation is perhaps the least known among the established profession in the capital market. It is required for any developed capital markets to function, but its principles and methodologies are not sufficiently understood by allied professionals such as auditors and bankers. As a practical and academic discipline, valuation exists for providing sound opinions on real and intangible or financial assets, and many of those are highly challenging to deal with.

    Being both a science and an art, valuation is hitherto shrouded in mystery—until now. Applied Valuation in Hong Kong and Asia Capital Markets is written specifically from the viewpoint of Hong Kong practitioners and systematically expose valuation, based on sound principles from economics and finance, guiding the readers through the valuation process, from preliminary research through choosing appropriate valuation approaches to deciding on applicable parameters.

    The authors of this book have rich experiences in valuation, ranging from more than fifteen to twenty years in delivering valuations for listed and private companies as well as individual clients, covering assets operating or real estates located in the Greater China, Southeast Asia, Europe, North America, Oceania, Pacific Islands, Korea and Japan. Among the assignments, many are highly complex and challenging, and others involve very high stakes due to their potentially high capital worth. Applied Valuation in Hong Kong and Asia Capital Markets could aid budding valuation students and young practitioners to laid firm foundations in this discipline, and also help our allied professionals in accounting, auditing, and finance to gain insights into our works.

  • Chapter 1: Basic Valuation Theory

    • ¶1-100 Fundamental Principles of Valuation
    • ¶1-200 Valuation Analysis
    • ¶1-300 Valuation Report
    • ¶1-400 Income Approach
    • ¶1-500 Market Approach
    • ¶1-600 Asset Approach
    • ¶1-700 Valuation Premium and Discount
    • ¶1-800 Valuation Subject and Valuation Purposes

    Chapter 2: Valuation Related Accounting Standards

    • ¶2-100 IFRS 2 – Share-based Payment
    • ¶2-200 IFRS 3 – Business Combinations
    • ¶2-300 IFRS 13 – Fair Value Measurement
    • ¶2-400 IAS 38 – Intangible Assets
    • ¶2-500 IAS 40 – Investment Property
    • ¶2-600 IAS 41 – Agriculture
    • ¶2-700 IFRS 9 – Financial Instruments

    Chapter 3: Valuation for Intangible Assets

    • ¶3-100 Valuation for Intangible Assets – Introduction
    • ¶3-200 Intangible Assets Valuation Approaches
    • ¶3-300 Relief from Royalty Method
    • ¶3-400 Multi Period Excess Earning Method (the “MPEEM”)

    Chapter 4: Valuation for Real Estate Holding Companies

    • ¶4-100 Type of Real Estate held by a Company
    • ¶4-200 Valuation Approaches for Real Estate
    • ¶4-300 Balance Sheet Adjustments for a Company

    Chapter 5: Valuation for Other Assets

    • ¶5-100 Valuation for Mining Companies
    • ¶5-200 Valuation for Share Options
    • ¶5-300 Valuation for Convertible Bonds
    • ¶5-400 Valuation for Biotechnology Companies

    Chapter 6: New Challenges and Opportunities for Valuation

    • ¶6-100 Expected Credit Loss Valuation Under COVID-19
    • ¶6-200 Sharing Economy on Real Estate
    • ¶6-300 Home Economy

     Chapter 7: An Introduction and Valuation of Special Purpose Acquisition Companies

    • ¶7-100 What is SPAC and SPAC History
    • ¶7-200 SPAC’s Characteristics
    • ¶7-300 SPAC Valuation Discussion
    • ¶7-400 SPAC Trend

     

  • Leo Ming Yan LO (盧銘恩), MEcon Bsc (Surveying) MRICS MHKIS RPS(GP), Managing Director of CHFT Advisory and Appraisal Limited. Lo is an Estate Surveyor and possesses for over 18 years’ experience in the real estate and capital market industry.

    By leveraging his digital assets and investment in industry-leading portfolio of companies, Lo is developing the advisory business as a futurist. He is also a founder of a PropTech company which is working on the A.I. and blockchain applications in the asset advisory sector, with solutions in Automated Valuation Model and tech-enabled real estate valuation analysis.

    Lo is in high demand as a speaker for his thought leadership at different conferences and summits across the globe, he attended over 40 real estate conferences as speaker in over 20 countries in recent years. He is keen to deliver collaborative innovation to the real estate industry. Lo is also a columnist producing byline articles covering various topics,  including  real estate, M&A activities in the market, urban challenges, valuation on businesses, etc.

    Lo is the RICS (Royal Institution of Chartered Surveyors) Excellent Young Achiever of the Year 2016 and he is also well connected in the society by being a Chairman Member (PropTech and Blockchain) of Guangdong-Hong Kong- Macao-Bay Area Economic and Trade Association, Executive Committee Member of Shanghai-Hong Kong Coalition of Professionals, Founding member of Hong Kong-ASEAN Economic Cooperation Foundation, etc.

    Lo is teaching at Chinese University of Hong Kong (Business School) as an Adjunct Assistant Professor and HKU Space Institute for China Business as a Guest Lecturer.

     

    Stella Kok Yu LAW (羅玨瑜), MSc (Financial Analysis), BEng, MRICS, ASA, is the Executive Director of CHFT Advisory and Appraisal Limited. Law runs the advisory and appraisal business of the firm and her role is   to drive the initiatives to support the firm’s goal of bringing the power of technology to valuation and fueling the expansion of the global valuation business of CHFT. She has extensive experience in all phase of M&A activities, from pre-Deal analysis to due diligence during the negotiation process, as well as financial reporting purpose upon deal completion, which covers wide range of industries.

    In 2019, Stella was selected as a rising star by the Rising Star Committee   of American Society of Appraisers. This award honors the brightest young valuation professionals who under 40 years-old have demonstrate success throughout the fiscal year. In 2021, she was awarded The 3rd Golden Bauhinia Women Entrepreneur Award organized by the Golden Bauhinia Women Entrepreneur Association.

    Prior founding her own company, she was leading the business valuation department of an S&P 500 company and also founded the valuation department for a Top-10 international audit firm. Her expertise is on business valuation and intangible assets. She provides valuation services which covers wide range of industries including construction, apparel, food & beverage, property, hotel and leisure, infrastructure, environmental protection, construction, manufacturing, etc. Stella often works with client’s advisors such as financial advisors, sponsors, lawyers and auditors to develop optimal client solutions. Currently, her primary focus is preparing valuations for financial reporting, litigation, liquidation purposes, as well as compliance with the listing rule of Hong Kong, Singapore and the US and especially familiar with the valuation requirement under Special-purpose acquisition company (SPAC).

    Stella is also a part-time lecturer for the University of Hong Kong, School of Professional and Continuing Education teaching various courses in relation to business valuation and real estate financing. Besides Stella is a columnist for various financial magazines and newspaper and she actively comment on news in relation to valuation. Through these positions and occasions, Stella proactively advocate the standard of the industry and also attain recognition of the appraisal profession by both public and private enterprise.

     

    Alex Pui Wang LEUNG (梁沛泓), BSc (Surveying) MRICS MHKIS RPS(GP), Senior Director of CHFT Advisory and Appraisal Limited. Leung has handled various types of property valuation including the retail portfolio of the largest REIT in Asia, initial public offer (IPO) of the first hotel REIT in Hong Kong, IPO of the world’s largest integrated resorts and casinos operator in Macao, a high number of en-bloc buildings and development sites for commercial banks, agricultural lands for government authority and university, as well as special properties like telephone exchanges and petrol filling stations for the operators. Leung is also well experienced in providing feasibility study of development projects, negotiating compensation and rent on behalf of private parties, being an expert witness in the Courts and the Land Tribunal.

    Prior joining CHFT, Leung worked in the valuation department of CBRE (and former Richard Ellis) for 20 years. He was the head of Hong Kong Team since January 2012 until he left the company in February 2015.

    Leung is the spokesperson for CHFT in relation to real estate markets and green building matters. His comments and analyses were quoted by the newspapers, radios and online media over 650 times in year 2021.

     

    Ross Xinhao WANG ( 汪 心 浩 ), BBAF CFA, Director of CHFT Advisory and Appraisal Limited. Wang has over a decade of experience in providing business valuation services to companies ranging from multinationals, public listed companies and government institutions. Wang has been providing business valuation services for wide range of purposes, including financial reporting, pre-IPO investment, transaction pricing, as well as due diligence.

    Wang  started his career in providing audit & assurance services in Ernst  & Young, he has abundant practical experience in assisting clients dealing with regulatory bodies. Wang has specialized knowledge of accounting standards such as IFRS, US GAAP, as well as Listing Rules issued by Stock Exchange and Takeovers Code issued by the Hong Kong SFC.

    Wang works with business owners’ advisors such as financial advisors, sponsors, lawyers and auditors to develop valuation services that covers wide range of industries including construction, infrastructure, property, financial technology, biological technology, agriculture, etc.

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