Pre-IPO business and financial instruments’ valuation - Workshop 2018

As one of the world’s preeminent international financial centres, Hong Kong has become a destination of choice of many companies seeking to make the transition from private to public ownership through initial public offering (“IPO”) and listing on the Hong Kong Stock Exchange.

This workshop will cover the unique structure of specific financial instruments, the pros and cons of adopting different types of financial instrument for pre-IPO finance and the degree of financial accounting impact due to the future market change.

Case studies will be used to illustrate how the pre-IPO companies utilise the pre-IPO financing through the financial instruments. A basic valuation model will also be introduced and demonstrated for a better understanding.


Key topics covered:

  • Key Highlights of Business Valuation of Pre-IPO Companies
  • Situations when Pre-IPO business valuation is required
  • Introduction of major pre-IPO financing through financial instruments in general market practice
  • Key feature and structure of financial instruments
  • Pros and cons of utilisation of different types of financial instruments
  • Case studies to demonstrate the key challenge of the pre-IPO companies in relation to pre-IPO financing through financial instruments


Trainer profile:

Max K.P. Tsang, CPA, CFA, FRM, MStat

Mr Tsang has 9 years of experience in professional valuation services. He is the head of Business Valuation and Transaction Advisory of Greater China Appraisal Limited. He advises on valuation matters for financial reporting, private equity, pre-IPO investments, mergers and acquisitions, tax purposes and serving as expert witness at court. Mr Tsang has solid experience in preparing valuation report for SASAC filing purpose. Mr Tsang has experience in leading valuation for sizable infrastructural projects in power, port operations, water plants and toll road sectors. Business valuation reports prepared by Mr Tsang were also quoted by public companies listed on the Hong Kong Stock Exchange and Singapore Stock Exchange in their circulars. Those companies are from different sectors including agriculture, retail, mining, automobile, education, financial services, multimedia, real estate, entertainment, electronic equipment and infrastructural sector.

Brian W.C. Wong, CFA, FRM

Mr Wong has 8 years of experience in professional valuation services. He is the head of Financial Instrument Valuation and Risk Advisory of Greater China Appraisal Limited. He advises on valuation matters for financial reporting, private equity, pre-IPO investments, mergers and acquisitions and distressed debt. Mr Wong has solid experience in assisting banks to build their internal model for their internal reporting purpose. Mr Wong has experience in leading valuation for various types of financial instruments including share options, warrants, convertible bonds, convertible preference shares, pension funds and long service payment, accumulators/decumulators, equity-linked instruments, structured deposit contracts and commodity/currency/interest rate swaps.

Learning objectives

  • Understand the importance of valuation planning for Pre-IPO financing or restructuring
  • Know the key concepts of business valuation for pre-IPO companies
  • Understand the structure and valuation of the financial instruments
  • Know how the utilisation of financial instruments affects the IPO progress
  • Gain basic knowledge of the valuation model

Audience

This workshop is suitable for accountants and auditors who ae working for IPO companies as well as corporate finance practitioners and anyone who wish to understand the valuation and accounting impact for various options of Pre-IPO financing.

3 hours

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