Single joint expert
Fair market value of private trading & manufacturing businesses (HK & PRC)
High Court of Hong Kong Kowloon, Hong Kong
Kenneth C.K. Ma
Corporate valuation and transaction advisory in Hong Kong, paired with data systems and AI-assisted research.
Beyond finance: a BEng in Information Engineering (CUHK), an MSc in Equine Science (University of Edinburgh) and a British Horse Society (BHS) qualification.
About
I am a Hong Kong–based valuation and transaction-services practitioner and the Managing Director of Moore Transaction Services Limited, where I oversee a broad advisory practice — valuation and transaction services, ESG consultancy, IT and cyber risk, Web3, and internal control and audit. I am chartered across finance and surveying: CFA, CAIA (alternative investments), MRICS (Registered Valuer), FCPA (CPA Australia) and CESGA (ESG analysis).
Over close to two decades, my work has spanned corporate valuation, M&A and capital-markets transactions across Hong Kong, mainland China and the Asia-Pacific. I am best known for my independent valuations for Hong Kong–listed companies, disclosed in HKEX circulars for major, discloseable and connected transactions. I was the lead author of "Mineral and Petroleum Companies in Hong Kong: A Practitioner's Guide" (2010), which covers the listing, transaction, technical and valuation requirements for the sector under HKEX Chapters 18 and 18A.
This site is my professional hub and a home for my research. My grounding in Information Engineering at CUHK still shapes how I work: the flagship project below applies an automated, AI-assisted pipeline to Hong Kong M&A disclosures, extracting and verifying Discount for Lack of Marketability (DLOM) and Control Premium figures directly from HKEX circulars.
This site does not aim to repeat my social-media posts or publications; it is only a hub, and it aims to stay as simple and as automated as possible.
CFA CAIA MRICS CESGA FCPA Executive Education
Languages English · Cantonese · Mandarin · Japanese
Affiliations
- Member, Financial Reporting Valuation Panel — HKICPA (since 2019)
- Founder Member, Hong Kong Institute of Financial Valuers (since 2015)
- Former Vice President, Business Valuation Committee — HK Independent Non-Executive Directors Association
- Member, CFA Society of Hong Kong
Featured research
CP / DLOM in Hong Kong M&A
An automated, AI-assisted pipeline that extracts Discount for Lack of Marketability and Control Premium figures directly from HKEX Notifiable-Transaction circulars. Below is a preview of the 2026 Q2 slice.
23.1%
Mean adopted DLOM
14 valuations · 8.7–42.9%
23%
Mean Control Premium
6 valuations · 18.1–31.4%
97
Circulars processed
1 April – 30 June 2026
Expert witness
Valuation & damages in disputes
I act as an independent and single joint expert on business and asset valuation and damages quantification, in litigation and international arbitration. As a CFA charterholder, Registered Valuer (MRICS) and member of the HKICPA Financial Reporting Valuation Panel, with close to two decades and several hundred valuations behind me, I prepare expert, rebuttal and damage-assessment reports for courts and tribunals.
HKIACSIACHigh Court of Hong KongFamily Court of Hong Kong
Single joint expert
Valuation of matrimonial assets (multiple matters)
Family Court of Hong KongExpert report — damages
Damages quantification
High Court of Hong Kong (judicial review)Damage assessment
Shareholder / investment dispute
International arbitration — HKIAC (Hong Kong)Rebuttal valuation expert
Investment-treaty arbitration
SIAC (Singapore)Matter details are masked for confidentiality — case names and parties are not disclosed.
Writing
Published articles
I write on valuation, capital markets and corporate strategy for The Enterprise Voice and HSBC Business Go, generally the same pieces across the two platforms. Beyond the pieces below, I have written a book (2010) and more than 30 articles for Moore Hong Kong and the financial press.
25 Aug 2026
AI and Human Valuers: Consistency, Transparency and the Division of Labour — Hong Kong Valuation Quality Series (Part 4)
《香港估值質素把關》系列之四｜當人工智能學會閱讀估值報告｜一致性、透明度，AI與人的分工
19 Aug 2026
Extreme DLOM & Control-Premium Cases, and Hong Kong–Mainland Method Divergence — Hong Kong Valuation Quality Series (Part 3)
香港估值質素把關｜DLOM折讓與控股權溢價極端個案，香港內地估值方法分岔
29 Jul 2026
How Much Discount, How Much Premium? Ten Years of DLOM & Control-Premium Data — Hong Kong Valuation Quality Series (Part 2)
《香港估值質素把關》系列｜折讓打多少，溢價加多少：十年數據的真實落點
14 Jul 2026
When AI Learns to Read Valuation Reports — Hong Kong Valuation Quality Series (Part 1)
當人工智能學會閱讀估值報告｜香港估值質素把關系列之一
30 Jun 2026
After the Trillions Evaporate: Rethinking Valuation in the AI Era
萬億蒸發之後：AI 時代的估值再思
Show 31 earlier articles
16 Jun 2026
Cross-Border IP Dispute Resolution & Hong Kong Arbitration
估得出價值，守不住又如何？——跨境知識產權的爭議解決
2 Jun 2026
Litigation Valuation: The Ultimate Arbiter of Hidden Value in Capital Markets
訴訟估值：資本市場隱性價值的終極仲裁者
19 May 2026
IP Assetisation: How Top-Level Valuation Logic Drives Corporate Capital-Market Strategy
知識產權資產化：頂層估值邏輯驅動企業資本市場戰略躍升
2026
Unlock Capital Through Innovation — Intellectual Property Financing
以創新釋放資本 —— 知識產權融資
2025
RWA Valuation: The Cornerstone of Trust in a New Financial Era
RWA 估值：新金融時代的信任基石
2025
Litigation and Expert Witness Valuation
訴訟及專家證人估值
2025
Real-World Assets (RWA) Valuation
實物資產（RWA）估值
2023
Gatekeeping Professionalism in Valuation: A Regulatory Review Experience
估值專業的把關：一次監管審視的經驗
2023
Financial Impact of the Abolition of the MPF-LSP Offsetting Mechanism
取消強積金對沖長期服務金機制的財務影響
2023
HKEX Disclosure on Business Valuation in Transactions
港交所對交易中企業估值的披露要求
2023
Can ChatGPT Replace Human Valuers?
ChatGPT 能取代估值師嗎？
2023
Common Valuation Pitfalls – Part I
常見估值陷阱（一）
2022
Preferred Shares Valuation
優先股估值
2021
When SPACs Come Irresistibly Close – How Asia Stock Exchanges Card Up Their Sleeves?
當 SPAC 熱潮逼近 —— 亞洲交易所如何各出奇謀？
2021
Valuation Review for Financial Reporting
財務報告的估值覆核
2020
COVID-19 – Valuation and Market Update (30 June)
COVID-19 —— 估值及市場更新（6 月 30 日）
2020
Valuation Considerations Amid the COVID-19 Crisis
COVID-19 危機下的估值考量
2020
Desktop Valuations – A Solution to Travel Restrictions During the Coronavirus?
桌面估值 —— 疫情旅遊限制下的解決方案？
2020
Financial Due Diligence and Audit: Just a Title Difference?
財務盡職調查與審計：僅是名稱之別？
2020
Present Values of Lease Payments under HKFRS 16 Leases
HKFRS 16 租賃準則下租賃付款的現值
2020
Valuation Guidelines for Private Equity and Venture Capital
私募股權及創業投資估值指引
2019
Due Diligence by External Consultants in Mergers & Acquisitions
外部顧問於併購中的盡職調查
May 2018
The Road to Unicorn IPOs
獨角獸上市之路
東方財經 Oriental Finance
Mar 2018
Embracing the New Economy
開放門戶 迎接新經濟
東方財經 Oriental Finance
Jan 2018
How the SFC Views Start-up Valuations
證監會如何看待初創企業的估值
東方財經 Oriental Finance
2018
How Venture Capital and Private Equity Value Startups
創投與私募股權如何為初創企業估值
Dec 2017
From Angel-Round Financing to Initial Public Offerings
從天使輪到 IPO
東方財經 Oriental Finance
Nov 2017
Consultation on Fundraising Activities of Listed Issuers on the HKEX
不可放任胡亂炒 —— 港交所就上市發行人集資活動的諮詢
東方財經 Oriental Finance
Oct 2017
The SFC's Guidelines, Statements and Circulars on Valuations
香港證監會對估值的指引、聲明及通函
東方財經 Oriental Finance
Sept 2017
What's the Future of the GEM Board?
創業板何去何從？
東方財經 Oriental Finance
Aug 2017
The Role of Valuation in Listing Applications on the HKEX
估值於港交所上市申請中的角色
東方財經 Oriental Finance
Speaking & teaching
Lectures & seminars
I lecture and speak regularly on valuation, the Listing Rules and accounting standards.
Guest Lecturer
EMBA Programme, City University of Hong Kong
Guest Lecturer
MSc Corporate Governance and Compliance, Hong Kong Baptist University
Speaker
Professional bodies — including The Chamber of Hong Kong Listed Companies, the Accounting Development Foundation and firm training programmes
Building
AI projects in the workshop
A rolling set of applied-AI experiments — across markets, deals, media, and hardware.
NEXUS
M&AA deal command centre that ingests deal emails, AI-extracts the financials, and runs the pipeline — dashboards, contact matching, and outreach.
AITrading
MarketsAI + algorithmic trading for Hong Kong stocks and derivatives (warrants / CBBC), blending quantitative signals with LLM reasoning.
AIBetting
AnalyticsHKJC horse-racing analysis using probability modelling, behavioural analysis, and systematic strategy research.
GmailContact
DataA contact-intelligence database that profiles and tags email contacts to power warm-introduction matching.
Local LLM Testing
AI infraBenchmarking local large language models for speed and accuracy — private, offline inference on the desktop.
movieCut
MediaClaude-driven video editing: automatic silence cuts, bilingual subtitles, titles, and B-roll from a raw clip.
3D Printing
HardwareA local dashboard tracking prints, filament spools, models, and calibration for a Bambu Lab printer + AMS.
kennethma.hk
WebThis site — a personal hub and research dashboard, refreshed automatically by a local-LLM pipeline.
Selected track record
Timeline
2018–present
Managing Director
Moore Transaction Services Limited
I lead the firm's transaction and valuation practice, and act as valuation reviewer for other professional accounting firms.
2017–present
Founder & Director
KMA Consulting Limited
Transaction and valuation consulting for private and public companies in Hong Kong.
2026
Executive education
Harvard Business School
Moore Executive Leadership Programme.
2019–2022
Independent Non-Executive Director
HKEx Main Board–listed company
Served on the audit, remuneration and nomination committees.
2019–2022
MSc Equine Science
The University of Edinburgh
Equine nutrition, orthopaedics, exercise physiology, reproduction and equitation science; dissertation on equine transportation.
2012–2017
Senior Manager, Specialist Advisory
BDO
A founding member of the in-house valuation team; led valuations for M&A, litigation support and third-party review.
2010–2012
Business Valuation & Technical
BMI Appraisals
Valuations across financial instruments, intangibles and natural resources; helped establish the firm's Malaysia office.
2010
Author — "Mineral and Petroleum Companies in Hong Kong: A Practitioner's Guide"
Publication
Lead author; the listing, transaction, technical and valuation requirements for the sector under HKEX Chapters 18 and 18A.
2007
BEng, Information Engineering
The Chinese University of Hong Kong
Major in Engineering, minor in Business Administration.