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Hong Kong launched its IP Financing Sandbox in December 2025, run by the HKMA together with the Commerce and Economic Development Bureau and the Intellectual Property Department. The proble…
How large a discount. How much premium. Readers are long used to seeing these numbers in a circular, and long used to taking them as fact. A percentage printed in a report, with decimal pla…
One patent and one cartoon character: turning a right into a number a bank can read
Some weeks ago I hosted Nick Talbot, Chief Executive of the International Valuation Standards Council (IVSC), in Hong Kong. Much of our conversation turned on the gatekeeping of valuation q…
This is the fourth column in the series, and the one that closes it. Let me retrace the road first. Part 1 was about method: how I taught artificial intelligence to read valuation reports.…
On 17 August, I unveiled the full picture of this ten-year study for the first time. In the audience sat directors of listed companies, financial advisers, accounting firms, lawyers and oth…
My previous column described how I taught an artificial intelligence to read valuation reports. From this piece on, I turn to the findings.
Since 2023, every quarter I have done something that must look rather tedious from the outside: opening every Notifiable Transaction circular published by Hong Kong Exchanges, and — from va…
現今大多數初創企業均涉足新經濟核心賽道，由金融科技、生物科技、電訊醫療、共享經濟，到區塊鏈及人工智能產業。其中生成式人工智能、大型語言模型 LLM 近年更躍升為全球資本市場主軸，幾乎重塑一級、二級市場投資者對「增長」二字的定義與想像。筆者於 2018 年曾發表初創企業估值專欄，惟數年間市場週期幾經劇烈起伏，單單 2026 年初由 AI 板塊帶動的環球拋售潮，已令全球軟件板塊市…
Some days ago I attended a closed-door meeting. Around the table were mediation and arbitration practitioners from Hong Kong and Macau, people from the insurance industry, and blockchain sp…
在全球資本市場深度博弈的新紀元，商業糾紛早已超越單純的法律範疇，成為影響企業估值、上市進程與股東價值的核心變量。一場標的數億港元的股東糾紛、一項關鍵專利的侵權訴訟、一次跨境併購中的違約仲裁，其結果足以改變一家企業的資本命運，甚至重塑行業競爭格局。筆者深耕估值與公司財務近二十載，參與多宗具代表性的複雜跨境訴訟與仲裁估值，深刻體悟：訴訟估值從非法律程序的附屬品，而是資本市場隱性價…
在全球資本市場重構與無形資產主導價值的新格局下，香港作為亞太區國際金融樞紐，正以制度創新重塑知識產權（IP）的資產化路徑。2025 年施政報告所擘劃的知識產權融資沙盒、專利估值資助機制等頂層設計，不僅是對科技驅動型企業的政策賦能，更標誌香港正式進入「估值定價、資本驅動」的產業升級新紀元。筆者深耕企業估值與公司財務近二十載，從頂層資本市場視野出發，以專業估值邏輯為核心，剖析企業…
MOORE NEWSLETTER
As disputes over financial interests become increasingly complex, understanding the role of valuation in legal contexts is more crucial than ever. This issue highlights the fundamental fact…
In the rapidly evolving world of finance and technology, real-world assets (RWA) tokenisation is proving to be a forthcoming uptrend. By utilising blockchain technology, this approach allow…
In the traditional financial system, a rigorous valuation report is the key basis for asset transactions, financing, and the decision-making process. With the tokenization of Real World Ass…
As artificial intelligence (AI) technology continues to evolve, many industries are considering the implications of replacing human expertise with AI-powered tools. The field of valuation,…
The valuation of businesses and assets is integral in financial reporting, IPOs and transactions. Over the years, the HKEX, the SFC and the HKICPA published their views and findings on the…
On 9 June 2022, the Legislative Council approved the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022 (Amendment Ordinance). This ordinance…
As a registered valuer and the director of Moore Transaction Services Limited, my work has recently undergone a valuation review by the Royal Institution of Chartered Surveyors (RICS) . Thi…
In June 2023, the Hong Kong Stock Exchange (“HKEX”) released its 8th Listed Issuer Regulation Newsletter, covering reminders on audits, financial reporting, new share scheme rules, and busi…
Valuing preferred shares differs from valuing ordinary shares due to their features, such as the payment of preferred dividends, the rights to convert the preferred shares into ordinary sha…
Ever since globalisation gained acceleration over the past decades, demand for valuation services has been growing significantly as the global business operating environment becomes more co…
What is a SPAC and how popular is it? Business Acquisition Limited with DayDayCook, a company specialising in the sale and production of healthy A special purpose acquisition company (“SPAC…
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 act…
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…
When you find an attractive investment, there are a wide range of areas you should contemplate in order to assess whether the investment really fits your expectation and investment risk app…
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…
The World’s economic activities have become severely affected since February due to the outbreak of COVID-19. Governments have imposed travel bans, quarantine measures and various business…
In response to the increasing demands for building consensus within the valuation industry, various valuation guidelines have been developed to suit different purposes, and to cater differe…
On 4 July 2019, the SFC of Hong Kong issued the “Statement on the Conduct and Duties of Directors when Considering Corporate Acquisitions or Disposals” , reiterating the importance of indep…
Most startups nowadays are involved in “New Economy” sectors such as fintech, biotech, tele-communications, medicines, shared economies, blockchain, and artificial intelligence.