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Alimentation Couche-Tard (ACT), the Canadian parent company of Circle K, previously proposed acquiring Seven & i Holdings, the Japanese parent company of 7-Eleven, at a price of US$14.86 per share, totaling nearly US$39 billion (equivalent to HK$304.2 billion). If these two retail giants merge, it will mark the largest acquisition of a Japanese company by […]

Earlier this month, the CrowdStrike system corrupted update affected 8.5 million computers, marking the largest IT outrage in history. This raises the question – how can a software company trigger such a widespread “butterfly effect” on systems worldwide? The “leverage” effect stems from the “Software-as-a-Service” (SaaS) model: As a SaaS company in the cybersecurity industry,

Alibaba (BABA.US) recently issued convertible senior notes (“CN” or “CB”) for share repurchase through a private offering, totaling US$5 billion (equivalent to approximately HK$39 billion), carrying a remarkably low coupon rate of 0.5% and a maturing in 2031. Despite the low yield, the offering experienced significant oversubscription, indicating strong demand from qualified institutional investors. In

As the world grapples with environmental challenges, the real estate industry is undergoing a transformative shift towards sustainability. Recently, a leading multinational insurance company unveiled its new eco-friendly redeveloped group headquarters building in Wan Chai, setting a benchmark for green building design in the region. This development highlights a growing global trend towards sustainability, driven

Have you ever wondered why two seemingly identical companies are valued so differently in the market?  It is crucial to recognize that both magnitude and sustainability of cash flow play vital roles in determining valuation. This holds true even for valuation multiples that appear to focus more on assets, such as the price-to-book ratio (P/B).

The New Capital Investment Entrant Scheme (CIES) launched by InvestHK has been one of the hottest topics in the Hong Kong financial market in recent weeks. Over the past two months, the BonVision team has provided preliminary valuation consultations for multiple clients of immigration consultants and successfully provided valuation reports for clients preparing to submit

Venture capital firms participated in a tender offer to purchase OpenAI shares, allowing employees of OpenAI to cash out their existing shares to the investors last year. OpenAI was valued at around US$29 billion (HK$ 226 billion). According to Bloomberg and The New York Times, OpenAI has recently completed another deal that values the company

On 10 Jan 2024, 15 years after the genesis block was mined, The U.S. Securities and Exchange Commission approved the first Bitcoin exchange-traded funds. Likewise, the Hong Kong government showed support to the development of Web3 technologies and applications, licensing the two cryptocurrency exchanges, OSL and Hashkey, in Aug 2023. As central banks are facing

After facing months of deadlock, WeWork, the office space retailer, has finally reached a resolution with a group of 18 landlords. These landlords had insisted on receiving full rental payments for their abandoned leases, and an agreement had now been reached to address this issue. SoftBank put forward a proposal to allocate a maximum of

The Stock Exchange of Hong Kong Limited (“HKEx”) published a guidance letter (the “Guidance Letter”) in October 2023 to address the fairness and reasonableness of the terms of the transaction disclosed by the issuer. The Guidance Letter provided guidance on recommended disclosure and disclosure of the basis of consideration for notifiable transactions where no independent valuation is disclosed.