Asset Types

Cover all types of assets and provide multi-dimensional assessments

Pinetree's experts provides valuation services for all-round types of assets. Common subjects include equity interest, financial instruments, intellectual properties, research pipelines, fixed assets, real estate properties, service concession agreements, purchase price allocation, share based payments, etc.

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Business Valuation

Valuation for Financial Reporting


The value of a company’s shareholding interest could be impacted by external economic conditions and volatile financial markets. As a result, companies are required to measure and report the corresponding result according to relevant accounting standard including HKAS/IAS 36 and US GAAP ASC 350. 


Pinetree offers business valuation and accounting expertise to measure equity value, including shareholding interest, minority investment and impairment testing.


Valuation for Circular Disclosure


Pinetree has extensive experience in providing business valuation services ranging from the U.S. and Hong Kong listed companies, pre-IPO candidates and small and medium sized enterprises. Our professional team is capable to assist you in selecting the most appropriate business valuation techniques to smoothen the work progress, as well as coping with the complexity of the deal structure.


Valuation for Dispute Resolution


Business valuation is frequently required in dispute resolution cases. Pinetree's expert is regularly appointed as expert in valuation by Hong Kong judiciary and HKIAC, assessing damages and quantum of loss in disputes, including shareholder disputes, post transaction disputes, contractual disputes and divorcing disputes.


Valuation for Capital Financing


Capital financing is one common method for companies or funds to raise capitals in order to support their business expansion. A comprehensive business plan and a proper evaluation of the intrinsic value of the company are essential for attracting investors. 


With our extensive industry knowledge and practical business valuation skills, Pinetree is capable to assisting you in preparing a feasible business plan that could formulate your business strategies and reveal and quantify the potential of your business to investors.

Highlighted Contents


 - Equity interest / shareholding interest

 - Minority investment

 - Impairment testing


 - Public disclosure / Circular reference

 - Merger and acquisition reference


 - Dispute resolution

 - Expert witness / Expert report


 - Business plan

 - Financial modelling and analysis

 - Capital financing

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Financial Instruments

Financial Instruments


The complexity of financial instruments has always been a challenge for company in financial reporting. Also, it is commonly seen that transactions nowadays frequently involves consideration to be settled by financial instruments, such as Convertible Bonds and Notes, Preference Shares, Warrants, Call and Put Options, Embedded Derivatives, etc. 


Therefore, the need for independent financial instruments valuation is growing. Pinetree pvoides expertise in assessing such instruments, according to relevant accounting standards including HKFRS/IFRS 2, US GAAP ASC 718, HKFRS/IFRS 9 and US GAAP ASC 326.

Common Subjects


 - Convertible bonds and notes

 - Preference shares

 - Warrants

 - Call options/ Put options

 - Embedded derivatives

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Intellectual Properties

Intellectual Properties


Intellectual property rights, for instance, Patents, Copyright, Trademarks, Designs and Trade Secrets, provide the owner an exclusive right over the use of creation over a period of time. In such way, the company obtains competitive advantage in the market. Intellectual property rights can be valuable and intellectual property assignment, either in the form of a transfer on their own or as a part of a business acquisition, is one of the ways for companies to gain access to unique intangible assets for additional growth. 


Pinetree has performed numerous valuations of intangible assets. With our extensive valuation experience and finance and accounting expertise, we are capable to assisting you in determining a reasonable price for the transfer of intellectual property.

Common Subjects


 - Patents

 - Copyright

 - Trademarks

 - Designs and Trade Secrets


Methodology and Model


 - Relief from royalty method

 - Multi-period excess earning method (MEEM)

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Research Pipelines

Research Pipelines


Many organizations state that enhancing their research and development capabilities is a top priority to remain competitive in their respective industries. However, they also face challenges in effectively prioritizing, funding, and managing their R&D projects.


Accurate R&D valuation is crucial for attracting investment and determining a company’s worth. Pinetree has performed numerous valuations of research pipeline. With our extensive valuation experience and project expertise, we are capable to assisting you in determining the reasonable price for the value of research pipelines.

Common Subjects


 - Biological R&D pipelines

 - Software development pipelines


Methodology and Model


 - Discounted cash flow method

 - Comparable transactions analysis

 - Scenario analysis

 - Real option valuation model


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Fixed Assets

Fixed Assets


Our specialists are experienced in providing a wide range of fixed assets, plant and equipment valuation for various purposes, including financial reporting, mortgage finance, insurance assessment, portfolio management, initial public offering (IPO), transaction, internal and management reference, financial planning and immigration, etc.

Common Subjects


 - Heavy Machinery

 - Furniture and Fixtures

 - Mechanical and Electronic Equipment

 - Computer Hardware and Software

 - Motor Vehicles and Vessels


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Real Estate Properties

Real Estate Properties


Property valuation is one of our core valuation services. We provide a full range of services for various types of properties, including lands, residential properties, commercial properties, industrial properties, hotel and resorts, leisure facilities, construction sites, car parks, etc.


Our specialists are experienced in providing property valuation for various purposes, including financial reporting, portfolio management, initial public offering, transaction, internal and management reference, financial planning and immigration, etc.

Common Subjects


 - Lands

 - Residential Properties

 - Commercial Properties

 - Industrial Properties

 - Hotel and Resorts

 - Leisure Facilities

 - Construction Sites

 - Car Parks


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Service Concession Agreementss

Service Concession Agreements


Nowadays, governments of some countries would arrange contractual service arrangements, for instance “build-operate-transfer”, “rehabilitate-operate-transfer” and “public-to-private”, with different companies in the development, financing, operation and maintenance of infrastructure for public services such as waste treatment plants and energy supply facilities. In accordance with IFRIC 12 and US GAAP ASC 853 Service Concession Arrangements, companies are required to recognize and measure the rights and obligations arising from the service concession arrangements.


With our exposure on different service concession arrangements and professional finance, accounting and property knowledge, we are capable to assisting management to perform proper valuations on the fair values of financial assets and intangible assets recognized from these arrangements.

Common Subjects


 - Waste treatment plants

 - Water treatment plants

 - Highways and tunnels


Methodology and Model


 - Discounted cash flow method

 - IFRIC 12 and US GAAP ASC 853 requirement

 - Financial assets / Intangible assets separation

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Purchase Price Allocation

Puchase Price Allocation 


In every merger and acquisition transaction, acquirers are often required to measure the fair values of the tangible and intangible assets as of the completion date of transaction in accordance with relevant accounting standards such as HKFRS/IFRS 3(R) and US GAAP ASC 805. Commonly identifiable intangible assets include Trademark and Brand Name, Customer Relationship, Technology, In-progress R&D, Patent, Intellectual Property, Copyright, Franchise Agreement, Favorable Lease, Non-compete Agreement, etc.


Our finance and accounting expertise, together with our extensive industry knowledge and practical business valuation skills, is capable of performing such valuations for financial reporting or internal reference purposes.

Common Subjects


 - Intangible assets

 - Contigent consideration

 - Cash generating units

 - Subsequent impairment testing 


Methodology and Model


 - Discounted cash flow method

 - Pricing multiple method

 - Relief from royalty method

 - Multi-period excess earning method (MEEM)

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Share-based Payments

Share-based Payments


Companies may adopt various forms of share-based payments, such as Employee Share Ownership Plan, Restricted Stock Units, Stock Appreciation Rights, etc., as a form of incentive nowadays. 


Pinetree is capable to assist companies in meeting the requirements of relevant accounting standards such as HKFRS/IFRS 2 and US GAAP ASC 718 in relation to share-based payment transactions to ensure that the impact of these transactions is correctly reflected in financial statements. 


Even more, PInetree can also perform scenario analysis to assist companies in assessing the impacts of these share-based payments on the financial statements in advance for determining the appropriate structures, terms and vesting conditions that could meet your financial budget.

Common Subjects


 - Employee Share Ownership Plan (ESOP)

 - Restricted Stock Units

 - Stock Appreciation Rights

 

Methodology and Model


 - Black-Scholes model

 - Binomial tree model

 - Monte-Carlo simulation method