Censere conducted workshops for HKICPA

Censere was recently invited by The Hong Kong Institute of Certified Public Accountants ("HKICPA") to conduct a series of three hour workshops for their members. The workshops were designed to provide participants with an integrated understanding of valuation, with a particular emphasis on the practical issues relating to valuation and valuation principles which underpin them. Topics covered by Censere included: Valuation Fundamentals; Valuation for Business Combinations; Valuation of Financial Instruments and Valuation of Intangible Assets.  The workshops were very well attended, especially given the greater emphasis accounting standards place on fair value accounting and the role valuation plays this.

Censere values CMOC's Northparkes copper mine acquisition

China Molybdenum Co., Ltd (“CMOC”) is a Hong Kong listed (stock code 3993) Chinese mining company specializing in mining, dressing, smelting and processing of molybdenum and tungsten. Currently their market value ranks in the top 30 mining companies globally, and they are the world's fourth-largest molybdenum and second-largest tungsten concentrate producer.

In July CMOC announced that it was acquiring a 80% stake of the Northparkes copper and gold mine located in Australia’s New South Wales from the Rio Tinto Group. The transaction is valued at over $800 million USD. Censere was assigned as the competent person for valuing the mining assets in accordance to Chapter 18 of the Hong Kong Exchange listing rules as well as the Australian VALMIN code. Censere was responsible for analyzing the technical report of the mine, modelling the financial performance of the mining assets, as well as handling questions and queries from the stock exchange. Details of the transaction as well as Censere’s report can be found here:

http://www.chinamoly.com/06invest/DOC/E-CMOC-C049-1025%20AP.pdf

Major Applications of Fuel Cells

The evolution of the concept of the fuel cell can be traced back as far as 1801. However, the practical usage of fuel cells only began in the mid 20th century and significant commercialization of fuel cell has only occurred in the past decade.  Nevertheless, fuel cells are expected to play a more important role as power sources in the future due to its desirable characteristics. First of all, unlike conventional power sources, hydrogen fuel cells are emission free as they produce electricity by electrochemical reaction instead of combustion. Secondly, compared to other renewable sources, such as solar energy and wind energy, fuel cells are more reliable as they are not dependent on energy sources which might be periodically short of supply. Theoretically, a fuel cell can run indefinitely as long as it is supplied with source of hydrogen and oxygen.

Composition of Enterprise Name

Following the development of the market economy in China, enterprise name rights have become an important type of intangible asset for companies, and play an important role in the long-term development of companies. Moreover, companies now attach more importance to the publicity and promotion of their names. As a consequence, enterprise name disputes have become more frequent. This article aims to introduce enterprise name rights in China and some associated legal issues. An enterprise name right is the right, available to a lawfully established enterprise, to lawfully use its name. The administrative area, name, trade, and form of the organization are four composites of an enterprise name. 

• Administrative area: refers to place where the enterprise is located, for example: Beijing or Shanghai
• Name: refers to the “name” an enterprise uses to distinguish itself from other individuals or entities, such as Jiaduobao or Panasonic
• Trade: refers to the enterprise’s business field, such as construction or pharmaceuticals 
• Form of organization: refers to whether an enterprise is a limited company, joint stock limited company, or some other form of organization

Brett Shadbolt at Environmental, Social & Governance Seminar held by Marsh

Brett Shadbolt, CEO of Censere, gave a presentation at Environmental, Social & Governance seminar held by Marsh in Singapore on 7 June, 2013. The conference will be held at  Marsh Asia-Pacific Headquarters Asia Square, Tower 1, Fullerton Room, Level 9, 8 Marina View.

The “Food Security” Concept Evolved since 1970

The term “food security” evolved in the mid-1970s at the time of a global food crisis. Primarily, it focused on food supply problems such as the assurance of availability of food and maintenance of stability of price of basic foodstuffs. As time progressed, the definition of food security has also been reviewed and redefined to fit with the changing circumstances. In 1996, new elements, such as safety and nutrition have been incorporated into the definition emphasizing their importance for maintaining a healthy population. Therefore, according to the World Health Organization (WHO), food security consists of three main components:

• Food availability: sufficient quantities of food available on a consistent basis.
• Food access: having sufficient resources to obtain appropriate foods for a nutritious diet.
• Food use: appropriate use based on knowledge of basic nutrition and care, as well as adequate water and sanitation.

Current Status of the Chinese Coal Industry

The Chinese coal industry is facing a challenge arising from the long term control of the electricity price. This is due to coal being the major resource used in power generation in China. In order to provide a stable electricity price to consumers, the PRC government has closely monitored the volatility of the coal market price. In Dec 2012, China's state council announced it would reduce the stringent monitoring of the coal and electricity dual-pricing system. The major coal producers and government have agreed to take the Bohai-rim Steam-Coal Price Index as the reference for the coal price for power generators. This places a limitation on the development of coal enterprises in China. Maintaining a healthy environment for the coal enterprises to survive has become a controversial and important issue for the industry participants and Government to explore. The coal industry is a traditional industry in China and has played an essential role in economic development and a key role in the supply chain of China. However, this industry has already entered its mature stage and it is difficult to make a great change in the current stage. The Government plays an important role in the development of the coal industry because the industry needs strategic support and guidance from the Government.

The disclosure requirements for listing in Singapore Stock Exchange (SGX) have increased with the recent request of making public all material information related to Intellectual Property Rights (IPR).

IPRs have always been a source of long standing competitive advantage and often companies have been reluctant at providing such information. However, with the updated Listing Rule 703, Singapore is imitating a similar guideline issued by the Hong Kong counterpart a few months earlier.

The new rule aims at creating a safer environment for investors – the stock market house ensures. As modern companies base their success and growth increasingly on IP and other forms of intangible assets, SGX wish to replicates this situation in the documents available to investors. By knowing how much of the business depends on IPRs and how risky these assets are, investors can get a clearer idea on where to put their money.

About the Author:

Steven Carey is a Senior Partner of Quantera Global and is recognised as one of Hong Kong’s leading transfer pricing advisors in Euromoney Guide to the World’s Leading Transfer Pricing Advisors. He has provided transfer pricing design, documentation and dispute resolution services to multinationals over the past 12 years across Greater China, Asia Pacific and Europe. If you have further inquiry, you can email to : This email address is being protected from spambots. You need JavaScript enabled to view it. .

It would have been impossible over the past six months to have read a newspaper without reading about the taxation challenges faced by some of the world’s largest multinational companies (“MNCs”) and iconic brands, including Apple, Google and Starbucks. This has resulted in, amongst other things, tax audits worldwide for Google, an appearance before a Senate Hearing by Apple’s CEO to defend the company’s tax arrangements, and a public boycott of Starbucks stores in the UK leading to a “voluntary” tax payment by the company to the UK Revenue.

Scope of the China Patent Law and Application Procedures

Patent rights are one type of intellectual property right. The current Patent Law in China protects three types of work including inventions, utility models and designs. The technical aspect of a product is the  primary  protected content of inventions and utility models, whereas patents of design concern new designs of shape, pattern or a combination of the two. The authority overseeing patent issues, including patent application, is the State Intellectual Property Office of P.R.C. (SIPO). The examination and approval of a patent is based on a first-to-file principle. Starting from the filing date, a patented invention  can enjoy a 20 year protection term whilst the term for a utility model and design patent is limited to 10 years.

The general process of applying for a patent right in China is illustrated below; details of each patent type will be discussed in later sections.

Step I: Check if the patent has been registered or not before making an application.

Step II: Documents preparation:

· Inventions &Utility models – Prepare two copies of all the following documents:

Introduction

Effective management of investor relations is a crucial advantage for any company and ensures the alignment of shareholder interests.

How can these relationships be managed efficiently and harmony of interests maintained? What tools need to be used? The secrets are revealed in the following interview with Mr. LYNGE BLAK, renowned expert in Investor Relations.

CENSERE: Why do you see communicating IR-value as an art?

LYNGE BLAK:

Private Equity Regulation SNAPSHOT in HONG KONG, China and Singapore

From 2005 to 2011, the Greater China region, including Mainland China, Hong Kong, Macau and Taiwan, was the hottest Asia-Pacific place for international private equity investment choices. In 2007, the total value of private equity investments in the Greater China region was US$21 billion. Although the investment value was reduced as a result of the global financial crisis from 2008 to 2010, the value has rebounded to US$28 billion in 2011 - even higher than the level recorded in 2007.

Censere wins another award

Censere has been awarded the 2013 Hong Kong's Most Valuable Companies Services Award for Business Valuation and Appraisal Services. Brett Shadbolt, Censere's CEO, stated "This is further recognition of the hard work and dedication of our partners and staff. We will continue to improve and look forward to helping our clients succeed in their objectives."

Photos of the ceremoney and a brief video can be found here.

 

New born baby from Censere team

We are pleased to announce that our Hong Kong team member - Sophia has just delivered a cute and healthy baby on March 3rd.  Let join us to  wish Sophia and her new born baby all the best and with happiness together.

Congratulations!

 

Censere Opens Taipei Office

Censere is pleased to announce that we have established an office in Taipei, Taiwan

This is our 12th office and continues our objective of building a comprehensive Asia Pacific network to assist clients across the region. Contact details for our Taipei office are as follows:

Censere Company Limited

 

2/F, No.1 Lane 126, Fu Xing Road South, Taipei, Taiwan

Censere Awarded Quamnet Outstanding Services Award

Censere has been awarded the Quamnet Outstanding Services Award for Business Appraisal and Valuation 2012.

Brett Shadbolt, CEO of Censere, stated that “It is particularly gratifying to receive this award during our 10th anniversary year. This is a validation of our business model and all the hard work that has gone into growing Censere”.

Censere’s success is based on a unique combination of valuation, research, due diligence and advisory capabilities. Yung Shadbolt, Managing Director of Censere, commented that “the focus at Censere has always been about providing reliable and insightful advice to clients; which doesn’t mean we automatically agree with our clients’ position. We want our clients to make the best decisions, based on true, independently verified inputs. The combination of skills that we have developed buts us in a unique position, as does our dedicated network of offices across the region.”

With a growing intra-Asian M&A market Censere is looking at continued growth in the medium-term. According to Brett, in addition to their current 12 offices, there are emerging opportunities for Censere in India, Indonesia, Mongolia and Vietnam. The aim: “to become Asia Pacific’s largest independent cross-border transaction support and strategic advisory firm; able to operate seamlessly across the region”.

Please follow the link to view an interview of Censere's CEO, Brett Shadbolt, discussing the award and Censere's development over the last 10 years.

CVCFO and Censere Held a Training Seminar in Shanghai 

On Jan 9, 2013, Censere and CVCFO successfully held a training seminar in Shanghai on “Portflio Valuation for PE/VC funds – Bridging the Gap”. More than 50 finance professionals from the PE/VC industry joined our CEO, Mr. Brett Shadbolt and Associate Director, Mr. Jean-Baptiste Roy for an insightful sharing session about with to deal with rising issues and concerns. Censere will continue to explore the industrial sharing and seminar in different cities of Asia Pacific.

 

 

Warm response from audience of the BIP Asia Forum 2012

The second Business IP Asia Forum was successfully held in Hong Kong exhibition center on Dec 7, 2012. There were more than 1,300 participants joined the forum from 21 countries around the globe. In the event, there was a board of discussion about the global IP trend, valuations methodology and how to link the dollar sign with intellectual properties. It also reflected the awareness of intellectual property rights are increasingly important amongst in Asia countries. Especially, the international companies develop in China and the mainland China companies develop in global markets. 

 

 

 

Post-Event Press ReleaseIP VALUATION DURING LITIGATIONS Censere workshop at LES Singapore On November 1st, 2012 Censere successfully conducted a specialized workshop on Intellectual Property Valuation during an international session organized by the Licensing Executive Society in Singapore. The main theme was the patent litigation and prominent experts in the field were invited to share their views. Together with Brett Shadbolt, CEO of Censere, Omer Hiziroglu from Innovent Innovative Ventures (Turkey) and Bruce Bernstein from Greenblum & Bernstein (USA) composed the panel. Brett Shadbolt opened the workshop by illustrating 2 controversial cases in IP valuation: the brand "Wong Lo Kat" (a very popular Chinese tea) and the Apple’s designs, which were the subject of the recent controversy with Samsung. The panelists from Turkey, Mr Hiziroglu, explored the association between bankruptcy and patent trolls, while Mr Bernstein concluded the event in conference call from Philadelphia by showing the perspective of the Apple-Samsung under the application of the America Invents Act (AIA). The audience appreciated the depth of knowledge shared by the panelists.  An open discussion at the end of the workshop engaged the majority of the audience, which was composed of Patent Attorneys, Technology Transfer Managers, Venture Capitalist, Researchers, Public Institutions and other top IP professionals in the region. Censere frequently offers training and workshop in the field of IP Valuation and Portfolio Management strategies.If you are interested in our sessions, feel free to contact us directly, This email address is being protected from spambots. You need JavaScript enabled to view it. 

 

 

Post-Event Press Release

Portfolio Valuation for Private Equity & Venture Capital funds – Bridging the Gap

 

FOR IMMEDIATE RELEASE

9/26/2012