IACVS, KVA together with KISTI held a busy conference at the UST Auditorium, Daejeon, Korea on March 21-22, 2023. The theme of this conference is “Valuation new assets, what’s the future?” Attendees included experienced business valuation professionals from six countries –US, China, India, Korea, Malaysia and Indonesia. Nearly160 participants attended the conference.  

The conference was opened with remarks by Chairman of KVA, HoonSik Kim and president of KISTI, Jaesoon Kim.  

Hoonsik Kim discussed the importance of valuation purposes in the real market and financial market, and in particular, with the rise of the new assets such as big data, block-chain and cryptocurrency, interest in how to measure these values in increasing. Various professional institutions in Korea are developing and applying valuation models specialized for each industry, and new changes and various attempts are being made overseas, such as reflecting ESG in evaluation criteria. Mr. Kim also said KVA would be expected to contribute greatly to the vitalization and growth of the domestic valuation market. Hoonsik Kim wished everyone who attended this event good health and happiness.

Jaesoo Kim said, KISTI, as the national data chief officer, contributes to the realization of the digital economy by building, utilizing, and spreading science and technology knowledge infrastructure such as science and technology information and data, supercomputing, ultra-high- speed research networks, cybersecurity and intelligent analytics.  Jaesoo mentioned the most important thing in the digital economy is the valuation of intangible assets, and it is predicted that related industries will grow to unimaginable levels in the future through active trading of assets such as data. In line with this trend, Ministry of Science and ICT is taking the lead in creating a policy environment such as by preparing the data Industry Act for data valuation. As part of this, KISTI, a data-centric organization, was recently designated as a data valuation agency. KISTI aims to play a pivotal role in not only developing and analyzing data valuation models but also creating and revitalizing data trading and related markets based on its long-established capabilities in data management and valuation. Jaesoo Kim wished this conference ended with a completed success.

During the keynote speeches, Jaesoo Kim delivered a speech focus on the importance and use of Data. The worlds changes with data. He provided a good photo example – Just good food fresh ingredients (from Julia Child).

Bongsoo Kim, president of COMPA, gave a speech on technology valuation in research to business (R2B), a good collaboration system. 

Mr. William Hanlin, President & CEO of IACVS, expressed his warm welcome to all participants and discussed the global valuation trends & future. Hanlin also pointed out the standards updating about ESG and financial instruments, the evolution of data via internet resources and purchase as data.

During the first session key note speech, Jaepil Lee shared beginning of technology valuation in Korea, technology valuation trends and key issues in Korea industry. He pointed out the news types of intellectual property on the rise such as cultural content, software and semiconductor layout design.  Zhu Jun shared the ecosystem of technology valuation in China via professional status of Chinese technology valuation, demand and support of technology valuation, valuation approaches, methods and tools. Praveen Subramanya’s topic is on IP valuation in traditional practices & legal environment, he gave out the definitions of intellectual property rights in India, legal history of IP in India, evolution of valuation profession, requirement of IP valuation, valuation challenges and future in India.  Elvin Fernandez shared the framework for valuation in ASEAN.  He told us the established and development of ASEAN, real estate and business valuations in ASEAN, regulations governing valuers in the ASEAN counties, the governing framework for valuations in Malaysia and why the framework is important.

At the networking party for all attendees, Mr. Hanlin announced IACVS awarded Dr. Seol the IACVS honorary lifetime membership certificate to recognize his tireless efforts with respect to training professional valuators in the art & science of valuing intangible assets and his significantly contributions to South Korea valuation standards and IVSC standards.

During the second session key note speech, four speaker – Hyunjung Oh talked about the valuation model study for Healthcare. The current status of Bio-health valuation in Korea, differentiation of Bio-health Technology commercialization, characteristics of Biohealth industry, rish-adjusted net present value, analysis points for valuation and Khidi-value system for io-health valuation. Jerry Lin talked about the transfer pricing valuation vs valuation for other purposes from the two aspects – valuation in USA and challenges of valuation after COVID -19.  Jongtaik Lee spoke about the valuation model study for Bigdata. Seongkwang Baek told about the new asset valuation for Cryptocurrency. 

The third session key note speech followed on the second day. Airana Chen shared the topic about China’s asset appraisal industry in 2022 and a case study her firm done for the China Southern Airlines.  Donghyeon Jim delivered a topic about technology evaluation methodlogy for IPO of Tech-based commpany.  Nicholas Talbot talked about the international valuation standard update 2022, he also explained the IVSC structure and changes is constant: Covid, Inflation, AVMs, AI, ESG etc.  Jungeun Song shared a topic on a case study for technology value assessment, it’s a proof for best practices for valuation.

The fourth session key note speech continued in the afternoon. Su Zhengyu talked about application of AI technology in BV and her firm’s AI products to make valuator’s work easily.   Sungki Kang talked about performance for R&D based firm valuation. Prof. Huang Chih Sung from Chengchi University, talked legal perspectives of IP valuation. He pointed the value of IP would be significantly affected if they expire, are revoked or are not as effective as expected. IP evaluation from a legal perspective should be taken seriously. Heechang Park talked about AI based technology rating model for innovative SMEs.

There also had a special forum and discussion leadership and next challenge after the conference.  Sungsool Seol, William Hanlin, Jerry Lin, HoonSik Kim, Bongsoo Kim, Byeongsoo Park and Nicholas Talbot had a short discussion on the challenging of valuation profession. There have much work to do to make the valuation standards globalization used and to make out the guidelines for ESG. What we should do is in consistent.

It was a meaningful place for valuation experts from domestic and foreign to participate and discuss global valuation market trends and futures, newly emerging asset and industry valuation models, actual valuation cases, and share wisdom and insights.

We sincerely thank for the all participants (online / offline) despite their busy schedule and we ask for your continued interest and activities to grow the domestic and international valuation market and strengthen global capabilities through networking of valuation experts.