Corporate Valuation Challenge (CVC) 2021

 Overview | 比赛总览

Enter our Third Annual Corporate Valuation Challenge! 诚邀您参加我们的第三届估值挑战赛!

Our 2019 and 2020 events were successfully engaged over 100 teams registered each year and the events attracted a great deal of attention and interest from many universities across different cities in China. The concept and rules for 2021 will remain the same this year. Based on feedback from participating students, however, we will broaden the awards as follows:

前两届届标普全球市场财智首届公司估值挑战赛的成功举办吸引了每年超过百支队伍报名参赛,并引起了国内多个城市广大师生的的广泛关注和兴趣。 2021年我们将秉持去年的比赛理念和赛制,并依照师生反馈对扩大奖项设置范围如下:

Awards | 奖项

Cash Prize | 现金奖

Certificate |  获奖证书

CVC Outstanding Award (1st Place) | CVC 一等奖 10,000 CNY
CVC Outstanding Award (2nd Place) | CVC 二等奖 8,000 CNY
CVC Outstanding Award (3rd Place) | CVC 三等奖 5,000 CNY
CVC Merit Awards (10 Places) | CVC 十佳奖 No

  • Teams will compete against others from top Chinese universities.
  • 我们将邀请中国优秀大学的学生团队参赛并一争高下。
  • S&P Global Market Intelligence data and analytical tools will be made available to help facilitate the analysis.
  • 标普全球市场财智为参赛团队的估值分析提供数据和分析工具。
  • Winners will be selected by a committee made up of S&P Global Market Intelligence specialists.
  • 标普全球市场财智的相关专家将组成委员会,评选出最后获胜团队。

Workflow for Teams | 参赛团队工作流程

  • Each team will produce a detailed financial valuation report with supporting analysis for the publicly-traded firm they have selected from the approved list. The report should include the following sections:
  • 每个团队将撰写一份详细的估值报告。报告中的若有内容均以英文呈现。团队应重标普全球市场财智核准名单中选取一家上市公司进行分析。该报告必须包含以下内容:

  1. Industry Analysis | 行业分析
  2. Company Analysis | 公司分析
  3. Financial Forecast | 财务预测
  4. Valuation (Discounted Cash Flow, Relative Valuation) | 估值 (现金流量折现法、相对估值法)
  5. Risk Factors | 风险因素

  • The report should contain no more than 10 pages (single spaced, using Arial 11 font) and may include an Appendix no longer than 20 pages.
  • 报告(单倍行距,Arial 字体,11 号字)最多 30 页:正文最多 10 页,可能包含的附录最多 20 页。
  • Responses must be submitted via SurveyMonkey®, and a link to this will be provided via email. All financial analysis is required to be submitted separately as Excel® files.
  • 所有回复内容均须通过 SurveyMonkey® 提交,相关链接将通过电子邮件发送。所有财务分析必须以 Excel® 文件的形式单独提交。
  • Teams must use the S&P Capital IQ platform, S&P Capital IQ Pro, and Excel® Plug-in to do the analysis. Online training sessions will be available to learn how to efficiently use these capabilities.
  • 团队进行分析时必须使用S&P Capital IQ 平台、市场财智平台和 Excel® 插件工具。团队可访问在线培训课程,学习如何高效使用各项功能。相关培训链接将通过电子邮件发送。

Five easy steps | 参赛只需简单五步:

  • Read the contest rules. 阅读比赛规则
  • Complete the mandatory Sign-Up Form. 填写报名表
  • Create a student team with a maximum of five members. 组建一支最多五人的学生团队。
  • Select a publicly-traded firm from the approved List prepared by S&P Global Market Intelligence, the Challenge organizer. 从挑战主办方核准的名单中选择一家上市公司。
  • Run a comprehensive valuation analysis using a powerful set of data and analytical tools provided by S&P Global Market Intelligence. 标普全球市场财智提供了一套强大的数据和分析工具,使用该工具进行全面的估值分析。

Schedule | 比赛日程

The Challenge Opens on September 15, 2021


Teams may register from September 15 to October 15, 2021, inclusive using the Sign-Up Form.


Please note, there should only be one Sign-Up Form per team. Additional team members may be added when you submit the report.


* Please submit your registration before 6pm Beijing time on Oct 15. 报名表需在10月15日下午六点以前提交。

*You will receive the registration confirmation email once the registration close on Oct 15th. 您将在报名截止后收到报名确认邮件。

Resource Availability

Access to the S&P Capital IQ platform, S&P Capital IQ Pro, and Excel Plug-in will be made available for all teams. Please find more details on "List and Tools" tab.

我们将会为所有参会团队开放访问S&P Capital IQ平台以及Capital IQ Pro平台使用权。您可在“公司名单和工具” 标签页上查看关于此平台的更多信息。

Once students have registered via the Sign-Up Form, they will receive information to access a user guide and online platform demonstration.



Submissions must be made between October 18 and November 19, 2021, inclusive.


Submissions must be sent via the SurveyMonkey link which will be provided via email.


Financial analysis must be submitted separately as Excel files. Please note: Since SurveyMonkey cannot accept Excel files, these need to be saved as PDFs and submitted in that format via SurveyMonkey.


Report Review

The review round conducted by S&P Global Market Intelligence specialists will take place between November 22, 2021 and January 21, 2022.


Winners Announced

The three winning teams will be announced early in February 2022.



Main Evaluation Criteria | 主要评选标准

Company Analysis

Concise analysis of a company’s competitive market position, supported by appropriate research and data.


Industry Analysis

A demonstrated understanding of forces impacting the industry, with analysis and implications of both immediate and long-term factors.


Forecast & Valuation

A detailed understanding of a company’s fundamental valuation/relative valuation through a comprehensive analysis


Account for benchmark and worst‑case and best‑case scenarios, as well as fundamental factors, such as growth or risk in weighing valuation multiples.


Risk Factors

Well‑reasoned and insightful analysis that addresses multi‑dimensional risks to the valuation target and the likelihood of occurrence.


Visual Aids

Informative and engaging aids that support the analysis and recommendations and greatly enhance the presentation.


Rules | 参赛规则

Please Read the Rules Carefully


Eligibility: Only “Eligible Students” may participate in the Valuation Challenge. Eligible Students are candidates seeking undergraduate, graduate, and doctorate degrees at colleges or universities in China that meet all the following criteria:


  • Current enrollment and an active status at their college or university during the Challenge period (September 15, 2021 to January 21, 2022).
  •  参赛期间(2021 年 9 月 15 日至 2022 年 1 月 21 日)为所在高校的在读学生。
  • Has login access from their college or university to the Academic desktop version of the S&P Capital IQ platform and the S&P Capital IQ Pro, products of S&P Global Market Intelligence. This includes either a unique named user ID/password (e.g., user name contains the first/last name or school issued email address of the specific user) or access through a generic login at a Finance Lab or Library, for which the user has been granted access to use by their college or university.
  • 具有从高校访问标普全球市场财智旗下产品S&P Capital IQ 平台以及Capital IQPro 平台相关功能的登录权限。这包括使用唯一的命名用户 ID/密码(例如,用户名包含特定用户的名/姓或学校提供的电子邮件地址),或者通过高校授权使用的金融实验室或图书馆的通用登录账号进行访问。
  • Is 18 years of age or older at the time of entry.
  • 具有学校提供的有效电子邮件地址(例如 [email protected])。
  • Has a valid email address issued by their school (e.g., [email protected]).
  • 具有学校提供的有效电子邮件地址(例如 [email protected])。
  • Has completed the mandatory Sign-Up Form to participate in the Challenge.
  • 填写报名表参赛。

Process: NO PURCHASE NECESSARY. The topic for this Challenge is Corporate Valuation. Each team will select a publicly-traded firm from the approved list provided by S&P Global Market Intelligence and run their independent analysis using the S&P Capital IQ platform and the S&P Capital IQ Pro.
流程: 无需另行购买产品。本挑战赛主题为“公司估值”。每个团队从标普全球市场财智提供的核准名单中选择一家上市公司,并使用S&P Capital IQ 平台以及市场财智平台进行独立分析。

Eligible Students are required to submit their responses via SurveyMonkey along with their valid school email address to S&P Global Market Intelligence during the submission period (October 16 and November 13, 2020, inclusive). A link for SurveyMonkey will be provided to participants via email.

有参赛资格的学生必须在提交期限内(2021 年 10 月 18 日至 11 月 19 日,含当日)通过 SurveyMonkey 向标普全球市场财智提交估值报告,并提供其有效的学校电子邮件地址。SurveyMonkey 链接将通过电子邮件发送至参赛者。

Only one entry is permitted per Eligible Student. All analysis must use the S&P Capital IQ desktop and S&P Capital IQ Pro. Failure to comply with any of the Challenge rules will result in disqualification and forfeiture of any prizes.
每名有参赛资格的学生仅可参赛一次。所有分析均须使用S&P Capital IQ 平台以及Capital IQ Pro平台完成。以上挑战赛规则,如有任何违反,即取消资格并没收任何奖金。

Please note: The S&P Capital IQ desktop and the S&P Capital IQ Pro Help Desk will not be available to participating students, who are asked to refer to the online training sessions for assistance.
友情提示:我们的S&P Capital IQ和Capital IQ Pro平台客户支持团队将不能为参赛学生提供相关支持,关于如何使用平台请参考平台网络培训。

Prize: Three cash winning teams will be selected and will receive awards of CNY 10,000, 8,000 and 5,000, respectively. In addition, 10 merit awards will be given, with winners receiving a Certificate.
奖金: 本挑战赛评选出的前三名,我们将分别奖励 10,000、8,000 和 5,000 人民币现金,其余十个优秀团队将获取获奖证书。

Exclusions: Exclusions apply. Employees of S&P Global or their relatives and foreign government officials1 (including senior foreign political figures, close associates, and immediate family members of government officials) are not eligible to participate in the contest or receive a prize.
除外条款: 本挑战赛适用以下除外条款。标普全球员工或其亲属以及政府官员1(包括高级政治人物、关系紧密人士以及政府官员的直系亲属)没有资格参赛或获得奖金。

Notification: The winners of the S&P Global Market Intelligence Corporate Valuation Challenge will be announced in an email and sent to all participating Eligible Students.

获胜团队公布: 标普全球市场财智公司估值挑战赛将通过电子邮件公布获胜团队,所有参赛学生都将收到电子邮件。

Privacy Statement: Certain contact information that you provide to us may be considered Personally Identifiable Information (“PII”) under applicable data privacy laws. This information may include: your name, student ID, school name and address, telephone number, school email address. The information you provide will be used for S&P Global Market Intelligence Corporate Valuation Challenge, as well as to provide you with additional information about our products and services and for other marketing purposes. S&P Global Market Intelligence, a division of S&P Global Inc. (the “Company”), collects, processes, transfers, stores, secures, and otherwise deletes the information you directly or indirectly submit to S&P Global Inc., its affiliates, and/or via third-party service providers or other third-party entities in accordance with S&P Global Inc.’s privacy policy ( By submitting your information, you are consenting to the transfer, collection, storing, and other related processing of your data to S&P Global Inc., its affiliates, and/or third-party service providers, vendors, or other entities, as well as consenting to receive communications from S&P Global Market Intelligence, and partnering entities and organizations.

隐私声明:根据适用的数据隐私法,您向我方提供的某些联系信息可能被视为个人可识别信息(“PII”)。该信息可能包括:您的姓名、学生 ID、学校名称和地址、电话号码、学校电子邮件地址。您提供的信息将用于标普全球市场财智公司估值挑战赛,用于向您提供关于我们产品和服务的更多信息以及用于标普全球市场财智的市场推广。标普全球市场财智(隶属标普全球,以下简称“公司”)根据标普全球的隐私政策 ( 收集、处理、传输、存储、保护和删除您直接或间接提交至标普全球、其附属公司和/或通过第三方服务提供商或其他第三方实体提交的信息。提交信息即表明您同意将您的数据交由标普全球、其附属公司和/或第三方服务提供商、供应商或其他实体进行传输、收集、存储和其他相关处理,并同意接收来自标普全球市场财智以及合作实体和组织的通信信息。

If you want to limit use or sharing of your PII for marketing purposes, you may:

1. Complete and submit the opt-out form found here (; and/or

2. Write to us at [email protected] or via postal mail at Global Head of Privacy, S&P Global Inc., 55 Water Street, New York, NY 10041 and include your full name and email address, along with the following instructions:

"I am an authorized user of the email account below and do not want to be contacted by S&P Global Market Intelligence via these methods for marketing purposes:

Please specify in your notice to S&P Global Market Intelligence which of the below bulleted methods of communication you wish to Opt-Out.

Do not Mail 
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I do not want to be contacted by S&P Global Market Intelligence through any method for marketing purposes

如果您不希望我们出于市场推广目的使用或分享您的 PII,可以:

1.点击此处 ( 填写并提交选择退出表格;和/或

2.向我们 ([email protected]) 发送电子邮件或向我们全球总部隐私部门 (S&P Global Inc., 55 Water Street, New York, NY 10041) 寄信,写下您的意见,并附上您的全名、电子邮件地址以及以下说明:





General Program Conditions: By participating in S&P Global Market Intelligence Corporate Valuation Challenge, all applicants (or applicants’ parent/legal guardian, as applicable) agree and covenant on behalf of themselves and their family, heirs, personal representatives executors, assigns and insurers, (a) to release, acquit, hold harmless, waive, and forever discharge S&P Global Market Intelligence and its parent company, subsidiaries, and affiliates, and their respective officers, directors, members, managers, employees, contractors, and agents (collectively, “Releases”) from any and all claims, demands, damages, debts, costs, fees, obligations, loss, expenses, compensation, actions, or causes of action whatsoever, of every nature, character, and description, whether known, unknown, discovered, undiscovered, suspected, or unsuspected, including death, or property damage (collectively, “Claims”), including but not limited to Claims arising on account of, or in any way growing out of, resulting in whole or in part, directly or indirectly, from acceptance, possession, misuse, or use of any items received in connection with acceptance of a Prize, participation in this Program, or any related activities, and (b) except where legally prohibited, Eligible Students (or their parent/legal guardian, as applicable) grants (and agrees to confirm that grant in writing) permission to S&P Global Market Intelligence and those acting under its authority the right to the use of his/her/applicant’s name, picture, likeness, voice, Video, biographical information, and statements, at any time or times, for advertising, trade, publicity, and promotional purposes without additional compensation, in all media now known or hereafter discovered, worldwide and on the Internet and World Wide Web, without notice, review, or approval.

一般项目条款:参加标普全球市场财智公司估值挑战赛,即表明所有申请人(或申请人之父母/法定监护人,如适用)代表其本人及其家人、继承人、个人代表、遗嘱执行人、受让人和承保人同意并立约 (a) 豁免、开释、免除、放弃和永久解除标普全球市场财智及其母公司、子公司、附属公司及其相应高级职员、董事、成员、管理者、员工、承包商、代理人(统称“豁免人”)的任何性质、特征和描述的已知、未知、已发现、未发现、疑似或确认的任何及所有索赔、要求、损害赔偿、债务、成本、费用、义务、损失、开支、赔偿、诉讼或诉讼理由,包括死亡或财产损失(统称“索赔”),包括但不限于直接或间接、部分或全部因为接受、拥有、误用或使用与接受奖金、参与本项目或任何相关活动相关的任何物品而产生的索赔,(b) 除法律禁止的情况外,合格学生(或其父母/法定监护人,如适用)授予(并同意以书面形式确认此类授予)标普全球市场财智及代表其行使权力的人员出于广告、贸易、宣传和推广目的于任何时间、在全球范围内的当前已知和未来发现的所有媒介、互联网和万维网上使用其/申请人的姓名、图片、肖像、语音、视频、传记信息和声明的权利,无需额外补偿,无需通知、审查或批准。

1*For the purposes of this contest:
Foreign government official means any officer or employee of a foreign government or any department, agency, or instrumentality thereof, or of a public international organization, or any person acting in an official capacity for or on behalf of any such government or department, agency, or instrumentality, or for or on behalf of any such public international organization.
Senior foreign political figure is a senior official in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned corporation. In addition, a senior foreign political figure includes any corporation, business, or other entity that has been formed by, or for the benefit of, a senior foreign political figure.
Immediate family member of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children, and in-laws.
Close associate of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the senior foreign political figure.


Sign-Up Form | 报名表

Please click here to register. 点击这里报名参赛。

Clicking “Submit”means you agree to the Terms and have read and understand the Privacy Statement within the Rules page. 

List and Tools | 公司名单及分析工具

List of Approved Firms | 核准公司名单

S&P Capital IQ Platform Screening Criteria | S&P Capital IQ平台筛选标准:

1) Industry Classifications: Retailing
2) Company Type: Public Company
3) Geographic Locations: China
"4) Market Capitalization [My Setting] [Latest] (CNYmm, Historical rate): Rank is Less than 11
Relative to Screen Results as of Criterion 3 (Highest = 1)"

See full list below | 查看下面核准公司名单

Company Name Exchange:Ticker S&P Entity ID Industry Classifications Company Type Market Capitalization [Latest]: Rank Relative to Screen Results as of Criterion 3 (Highest = 1) Market Capitalization [My Setting] [Latest] (USD mm, Historical rate), Inc (NasdaqGS: AMZN) (NasdaqGS: AMZN) 540732 Retailing Public Company  1 1,750,851.0
Alibaba Group Holding Limited (NYSE:BABA)
(NYSE:BABA) 540721 Retailing Public Company  2 448,412.2
Meituan (SEHK:3690)
(SEHK:3690) 682669 Retailing Public Company  3 1,518,947.0
Pinduoduo Inc. (NasdaqGS:PDD)
(NasdaqGS:PDD)  - Retailing Public Company  4 130,542.6, Inc.(NasdaqGS:JD)
(NasdaqGS:JD) 573128
Retailing Public Company  5 124,436.3

About S&P Capital IQ platform | 关于S&P Capital IQ平台

The S&P Capital IQ platform, a web-based research tool offered by S&P Global Market Intelligence, is your single source for a powerful array of financial data, analytics, and research. The platform combines deep information on companies, markets, and people worldwide with robust tools for analysis, idea generation, and workflow management.

S&P Capital IQ 平台是由标普全球市场财智提供的基于 Web 的研究工具,是获取一系列强大的财务数据、分析和研究信息的唯一来源。此平台融合了全球公司、市场和人员的深层信息,并提供有效工具以开展分析、激发想法和管理工作流程。

About S&P Capital IQ Pro | 关于市场财智平台

The S&P Capital IQ Pro provides access to deep, meaningful data on the global financial markets, companies, and industries that impact businesses. The platform provides proprietary research and in-depth analysis from thought leaders and industry experts. This includes daily access to hundreds of in-depth articles across a broad industry spectrum, plus powerful mapping and visual presentation tools. 

Visit S&P Capital IQ Pro webpage for more information | 访问Capital IQ Pro简介

Once the Sign-Up Form has been submitted, you will receive a user guide and instructions to access online demonstration on how to use the platform to produce the analysis needed for the valuation report.


FAQs | 常见问题

  • Are the following sections of the report mandatory? Yes, mandatory.
    • Industry Analysis
    • Company Analysis
    • Financial Forecast
    • Valuation (Discounted Cash Flow, Relative Valuation)
    • Risk Factors
  • Can we include other sections? No, please include these sections only.
  • Are the Excel files in addition to the 10 pages in the report and up to 20 pages in the Appendix? Yes, they are in addition.
  • May we contact the S&P Capital IQ platform or S&P Capital IQ Pro Help Desk? Unfortunately, that will not be possible.
  • How do we send the Corporate Valuation report via SurveyMonkey? Further instructions on where to send the completed Corporate Valuation report and the Excel files used for the financial analysis will be provided in the SurveyMonkey link sent to you via email.
  • 报告中必须包括以下部分吗? 是的,必须包括。
    • 行业分析
    • 公司分析
    • 财务预测
    • 估值(现金流量折现法、相对估值法)
    • 风险因素
  • 是否可以加入其它部分? 不可以,请勿添加其它内容。 
  • Excel 文件不包含在报告的 10 页之内,作为附录添加的 Excel 文件不得超过 20 页,是吗?是的,不包含在 10 页之内。
  • 我们能否联系S&P Capital IQ 或Capital IQ Pro平台的客户支持团队?抱歉,不可以。
  • 我们如何通过SurveyMonkey发送公司估值报告 ?有关在何处发送完整公司估值报告和用于财务分析的Excel文件的详细说明,我们会以邮件方式发送给大家。届时,邮件中将包含可以提交报告的SurveyMonkey链接。
有任何其他疑问请邮件联系大赛组委会,邮箱地址:[email protected].

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