HKVCA Christmas Cocktail 2016
8 December 2016

On the evening of Thursday, 8th December, the HKVCA held its annual Christmas cocktail party at the stylish and elegant China Club. In attendance were professionals representing all sectors of our industry, and it was no exaggeration to say the party was an enormously festive and celebratory affair.

We were especially pleased to have recently elected HKVCA Vice Chairman, Rebecca Xu, of Asia Alternatives Advisor Hong Kong, join us for the evening, and we would like to thank her and our sponsors, Latham Watkins and Ascent Partners, for their generous support. Finally, the HKVCA would like to thank all who attended this great networking event and who helped make the evening a most joyous affair.   

HKVCA Brownbag Luncheon Talk
30 November 2016

The HKVCA hosted its latest brownbag luncheon talk on 30 November 2016 at the law offices of Shearman & Sterling. Lorna Chen, a partner at the law firm, discussed the latest updates and major trends related to the regulation of investment fund managers by the US Securities and Exchange Committee (SEC). Chen also offered her thoughts on how best to handle the latest regulations and the SEC’s recent focus on the allocation of fees and expenses and on record keeping. Finally, she gave a number of timely examples of case studies that served to illustrate the practical issues that may arise for investment fund managers operating in the current environment.  
 
The HKVCA and the Education Committee were very pleased that so many members were able to take the time from their busy schedules to attend the lunch and network with their colleagues. We would like to thank all the participants, and especially our sponsor, Shearman & Sterling, whose support made this event possible.

HKVCA Young Professionals Mixer - Charity Fundraising Beer Pong Competition
24 November 2016

The HKVCA’s annual Charity Fundraising Beer Pong Competition, organized by the Young Professionals Committee, was held on November 24, 2016 at the sensational LEVELS bar in Lan Kwai Fong. Sixteen teams entered the competition, with the team from Forebright Capital emerging as the overall winner, while the team representing KPMG were runners-up.

The evening proved to be a great success with more than HK$30,000 raised for Mother’s Choice, a Hong Kong charity that leads the way creating awareness within the community and changing thoughts, attitudes and policies related to adoption, crises pregnancies and special needs children. The HKVCA extends its most sincere appreciation to the sponsor of this event, Hennessy Creative, and to the more than 100 participants who together made this very special event an evening to remember.  

HKVCA Fundraising Masterclass
18 November 2016

The HKVCA’s Fundraising Masterclass, part of our mid-level training syllabus aimed at providing in-depth practical learning on fundraising techniques and structures to professionals seeking to deliver presentations and proposals to institutional investors, was held on 18 November, 2016 at the HKUST Business School in Central. The event, which featured a full and informative discussion, was focused on training intermediate to senior level professionals across Asia. Our featured speakers were Mounir Guen, CEO of MVision; Dennis Kwan, Managing Director of MVision; and Justin Dolling and Carol Liu, both partners at Kirkland & Ellis. Among the topics examined were the global capital market for private equity funds; the pros and cons of the role played by placement agents; the key factors to consider when going to market with a fund; and how a manager can make the most out of an in-person pitch. We would like to once again thank our speakers and also our venue provider, HKUST Business school, whose support made this worthwhile event possible.

HKVCA LP Luncheon
11 November 2016

The HKVCA’s LP Committee hosted its latest LP only luncheon on 11 November 2016 at the HKEx Boardroom. Rocky Lee, Asia Managing Partner at CWT, discussed what he believes are the major current issues related to VC financing, structuring and its enforcement, and how ratchets, preferred return, liquidation preference and other common features of financing structures have worked to date in a down-round: how often they are implemented rather than renegotiated; the major differences in the VC structuring terms and their implementation in the US versus China when the venture market cools; and the conflicts and disagreements among VC shareholders who have entered in different rounds and how this has played out for founders and the different shareholders.

The HKVCA and the LP Committee were especially pleased that more than 20 LP representatives were able to find time from their busy schedules to attend the lunch and to network with their colleagues. We would like to thank all the participants who helped make this event a great success and our sponsor, CWT, whose support made the event possible.

HKVCA Members Breakfast Meeting
4 November 2016

The HKVCA’s monthly breakfast meeting was held at the Hong Kong Club on 4 November, 2016. This was the Association’s last breakfast meeting of the year, and as has been the case in previous months, it was significantly oversubscribed, proving once again to be among our most popular activities for our members. Hosted by our Chairman, Eric Mason, members took full advantage of this valuable opportunity for networking and connecting with industry peers and fellow practitioners. We would like to thank each of our members for their enthusiastic participation as well as our sponsor, FTI Consulting, for making this the event such a success.

HKVCA PE Course 2016  

The HKVCA’s Private Equity Fundamentals Course, our comprehensive training course aimed at enhancing knowledge of the core fundamentals of private equity and venture capital, was held over six separate days beginning in September and ending in November. We were especially pleased this year to have had the support of the Hong Kong Exchanges and Clearing Limited, Hong Kong University’s MBA program, as well as the MBA program at the Hong Kong University of Science and Technology.
 
Two of the sessions, dealing with early stage investment and private equity basics, were completed on September 21st and 23rd, while additional modules, on transaction documentation and post investment matters, as well as a session dedicated to discussing case studies, were completed on September 30th and October 5th and 7th respectively. The final module, which covered tax, the LP universe and fundraising, was completed on November 2nd. The course was well attended with around 80 registrants.
 
The Association would like to extend a special thank you to our speakers:

• Marvin Lai from the HKVCA and iTM Ventures c/o Burgeon Group Consulting, who provided an introduction to the subject of early stage investment, the screening process and valuation.
• Scott Peterman from Jones Day, who spoke on negotiations and term sheets.
• K O Chia from the HKVCA and Grace Financial, who discussed early stage post investment, exits and provided an introduction to private equity.
• Pratima Divgi from Aberdeen Asset Management, who delivered an overview of private equity in Asia.
• Lorna Chen and Anil Motwani from Shearman & Sterling, who discussed established PE funds.
• Philip Li from Freshfields Bruckhaus Deringer, who took attendees through the latest regulatory issues in China.
• Vincent Warner from Chepstow Capital, who spoke about deal sourcing and due diligence.
• Robert Kwok of Ernst & Young, who discussed valuation issues.
• William Ho of CVC Capital Partners, who highlighted the differences between equity and debt financing.
• Patrick Yip, Roy Phan and William Lee of Deloitte, who discussed complex tax issues.
• Maurice Conway and Douglas Abernethy from Latham & Watkins, who spoke on deal protection and risk allocation issues.
• Rocky Lee from Cadwalader, Wickersham & Taft LLP, who discussed non-leveraged/VC transactions.
• Andew Whan and Neeraj Budhwani from Clifford Chance, who spoke on buyouts.
• John Levack from the HKVCA and Electra Partners Asia, who covered management of portfolio companies.
• Miranda Tang and Michael Chan from CLSA Capital Partners and Hong Kong Exchange and Clearing, who discussed exit strategies.
• Jane Lin from International Finance Corporation, who discussed ESG.
• Benjamin Rhys from KPMG, who spoke on the accounting of private equity funds.
• Wendy Zhu from AlpInvest Partners and Kallan Resnick from Park Hill Group, who discussed the LP universe.
• Malcolm Prebble from KPMG China, who spoke on tax considerations in structuring PE funds.
• Professors Roger King and Winne Peng from HKUST; Oscar Chow from Polaris Holdings; Alvin Lam from CVC Capital Partners; and NiQ Lai from Broadband Network presented and delivered the case studies.

HKVCA Brownbag Luncheon Talk
14 Oct 2016

A Brownbag Luncheon Talk, titled “The Road to the New Third Board”, was held on 14 October, 2016 at the Deloitte offices. Close to 60 persons attended the popular event, which featured a full and very informative discussion on the New Third Board moderated by SC Mak, co-founder of FUEL Capital. Also speaking at the Luncheon was Vivienne Li, Deloitte Audit Partner & Partner of the Public Offerings Group in Southern China; and Suzie Wui, Ph.D., Managing Director of Tianxing Capital, League Secretary General of the China New Third Board Alliance and Board Director of Hebei Lizhou Bank. Among the topics discussed were the latest developments in the market, including listing criteria and regulatory updates, as well as the most common issues raised by the regulatory authorities with respect to applications for listing on the Board. We would like to thank our knowledgeable speakers and offer our special thanks to our sponsor, Deloitte, whose support made this important event possible.

HKVCA Breakfast Meeting
7 Oct 2016

The HKVCA’s monthly breakfast meeting was held at the Hong Kong Club on 7 October, 2016. Hosted by our Chairman, Eric Mason, the event was again substantially oversubscribed and, as has been the case in previous months, proved to be an extremely popular activity for our members. Close to 70 persons attended, allowing them to take full advantage of this valuable opportunity for networking and for reconnecting with their industry peers and fellow practitioners. We would like to thank each of our members for their enthusiastic participation as well as our sponsor, EY, for making this popular event such a success.

HKVCA Seminar with Cocktail - EY Outbound Investment Cocktail
19 Sept 2016

The HKVCA held another very successful cocktail event on September 19, 2016. The evening featured a seminar presentation by a team of EY partners specializing in private equity and with extensive experience advising on outbound investment. The event proved to be extremely popular, with over 90 persons in attendance. Welcoming remarks were delivered by Jay Nibbe, Global Vice Chair – Tax, which were followed by Alan Li, Partner, Transaction Advisory Services, who discussed the latest trends in outbound investment. David Chen, Managing Partner & Head of Transaction Tax - Greater China, acted as moderator and led an outstanding panel comprised of Peter Chen, Senior Managing Director of ZZ Capital; Robert Bibow, Managing Director/Partner of Sailing Capital; and Eva Ip, Partner - Head of Private Equity Greater China at EY. The panel had a lively discussion on the qualitative challenges involved in cross-border transactions and the different perspectives applied in terms of advisors and different types of deals. Finally, Jesse Lv, EY Partner & Leader of China Tax Outbound Center, summarized the various tax structures for outbound investments. The evening ended with a lively cocktail session, offering attendees an excellent opportunity for networking.

HKVCA Real Assets Luncheon Talk
8 Sept 2016

A luncheon talk with speakers from AMCG Partners and KPMG was held on 8 September 2016 at the Hong Kong Club. Over 50 attendees participated in the event, which featured a full and very informative discussion of the Belt and Road (BnR) initiative. Joseph Ferrigno, Managing Partner of AMCG Partners and a member of the HKVCA’s Research, Education and Real Assets committees, shared his views on BnR, and in particular how investors can take full advantage of the opportunities the initiative is sure to create. Likewise, Julian Vella, Asia Pacific Regional Leader - Global Infrastructure Practice at KPMG, offered his thoughts on how BnR represents a comprehensive vision for the future development of China in the 21st century, with innumerable opportunities for the creation of public-private partnerships.

HKVCA Luncheon Talk
31 Aug 2016

A luncheon talk on crowdfunding, featuring speakers from Davis Polk and City University of Hong Kong (CUHK), was held on 31 August 2016 at the China Club. With over 65 people in attendance, the event proved to be extremely popular with members. James Lin from Davis Polk and Professor David Donald from CUHK discussed the general concepts behind the idea of crowdfunding and recent US Securities and Exchange regulations that have gone into effect regulating how crowdfunding is conducted. The speakers also examined the types of crowdfunding platforms available; its growing popularity among investors; and how crowdfunding for SMEs might work in Hong Kong.

We would like to thank to our extremely knowledgeable speakers and offer a special thanks to our sponsor, Davis Polk, whose support made this event possible.

HKVCA LP Luncheon Talk
26 Aug 2016

The HKVCA’s LP Committee hosted its latest LP only luncheon on 26 August 2016 at the China Club. Shirley Xie, Partner at PwC, spoke on what she believes are the major issues related to Chinese VC fund valuation in a cooling environment. More specifically, she discussed how an advisor deals with a “stale” previous round valuation that may have taken place more than a year prior; the performance metrics advisors should seek in addition to the last round financial valuation; how an advisor determines when a company’s mark requires a write-down; the greatest area of tension between auditors and venture capital GP’s with respect to 2015 year-end valuations; lagged recognition of write-downs or write-offs on venture funds at year-end 2015; the practicality of implementing “liquidation preference” for deteriorating portfolio companies; the degree of liquidity discount on domestically listed companies; and valuing companies in the process of a back-door listing through a listed shell.

The HKVCA and the LP Committee were especially pleased that nearly 20 LP representatives were able to find time from their busy schedules to attend the lunch and to network with their colleagues. We would like to thank all the participants who helped to make this event a great success.

HKVCA Luncheon Talk
5 Aug 2016

A luncheon talk with speaker from KPMG China and Clifford Chance was held on 5 August 2016 at the China Club. Over 60 attendees had participated this tremendous seminar. The topic of talk was “Brexit: The impact on Asian GPs and LPs”, and the speakers – Mr. Andrew Weir from KPMG China and Mr. Matthias Feldmann from Clifford Chance together with the moderator – Mr. John Levack, Vice Chairman of HKVCA outlined and provided their insight and analysis of the likely short and long-term impact on the private fund industry of Brexit: the impact on investment landscape and portfolio management, in particular for those with UK and European businesses; the impact on fundraising and the tax implications. We would like to express our sincere thanks to our extremely knowledgeable speakers and offer special thanks to our sponsor, KPMG, whose support made the event possible and extremely successful.

HKVCA Tax Consultation Meeting
25 Jul 2016

On July 25, 2016, the HKVCA member tax consultation meeting was held at the office of Ernst & Young with 66 attendees from PE/VC firms participated in the discussion of whom 58 completed the HKVCA tax consultation questionnaire to discuss the IRD’s most recent views on the taxation of private equity based on the release of DIPN 51 and revised DIPN 43.

Mr. John Levack, HKVCA Vice Chairman and Mr. Adam Williams, Partner of Ernst & Young explained the details of IRD’s practice note on how the 2015 Extension would be interpreted. The advisory members on the Technical Committee had indicated that the practice note leaves areas with uncertainty and could be unworkable for most PE firms.

In addition, IRD has also set out its view on how Carried Interest should be taxed that puts Hong Kong into a very small group of jurisdictions which treated Carried Interest as an income for tax purposes.

The consultation aimed to ensure that the full implications of the IRD’s DIPN are understood by member firms, to understand the major concerns of members firm and to discuss how HKVCA should respond to this announcement:

• Lobby with government (through multiple channels, starting as high as possible)
• Explore whether HKIFA/AIMA/HKVCA can provide a unified message regarding stalled reforms of the ‘fund management sector of HK’
• Litigation against IRD’s ‘interpretation’. This might involve finding a firm (with a robust carry structure) & HKVCA assisting the firm fight a case against the IRD in the courts
• Submit an alternative approach (on Extension and particularly on Carried Interest) to IRD
• Changes to tax treatments should be forward looking – and merit some discussion with professionals
• Compare treatments of carried across different jurisdictions
• Run a similar session for Associate Members – informing them and seeking their feedback

HKVCA YP Mixer
21 Jul 2016

The HKVCA’s Young Professional Committee held a mixer event on July 21, 2016 at the K-Pocha Bar in Lan Kwai Fong. This popular event, which has always provided attendees with valuable networking opportunities in a fun and social setting, is aimed specifically at our younger members. More than 50 young professionals participated, representing a broad range of sectors from within the private equity and venture capital industries.

HKVCA Luncheon Talk
11 Jul 2016

A luncheon talk on the topic of managing ESG from a GP’s perspective was held on 11 July, 2016 at the China Club. With over 50 attendees participating, the luncheon event was a tremendous success. The speakers - Joseph Wan from Cinven HK, Alvin Lam from CVC Capital Partners and Hannah Routh from PwC - addressed the issues of how to define a firm-wide ESG policy and how to incorporate ESG into the actual investment process given that institutional investors are increasingly supporting its implementation in the belief it can enhance returns rather than restrict them.

We would like to thank our knowledgeable speakers and offer our special thanks to our sponsor, PwC, whose support made this important event possible.

HKVCA Breakfast Meeting
8 Jul 2016

The HKVCA’s monthly breakfast meeting was held at the Hong Kong Club on 8 July, 2016. Hosted by our Vice Chairman, John Levack, the event was once again substantially oversubscribed and, as has been the case in previous months, proved to be an extremely popular activity for our members.

Close to 70 persons attended, allowing them to take full advantage of this valuable opportunity for networking and for reconnecting with their industry peers and fellow practitioners. We would like to thank each of our members for their enthusiastic participation as well as our sponsor, FTI Consulting, for making this popular event such a success.

HKVCA Luncheon Talk
5 Jul 2016

A luncheon talk with speaker from Control Risks was held on 5 July 2016 at the China Club. Over 50 attendees had participated the tremendous seminar. The topic of talk was “Cyber security threats to private equity: How to protect your firm and your assets”, and the speaker – Mr. Ben Wootliff from Control Risks outlined the macro-view on who and why they are attacking private equity investment firms and why cyber security matters to PE firms and what do they own that is of value. Furthermore, the speaker talked about how cyber breaches can impact the value of companies’ portfolios, and how to value the impact of a breach on portfolio companies. We would like to express our thanks to our extremely knowledgeable speaker and offer special thanks to our sponsor, Control Risks, whose support made the event possible and successful.

HKVCA 16th Wine Tasting Event 
13 Jun 2016

The HKVCA held its 16th wine tasting event on the evening of June 13th at the Hong Kong Club. The theme of the night was "a saucy affair", and the evenings proceedings proved extremely popular, attracting close to 60 members and other professionals. Our Master of Wine, Debra Meiburg, took the audience through an informative and entertaining presentation while also offering attendees a fabulous selection of wines. The evening was great fun and the Association received much positive feedback from the enthusiastic participants. We would like to thank our organizing committee - Marcus Thompson, Alain Fontaine and Anthony Chan – for their time and efforts and for being part of another very successful event. Of course special thanks must go to our generous sponsors, Alter Domus and Clifford Chance, without whose support the event would not have been possible.

HKVCA Luncheon Talk
6 Jun 2016

A luncheon talk with speaker from Preqin was held on 6 June 2016 at the China Club. Almost 50 attendees had participated the tremendous seminar. The topic of talk was “What the Numbers Show about Private Equity”, and the speaker – Mr. James Grove from Preqin shared the latest trends in the private equity market in Asia, the quality of data, the paucity of performance information and the best practice of leveraging private equity date to achieve goals. James shared his experiences on the aspects of how to support investors, fund managers and their respective advisors with the best and most comprehensive information to help them make the beast decisions and achieve their objectives. We would like to express our thanks to our extremely knowledgeable speaker and offer special thanks to our sponsor, Preqin, whose support made the event possible and successful.

HKVCA Breakfast Meeting
3 June 2016

The HKVCA’s monthly breakfast meeting was held at the Hong Kong Club on 3 June, 2016, hosted by our Vice Chairman, John Levack. The event was substantially oversubscribed and, as has been the case in previous months, proved to be an extremely popular activity for our members. Close to 70 persons attended and were able to take advantage of this valuable opportunity for networking and a chance to reconnect with fellow industry practitioners. We would like to thank each of our members for their enthusiastic participation as well as our sponsor - KPMG for helping make this regular event such a success.

HKVCA 15th China Private Equity Summit 2016
30 May 2016

The 15th China Private Equity Summit, organized by the Hong Kong Venture Capital and Private Equity Association (HKVCA), took place on May 30, 2016. Attracting more than 500 venture capital and private equity practitioners, leading corporations, and other industry professionals and participants from across the region, the Summit discussions focused on the latest developments and trends in the private equity market in China.    
      
Held at the Hong Kong Convention and Exhibition Centre, distinguished guests at this one-day event included: Professor K C Chan, Secretary for Financial Services and the Treasury of the Hong Kong SAR Government; Lei Zhang, Chairman & CEO, Hillhouse Capital Management Group; Fritz Demopoulos, CEO, Queen’s Road Capital; and Frank Tang, CEO & Managing Partner, FountainVest Partners.   
      
The Summit explored a number of important and timely issues, including how GPs and LPs see the changes in the China market; the opportunities and challenges for PE investors in terms of financial market reform and liberalization of cross-border transactions; Chinese overseas investment; the regulatory and taxation environment; privatizations and backdoor listings; whether TMT venture capital investment is exhibiting evidence of being in a bubble; and the opportunities that may arise from SOE reforms.
       
We would like to thank our extremely knowledgeable audience of attendees who came from across the Asia region, making this year’s Summit a most profitable and valuable networking opportunity for participants. Thank you also to our media partners and supporting organizations. Finally, the HKVCA would like to express our sincere thanks to our sponsors, whose substantial contributions and support made the event not only possible, but indeed an unprecedented success.

HKVCA Luncheon Talk - Technical Update
9 May 2016

A luncheon talk with speakers from Advantage Partners and PwC was held on 9 May 2016 at the China Club. The talk was on the topic of the advantages of operating under the new tax exemption law and the speaker – Mr. Makoto Takada from Advantage Partners and Ms. Yuka Matsuda from PwC Japan shared their experiences on the aspects of how to the new law would enhance the attractiveness of Hong Kong as a private equity hub and serve to encourage the GPs to upgrade their services from “advisor” to “manager” in Hong Kong. The presentation has also mentioned the commercial reason for “managing” from Hong Kong and the operational implications of changing from advisory to management and the issues such a move might create for GPs. We would like to express our thanks to our extremely knowledgeable speakers and offer special thanks to our sponsor, PwC, whose support made the event possible and successful.

HKVCA Breakfast Meeting
6 May 2016

The HKVCA’s monthly breakfast meeting was held at the Hong Kong Club on Friday, May 6, hosted by our Chairman, Eric Mason. The event was substantially oversubscribed and, as has been the case in previous months, proved to be an extremely popular activity for our members. Close to 70 persons attended and were able to take advantage of this valuable opportunity for networking and a chance to reconnect with fellow industry practitioners. We would like to thank each of our members for their enthusiastic participation, helping make this regular event such a success.

HKVCA Luncheon Talk - Outbound Investments into Europe
29 April 2016

A luncheon talk, sponsored by European law firms Chiomenti; Cuatrecasas Goncalves Pereira; Gide Loyrette Nouel; and Gleiss Lutz Hootz Hirsch, was held on April 29, 2016 at the China Club. Representatives from each of the firms spoke on the very timely subject of the growth in outbound investment into Europe. The expert speakers were Giulia Battaglia from Chiomenti; Pedro Amat Mendez from Cuatrecasas Goncalves Pereira; Antoine de la Gatinais from Gide Loyrette Nouel; and Michael Burian from Gleiss Lutz Hootz Hirsch, and the moderator was William Hay from Baring Private Equity Asia.

The discussion covered the key issues private equity players needed to consider when approaching European counterparties and structuring, negotiating and executing investments in European target businesses. They also shared with the audience their own experiences, highlighting how they had successfully helped private equity players acquire European businesses and the various resulting challenges they had encountered.

We would like to thank our extremely knowledgeable speakers as well as our sponsors without whom this most successful event would not have been possible.

HKVCA YP Mixer
21 April 2016

Our Young Professional Mixer was held on April 21, 2016 at the Topiary Bar in Lan Kwai Fong. This regular networking event, which is aimed specifically at our younger professionals, attracted over 50 participants from the private equity and venture capital industries.

HKVCA Luncheon Talk - Identifying and Mitigating Risk
21 April 2016

A brownbag luncheon talk with speakers from FTI was held on 21 April 2016 at FTI's Hong Kong office. The talk was on the topic "Identifying and Mitigating Risk: Conducting Effective Due Diligence in Asia" and the speaker – Mr. Greg Hallahan shared his experiences on the aspects of identifying and reviewing notable warning signs and offer guidance on how investors can protect themselves from risks that may not be apparent from financial due diligence alone as well as focusing on investment risk associated with bribery, corruption and fraud. The presentation has also mentioned some practical due diligence methods and resources to mitigate risks with a range of actual case studies. We would like to express our thanks to our extremely knowledgeable speaker and offer special thanks to our sponsor, FTI Consulting, whose support made the event possible.

HKVCA Dinner With HK Chief Justice
18 April 2016

The HKVCA held its Dinner with the Hong Kong Chief Justice on the evening of Monday, 18 April. This event was an unusual one for the association and attracted close to 40 industry practitioners and professionals. We have received extremely positive feedback regarding Chief Justice’s thought-provoking speech about the fundamental principles that underlie both the rule of law and Hong Kong’s Basic Law - principles which serve to ensure that our judiciary remains independent and transparent. The successful maintenance of this system, at a time when Hong Kong’s political and civil life is become politicized and fractious, is a considerable responsibility. What we heard on Monday gave great cause for optimism that the system is in good hands.

On behalf of the private equity firms that based their operations in Hong Kong, the HKVCA is working hard to bring more activities and ultimately the fund domicile to Hong Kong onshore. At a time when the Panama papers are exposing some of the issues of offshore centers, the opportunity for Hong Kong to enhance its position as an open economy for trade and investment, the bringing of funds onshore should lead to worthwhile job creation in Hong Kong in our small sector. This initiative will not work unless there is confidence in the comprehensive legal system of the HKSAR based on the rule of law and the independence of the judiciary. In addition, the HKVCA would like to thank our Vice Chairman, John Levack, and Joseph Ferrigno for serving as the evening’s hosts. The Association is honored that the Chief Justice took time from his busy schedule to join us for this important event.  We of course also thank all the participants who helped to make this evening a tremendous success.

HKVCA Members Breakfast Meeting
8 April 2016

The HKVCA’s monthly breakfast meeting was held at the Hong Kong Club on Friday, April 8th. The event was substantially oversubscribed and, as has been the case in previous months, proved to be an extremely popular activity for our members. Close to 70 persons attended and were able to take advantage of a valuable opportunity to network and reconnect with fellow industry practitioners following the Easter holidays.

This month's members breakfast would not have been possible without the sponsorship of FTI Consulting, to whom we would like to extend our sincere thanks for their continued support and help in making this terrific event possible. We of course would also like to thank each of our members for their participation, helping make this regular event such a success.

HKVCA LP Luncheon
29 March 2016

The HKVCA’s LP Committee hosted its latest LP only luncheon on March 29th 2016 at the China Club. Eva Yi, Senior Economist at CICC, spoke about what she believes will be the hottest issues related to China’s macro economic outlook in 2016, including whether the PBOC will need to cut rates this year; whether RMB fundamentals will support a substantial depreciation of the currency; which policies might help boost investment returns in China over the long term; and the status of various asset markets. The HKVCA and the LP Committee were pleased that close to 20 LP representatives were able to find time from their busy schedules to attend the lunch and to network with colleagues after the Easter Holidays and would like to thank most sincerely all the participants who helped to make this event a great success.

HKVCA Luncheon Talk
21 March 2016

A brownbag luncheon talk with speakers from Deloitte was held on 21 March 2016 at Deloitte's Hong Kong office. The talk was on the topic “OECD’s Common Reporting System (CRS) – Prepare for a Tight Timeframe" and the FATCA and CRS experts provided an overview of CRS and highlighted the key differences between FATCA and CRS. They also discussed with 25 participants regarding some of the implementation issues that are expected in the future and provided suggestions to help better understanding how CRS may affect the industry in addition to determine next steps to be taken with respect to investment funds domiciled in different jurisdictions. We would like to express our thanks to our extremely knowledgeable speakers whose support made the event possible and successful.

HKVCA Venture Capital Forum 2016
18 March 2016

The third annual Hong Kong Venture Capital Forum (HKVCF), organized by the Hong Kong Venture Capital and Private Equity Association (HKVCA), was held on Friday, March 18, 2016. Hosted at KPMG’s impressive conference rooms at Hysan Place, the Forum proved to be an overwhelming success with over 200 industry professionals in attendance.

Welcoming remarks were delivered by Rupert Chamberlain, Partner and Head of Private Equity, KPMG Hong Kong, while opening remarks were delivered by the Hon. Nicholas Yang, Secretary for Innovation and Technology of the Hong Kong SAR Government. A most memorable keynote address was provided by Nisa Leung, Managing Partner of Qiming Ventures.

The first panel of the day was on robotics, with a panel that featured James Savage, Partner at Hendale Capital; Rocky Lee, Asia Managing Partner & Head of Greater China at Cadwalader, Wickersham & Taft; James Chan, Vice President (International) at GreyOrange; and Denis Tse, Executive Director at MaxNerva.

The second panel discussed the latest investment trends in healthcare and featured Judith Li, Partner at Lilly Asia Ventures; Dr. Benjamin Li, Chief Executive Officer at Lee’s Pharmaceutical Holdings; Dr. Xueming Qian, Founder, Chairman & CEO at MabSpace Biosciences; and Lawrence Wang, Managing Director at Vivo Capital.

The final panel of the afternoon focused on blockchain technology and featured a lively discussion with Melissa Guzy, Co-founder & Managing Partner at Arbor Ventures; Rocky Lee, Asia Managing Partner & Head of Greater China at Cadwalader, Wickersham & Taft; Darren Camas, CEO at BitNexo; Dr. Joseph Wang, Chief Scientist at Bitquant Research Laboratories; Maarten Hartog, Senior Manager at Corporate Treasury Advisory KPMG China; Han Verstraete, Founder at Otonomos; and Jehan Chu, Director at Vermillion Art Collections.

The Forum ended with a demo session where a variety of local startups were able to present to the audience and received valuable comments from our expert judging panel, which included Varun Bery of TVG Capital Partners; Duncan Chiu of Radiant Venture Capital; and Mae Wang of Focus Ventures Asia.  A lively cocktail reception followed, hosted by our sponsor KPMG, and all the participants - investors, advisors and entrepreneurs - were able to be part of a valuable networking opportunity.

We would like to thank most sincerely our generous sponsors, specifically our Platinum Sponsor, KPMG; our Venture Forum Sponsor, Cadwalader; and Silver Sponsor, Ascent Partners. Finally, we would like to thank the Association’s Venture Committee and all the participants for their continued support and contributions that helped make this special event possible.

More photos can be viewed here.

Video highlights can be view here.   

HKVCA Members Breakfast Meeting
11 March 2016

Our monthly breakfast meeting was held at the Hong Kong Club on Friday, March 11th. The event was oversubscribed with high popularity, with close to 70 HKVCA members networking and reconnecting with their fellow industry practitioners after the Chinese New Year holidays.

This month's breakfast would not have been possible without the sponsorship of I-On Asia to whom we would like to extend our sincere thanks for its continued support and help in making this terrific networking event possible for our memebrs. We of course also thank every member's participation for making this event successsful and well-liked.       

HKVCA Golf Day 2016
4 March 2016

The HKVCA’s 13th annual Golf Day was held on Friday, March 4th, 2016. The event was a tremendous success with close to 60 enthusiastic golfers teeing off for the full 18 holes at the Hong Kong Golf Club in Fanling. With perfect weather bringing blue skies and a sunny day, the golfers were also able to enjoy a delicious lunch and the opportunity to network with their peers after completing their rounds. We would like to thank most sincerely our generous sponsors, specifically our Platinum Sponsors Citi and Morgan Stanley; Gold Sponsors Ernst & Young, MUFG, Lexington Partners; our Breakfast Sponsor, Aon; and our Wine Sponsor, BlackPine. Last but not least, we would like to thank the Association’s Golf Committee and all the participants for their continued support and contributions that helped make this special event possible.        
                 
More photos can be viewed here.

Team Winners:       
Varun Bery   
Sunil Chandiramani   
Ravi Mehrotra   
Vikram Malhotra

Team 1st Runner-up:    
Brad Wargo    
Andrew Ross   
Scott Campbell   
Chris Choi

Team 2nd Runner-up:    
Christopher Laskowski 
Paulus Mok  
David Biller   
Adam Goern

Nearest the Pin:                   Vikram Malhorta     
Individual Net Winner:         Chris Choi     
Individual Gross Winner:    Paul Andersson    
 

HKVCA ESG Luncheon Talk
22 February 2016

A brownbag luncheon talk was held on 22 February 2016. Speakers from Pantheon Ventures, PwC and United Nations supported principles for responsible investment (UN-PRI). The event was hosted at PwC Central, Hong Kong office. With private equity firms increasingly open to the opportunities presented by environmental, social and governance (ESG) investing, experts shared their extensive and valuable experiences and best practices in how they approach ESG. They also offered innovative ideas from a business point of view about how companies are increasingly changing the way they engage with their stakeholders as they recognize that many customers now factor ESG and corporate responsibility practices into their purchasing decisions. We would like to express our sincere thanks to our extremely knowledgeable speakers and a special thanks to our sponsor, PwC, whose support made the event possible.

HKVCA The 6th Asia Private Equity Forum
20 January 2016

The 6th Asia Private Equity Forum (APEF), organized by the Hong Kong Venture Capital and Private Equity Association (HKVCA), was held on 20th January, 2016 at the Hong Kong Convention and Exhibition Centre. This year's event featured in depth discussions of the many challenges and opportunities for value creation within the industry, with 78 speakers and panelists representing general partners, limited partners and advisors. The Forum attracted over 600 delegates, of which more than half were senior level and C-suite executives.        
    
The Forum brought together an experienced group of private equity and venture capital practitioners with the aim of identifying the latest opportunities, trends and challenges facing private capital markets, across all stages and geographies in Asia, with a focus that included private equity real estate, private debt and a robust attention to environmental, social and governance standards.     
     
Distinguished guests at this annual flagship event included Financial Secretary of the Hong Kong SAR, John Tsang Chun-wah, GBM, JP; Dr. Fred Hu, Chairman and CEO of Primavera Capital Group; Daniel Mintz, Founding Managing Director of Olympus Capital Asia; and Charles Ong, Co-Chairman and Co-CEO of RRJ Group.     
      
We would like to thank our extremely knowledgeable audience of attendees who came from across the Asia region, making this year’s Forum a most profitable and valuable networking opportunity for participants. Thank you also to our media partners and supporting organizations. Finally, the HKVCA would like to express our sincere thanks to our sponsors, whose substantial contributions and support made the event not only possible, but indeed hugely successful. 
       
Please click here for Mr John Tsang's speech.      
    
More coverage can be viewed here.     
      
More photos can be viewed here.
    
Video highlights can be view here.     

HKVCA Members Breakfast Meeting
8 January 2016

Our first monthly breakfast meeting of the year was held at the Hong Kong Club on Friday, 8 January. The event was oversubscribed, with more than 60 HKVCA members networking and reconnecting with their fellow industry practitioners after the end of year festivities.

This month's breakfast would not have been possible without the sponsorship of FTI COnsulting to whom we would like to extend our sincere thanks for its continued support and help in making this terrific networking event possible for our memebrs. We of course also wish each and every one a very happy New Year.