HKVCA Masterclass: Licensing for Private Equity Fund Managers
17 December, 2019

The HKVCA held its annual Christmas Cocktails event at the China Club on the evening of December 12, 2019. Attendees were formally welcomed to this year’s event by Wendy Zhu, the Association’s Executive Director and Managing Director at AlpInvest Partners.

Nearly 100 people representing all sectors of the private equity and venture capital community were in attendance and enjoyed the opportunity to celebrate this holiday season with their professional colleagues. The HKVCA would like to thank again both Ascent Partners and Latham & Watkins for their support and sponsorship. We also would like to thank all those whose attendance made this event such a warm and festive evening.

The HKVCA organized a special luncheon for representatives from family offices at the China Club on December 10, 2019. The lunch featured a dedicated roundtable discussion on the challenges associated with managing family offices as well as the opportunities to be found in private capital investment. In addition, Peter Lee from Deloitte shared with attendees the various findings of the firm’s recent family office survey, which offered insights on the current market landscape and how to optimize management services for family members. The HKVCA would like to express our gratitude to Deloitte, whose sponsorship made this important event possible.

The HKVCA once again successfully hosted its annual Private Equity Fundamentals Course. Held between September and November 2019, this popular training class continued to focus on the very core fundamentals of private equity and venture capital. The course ran with the support of the Chinese University’s MBA program, Hong Kong University’s MBA program, and the MBA program at the Hong Kong University of Science and Technology.

The first two sessions, which were held on September 10th and 18th, dealt with private equity basics and early stage investment. Modules covering investment decisions, valuation issues, ESG, post-investment matters and transaction documentation were completed on September 26th and October 10th, 15th and 22nd respectively.

This year the Tax and Fundraising module was sponsored by KPMG and was completed on November 8th. The final module, a session dedicated to examining case studies, was held on December 4th.

The HKVCA was very pleased that over 90 delegates attended the course and we would like to extend a very special thanks to our knowledgeable course instructors:

• Wen Tan, Co-Head of Asia Pacific Private Equity, Aberdeen Standard Investments
• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
• Michael Prahl, Partner, Asia-IO Advisors
• Alvin Lam, Principal, CVC Capital Partners
• Patrick Yip, Vice Chair, Deloitte China
• William Lee, Director, International Tax, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Robert Kwok, Partner, Transaction Advisory Services, Ernst & Young
• K. O. Chia, Director, Grace Financial
• Michael Chan, Senior Vice President, Marketing Development Division, HKEX
• Roger King, Adjunct Professor of Finance, HKUST
• Winnie Peng, Associate Director, Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
• John Levack, Vice Chairman, HKVCA
• NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
• Rocky Lee, International Partner, King & Wood Mallesons
• Arion Yiu, Partner, KPMG
• Darren Bowdern, Partner, Deal Advisory and M&A Tax, KPMG
• Sandy Fung, Partner, KPMG
• Kasheen Grewal, Director, Deal Advisory and M&A Tax, KPMG
• Maurice Conway, Associate, Latham & Watkins
• Gwenlynne Lee, Associate, Latham & Watkins
• Ivan Chan, Executive Director, Morgan Stanley
• Marcia Ellis, Partner & Co-Head of Asia Private Equity practice, Morrison & Foerster
• Catherine Liu, Of Counsel, Morrison & Foerster
• Olivia Tang, Associate, Morrison & Foerster
• Dennis Kwan, Managing Director, MVision Private Equity Advisers
• Leslie Tam, Senior Vice President, MVision Private Equity Advisers
• Min Lin, Founding Partner, NewQuest Capital Partners
• John E. (Jack) Lange, Partner, Paul, Weiss, Rifkind, Wharton & Garrison
• Oscar Chow, Managing Director, Polaris Holdings
• Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
• Lorna Chen, Asia Managing Partner and Head of Greater China, Shearman & Sterling

The HKVCA hosted a seminar with the Hong Kong Security and Futures Commission (SFC) on November 18, 2019 at the offices of KPMG. SFC representatives Wilson Lo, Senior Director; Eric Ho, Director, Licensing; and Adam Lo, Senior Manager, Licensing, Intermediaries, delivered a talk on SFC licensing requirements for private equity firms.

In addition to providing a general overview of the SFC’s licensing regime, and common licensing issues, the speakers also used a series of slides illustrating which types of licenses professionals may need, what licensing requirements are exempted, the approval criteria and any ongoing obligations licenses require.

More than 200 practitioners registered for the seminar and among the many highlights of the event was the high degree of interaction between the speakers and participants. The Association received a great deal of positive feedback, with many attendees noting they found the information provided extremely relevant. The HKVCA would like to thank the speakers and the attendees, and extends a very special thanks to KPMG for providing the venue.

Real Asset Seminar with Cocktails: A Conversation With Industry Leaders
2019年10月29日

The HKVCA held its Real Asset Seminar on October 29, 2019 at the China Club. More than 60 people registered to attend the event, which featured a panel made up of industry leaders who discussed issues around investment in the sector during uncertain times. Among the subjects examined by the panel were perceptions around shifting expectations, strategic positioning and the outlook for the industry across the region. The panelists also shared what were clearly optimistic views on real estate investment in Hong Kong during the Q&A session that followed the panel discussion.

We would like to thank Invesco for its most generous sponsorship. We would also like to thank the panel members who contributed greatly to the success of the event, namely Calvin Chou, Managing Director and Co-Chief Investment Officer, Invesco Real Estate; Christopher Heady, Senior Managing Director & Head of Real Estate Asia, Blackstone; Kenneth Gaw, President & Managing Principal, Gaw Capital Partners; and Alexandre Heriard-Dubreuil, Partner and Chief Investment Officer, L Catterton Real Estate.

The HKVCA hosted another of its popular luncheon talks on August 29, 2019 at the China Club. The topic was combating fraud and corruption, with a focus on identification and mitigation to enhance portfolio company value. Steven Parker, of Berkeley Research Group’s Global Investigations and Strategic Intelligence Practice, provided a regulatory overview and discussed the evolving global anti-corruption landscape. He also stressed the direct risk to PE firms in terms of fraud, bribery and corruption violations as well as the risks associated with investments in portfolio companies. Finally, Parker spoke about the complexities involved in interactions with sovereign wealth funds and foreign pension funds, and the solicitation of such clients.

With nearly 60 delegates attending the luncheon, the event received much positive feedback. We would like to thank sponsors, the Berkeley Research Group, and all the participants who made the talk a success.

The HKVCA's first ever seminar on the topic of the Greater Bay Area was held on August 22nd, 2019 at the offices of EY. More than 150 people registered to attend the event.

The first panel of the day discussed the types of investment opportunities that may arise in the GBA together with some of the anticipated challenges identified by investors. The second panel focused on regulation as well as taxation issues, including tax incentives for technology and R&D intensive companies and the formation of fund structures to attract capital from multiple sources, both in RMB and USD.

We would like to thank EY for their generous sponsorship and also the participants and eight speakers who contributed greatly to the success of this year’s event: David Chan, Managing Partner, Tax Hong Kong & Macau, EY; Peter Chan, Partner, Assurance, TMT Assurance Leader, HK-EY; Michael Chow, Managing Partner, Radiant Tech Ventures; Craig Dickinson, Director, Transaction Tax, EY; Jingjing Jiang, Partner, King & Wood Mallesons; Eric Lam, Partner, Transaction Tax, EY;  Alan Li,  China South Leader, Transaction Advisory Services, EY; and Jonathan Wu, Executive Director, China Merchants Capital,  EY.

The HKVCA hosted another of its popular brownbag luncheon talks on July 23, 2019. Held at KPMG’s offices, the founder of WHub.io and AngelHub.io, Karen Contet Farzam, discussed the ways startups can collaborate with the venture capital and private equity industry and how angels differ from venture capital when investing in early stage ventures. Noting that Hong Kong was a leading global center for creating unicorns, she stressed how international partners can help local startups move toward their next phase of growth, with the ultimate goal of completing an IPO or other exit. Finally, she discussed the importance of the startup vetting process and the makeup of the investment committee.

With over 50 people attending the lucheon, we would like to thank all of the participants, and especially our venue sponsor KPMG, who helped make this event possible.

The HKVCA hosted its latest seminar on 16 July 2019 at the offices of the Maples Group.  Anthony Webster, a partner and head of the firm's Asia private equity practice, discussed the Cayman Islands’ recently enacted Economic Substance Law and various solutions to manage the regulatory changes it has brought. The HKVCA and the Technical Committee were very pleased that more than 40 participants attended the seminar. We would like to thank our dynamic and knowledgeable speaker and the Maples Group, whose support made this event possible.

The HKVCA would like to remind members that two key dates for “Excluded Person” a) AML/CFT reporting forms are due by August 15, 2019; and b) the re-registration deadline is January 15, 2020. Please liaise with you advisors as soon as possible if your current structure has changed to fit the amended regime. The HKVCA will continue to share the latest developments related to the Cayman Islands’ economic substance legislation with our members in a timely manner.

2019年7月8日

会员早餐会
2019年7月5日

ESG午餐会：CSR、ESG和SDG在私募投资中的演变发展
2019年6月3日

2019年6月3日，HKVCA在毕马威办公室举行了ESG午餐会，逾60人出席。会议由HKVCA副主席、来自磐石基金的龚洁主持开场，她也是HKVCA ESG小组委员会主席。随后，APAC Advisors的CEO兼EMPEA东盟代表Steve Okun发表主题演讲，讨论了投资者在社会企业责任、EST和可持续发展目标方面的角色；可持续投资在LP决策中的作用；如何在私募投资生命周期中嵌入ESG；以及良好使用治理清单。接下来是一场小组讨论，由龚洁主持，嘉宾包括：毕马威的Pat-Nie Woo、CVC资本的Alvin Lam、Governance Solutions的Dequan Wang和MSCI ESG研究的Elaine Ng，他们热烈讨论了ESG的最新趋势和衡量ESG的不同方法，并在性别平衡和中国治理方面着墨颇多。

特别鸣谢毕马威对本次活动的大力支持，并感谢我们的演讲嘉宾及所有参与活动的人士。

2019年5月30日

由HKVCA主办的第十八届中国私募投资高峰会于2019年5月30日举办，此次峰会吸引了近700名来自亚太地区的创业和私募投资业者、领先企业以及其他行业专业人士和参与者，探讨了中国私募股权市场的最新发展和趋势。

峰会在香港会议展览中心举行，今年主题为“新常态”下的中国——经济增速较前几年有所放缓，同时中美贸易战引起的不确定仍在持续。在此背景下，峰会讨论重点是中国私募股权投资的许多变化，私募在房地产、医疗、教育、金融科技和人工智能等不同行业的影响，以及粤港澳大湾区的投资环境和机会等。

部分荣誉出席嘉宾：

香港特別行政区政府 财经事务及库务局局长，刘怡翔

香港交易及结算所有限公司 集团行政总裁，李小加

太盟投资集团 主席兼首席执行官, 单伟建

WeLab虚拟银行 董事局主席, 陈家強

毕马威 香港地区副主席 中国房地产及建设全球主席，Andrew Weir

麦肯锡 大中华区私募股权咨询部门联合领导以及RTS服务线领导，Ivo Naumann

除多场富有见地的演讲和小组讨论外，活动当天还有一场特别活动：主旨演讲嘉宾单伟建博士携他的畅销书《走出戈壁:我的中美故事》的签售会。HKVCA很荣幸举办这次活动，并感谢单伟建博士在百忙之中出席今年的峰会。

感谢来自亚洲各地区的与会者，使峰会成为行业最有价值的交流平台。也感谢我们的支持单位和媒体合作伙伴。最后，我们衷心感谢峰会的赞助商，他们的鼎力支持使本次活动圆满进行并取得巨大成功。

点击此处浏览活动照片

HKVCA于2019年5月10日在香港会举办了月例早餐会，由周玄沁主席主持。活动反响热烈，大家纷纷与业界同僚建立了紧密的联系。我们在此向所有与会者表示感谢，并特别鸣谢Intertrust对本次活动的大力支持。

HKVCA第二届私募行业女性座谈会于2019年4月30日在安永办公室举办，超过120人参加。当天第一场圆桌讨论了可以对私募生态系统做哪些改变，从而为女性创造更多机会，第二场则关注了行业女性领导者的日常经历，演讲嘉宾和观众之间的高度互动是本次座谈的亮点之一。

感谢安永对本次活动的热情参与和慷慨赞助，同时感谢9位演讲嘉宾的倾情加盟：阿尔卑斯投资合伙有限公司的朱雯雯、Asia Alternatives的徐红江、CVC Asia Pacific的麦乐坤、礼来亚洲基金的黎佳欣、凯易律师事务所的甘柳、MizMaa Ventures的梁嘉彰、新程投资的卢心慧、磐石基金的龚洁和谢尔曼·思特灵律师事务所的陈新。

2019私募投资高阶课程 - 管理力：为业绩建立多元董事会
2019年4月16日

HKVCA于2019年4月16日举办了私募投资高阶课程之管理力，专为私募及创业投资中高层管理者设计。课程在KPMG办公室举行，两个小时的课程中汇聚了多位专家讲师。

史宾沙的Alice Au探讨了董事们如何为企业增值，以及是什么驱动董事会表现。Clearwater的联合创始人Robert Petty也加入Alice的话题，两人都分享了一些“最佳实践”案例。Alice还 就董事会架构和组成提出了一些建议，包括董事会技能矩阵示例。

KPMG的合伙人兼内部审计、风险管理和合规服务主管Alva Lee讨论了私募投资及其对管理和董事职位的影响，还有交易前后的财务控制尽职调查。

逾30位会员参加了本次培训，不少人反馈课程极具价值。HKVCA特别鸣谢KPMG对本次活动的慷慨赞助。

HKVCA于2019年4月2日举办了一场技术研讨会，邀请到Maples Group合伙人兼亚洲私募投资业务主管Anthony Webster、Elvinger Hoss Prussen的合伙人Xavier Le Sourne及高级经理Charlotte Chen作为演讲嘉宾。他们就基金注册地、开曼群岛和卢森堡的机遇等最新问题做了阐述。Anthony简要解释了开曼群岛政府最新落地的经济规则，Xavier和Charlotte则谈到了卢森堡作为私募基金管辖地的优势，每位嘉宾都提出了应对开曼新规则的解决办法。

本次研讨会吸引逾45人参与，收到了大量积极反馈。HKVCA感谢每位参与者，并特别鸣谢Maple Group和Elvinger Hoss Prussen对本次活动的大力支持。

HKVCA于2019年3月18日在中国会举办了一场月例午餐会。全球风险咨询公司Control Risks的Ben Wootliff在会上强调了网络安全的最新趋势，介绍网络尽职调查的重要性以及如何利用它保护企业的信息资产。他还讨论了黑客是如何渗透IT系统，能窃取到什么，以及能造成多大破坏。他还引申了一些实际解决方案，提出需要采取哪些措施来提高安全性。

近40人出席了本次活动，收到了大家的积极反馈。在此，我们感谢所有参与者，也特别感谢Control Risks对本次活动的大力支持。

HKVCA会员早餐会于2019年3月8日在香港会所举办。活动由董事局成员陈志阳先生主持，逾70位会员和宾客参加。这又是一次行业聚会，为同行交流提供了宝贵机会。我们感谢每位会员的参与，也特别感谢KPMG对本次活动的慷慨赞助。

HKVCA于2019年3月2日在粉岭香港高尔夫球会举办了一年一度的高尔夫球日。近90人参加了本次活动，其中一些人选择加入他们同事的战队，尽管他们不是高尔夫球手。

参与比赛的共有21支队伍，由私募投资不同领域的行业参与者组成：普通合伙人、有限合伙人和专业服务机构等。当天80多名高尔夫球手登场开球，赛后共享丰盛的自助午餐。

除高尔夫球比赛外，HKVCA还举办了两项特别活动：一杆进洞挑战赛及幸运抽奖。幸运抽奖的头奖是宇舶挂钟，由ANT Capital 的John Cheuck获得。通过奖券销售共筹得港币两万七千元，净收入全部捐赠于香港保护儿童会及香港高尔夫球总会青少年发展计划。

我们衷心感谢以下赞助商的大力支持：

白金赞助商：花旗银行、摩根士丹利、美国伟凯律师事务所

金牌赞助商：安永会计师事务所、列克星敦投资公司

早餐赞助商：怡安

红酒赞助商：捷成资本、捷成洋酒

官方钟表合作方：宇舶

幸运抽奖贡献者：高尔夫球总会、捷成、BlackPine的Lawrence Chu

我们还要感谢HKVCA高尔夫委员会的柏礼嘉、周玄沁、Terrance Philips 、Bob Partridge、Sunil Chandiramani 和Adam Goern，感谢他们的支持与协助。 

2019年2月21日

HKVCA于2019年2月21日在中国会举办了午餐会，本次主题是如何利用大数据和AI走出交易困境。Finquest的CEO兼联合创始人Tanguy Lesselin提到，AI驱动的数据可大程度加强公司已有信息，从而获取投资机会，他还举了一些工作中实际碰到的案例。逾60人参与了本次活动，协会收到了很多积极反馈。感谢赞助商Finquest为我们提供了这样一场信息讲座。

午餐会：附带权益
2019年2月18日

HKVCA于2019年2月18日举办了午餐会，围绕附带权益展开讨论，演讲嘉宾邀请到谢尔曼·思特灵律师事务所大中华区联席管理合伙人陈新女士、HKVCA协会副主席雷约翰先生及德勤中国国际税务合伙人Patrick Yip先生。会上，嘉宾帮助界定了附带权益的税务处理可能方案，即(1)一般薪俸税;(2)按薪俸税的50%计算;(三)资本收益。讨论结束后，对所有与会者进行了一项调查，超过60%的人倾向按资本收益计算，40%倾向按50%的薪俸税计算，没有与会者投票赞成将附带权益按正常薪俸税税率征收所得税，很多与会者表达了直接看法，HKVCA将总结并反馈给政府机构。

逾45名会员单位参加，感谢各位的热情参与，以及衷心感谢本次活动的赞助商谢尔曼·思特灵律师事务所。

本月早餐会于2019年1月25日在香港会举办，这是协会今年举办的第一个早餐会，在协会新任主席周玄沁先生的主持下召开。早餐会一直是我们最受欢迎的活动之一，本次吸引了逾90名会员单位参加，他们充分利用这个社交平台与业内伙伴沟通交流。在此向每一位出席人员表示特别，也非常感谢BRG对本次活动的赞助支持。

HKVCA年度“亚洲私募投资论坛（APEF）”于2019年1月16日在香港会议展览中心举行。今年活动聚焦在行业现存的创造价值挑战，同时也有许多机会。会议邀请了80多名专家、企业发言嘉宾，代表普通合伙人、有限合伙人和业内顾问。逾750名参会代表出席会议，其中大多数是公司高级管理人员和高管。

与前几年一样，2019年度论坛汇聚了形形色色、经验丰富的私募股权和风险投资从业人员，活跃在亚洲各阶段和地区的投资市场，包括私募房地产投资和私人债务。会议议题围绕募资、投资者关系、风险投资、房地产投资、联合投资、流动资金、投后管理和法律法规等事项，会上还就亚洲各地区投资者面临的热点问题展开了热烈讨论。

出席APEF 2019的嘉宾包括：香港特别行政区财政司司长陈茂波大紫荆勋贤、TPG资本管理合伙人孙强先生、骏麒投资创始人兼管理合伙人K.Y. Tang，以及方圆资本总裁兼合伙人唐葵。

从收集到的反馈看，APEF已被视为一个不可或缺的平台，帮助从业人员拓展行业交际，还可以与政府代表、专业人士及来自世界各地的其他行业协会代表会面。感谢所有与会者、媒体伙伴和支持机构，以及本次活动的赞助商，使得本次论坛圆满举办。

陈茂波大紫荆勋贤演讲稿: http://www.info.gov.hk/gia/general/201801/17/P2018011700497.htm
媒体报道: https://www.hkvca.com.hk/upload/APEF2018/Media-Coverage.pdf  
照片: https://www.hkvca.com.hk/en/APEF2018.aspx
视频: https://www.youtube.com/watch?v=1Eqk8ow8YRQ&feature=youtu.be

HKVCA于1月15日星期二在香港银行家会所举办了2019年度晚宴。作为协会最受欢迎的活动之一，入场券很早便销售一空，逾200名嘉宾出席了本次活动。临近中国农历新年，每桌都装饰了猪年吉祥物，两位年轻的香港学生向大家奉献了一场精彩绝伦的二胡表演。晚宴上，HKVCA为浸信会爱群社会服务处作了募捐，浸信会爱群社会服务处为香港地区老人、青少年及家庭提供关爱服务。作为传统，HKVCA还在晚宴上回顾了上一年举办的各项活动。

我们衷心地向本次鸡尾酒赞助商表示感谢：金杜律师事务所、Linnovate Partners和MVision，也十分感谢各位嘉宾的热情参与，使本次活动圆满成功。