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2019 Events Reports

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

The HKVCA held a three-hour masterclass on licensing for private equity fund managers on December 17, 2019. The masterclass was delivered by Anne-Marie Godfrey, Partner at Akin Gump Strauss Hauer & Feld, and was focused on discussions around type 1 licenses, a universal requirement for all PE fund managers, issued by the SFC. Godfrey also offered her views on how tax changes can impact the licensing and compliance requirements of fund managers. The masterclass was attended by more than 30 industry practitioners who were keen to report that they found the course both informative and highly practical. We would like to express our gratitude to Akin Gump for its sponsorship and to Anne-Marie Godfrey for her instruction.
HKVCA Christmas Cocktails
12 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.

HKVCA Family Office Lunch

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.

HKVCA Members Breakfast Meeting
December 6, 2019 saw the HKVCA hold its last monthly breakfast meeting of the year. Hosted at the Hong Kong Club by the Association’s Chairman, Chin Chou, more than 80 members registered to attend. Our monthly breakfast meetings continue to be very popular and well attended by our members and we look forward to continuing to host this great networking event in the coming year. In the meantime, the Association would like to thank all of our members who attended this month and we extend a special thanks to our sponsor, CSC Global Financial Markets (CSC), whose generosity helped make December’s breakfast meeting such a success.
HKVCA Private Equity Fundamentals Course 2019
2019年9月10日 至 12月4日

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
Seminar: Licensing of Private Equity and Venture Capital Firms

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

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.

HKVCA Wine Tasting Event 2019
The HKVCA held its annual wine tasting evening on October 23, 2019 at the Hong Kong Club and it proved to be once again one of the most popular events of the year. Following the theme “Everything Gevrey, Chambertin of course…”, Master of Wine Jeannie Cho Lee led the attendees through the tasting of five fabulous wines selected exclusively from producers located in the Gevrey-Chambertin area of France. More than 100 people registered for the event and feedback received from the participants indicated the evening was very much enjoyed and a tremendous success.  
The Association would like to offer its sincere thanks to our generous sponsor, Alvarez & Marsal, whose contributions made the evening possible. Our thanks also to the HKVCA’s Wine Committee, namely Marcus Thompson, Alain Fontaine, Anthony Chan and Mounir Guen, for all of the efforts they have made this year.
HKVCA Members Breakfast Meeting
The HKVCA held its monthly breakfast meeting at the Hong Kong Club on October 18, 2019. Hosted by our Executive Director, Wendy Zhu, the event was at full capacity with more than 100 members registering to attend. We were especially pleased to be able to welcome 13 new members to this month’s meeting, who were on hand to introduce themselves to their fellow members. This popular event continues to be a great opportunity for attendees to engage in networking, meet other Association members as well as their industry colleagues. The HKVCA would like to extend its thanks to all who participated, and a very special thanks to our sponsor, Ernst and Young (EY), whose support helped make the event such a success.
HKVCA 32 nd Annual General Meeting
The HKVCA’s 32nd Annual General Meeting was held on September 6, 2019. More than 60 members attended this year’s gathering, which saw the election of 24 Board members to a new term. Chin Chou, who was re-elected the Association’s Chairman, delivered his report summarizing the HKVCA’s work over the course of the last year. We would like to extend our appreciation to members of the Board of Directors and to all of our members who gave of their time to attend this important Association event.
HKVCA Luncheon Talk - Combating Fraud and Corruption: Identification and Mitigation to Enhance Portfolio Company Value

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.

HKVCA Seminar with Cocktails: Unlocking the Greater Bay Area’s potential – a PE and VC perspective

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.

HKVCA Brownbag Luncheon Talk: Hong Kong Startups and how WHub and Angelhub Work

The HKVCA hosted another of its popular brownbag luncheon talks on July 23, 2019. Held at KPMG’s offices, the founder of and, 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.

HKVCA Seminar: An Update on the Cayman Islands' Economic Substance Regulation

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.

The HKVCA hosted a luncheon talk on July 12, 2019 at the Virtus Medical Tower on “how to be stress-proof in a stressful world”. Professor of psychiatry LEE Sing discussed with participants the reasons why people seem to have greater levels of stress today, which he said was largely due to digital products, bad habits and multi-tasking. He noted that the first step in managing stress is to recognize its symptoms, and encouraged participants to walk, breathe, engage with nature, embrace early morning daylight and meditate. With more than 30 people attending the event, participants agreed that the talk was extremely beneficial. The HKVCA would like to thank the Virtus Medical Group for helping to provide such an informative session for our members.
HKVCA Asia Venture Capital Forum 2019


The HKVCA’s Asia Venture Capital Forum 2019 successfully concluded on the evening of July 8, 2019. Hosted jointly with Cyberport, HKEX and the HKSTP, and held at the HKEX Connect Hall, this was sixth time we have held this annual venture event.

The Forum kicked off with a keynote address delivered by Wilfred Yiu, Managing Director & Head of Markets of the HKEX, in which he spoke about the major role the HKEX plays in the new economy. A series of panel discussions and fireside chats followed. Among the panels was one comprised of representatives of several of Hong Kong’s most high-profile unicorns, who shared their experiences as founders. Other topics discussed over the course of the event included the many opportunities and increasing focus on both the proptech and biotech sectors, strategic investment decision-making in corporate venture capital firms and family offices, the views of limited partners on funding channels, the latest overall market sentiment and recent technical issues facing Asian venture capital.    

This event brought together close to 400 attendees including investors and entrepreneurs from around the world, and a tremendous amount of positive feedback was received. The Association would like to thank all the participants, including the tremendous audience who were engaged throughout, our expert speakers, and our generous sponsors, namely KPMG, Citi, Ogier, SS&C and King & Wood Mallesons.


The HKVCA’s monthly breakfast meeting was held at the Hong Kong Club on July 5, 2019. Hosted by the Association’s Executive Director and past Chairman, Eric Mason, the always popular gathering saw more than 90 members registering to attend as it continues to be a great way to meet colleagues and network with fellow industry professionals. The Association would like to thank each of our members for their participation as well as our sponsor, Ernst and Young (EY), for making this event a real success.
HKVCA主办的私募投资青年酒会于2019年6月20日晚举行,逾100人参加,代表了行业各个领域,人数创下历史最高纪录。董事局成员兼Asia Alternatives Advisor董事总经理徐红江女士、董事局成员兼阿尔卑斯投资合伙有限公司董事总经理朱雯雯女士致辞,向与会者介绍这类活动的社交意义,帮助青年一代,即未来的行业领导者,建立联络、增进友谊。HKVCA谨向私募投资青年小组委员会及所有参与者致以最诚挚的感谢,并特别鸣谢本次活动赞助商IHS Markit。


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。







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








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


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。


研讨会: 了解开曼群岛经济规则和卢森堡私募基金结构

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。






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。







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。 

高尔夫球比赛 获奖名单
最近旗杆奖 – 2号洞 Guillaume Page
最近旗杆奖 – 8号洞 Alfons Mensdorff-Pouilly
最近旗杆奖 – 17号洞 Ryan Black
直线距离奖 – 4号洞 Timothy Huang
并列第二 Edward Huang
Gabriel Fong
Simon Lam
Timothy Huang
并列第二 James Hildebrandt
John Marsden
Neil Pabari
Stephen Liu
冠军 Aaron Yuan
Derek Lam
John Lee
Yian Wang


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。



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。







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。





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。