List of instructors: David Bussmann, Partner, Asia Mezzanine Capital Group Conrad Tsang, Managing Director, Baring Private Equity Asia Ltd Josephine Price, Managing Director and Chief Investment Advisor, Chepstow Capital Advisors Ltd Edwina Tam, CA, CFP, CBV, ASA, Deloitte & Touche Financial Advisory Services Limited Mark Chen, Senior Managing Director, GE Equity Asia Sid Sharma, Chief Investment Officer, GE International Marvin Lai, Co-Chairman, Venture Committee, HKVCA K. O. Chia, President, HKVCA Winnie Peng, Associate Director of the Center for Business Case Studies, HKUST Roger King, Adjunct Professor of Finance, Director of the Center for Asian Family Business and Entrepreneurship Studies, Director of the Center for Business Case Studies, HKUST Stephen Wozencroft, Partner, Jun He Law Offices John Lo, Partner, Lister Lo Lui & Choy is in association with Edwards Wildman Palmer LLP John E. Lange, Partner, Paul, Weiss, Rifkind, Wharton & Garrison Greg James, Associate Director PricewaterhouseCoopers Boris Bong, Managing Director, Squadron Capital Advisors Ltd
Accreditation
1) Licensed individuals may claim SFC CPT Points on the courses taken which their employers consider as relevant to the functions performed by them.
2) The Law Society accreditation applied for.
HKVCA retains the right to make changes as it deems necessary.
COMING EVENT
HKVCA Members are invited to join the next breakfast meeting to networking and information share.
Date:
February 3, 2012 (Friday)
March 2, 2012 (Friday)
Time:
8:00 - 9:00am
Venue:
The Hong Kong Club
Seats are limited and priority to members
COMING EVENT
If you are interested in sponsoring the event, please contact Patricia Chiu at Email: patchiu@hkvca.com.hk or Tel: 852 2845 6100.
Enhance projection model beyond simple revenue growth rate and expense margin assumptions
Build detailed revenue & segment build-up and sensitivity analysis into your model
Account by account build-up and sensitivity analysis incorporating cases and scenarios
New business: quantify future, as-yet-unachieved growth initiatives based on concrete assumptions
Expense Modeling: Private Company Pro Forma Modeling
Recast financial results to be more representative of future performance and adjust for effects of private ownership
Understand types of adjustments required, ranging from discretionary to non-recurring to standalone corporate entity
Plow through all expense line items, focusing on SG&A expenses
M&A Earnout Modeling
Reconcile differences that arise in private transactions in which a buyer wants to be rewarded for future growth and a seller is only willing to pay for growth that has been achieved
Create a two-tiered earnout structure that is dependent on achieving management projections
Structure earnout based on both Revenue and EBITDA targets
Valuation: DCF Modeling & Sensitivity Analysis
Comprehend importance of focusing on Enterprise Value and capital structure
Understand the complex nuances associated with analyzing and valuing private companies
Learn nuances of adjusting for DCF valuation, WACC & CAPM analysis when no data exists
VC Investing: Participating Preference Securities
Balance various needs and incentives of newest round of investors while motivating management and aligning economic interests with older investors
Structure investment securities to provide downside protection with equity upside
Structure and model out such hybrid securities commonly used in VC and earlier stage investing with extensive waterfalls and priority of liquidation
Speaker:
Hamilton Lin CFA, President and Founder
Wall St. Training
Fee:
Early Bird Discount
Member @ HK$5,000 / Non-member @ HK$7,500
(payment deadline: March 1)
Standard Fee
Member @ HK$6,000 / Non-member @ HK$9,000
HKVCA Membership Renewal 2012
Working on your behalf......
The past year was a very busy one for HKVCA. We held a large number of events, including the ever-popular China Summit as well as our inaugural Asia Private Equity Forum, and were gratified to see attendance increase at the more than 40 activities organized by your Association. The year ahead will be even more active and we are confident you and your colleagues will find much of interest and value in the programs on offer during 2012.
As you know, the Association seeks to provide members with an increasingly wide range of educational and training programs and conferences to enhance the knowledge and standards of professionals and staff. Our events are important networking opportunities for practitioners, investors, service providers and others here in Hong Kong and across the Asia region.
In addition, the HKVCA works closely with government agencies and officials to promote and protect the interests of our industry. Private capital markets are increasingly a focus of political attention and we need to be vigilant and proactive in making policy makers aware of the role of our industry in economic growth, helping them to craft regulatory and taxation policies that are appropriate and fair.
In 2011, our membership grew by 20% and we were delighted to welcome to membership a number of the world’s largest private equity firms, reflecting Hong Kong’s unique role as a base not just for the local market and for China but for the Asia region as a whole. We aim to increase membership still further in the year ahead, in order that we may more effectively represent our industry and further develop our programs for members.
Please act now to renew your membership. Please also consider ways in which the Association can help you and let us know. The HKVCA is here to serve the industry and we are committed to continual improvement in everything we do.
Thank you for your prompt attention and your continued support.
Subscription fee 2012
FULL Member:
HK$15,000 per Annum
HK$4,000 Entry fees for new members
1 complimentary pass to each event in 2012 (except certain events as Gala Dinner, Wine Tasting, Golf, Cocktail and others as determined by the Executive Committee)
ASSOCIATE Member:
HK$18,000 per Annum
HK$4,000 Entry fees for new members
NDRC Strengthens Regulation on Equity Investment Enterprises Nationwide
On December 8, 2011, the General Office of the PRC National Development and Reform Commission issued the Circular on Promoting the Compliant Development of Equity Investment Enterprises, which is the first nationwide rule that comprehensively regulates Equity Investment Enterprises established in the PRC.
NEW FAQs Section
To enhance the support to members, a new FAQs section under Resource Page has been launched. Members are welcomed to raise questions related to the industry through the webpage. The questions will be vetted and answered by Resource committee in batches.
OTHER EVENT Supported by HKVCA
The 4th Global PE Beijing Forum
Date:
26 February 2012
Venue:
Shangri-La Hotel, Beijing
Organizer:
Beijing Private Equity Association(BPEA)
Registration:
20% discount for HKVCA members
The Fourth Global PE Beijing Forum, co-hosted by the China Association of Private Equity (CAPE), Beijing Municipal Bureau of Financial Work and Beijing Private Equity Association (BPEA) will be held at The Shangri-La Hotel, Beijing, February 26, 2012.
As one of our flagship annual events, the Global Private Equity Beijing Forum will feature leading industry players from China and abroad, as well as some of the senior-most officials from Chinese regulatory agencies responsible for the development of China's PE industry. This year’s Forum will once again promote a meaningful and open dialogue among the leading foreign and Chinese fund managers, government leaders, and institutional investors on the development of China’s private equity industry.
Asia-Pacific’s largest mining investment event returns in March and will welcome 250 mining companies exhibiting and over 2500 attendees from the mining and investment communities. If you are looking for your next big investment opportunity then there is no better place than Mines and Money Hong Kong. For more information visit www.minesandmoney.com/hongkong or contact Charlie Hastings on chastings@beaconevents.com.
OTHER EVENT Supported by HKVCA
The 2nd Annual SuperReturn China 2012
Date:
26-29 March, 2012
Venue:
Shangri-La Hotel, Beijing
Organizer:
ICBI
Registration:
15% Discount For HKVCA Members
After the phenomenal success of the 2011 event, with over 400 delegates including 100 LPs, we will bring even more in-depth discussion and event more local and international LPs to Beijing in 2012.
The 2012 conference will feature the most pressing issues in the industry as well as only the very best LP & GP speakers. With the increasing focus on China as THE country for private equity and venture capital opportunities, there has never been a more important time to attend.
More than 130 members joined the Christmas cocktail at the American Club. The event was co-organized by the HKVCA Young Professionals in Asian Private Equity Committee. It was sponsored by the Asia Innovation Society.
News Update
InnoAsia 2011
November 17, 2011
HKVCA co-organized the Workshop and Investment Matching Event on November 17, 2011.
Mr Marvin Lai, Co-Chairman of HKVCA Venture Committee and Mr Alvin Ho, Committee Member of PRC Committee shared their insights with audience. Mr Roger Marshall, Committee Member of Venture Committee and Mr Johnny Chan, President of HKVCA spoke at the HK Venture Capital / Angel Conference.
Speaking Engagements
HKVCA representatives spoke at the following events:
"Cloud Computing, Opportunities for Entrepreneurs" Conference
November 21, 2011
HKMA 2011 Annual Conference
November 22, 2011
Past Event Highlight
Asia Private Equity Forum 2011
More than 30 distinguished speakers who are leading practitioners in Asia gathered to share knowledge of their markets in China, India, South East Asia and Central Asia at the Asia Private Equity Forum 2011. For the 240 participants from across the continents from China, US, Canada, India, Europe, Russia, Australia, Japan, Korea, Taiwan and South East Asia, it proved to be a worthwhile day in understanding the opportunities and challenges in each of the markets, and in very useful networking. The next Asia Private Equity Forum will be held on January 18, 2012.
HKVCA Gala Dinner 2011
The Gala Dinner 2011 was a complete sell out with over 200 guests! It was a great way to kick off the New Year and to celebrate with colleagues and friends in the industry. The next Gala Dinner will be held on January 17, 2012. Register early for the best tables.
Private Equity Fundamentals Course
Private Equity Fundamentals Course 2011 was attended by more than 80 participants. A new module was added this year covering the whole process of Early Stage Investment, Deal Sourcing and Structuring, Valuation and Deal Protection, Management of Portfolio Company and Exit Strategies. The course is highly rated by the participants.
The next Private Equity Fundamentals Course will be held in February 2012
The Hong Kong Business Angel Network ("HKBAN"), a network established by the founding members HKVCA, Hong Kong Science and Technology Parks and the technology transfer offices of the major universities in Hong Kong. HKBAN is a platform for angels and entrepreneurs to facilitate the funding and development of young businesses.
HKVCA is now soliciting the registration of angels who invest in seed and early stage opportunities raising up to HK$5,000,000. Please recommend colleagues, friends and investment partners who may be appropriate as angel investors.
For registration, please send the completed form to Sam Wong at swong@hkvca.com.hk or Tel: 2845 6100.
Attracting and retaining talent has always been the key to long-term success of any great company. HKVCA welcomes member firms to advertise their openings on HKVCA website. If there are vacancies in your firm, please fill in the attached form and email to enquiry@hkvca.com.hk
Each opening will be posted on HKVCA’s website for one month. The service is free of charge.
HKVCA receives regular requests from various trade bodies and associations for speaker roles. Would you like to get involved and speak on behalf of HKVCA and promote our association and industry? Please contact Patricia Chiu at Tel: (852) 2845 6100 or patchiu@hkvca.com.hk to enroll on our speakers list.
Status as a Recognised Institution for Providing CPT
(Continuous Professional Training)
The Hong Kong Securities and Futures Commission (HKSFC) has approved HKVCA as a Recognised Institution for Providing CPT (Continuous Professional Training). HKVCA's training courses, seminars, summits, conferences and forums may be applicable for claiming CPT points. For more details, please refer to "Education" section of our website.
Disclaimers
The HKVCA web site may contain information that is created and maintained by a variety of sources both internal and external to HKVCA. The site may contain the personal opinions and other expressions of the persons who post the entries. HKVCA does not control, monitor or guarantee the information contained in links to other external web sites, and does not endorse any views expressed or products or services offered therein. In no event shall HKVCA be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods, or services available on or through any such site or resource.
February 3, 2012 (Friday)
Hamilton Lin
The Hong Kong Securities and Futures Commission (HKSFC) has approved HKVCA as a Recognised Institution for Providing CPT (Continuous Professional Training). HKVCA's training courses, seminars, summits, conferences and forums may be applicable for claiming CPT points. For more details, please refer to "Education" section of our 