Rebecca Xu was re-elected Chairwoman of the Hong Kong Venture Capital and Private Equity Association at this year’s AGM held on August 29, 2023.
Dear Members and Friends,
I am honored to present this 2022-2023 annual report on behalf of the Hong Kong Venture Capital and Private Equity Association. Despite strong global economic headwinds, our Association has continued to grow and thrive, providing tremendous value to members through our events, advocacy, educational offerings, and other initiatives undertaken over the course of this past year.
After three years of disruptions due to the pandemic, we were absolutely thrilled in 2023 to see the resumption of in-person events. Our flagship Asia Private Equity Forum and China Private Equity Summit conferences attracted over 700 delegates each. We also held over 20 luncheons, breakfasts, cocktail receptions, and networking events, with enthusiastic participation underscoring how much members had missed in-person interactions.
Other highlights included our inaugural PE Leadership Forum, which hosted over 150 senior professionals, and a popular Real Asset Luncheon on Hong Kong property market outlooks. Together with the webinars, we organized close to 40 high-quality events with over 4,500 registrations, reflecting strong demand for both online and in-person events.
Our membership expanded to over 500 firms in 2023, confirming our status as Asia’s largest private capital association representing varied interests from global PE giants to regional VCs, growth equity funds, family offices and more. We encourage your feedback on tailoring offerings to address your needs.
We formed a new Private Credit Committee in response to growing institutional interest in private credit strategies. This expands our coverage beyond private equity and venture capital into broader alternative asset classes. Shirley Ma from APG and Akihiko Yasuda from Asia Alternatives were also appointed co-chairs of the LP Committee, further demonstrating our commitment to serving the needs of limited partners and enhancing the LP community.
The HKVCA Institute for Private Capital launched in January 2023 with inaugural training programs tailored for Hong Kong Science Park and Cyberport startups. These were extremely well-received in promoting private capital to startups. In 2024, we will continue expanding tailored content to financial communities, universities, service providers and more.
Our Technical Committee actively engaged government on regulatory and policy initiatives impacting the industry. It participated in consultations, provided recommendations on facilitating cross-border investment flows, IPO reforms for innovative companies, carried interest tax concession, and advocated for greater mainland tax clarity. The Committee also prepared a detailed submission focused on competitive tax concessions and regulatory certainty to attract fund domiciliation in Hong Kong after the release of 2023-24 Budget Speech.
I sincerely thank our Board of Directors for their invaluable guidance and governance. Our various committees deserve abundant credit for driving important strategic initiatives and expanding HKVCA capabilities.
The ongoing support of our sponsors remains vital in delivering top-tier events and activities. We are extremely grateful for their continued generosity and partnership.
I also want to recognize our hardworking Secretariat team led by Joanne for flawlessly executing the events and supporting members this past year.
The collective contributions of all involved enable the HKVCA to serve and represent Hong Kong’s private capital industry. I look forward to another impactful year working together as we respond to an ever-changing environment.
All the best,
Hong Kong Venture Capital and Private Equity Association
Co-Founder & Managing Director
Asia Alternatives Advisor Hong Kong