Webinar and luncheon talk: Complex fund restructuring and secondary transactions  

2021年12月14日

Gregory Barclay, a partner at international law firm Goodwin Procter, hosted an HKVCA luncheon talk on December 14, 2021, on the topic of fund restructuring and liquidity solutions under secondary transactions. The event, which was held in a hybrid format, attracted close to 40 guests who attended in person and an additional 50 registrants who participated online.  

Barclay offered a snapshot of global trends in secondary transactions, a review of the year 2021 and predictions for 2022. The panelists included Bonnie Lo, Partner and COO of NewQuest Capital Partners; Brooke Zhou, Partner at LGT Capital Partners; Martin Yung, Principal at HarbourVest Partners; Nick Miles, Head of Europe and Asia Private Equity; as well as Paul Robine, Founder and CEO of TR Capital.  

The HKVCA thanks Goodwin Procter for its sponsorship. Thanks also to the speakers and to all who attended the event, both online and in person.    

Christmas Cocktails 2021   

2021年12月9日

The evening of December 9, 2021, saw the return of another of our annual events following last year’s pandemic-related cancellations. The HKVCA’s perennially popular Christmas Cocktails was held at the China Club with close to 100 people representing the different sectors of the private equity and venture capital community attending. Many members noted how much they enjoyed the opportunity to meet in person with their professional colleagues. The event was a decidedly festive affair, with Christmas music playing in the background and colorful holiday decorations visible throughout the room. 

The HKVCA would like to thank both Akin Gump Strauss Hauer & Feld and Ascent Partners for their generous sponsorship, as well as all the participants who together helped make this a truly wonderful event. 

HKVCA Webinar: Impact Investing 

2021年12月7日

KPMGs Andrew Weir, Global Chair, Asset Management and Real Estate, KPMG International; Regional Senior Partner and Vice Chairman, moderated an online panel discussion on impact investing on December 7, 2021. Joining him were speakers Jeffrey Gruccio, Principal, Primary Funds at AlpInvest Partners; Yan Yang, Managing Director at BlackRock Private Equity Partners; and Semiray Kasoolu, Manager at TPG – Y Analytics. Among the issues addressed were the trends in impact investing over the last 12 months. The speakers agreed that while the development of impact investing in North America and Europe was relatively mature, there now appeared to be growing demand for such investing in Asia. They noted too that impact investing has become more core and mainstream at the largest private equity fund houses, and that the use of measurements and benchmarking were essential for development. The importance of the topic was highlighted by the fact that close to 100 people registered to attend. We would like to extend our thanks to Jie Gong, Chairwomen of the HKVCAs ESG Committee who hosted the webinar, and to Andrew Weir and KPMG, whose sponsorship made the event possible. 

HKVCA Members Breakfast Meeting 

2021年12月2日

An HKVCA Members Breakfast Meeting was held at the Hong Kong Club on December 2, 2021, the last such meeting of the year. With ticket requests oversubscribed, and 60 members in attendance, it is clear that our breakfast meetings continue to be among our most popular activities for members. Hosted by HKVCA board member, Danny Lee, members took full advantage of this valuable opportunity for networking and connecting with industry peers and fellow practitioners. We would like to thank all those who attended for their enthusiastic participation. Thanks also of course to sponsor, Akin Gump Strauss Hauer & Feld LLP.  

Golf Day 2021  

2021年11月30日

After cancelation of last year’s event due to the pandemic, the HKVCA was thrilled to have finally held its popular annual Golf Day on November 30, 2021, at the Shek O Country Club. The event had an almost celebratory feel with perfect weather bringing blue skies and a brilliant sunny day.  

Close to 75 people attended the event, including a few attendees who were non-golfers. Eighteen teams in total competed in the tournament, with each team comprised of various GPs, LPs, and professional services providers working in the private equity and venture capital industry. More than 70 golfers tackled the challenging course, with cocktails available at the close of the tournament, capping off a wonderful day.   

We would like to thank our generous sponsors, specifically our Platinum Sponsors Citigroup and Morgan Stanley; our Gold Sponsors Ernst & Young and Jefferies; our Silver Sponsor, AON; and our Wine Sponsors, Jebsen Capital and Jebsen Fine Wines. We would also like to thank the HKVCA’s Golf Committee - Varun Bery, Chin Chou, Terrance Philips, Bob Partridge, Sunil Chandiramani and Adam Goern - for their hard work and support ensuring the event was a success.  

网络研讨会: Impact of recent legal and regulatory changes in China on the PE and VC industry  

2021年11月23日

Lorna Chen, Vice Chair of the HKVCA’s Technical Committee as well as Asia Regional Managing Partner and Head of Greater China at international law firm Shearman & Sterling, hosted an HKVCA webinar that examining the impact of recent legal and regulatory changes in China on private equity and venture capital. Held on November 21, 2021, more than 250 people registered for the event.  

Joined by fellow Shearman & Sterling partner Brian Burke, and partner Kate Yin from China-based law firm Fangda Partners, the speakers discussed China’s newly implemented personal information protection law, as well as its data security law and other relevant data protection legislation. The speakers stressed that the industry needed to be especially mindful of Chinese requirements involving cross-border data transfers and the practical implications this has on private equity investment. The speakers also noted the need to conduct data due diligence, ensure data compliance, develop protocols and identify the persons who provide data to you. 

The HKVCA offers its thanks to Shearman & Sterling for sponsoring the event, and to the speakers and participants, especially Lorna Chen for her services as host. 

网络研讨会: Blockchain and tokenization in the PE and VC industry 

2021年11月11日

Ben El-Baz, Head of Ecosystems with the Hashkey Group, hosted an HKVCA webinar on November 11, 2021, where he discussed the growth of investments in blockchain and tokenization by the private equity and venture capital industry. As many as 100 people attended the online event. 

After identifying actual examples of private equity firms and venture capital players who have deployed capital to blockchain related companies, El-Baz highlighted the two key categories of virtual assets, namely utility tokens and security tokens. He also noted that asset tokenization is now widely applied in the PE and VC industries through investments, fundraising as well as mezzanine financing. He also reminded attendees of the importance of seeking professional and licensed partners to deal with blockchain related transactions. 

The HKVCA extends its thanks to Ben El-Baz and the Hashkey Group for their generous sponsorship and also thanks all those who attended the event.   

Global Venture Capital Congress 2021 

The HKVCA, represented by President Johnny Chan and Secretary General Joanne Yuen, joined a host of fellow industry professionals at a virtual meeting of the Global Venture Capital Congress (GVCC). The event, a valued opportunity for venture capitalists and private equity from around the world to meet and discuss shared issues and opportunities, was held over a series of three days - on October 6th, October 20th, and November 3rd.  

Attended by more than 40 delegates, guests and speakers representing as many as 20 professional associations from around the world, participants examined the most pressing topics and major emerging trends faced by industry associations at both a global and local level. Among the issues discussed by participants was government advocacy, the impact of COVID-19, the increasing importance of the ESG movement, and ways to best coordinate and collaborate across associations.  

HKVCA Private Equity Fundamentals Training Series 2021 

2021年8月至11月

The HKVCA’s Private Equity Fundamentals Training Series was held virtually this year, with the first module being held in August and the final module in November. Unlike last year’s series, however, we went back to the full program of topics and offered the complete eight modules traditionally associated with the course. We also provided the attendees with the option of attending the first module either in person or online. 

The first two sessions, held on August 26th and 31st, dealt with private equity basics and early-stage investment. Modules covering investment decisions; valuation issues; ESG; post-investment matters; transaction documentation; and tax and fundraising were completed on September 9th and 16th and October 7th, 12th and 21st respectively. The final module, a session dedicated to examining case studies, was held on November 2nd. 

We were extremely pleased this year to have had more than 200 delegates attend the training series. The HKVCA extends its sincere thanks to the following amazing group of industry experts who were this year’s course instructors: 

• Queenie Ho, Partner, Affinity Equity Partners
• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Alvin Lam, Principal, CVC Capital Partners
• Andrew Crook, Head of Corporate APAC, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• Roy Phan, Partner, International Tax Services, Deloitte China
• William Lee, Director, International Tax, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• Brian Lee, General Counsel, FountainVest
• Michael Chan, Head of International Issuer Services, HKEX
• Roger King, Adjunct Professor of Finance, HKUST
• Winnie Peng, Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
• KO Chia, President, HKVCA
• NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
• Ivan Chan, Director, Deal Advisory, M&A Tax, KPMG
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
• Marcia Ellis, Global Chair, Private Equity Group, Morrison & Foerster
• Ivan Chan, Executive Director, Morgan Stanley
• Jonathan Lee, Managing Director, MVision
• Min Lin, Founding Partner, NewQuest Capital Partners
• Oscar Chow, Managing Director, Polaris Holdings
• Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

HKVCA会员早餐会

2021年10月28日

October 28, 2021 saw the HKVCA hold its first monthly breakfast meeting since the outbreak of the pandemic last year. Held at the Hong Kong Club, and hosted by the Association’s Executive Director and President, Johnny Chan, registration for the event was at full capacity with 60 members in attendance. The HKVCA also had the pleasure of welcoming 13 new members at this month’s meeting, who were on hand to introduce themselves to their colleagues. This very popular event continues to be a great opportunity for attendees to engage in networking, meet other Association members and industry peers. The HKVCA would like to extend its thanks to all who participated, and offer a very special thank you to our sponsor, James Donnan and his firm Intertrust Group, whose support helped make the event such a success. 

HKVCA Luncheon Talk 

2021年10月19日

The HKVCA held its first in-person luncheon for members since the outbreak of the pandemic at the China Club on October 19, 2021. The talk was on cybersecurity defenses and best practices. Michael Steinkuhl, Director at Eze Castle Integration, discussed the latest issues involving cybersecurity risk and presented an actual case study that occurred in Australia. He also touched on cybersecurity frameworks in practice and emphasized the importance of employee training to deal with risks. Finally, he recommended the creation of a governance and risk assessment timeline for every financial institutional. 

With over 30 delegates attending the luncheon, the event received much positive feedback. We would like to thank sponsor Eze Castle Integration, and all the participants who made the talk a success. 

Webinar: Asia regulatory roadmap  

2021年9月28日

The HKVCA held a webinar on September 28, 2021 discussing the risks associated with leveraging a special purpose vehicle (SPV) to limit liabilities. The HKVCA invited partners James Ford, Matt Bower and Viola Jing from the Hong Kong office of international law firm Allen & Overy to examine the issues and share risk mitigation strategies arounnd structuring; board practices; legal agreements; and communications.  

More than 80 people registered for the event. The HKVCA extends its sincere thanks to all of the participants, and in particular to our speakers and Allen & Overy for their generous sponsorship. 

HKVCA 34th Annual General Meeting 

2021年9月1日

The HKVCA’s 34th Annual General Meeting was held on September 1, 2021. Rebecca Xu was newly elected Chairwoman, while outgoing Chairman H. Chin Chou delivered a report summarizing the HKVCA’s work over the course of the last year. We would like to extend our appreciation to members of the 24 Board of Directors and to all of our members who gave of their time to attend this important Association event. 

第20届中国私募投资高峰会2021

2021年8月17日

香港创业及私募投资协会于 2021 年 8 月 17 日连续第20年举行了旗舰活动中国私募投资高峰会。鉴于新冠疫情仍于全球肆虐，今年的峰会采用与去年一样的线上形式举办。此举可吸引更多本地区内以及世界各地的专业人士参与。最终有超过 700 名创业及私募股权从业者、领先企业以及其他行业专业人士和业者报名参与此次活动。

论坛第一场小组谈论环节聚焦中国私募股权的格局。嘉宾们在开篇议题中指出，全球许多经济体已逐渐从2020年初爆发的新冠疫情中复苏。其中或属中国经济最引人注目。世界多国政府向其经济注入了大量流动资金，致使资本市场表现强劲。与此同时，对金融业的监管也在不断加强。峰会讨论了其对中国私募股权的影响，要点涵盖投资者观点、各种潜在策略以及不同行业的立场等。本次活动的亮点之一是对中国教育投资的一场小组讨论。在峰会开始两周前，新法规开始实施，预计会对行业产生重大影响，因此本场讨论显得尤为及时。与会观众急切渴望听到作为行业专家的演讲嘉宾对于新法规将会为行业带来的直接影响以及如何应对这一突然变化的看法。

当日与会贵宾有:香港特别行政区财经事务及库务局局长许正宇、香港交易所集团行政总裁欧冠升、以及绅湾资本管理有限公司创始及执行合伙人陈爽。我们还很荣幸地邀请到十荟团董事长兼联席CEO陈郢以及AutoX创始人兼CEO肖健雄分别担任两场炉边对谈的特别嘉宾。

我们诚挚感谢每一位博学的与会嘉宾及来自本土和全球各地的参会观众。还要感谢由曾光宇和徐红江共同领导的中国内地委员会以及全体委员会成员。最后，香港创业及私募投资协会还要向我们慷慨的赞助商表示衷心感谢。正是因为他们的贡献和持续的支持，本次活动才能取得如此空前的成功。

网络及午餐研讨会：投资者见解与全球私募股权晴雨表

2021年7月21日

科勒资本负责人 William Yea 于 2021 年 7 月 21 日主持召开了香港创业及私募投资协会午餐研讨会，讨论了其公司近期发布的全球私募股权调研结果。本活动是香港创业及私募投资协会首次以线上线下混合形式举办的午餐研讨会，吸引逾20位嘉宾亲临现场，另有30位嘉宾线上参与。

科勒资本的全球私募股权晴雨表是世界私募股权趋势的快照，概述了机构投资者的计划和意见。 谈到调研结果，Yea 指出，气候变化和医疗保健显然已成为影响未来五年有限合伙人决策的大趋势。有限合伙人还表示有意在资产配置中增加另类资产的份额，不过这种情绪尚未取得对冲基金认同。从个人角度而言，64%的有限合伙人表示，他们对新冠疫情爆发后工作与生活的平衡状态感到更满意。

香港创业及私募投资协会衷心感谢科勒资本对本次活动的慷慨赞助，同时要感谢演讲嘉宾William Yea以及所有线上或线下参与活动的嘉宾。

2021亚洲创业投资论坛（AVCF）

2021年7月6日

香港创业及私募投资协会（HKVCA）亚洲创业投资论坛 （AVCF）于 2021 年 7 月 6 日（星期二）成功举行。这是该活动连续第二年以线上形式举行，吸引500 多位来自世界各地的创业及私募投资行业从业者登记参与。

为期半天的活动由长达四小时的议程构成，其中包括四场炉边谈话、五场小组讨论和一场由香港医院管理局带来的关于先进医疗技术采用的特别演讲。讨论涵盖了诸多创业投资议题，如食品科技、监管科技、特殊目的收购公司（SPAC）以及远程医疗等。有限合伙人和单一家族办公室分享了他们对近期机遇和挑战的看法。亚洲独角兽和企业创投讨论了成功指标和经验，除其他问题外，还重点关注了近期监管更新，尤其是与ESG（环境、社会与企业管制）相关的监管。

我们衷心感谢香港数码港和香港科学园与我们联合主办此次活动。我们还要感谢本次活动的赞助商，特别是白金赞助商花旗和毕马威、创投赞助商乔木创投和 Globalization Partners、以及炉边谈话赞助商高伟绅律师事务所。本次论坛得以顺利举办离不开赞助商们的忠实支持。当然，我们必须要感谢所有演讲嘉宾和与会者的参与。谢谢在参与过程中遇到任何技术故障的诸位与会者给予我们的耐心和理解。今年的活动取得圆满成功，感谢大家的参与和陪伴。

网络研讨会: 数字化革命及其对行业的意义

2021 年 6 月 30 日

香港创业及私募投资协会于2021 年 6 月 30 日举行了一场主题为数字化革命和金融科技最新趋势的网络研讨会，吸引近 90人登记参与。本次网络研讨会采用炉边谈话形式，由蓝池资本合伙人Danny Lee主持，乔木创投创始人兼董事合伙人顾怡梅参与。

讨论主要集中于受新冠疫情刺激而惊人加速的数字化进程，以及金融科技如何通过改变人类互动交流的方式来重塑这个世界。顾怡梅特别提到了包括区块链、人工智能和大数据在内的科技在金融行业的应用，以及包括移动支付、央行数字货币和以消费者为中心的还款在内的最新电子支付技术。同时还强调了投资者、投资组合公司和客户之间战略伙伴关系的重要性。这些类型的伙伴关系实际上为扩大规模奠定了基础。

香港创业及私募投资协会向所有与会者致以最诚挚的谢意。特别鸣谢Danny Lee和顾怡梅对本活动的大力支持。

网络研讨会：为私募股权在金融机构集团业务中的投资导航

2021年6月16日

香港创业及私募投资协会技术委员会副主席、国际律师事务所高伟绅的合伙人Mark Shipman于2021年6月16日主持了一场由香港创业及私募投资协会主办的网络研讨会，讨论为私募股权在金融机构集团业务中的投资导航相关议题，吸引逾90名与会者参与。

高伟绅律师事务所合伙人 Bryan Koo以及两位资深律师Vivian Kwong和Ryan Wong亦加入本场网络研讨会，审视收购金融机构集团时会遇到的关键企业并购问题，并探讨金融机构集团业务的不同类别以及亚洲投资趋势等。演讲嘉宾还提醒与会者注意收购金融机构集团时的法律尽职调查问题、常见先决条件以及监管考虑等。会上强调了在完成交易前需获得批准并且通知当地监管机构的重要性。演讲嘉宾还指出，在转移客户账户时需征得客户同意。

香港创业及私募投资协会衷心感谢高伟绅律师事务所的慷慨赞助，感谢所有演讲嘉宾和与会者的参与，特别鸣谢主持人Mark Shipman。

网络研讨会: 私募股权纠纷：典型问题和处理纠纷的策略

2021年6月8日

香港创业及私募投资协会于2021年6月8日举办了系列网络研讨会中的又一场活动，吸引近 90 人报名参与。本次活动讨论主题围绕私募股权中出现的纠纷以及处理纠纷时可采取的种种最佳策略。

德普律师事务所合伙人Mark Johnson主持了本次活动，来自同公司的合伙人Gavin Anderson、国际顾问Ralph Sellar、以及两位律师Cameron Sum和Tiffany Chan也加入了讨论。

本次活动的讨论涵盖了在基金和投资组合层面对私募股权纠纷趋势的考察，并举出了一个涉及近期纠纷的实际案例以及代表客户所采用的应对策略。演讲嘉宾们还讨论了仲裁与诉讼之间的区别以及就争议向法庭起诉所需的费用，并为受香港监管的私募股权经理人会遇到的潜在问题以及投资组合层面的争议提供建议。还应注意的是，投资的结构形式可能会对诉讼的复杂性产生影响，各方应在采取法律行动前准备一份清单。

香港创业及私募投资协会向所有与会者、慷慨赞助本次活动的德普律师事务所、以及每一位参与的演讲嘉宾致以最诚挚的谢意。

网络研讨会: 后疫情时代的思考：海外家族办公室与亚洲投资

2021年6月3日

香港创业及私募投资协会今年举办的第二场家族办公室网络研讨会聚焦后疫情时代亚洲投资的途径。 逾120人报名参与该活动，使其一举成为本协会2021年度最受欢迎、最具人气的网络研讨会之一。

香港创业及私募投资协会会长谢国安，蓝池资本合伙人李立明，以及Caledonia Investments 执行董事Jamie Cayzer-Colvin担任小组演讲嘉宾。嘉宾们一致认为，他们对于中国私募投资感到乐观，并预计未来十年东南亚市场也将呈显着增长。然而他们对印度的态度则更更为谨慎。他们表示，印度在提供优质教育方面仍存在诸多问题。

李立明先生 和 Cayzer-Colvin 都看好数字化革命以及技术在企业和金融领域的应用能带来成本效益的显著提高。虽然医疗保健行业对投资仍有强大吸引力，但建议投资者在向于中国销售药品的制药公司配置资金时务必注意，因为这些公司会受到政府指导定价的约束。

会议还讨论了家族办公室在保全财富和维持生活方式等方面的总体作用。然而，除了财务回报外，演讲嘉宾还鼓励家族办公室撰写 “目的陈述”。员工应享有工作与生活的平衡，这必须是一种自上而下的企业文化。同样，大家公认家族办公室需要更注重性别平衡。鼓励更多女性参与家族企业和财富的管理很重要。

香港创业及私募投资协会向所有与会者以及每一位演讲者致以最诚挚的谢意。特别鸣谢李立明先生同意出任本协会家族办公室委员会新一任主席。

网络研讨会：中国证监会对A股上市公司的股东披露指引 (普通话)

2021年5月27日

香港创业及私募投资协会于2021年5月27日就近期中国证监会提出的股东披露要求这一主题举办了一场网络研讨会。该研讨会属于技术网络研讨会系列的一部分，逾70人参与，广受欢迎。

香港创业及私募投资协会中国内地委员会联席主席、策年控股有限公司创始人及董事长曾光宇联合金杜律师事务所驻广州合伙人王建学以及该所驻北京合伙人马天宁共同献言。

演讲嘉宾指出，新的指引已于2021年2月25日生效，旨在解决股权委托安排、首次公开募股前的意外投资、以及异常购入价格等问题，同时还讨论了对境外股东披露的要求，并举出了最近一个涉及88位承诺出资的有限合伙人的私募股权基金案例进一步说明。发行人在首次公开募股招股书中列出了前十大有限合伙人的所有权、其业务性质、以及一份基金结构和基本交易信息的概要。演讲嘉宾还提醒，现在于申请期间，有限合伙人的声明书以及其他相关文件也需要提供。

香港创业及私募投资协会衷心感谢所有与会者以及金杜律师事务所的慷慨赞助。同时还要感谢主持了本次活动的曾光宇以及参与献言的所有演讲嘉宾。

网络研讨会: 求助！遭遇欺诈怎么办？全球欺诈和资产追踪索赔的周期

2021年5月25日

香港创业及私募投资协会于2021年5月25日举办了一场网络研讨会，探讨了与全球欺诈和资产追踪索赔相关的一系列议题。本场备受期待的活动共吸引逾90人参与。

活动由安迈企业咨询公司董事总经理Eddie Middleton主持，同公司的另外三位董事总经理Daniel Barton、张章铠和韦谦信主讲，Mourant Ozannes的合伙人刘芷君以及高级律师Jennifer White也以演讲嘉宾身份参与了活动。

讨论的议题包括对欺诈的调查以及应在哪个司法管辖区提出诉讼；查明和追踪资产动向；恢复电子足迹的重要性；以及举证责任等。Daniel Barton还和与会者们分享了他在实际调查中卷入与俄罗斯当局和相关机构打交道的案例。

香港创业及私募投资协会对所有与会者以及慷慨赞助本次活动的安迈企业咨询公司和Mourant Ozannes律师事务所表示由衷的感谢。特别感谢Eddie Middleton以及每位专业演讲嘉宾的参与。

网络研讨会：中国证监会对A股上市公司的股东披露指引

2021年5月20日

香港创业及私募投资协会于2021年5月20日就近期中国证监会提出的股东披露要求这一主题举办了一场网络研讨会。该研讨会属于技术网络研讨会系列的一部分，逾60人参与，广受欢迎。

香港创业及私募投资协会技术委员会主席、新程投资合伙人兼首席运营官卢心慧联合金杜律师事务所驻广州合伙人王建学以及该所驻北京资深律师王浩霖共同献言。

演讲嘉宾指出，新的指引已于2021年2月25日生效，旨在解决股权委托安排、首次公开募股前的意外投资、以及异常购入价格等问题，同时还讨论了对境外股东披露的要求，并举出了最近一个涉及88位承诺出资的有限合伙人的私募股权基金案例进一步说明。发行人在首次公开募股招股书中列出了前十大有限合伙人的所有权、其业务性质、以及一份基金结构和基本交易信息的概要。演讲嘉宾还提醒，现在于申请期间，有限合伙人的声明书以及其他相关文件也需要提供。

香港创业及私募投资协会衷心感谢所有与会者以及金杜律师事务所的慷慨赞助。同时还要感谢主持了本次活动的卢心慧以及参与献言的所有演讲嘉宾。

网络研讨会: 亚洲监管路线图 

2021年5月17日

香港创业及私募投资协会于2021年5月17日举行了一场网络研讨会，探讨影响亚洲私募股权和创业投资基金管理者的最新监管动态。随着香港和新加坡都引入了一系列影响行业的新法规，香港创业及私募投资协会特邀请来自安理国际律师事务所香港办事处的合伙人James Ford和Charlotte Robins，以及该所新加坡办事处的合伙人Shuhui Kwok为与会者普及最新的变化。

除了概述亚洲私募基金领域的监管外，演讲嘉宾还讨论了电子云存储方面的变化、应对网络攻击的威胁、涉及数字资产的AML/CFT程序、基金结构以及ESG等话题。

逾65人参与了本次活动。香港创业及私募投资协会向所有与会者、特别是我们的演讲嘉宾们致以诚挚的谢意。

香港创业及私募投资协会私募投资高阶课程：资金募集与投资者关系

2021年4月29日

香港创业及私募投资协会 (HKVCA) 于2021年4月29日举办了资金募集与投资者关系课程模块。该模块为协会面向中高级别私募和创业投资专业人士开设的私募投资高阶课程的一部分。本次培训模块采用线上举办的形式，邀请到磐石基金(香港)的合伙人Alex Wilmerding以及PJT Park Hill的董事总经理Kallan Resnick两位专家讲师献言。

课程讨论涵盖了多个话题，包括当前资金募集市场的问题、有限合伙人的重点问题和首要关切、资金募集过程、二级市场和共同投资选项、尽职调查的重要性、有限合伙人报告的关键组成部分、以及在行业中取得成功所需的软技能等等。

超过50名香港创业及私募投资协会会员参与了本次课程，绝大部分表示课程内容颇具价值。协会对讲师们的参与表示衷心的感谢。

网络研讨会 – SPACs (特殊目的收购公司)：概述和趋势

2021年4月28日

香港创业及私募投资协会(HKVCA)于2021年4月28日举行了针对SPAC (特殊目的收购公司) 的网络系列研讨会中的第二场。该活动由香港创业及私募投资协会会长兼香港数码港首席投资官陈觉忠主持，花旗集团股权资本市场团队董事总经理Rob Chan先生担任演讲嘉宾。

该活动首先讨论了由私募股权公司赞助的SPAC的最新成功实例，并着重关注了亚洲区的案例。演讲嘉宾还就如何成功赞助SPAC以及De-SPAC并购流程提供了一些实用建议，讨论了SPAC里程碑并将其与传统上市方式进行了比较。

超过400人报名参于该网络研讨会，并于结束后的问答环节踊跃发言，足见该活动的受欢迎程度之高。香港创业及私募投资协会衷心感谢花旗集团的慷慨赞助，以及专业演讲嘉宾和与会者的参与和支持。

Webinar: Post-pandemic issues for Asian family offices 

April 8, 2021

April 8, 2021 saw the HKVCA host the first of a planned series of webinars focused on issues faced by family offices. Organized by the HKVCA’s own Family Office Committee, the series kicked off with a panel discussion featuring representatives from three Asian family office practitioners: Hilton Tam from Bright Success Capital; Eric Ng from Happiness Capital; and KO Chia, formerly with Grace Financial. The panel was moderated by Harvey Coe from Ernst & Young. 

The discussion centered around how the pandemic has impacted investment strategy across the different asset classes as well as how it has affected the operation of particular businesses. The speakers also spoke of how they managed the challenges and mitigated the risks that emerged, and whether the pandemic resulted in any permanent changes to future operational and business practices. Finally, the speakers addressed whether there would be a need to further diversify investments across more sectors in the post-Covid era. 

With more than 90 people registering for the event, and keen participation in the closing Q&A session, the webinar proved a popular event. The HKVCA extends its thanks to Ernst & Young for their generous sponsorship and to each of the expert speakers and attendees for their participation. 

Webinar: Private capital in China and the demand for data transparency 

March 31, 2021 

The evolving investor requirements on data transparency in China was the topic of a recent HKVCA webinar held on March 31st, 2021. Five expert speakers, namely James Donnan, Regional Managing Director - Asia Pacific, Intertrust Group; Fang Ling Khor, Head of Fund Services - North Asia, Intertrust Group; Cliff Chau, Partner, HOPU Investments; PV Wang, Managing Director, Legend Capital; and Marcos Chow, Partner - IT Advisory and Head of Technology Enablement, KPMG China/Hong Kong, joined the event. More than 70 people registered to attend, with a significant number actively participating in the virtual discussion by submitting their questions and thoughtful comments. 

The speakers covered a wide range of issues, including the rise in demand for transparency, changing investor expectations and the response of CFOs. Intertrust also revealed the results of its latest survey, which showed that increased demand for reporting around cybersecurity and ESG is a major factor going forward and that CFOs preferred to allocate resources to expanding their technology framework and in-house finance team to deal with the new reporting requirements. 

The HKVCA extends its sincere thanks to the Intertrust Group for their generous sponsorship, and to all of the speakers and attendees for their participation. 

Webinar: US-Asia relations in the Biden era 

March 9, 2021

The HKVCA and Singapore Venture Capital and Private Equity Association (SVCA) co-hosted a webinar on the topic of US-Asia relations in the Biden era, the first time the associations had come together to host a webinar event. 

Discussions began with a highlight of the difficulties faced by private equity firms during four years of the Trump administration, including its increased focus on China at the expense of South East Asia, its greater use of trade tariffs, and increased scrutiny of M&A deals. After providing an overview of the current relations between US and Asia, Dane Chamorro, a partner at Control Risk, posited that while there will likely be less fireworks under Biden, friction between the US and China can be expected to continue, especially when it comes to technology, territory, and trade and investment. 

Angela Mancini, Partner and Head of Asia Pacific Markets at Control Risk, noted that there is considerable dry powder in Asia, and a notable industry trend toward an investment strategy that is more sector focused than regionally focused. She also identified a number of potential risks investors can expect in different regions of Asia in the coming year, emphasizing the importance of knowing the risks and being prepared to deal with them. 

As many as 60 industry practitioners registered for the webinar. Our thanks to all the participants, especially to our speakers from Control Risk, and to the SVCA for working with us to deliver this timely and important event. 

Webinar - Regulatory Developments and Trends under a new US Administration

March 4, 2021

March 4, 2021 saw the HKVCA hold another in its series of webinars, this time on the topical subject of US regulatory developments and trends under recently elected President Biden. More than 140 people registered for the much anticipated event.

HKVCA Vice Chairman John Levack delivered opening remarks while the event was moderated by Lorna Chen, Asia Regional Managing Partner and Head of Greater China at international law firm Shearman & Sterling. She was joined by three partners from the firm, Brian Burke, John Beahn and Philip Urofsky.

Among the several issues discussed were the trends around the US use of sanctions laws and how they, along with reciprocal Chinese sanctions, reflect the current state of trade and diplomatic tensions. How different types of sanctions are applied in order to meet different needs and goals was also addressed, as was the speakers’ views related to digital surveillance and Huawei, Tiktok and WeChat.

After providing a general update on current US regulations, the speakers then discussed recent developments related to CFIUS, SEC securities law enforcement, a likely renewed focus on insider trading, the potential strengthening of whistle blower protections as well as general considerations for private equity and venture capital investors.

The HKVCA extends its sincere thanks to all the attendees and to Shearman & Sterling for their generous sponsorship. Special thanks also to John Levack and to each of the expert speakers for their valued participation.

Webinar – A practical SPAC case study for private equity investors

February 4, 2021

The recent and increasingly popular trend of utilizing SPACs in the private equity world was the topic of an HKVCA webinar held on February 4, 2021. The Association was extremely fortunate to have as speaker Denis Tse, CEO of ACE Equity Partners International and President of ACE Convergence Acquisition LLC, who was able to share his own recent practical experience leveraging a SPAC vehicle with the audience. Over 100 people registered to attend the event, many of whom actively participated in the virtual discussion by submitting questions and thought-filled comments.

With ACE Convergence Acquisition Corp announcing on January 7, 2021 that it had signed a merger agreement with Achronix Semiconductor Corp, Tse, as the deal maker, directly addressed the advantages of using SPACs in private equity transactions. He also provided a series of practical tips around the SPAC lifecycle, from setting strategy and formation to post-merger management. However, he also urged caution and awareness of CIFUS-sensitive issues as well as timing of IPOs in the US.

Webinar: A toolkit for Asian managers looking to tap into EU monies

2 February, 2021

A toolkit for Asian managers looking to tap into EU monies was the subject of an HKVCA webinar held on February 2, 2021. Hosted by HKVCA Board member Varun Bery, he was joined by representatives from global offshore law firm Harneys - Maggie Kwok, Partner and head of Funds and Regulatory practice group in Asia, and Vanessa Molloy, Partner and Head of Funds in Luxembourg.

Chief among the discussions was the issue of why the Cayman Islands and Luxembourg remain attractive jurisdictions. In addition, the speakers examined parallel fund structures, the future of reverse solicitation, issues around the extension of the AIFMD passport to third country AIFMs and AIF, and the reasons why Cayman-Luxembourg fund structures generate significant interest.

With more than 70 people registering for the event, the HKVCA extends its sincere thanks to Harneys for their generous sponsorship, and to Varun Bery and both speakers for leading the event.  

Webinar: Climate change best practices for GPs

28 January, 2021

Climate change best practices for GPs was the topic of the HKVCA’s first webinar of the year held on January 28, 2021. The event proved to be immensely popular and more than 100 people registered to attend.

HKVCA Vice Chairman Jie Gong, a partner at Pantheon Ventures, was joined by Queenie Ho, a partner at Affinity Equity Partners; Alvin Lam, Principal at CVC Capital Partners; Ross Chiu, Director of Kerogen Capital; and Neil Macdonald, Head of Wealth and Asset Management at KPMG China.   

The speakers on the GP side shared best practices in terms of how to begin measuring climate related issues for portfolio companies and when it becomes necessary to apply methodology and benchmarking. The speakers also agreed that climate changes is a vital challenge, especially for those countries and regions hardest hit, and identified how the Task Force on Climate-related Financial Disclosures (TCFD) may help. Finally, the panelists shared their own strategies on how to meet the demands of combating climate change, encouraging participants to include the issue in their due diligence and investment memos.

The HKVCA extends its sincere thanks to all the attendees and to KPMG for their generous sponsorship. Our thanks also to Jie Gong for hosting the event and to all the expert panelists for their participation.  

Asia Private Equity Forum 2021

20 January, 2021

The Hong Kong Venture Capital and Private Equity Association’s (HKVCA) 11th Asia Private Equity Forum (APEF) was convened virtually on January 20, 2021. The annual event featured closed to 70 expert speakers and panelists representing general partners, limited partners and advisors. Its positioning as the region’s premier private equity forum was illustrated by the attendance of 1,000 delegates, more than half of whom were senior level and C-suite executives.

The goal of APEF 2021 is to bring together a multi-disciplinary group of investment professionals, government representatives and industry peers to present and exchange cutting-edge ideas in private capital investment. It aims to promote top level strategizing through keynote speeches, fireside chats, panel discussions and presentations, focusing attention on recent developments and challenges, and engaging in both future gazing as well as substantive discussions around the current practical needs of our industry.

APEF 2021’s theme centered around the pandemic and deglobalization. Without geographic limitations and barriers, speakers from all around the world were able to discuss live the latest opportunities arising within our industry as well as the lessons learned from the unprecedented challenges brought about by the global COVID-19 pandemic. The event program was also designed to ensure vigorous discussion of the current issues that face investors in China, India, Southeast Asia, Japan, Korea and Australia. Family offices, US LPs, and specialists in real estate and venture capital had discussions about their investment environment and portfolio allocations in Asia, while participants were provided with the very latest regulatory updates, in particular on the new LPF regime and climate change disclosures. This year also featured, for the very first time, discussions covering diversity, inclusion, and career advancement. APEF 2021 and the HKVCA were honored as well to have hosted a series of fireside chats with Kai-Fu Lee, Chairman & CEO of Sinovation Ventures, and Brian Gu, Vice Chairman & President of XPENG Motors, on the future of AI and autonomous driving in PE and VC investing, and likewise to have hosted Robin Xing, Managing Director of Morgan Stanley, who delivered a most noteworthy keynote presentation on dual circulation, decoupling, and delisting.

We would like to thank all attendees, including many who joined from time zones around the world. Our most sincere appreciation extends also to our generous sponsors, whose substantial contributions and support made this year’s event possible. We really look forward to seeing all of you in person once again at next year’s APEF.