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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.

Webinar: Recent regulatory developments in Hainan

22 December, 2020

December 22, 2020 saw the HKVCA hold its final event for the year 2020. Hosted by Vice Chairman John Levack, the webinar examined recent regulatory developments in Hainan and featured speakers Zhen Chen and Flora Qian, partners with Fangda Partners; Nicole Zhang, Partner-in-Charge of Hainan Business and colleague Henry Wong, Partner, Tax, at KPMG China; and Huang Cui, Chief Representative, Beijing Office at Hainan IEDB. Much of the discussion focused on recent qualification requirements and application procedures for QFLP managers, QFLP/QDLD funds and investors. The participants also discussed QFLP fund structures, which they highlighted by illustrating foreign versus domestic LP models, and touched on the different ways foreign investors can participate in PIPE deals, specifically QFLP versus QFII versus FSI. Finally, the tax specialists gave their views on Hainan’s preferential tax polices, typical QFLP/QDLP structures and other tax considerations.

The HKVCA extends its warmest thanks to John Levack who has so generously given of his time and experience as host of our extensive webinar series this year. Our thanks of course also to all of our speakers at this event, and to Fangda Partners for their sponsorship.  

Webinar - Fund financing solutions: recent market trends and insights

8 December, 2020

Fund financing solutions was the subject of a recent HKVCA webinar held on December 8, 2020. More than 120 people registered to attend with a number of them actively participating in the virtual discussion by submitting questions and comments for the speakers. 
 
Vice President of AlpInvest Partners, Joe Ma, acted as moderator. He was joined by Vjerana Burleigh, a principal at AlpInvest Partners, and Stefan Singer, an executive director and the Head of Fund Financing Solutions within Cross Asset Structuring at J.P. Morgan.
 
The speakers discussed the most recent market trends and insights around fund financing, including financing options available to funds, and as capital providers, characteristics they look for in a potential deal. They also examined the advantages of fund financing solutions and what kind of track record they look for before engaging with a new manager. Finally, the speakers shared their own experiences of deals that have “gone wrong” and offered their perspectives on why. 

Webinar: Proposed SFC regulations on climate-related risk

2 December, 2020

The HKVCA held a webinar on December 2, 2020 on the SFC’s consultation paper dealing with climate-related risk requirements for fund managers in Hong Kong. Responses to the SFC paper are due by January 15, 2021.

HKVCA Vice Chairman John Levack hosted the online discussion. He was joined by Ernst & Young partners Charlotte Hui, Wealth Asset Management Assurance and Judy Li, Climate Change and Sustainability Services Leader, as well as Su Cheen Chuah, a partner at law firm Deacons.   

In addition to discussion around the issues of management and disclosure of climate risk by fund managers, the speakers also examined possible changes to the Fund Manager Code of Conduct (FMCC), and broader ESG issues around governance, investment management, risk management and disclosure.

More than 70 people registered for the event. The HKVCA extends its sincere thanks to Ernst & Young for their generous sponsorship, and to John Levack and all the speakers for their participation.

Webinar: Update on Structuring for Asian Funds: Hong Kong, Luxembourg and Beyond?

17 November, 2020

Gavin Anderson and Christopher Dortschy, partners at global law firm Debevoise & Plimpton, were the speakers at an HKVCA webinar providing attendees with an update on structuring for Asian funds. Held on November 17, 2020, and hosted by Association Vice Chairman John Levack, more than 160 people registered for the event. Among the topics discussed were considerations around the legal framework of funds, relevant tax issues, investor perceptions and how a fund entity is formed under a limited partnership. The speakers also examined the common jurisdictions for Asian funds, including management of Luxembourg funds by Asian managers and Hong Kong’s new limited partnership fund regime.

The HKVCA extends its thanks to Gavin Anderson, Christopher Dortschy, John Levack and all of the attendees for their participation. Sincere thanks also to Debevoise & Plimpton for their generous sponsorship of the event.  

Webinar: Delivering returns for private equity

10 November, 2020

An HKVCA webinar examining the issues around how to deliver returns for private equity during challenging times was held on November 10, 2020. Association Vice Chairman John Levack, who served as host, was joined by Justine Lau, Partner at Mourant Ozannes, who moderated the discussions. The panel was comprised of an expert team from Alvarez & Marsal: Paul Christopher, Managing Partner; Olly Stratton, Managing Director of Performance Improvement; Keith Williamson, Managing Director & Head of Disputes and Investigations Asia; and Eddie Middleton, Managing Director of Restructuring & Insolvency.

Among the topics taken up by the panel were areas where practical, operational, and legal strategies could be introduced into portfolio companies with the aim of improving performance. Also a priority, they added, was how to identify and investigate financial statement manipulation and fraud; how to recognize and handle potential threats when parties are operating remotely; and how private equity firms can quickly adopt turnaround and reorganization strategies when they are needed.

With more than 70 people registering for the event, the HKVCA extends its sincere thanks to both Alvarez & Marsal and Mourant Ozannes for their sponsorship, and to John Levack, Justine Lau and the expert panelists for their participation.  

Webinar: GBA Opportunities for Private Equity

3 November, 2020

PRC Committee Co- Chairman Conrad Tsang hosted an HKVCA webinar discussing opportunities for private equity in the Greater Bay Area (GBA). Held on November 3, 2020, more than 190 people registered for the event.

Nicholas Kwan, Director of Research at the Hong Kong Trade Development Council, opened the discussions with an examination of the global position of the GBA as part of China’s development and the role Hong Kong may play in the growth of its financial sector. His presentation was followed by a keynote address from EY’s Ringo Choi, China South Managing Partner and Asia-Pacific IPO Leader, who discussed the registration-based IPO system operating in China.

The event ended with a lively panel discussion on the opportunities for venture capital and private equity investors. Conrad Tsang, acting as moderator, was joined by Tony Zhang, Co-Chief Investment Officer, Technology & Innovation at China Resources Capital; Min Lin, Partner at NewQuest Capital Partners; and Michael Chow, Managing Partner at Radiant Tech Ventures. The panelists shared their thoughts on the opportunities created by cross-border e-commerce and the potential for innovation in such areas as advanced manufacturing, supply chain, semiconductors, IC design, and IoT. The panelists also noted the opportunities the GBA might offer for Hong Kong startups looking to expand.  

The HKVCA would like to extend our sincere thanks to EY for sponsoring the event, to the speakers and panelists for their participation, to Conrad Tsang for his services as host, and to all those who attended the event.

Webinar: The next chapter in Chinese PE: how do you create competitive advantage in the new landscape?

29 October, 2020

The next chapter in Chinese PE and how to create competitive advantage in a new landscape was the topic of a recent HKVCA webinar held on October 29, 2020. Association Vice Chairman John Levack hosted the discussion, which featured Ivo Naumann, Partner, Private Equity, at McKinsey & Company in Shanghai and Wouter Baan, Associate Principal, Private Equity, at McKinsey & Company in Hong Kong.

Among the issues discussed was the expectation that PE in China would continue to grow, but that such growth would increasingly be concentrated in top funds. The speakers noted the ongoing shift by funds towards control deals and the need to find ways to differentiate and "create alpha". The speakers also noted that the industry would see increasing specialization and scale among leading PEs in China.  

The HKVCA extends its appreciation to our speakers and to McKinsey & Company for sponsoring this much anticipated event. Our thanks also to John Levack for continuing to act as host for many of our popular webinars, to the nearly 200 people who registered for the event, and to those attendees who participated in the discussion.

Webinar: Integrating ESG in the Private Equity Secondary Market

22 October, 2020

October 22, 2020 saw the HKVCA host a webinar that featured a discussion on the integration of environmental, social, and corporate governance (ESG) principles in the private equity secondary market. Eric Poon from All-Stars Investment Limited, and a member of the HKVCA’s Venture Committee, was joined by William Yea, principal at Coller Capital. Among the salient issues discussed was the use of ESG as a broad umbrella term encompassing multiple factors and how integrating ESG in secondaries works in practice at the LP level and in the investment management process. Yea pointed out that his firm promotes a more commercial and pragmatic approach to ESG, but noted that ESG, and in particular climate change, are increasingly important factors in the LP decision-making process.
 
The HKVCA would like to thank both Eric Poon and William Yea, as well Coller Capital whose sponsorship made holding the event possible. Our thanks also to all those who attended and took the time to submit their comments and questions for discussion.

Private Equity Fundamentals Virtual Training Series 

6 - 20 October, 2020

The HKVCA’s Private Equity Fundamentals Course is held each year, largely for the benefit of young professionals working in the industry as well as for those professionals who are seeking to refresh their skills set. In light of the COVID-19 pandemic, however, the HKVCA took the decision this year to deliver the course virtually. The Private Equity Fundamentals Virtual Training Series featured a special, re-structured syllabus. Made up of five modules, each session was presented by leading industry specialists and experts.

The first two sessions of the virtual series were held on October 6th and 8th and dealt with private equity basics and investment decisions. The third module, which covered tax issues, was held on October 13th, a rather challenging circumstance given that the territory was under a typhoon number 8 signal. Modules covering transaction documentation and post-investment matters were completed on October 16th and 20th respectively.

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

  • Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
  • Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
  • Wendy Zhu, Managing Director, AlpInvest Partners
  • Michael Prahl, Partner, Asia-IO Advisors
  • Hao Zhou, Partner, Bain & Co.
  • Andrew Whan, Head of Asia-Pacific Corporate Practice & Co-Head of Private Equity Practice, Clifford Chance
  • Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
  • Patrick Yip, Vice Chair, Deloitte China
  • William Lee, Director, International Tax and M&A Tax Services, Deloitte China
  • Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
  • Yvonne Dunn, Executive Director, Ernst & Young
  • K. O. Chia, Director, Grace Financial
  • John Levack, Vice Chairman, HKVCA
  • Rocky Lee, International Partner, King & Wood Mallesons
  • Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG Tax Services, KPMG
  • Sandy Fung, Partner, Alternative Investments, Tax, Hong Kong, KPMG China
  • Ivan Chan, Executive Director, Morgan Stanley
  • Marcia Ellis, Partner, Morrison & Foerster
  • Min Lin, Founding Partner, NewQuest Capital Partners
  • Kallan Resnick, Managing Director, Park Hill Group
  • Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

Webinar: Leveraging big data and AI to feed your investment pipeline

15 October, 2020

The HKVCA hosted another of its popular series of webinars on October 15, 2020. Association Vice Chairman Alain V Fontaine was the featured host, overseeing a discussion on how to leverage big data and AI to feed investment opportunities. Tanguy Lesselin, CEO of M&A and direct investment platform Finquest, shared his insights with the attendees on opportunities for digitized M&A, including during Covid-19, as well as the growing importance of private company deal origination and how that can be supported.  

The HKVCA would like to thank Alain Fontaine for taking the time from his busy schedule to act as event host. Our thanks also to Finquest for sponsoring the event and to all of those who attended and participated by submitting questions for discussion. 

Webinar - Safeguarding performance in a downturn: ‘the rise of operational value creation’

22 September, 2020

The essential necessity of creating “alpha” returns for PE portfolios was the subject of a recent HKVCA webinar held on September 22, 2020. Hosted by Association Vice Chairman John Levack, close to 80 participants registered to hear speakers Josh Lewsey, a partner and practice leader for value creation and turnaround in Hong Kong at Ernst & Young; and Claudia Polli, Director Strategy and Transformation at Ernst & Young, discuss the opportunities for optimizing performance during the global pandemic. The speakers shared their latest findings that have emerged over recent months, identifying in particular the rising impact of digital across the whole value chain. They also identified the positives relationship between customer involvement and the average P/E of portfolio companies.

The HKVCA would like to thank both speakers as well as John Levack for making the event possible. Thanks also to all of those to attended this virtual event and contributed to the valuable discussion. 

Webinar - Climate Change and TCFD for Private Equity

8 September, 2020

As part of the HKVCA’S webinar series on the latest developments in private equity and ESG, HKVCA Vice Chairman Jie Gong hosted an event looking at the issue of climate change and the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD). Held on September 8, 2020, she was joined by speakers Matthew Bell, Asia Pacific Leader, Climate Change & Sustainability Services at Ernst & Young; and Peter Dunbar, Private Equity, Senior Specialist at PRI who offered an overview of climate-related financial disclosure and advice on how the private equity industry can address the issue in a substantive way. They also discussed the importance of dealing with risk around climate change and identified companies at the forefront of developments in Asia

More than 60 participants registered for the event and the HKVCA would like to extend its thanks to Jie Gong, our expert speakers and all those who attended and contributed to the lively debate.

HKVCA 33rd Annual General Meeting

4 September, 2020

The HKVCA’s 33rd Annual General Meeting was held via video conference on September 4, 2020. H. Chin Chou, who was re-elected 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.

Webinar - An overview of the latest global ESG trends

1 September, 2020

With LPs increasingly demanding comprehensive ESG report from GPs, the HKVCA was pleased to invite Therese Lennehag, Head of Sustainability at EQT, and Daniel Del Re and Helena Norrman, partners at Kekst CNC, to provide an overview on ESG criteria, standards and reporting across a variety of frameworks. The speakers addressed a number of questions often raised by LPs and discussed the impact that Covid-19 is having on ESG priorities. The speakers also identified a number of recent practical challenges to ESG implementation.

More than 80 participants registered for the event, which was hosted by HKVCA Vice Chairman John Levack. The Association would like to thank KekstT CNC, both for their participation as well as for their generous sponsorship. 

HKVCA 19th China Private Equity Summit 2020

28 August, 2020

The 19th China Private Equity Summit (CPES), organized by the Hong Kong Venture Capital and Private Equity Association (HKVCA), was held on August 28, 2020. The event had been rescheduled from May to August, and when faced with yet another wave of the COVID-19 pandemic in July, the decision was made, like with the HKVCA’s Asian Venture Capital Forum before it, to of necessity stage CPES 2020 virtually. The result was an event that brought together close to 700 venture capital and private equity practitioners, leading corporates, and other industry professionals and participants from across the globe. Much of the discussion focused around the impact of COVID-19 and the continuing trade tension between China and the US on the private capital market in Greater China and the best strategies for dealing with turbulent times. There was also discussion of China’s domestic capital market and the state of various industry sectors, including healthcare, fintech, education and real estate.

Distinguished guests at the one-day event included the Hon. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR Government; Robin Xing, Managing Director & Chief China Economist at Morgan Stanley; Kenneth Gaw, President & Managing Principal at Gaw Capital Partners; and Tony Zhang, Co-Chief Investment Officer, Technology & Innovation at China Resources Capital.

In addition to the many thoughtful presentations by the speakers and dynamic panel discussions, a very special session on the topic of women in the industry was for the first time added to this year’s full-day program. The panel featured five leading women in private equity and venture capital who shared their own experiences with the audience, including their views on how the pandemic has impacted the industry generally and women professionals in particular. The HKVCA is very grateful to CVC Capital Partners for sponsoring this important and popular panel.

We would also like to thank our extremely knowledgeable audience of attendees who joined us from locations around the world. Thank you also to our PRC Committee, chaired by Conrad Tsang and Rebecca Xu, and to the many supporting organizations. Finally, the HKVCA would like to express our sincere thanks to our valuable sponsors, whose contributions and support made the event not only possible, but also an unprecedented success.

Webinar - China’s QFLP Program: Revived and Growing

August 20, 2020

An update on China’s QFLP program was the topic of a recent HKVCA webinar held on August 20, 2020.  Richard Guo, a partner at Fangda Partners and founding member of the Association’s Technical Committee, and Flora Qian, also a partner of Fangda Partners, outlined the development and historical background to the QFLP regime as well as the requirements and qualifications for private equity fund managers. They also discussed the most recent changes to the regime and offered their own recommendations regarding application and other procedures under the upgraded program.

More than 120 participants registered for the event, which also featured HKVCA Vice Chairman John Levack in his ongoing role as host of the Association’s online series. The HKVCA would like to thank Fangda Partners for both their participation and sponsorship.  

Webinar - Hong Kong tax update: DIPN 61 and the LPFO

August 6, 2020

The HKVCA hosted another successful webinar on August 6, 2020 that saw Association Vice Chairman John Levack continue in his role as host of our online series. He was joined by speakers Darren Bowdern, a partner in KPMG’s Hong Kong Tax practice and Head of Alternative Investments, and Florence Yip, Asia Pacific Tax Leader of Financial Services, and Asset & Wealth Management at PwC Hong Kong, who addressed the latest tax developments in Hong Kong, especially in terms of DIPN 61 and the newly enacted Limited Partnership Fund Ordinance.

More than 70 participants registered for the event that saw the speakers update attendees on such issues as what constitutes a “fund” and the number of investors, the taxation of investment managers, the Hong Kong Certificate of Tax Resident Status and the IRD’s view on investment holding structures.  

The HKVCA would like to thank our Vice Chairman, the speakers, and all of the attendees, especially those who contributed to the discussion by submitting their comments and questions.

Deal opportunities in a post-COVID world

30 July, 2020

July 30, 2020 saw the HKVCA host another of its increasingly popular webinar events. Association Vice Chairman John Levack, who hosted the session, was joined by David Brown, leader of PwC’s M&A deals business in Asia Pacific and Deals Strategy and Ops leader for China and Hong Kong; and James Dilley, a partner in PwC's Deals group in Hong Kong, as they discussed the topic of deal opportunities post-COVID. With more than 80 participants registered for the webinar, the speakers updated attendees on PwC’s M&A half-year review of China, as well as their strategies around investing in debt and distressed opportunities. The HKVCA would like to thank the speakers, John Levack, and all those who attended the event and contributed to the discussion via their online questions.

Webinar: Hong Kong’s new limited partnership fund regime

21 July, 2020

The latest information on Hong Kong’s new limited partnership fund regime was the focus of a popular HKVCA webinar held on July 21, 2020. With Association Vice Chairman John Levack acting as host and moderator, as many as 200 people were registered for the event. Lorna Chen, Asia Regional Managing Partner, Head of Greater China and a member of the Executive Group at international law firm Shearman & Sterling joined Anson Law, Senior Manager at the Hong Kong Monetary Authority, to discuss the background and key features of the recently gazzetted Limited Partnership Fund Ordinance (LPFO). Among the details covered by the speakers was a discussion of the legal framework set up by the Ordinance as well as a comparison with limited partnership fund regimes existing in other jurisdictions.

The HKVCA would like to thank Lorna Chen, Anson Law and John Levack for their valued contributions to a topic and area of practice that is of extreme relevance and importance to our members. The HKVCA also thanks all those who attended the event and contributed to the dialogue by submitting their questions and comments during the event.

Webinar: Cayman Private Fund Law Update

16 July, 2020

An HKVCA webinar covering the latest information on the Cayman Islands government’s recent amendment to its Private Funds Law was held on July 16, 2020. Hosted by HKVCA Vice Chairman John Levack, more than 50 participants registered for the virtual event. Anthony Webster, a partner of law firm Maples and Calders and head of its funds and investment management team for North Asia, was joined by Andrew Wood, an associate at the firm, as they discussed the recent expansion of the law’s scope to include coverage of AIVs, co-investment vehicles, master funds and aggregators. The speakers noted that practitioners will have to complete the fund registration process by the end of the first week of August 2020. They indicated, however, that a number of gray areas remain as well as issues around non-fund arrangements. 

The HKVCA would like to thank both Anthony Webster and Andrew Wood, as well as John Levack, for updating the attendees on these latest developments in an area that is of great importance to our members. The HKVCA also thanks those who attended the event and contributed to the discussion via submission of online questions.

Asia Venture Capital Forum 2020

6 July, 2020

The HKVCA’s Asia Venture Capital Forum 2020 was held on Monday, July 6, 2020. Due to the ongoing COVID-19 pandemic, this year’s event was held via a virtual platform – the first time in fact that the HKVCA has hosted a fully virtual conference event. We were extremely pleased to receive more than 500 registrations by PE and VC practitioners from locations around the world.

The event featured a jam-packed, three-hour program that included four fireside chats and three panel discussions. Chief among the many and varied topics was the impact of COVID-19, both in the long and short-term, with many of the speakers noting the rapid way the industry has adapted its work processes to the changing physical realities and embraced digitization. Speakers also shared their thoughts on those investment sectors they expected to do well and those that will continue to struggle. Among the sectors that continued to be well-funded, for example, were healthcare and digital payment and remit platforms. Nonetheless, there appeared to be a degree of consensus among the speakers that startups, particularly those at early stage, would continue to face fundraising challenges, with most funds going to already successful ventures closer to exits. This did not mean, however, that bargains could not be found, with some speakers noting this was a good time to invest given current low valuations. Finally, there was discussion on what all acknowledged was a still turbulent US-China trade relationship.

We would like to extend our sincere gratitude to Cyberport and the Hong Kong Science and Technology Park for co-hosting the event. We would also like to thank our sponsors, specifically Citi and KPMG, our Platinum Sponsors, and Ogier and Wood Mallesons. The loyalty of our great sponsors is what made this event possible. Of course, our thanks to all the speakers and attendees for their enthusiastic participation, especially to those who voted in our polls and asked our speakers such though provoking questions. It was the enthusiasm of our participants that made this, our first virtual event, so successful.

Webinar: PE and VC valuation practice for 1Q2020

18 June, 2020

Private equity and venture capital valuation practice for the first quarter of 2020 was the topic of an HKVCA webinar for LPs held on June 1, 2020. Hosted by Jie Gong, HKVCA Vice-Chairman and Partner at Pantheon, more than 100 participants registered for the online event, which featured an in-depth discussion with Janet Cheung, Partner and Head of Valuation and Financial Modelling for KPMG China.

Among the important observations noted by Cheung was the fact that many managers did not update valuations for Q1 for unlisted investments, adopting instead 2019 year-end valuations. The rationale, she said, was that while the market generally reacted negatively to the pandemic, many saw the impact as temporary. While LPs have reached out to GPS for updates on key investments, this was more for a qualitative description on the company's current situation - its financial performance, liquidity position, as well as a take on the outlook for the company, especially for those looking at IPOs scheduled to happen sooner rather than later.

After a review of the fundamental principles and methods around valuation calculations, Cheung went on to note the uncertainty around Q2 where GPs will have to refresh valuations due to interim audit and review requirements. Expectations for Q2, she said, depended on the sector and industry, as different markets are recovering at different rates. However, as a general matter, except for those sectors that have done well out of the pandemic, the outlook for unlisted investments are unlikely to be more optimistic than Q1 given the pandemic is ongoing and economies are not really showing signs of recovery. Liquidity too continues to be a concern.

The HKVCA would like to thank Janet Cheung and Jie Gong for what proved to be a popular event. The HKVCA also thanks the participants, many of whom submitted their own questions for discussion throughout the presentation.

Webinar:  Tax issues on cross-border investment in PE funds in a post-pandemic world
网络研讨会:后疫情时期,跨境私募股权投资的税务问题

16 June, 2020

The HKVCA held a Mandarin language webinar on June 16, 2020, which featured speaker Danielle Zhang, Lead Consultant, China at RGP. Among the diverse issues discussed were the planning needs for different stages of investment in RMB funds, the difficulties around the design of VIE structures for domestic investment in RMB funds, issues around exit for foreign investors, and the impact of the economic substance laws that have come into force in both the Cayman Islands and the British Virgin Islands.

The HKVCA would like to extend our sincere thanks to RGP for their sponsorship, to our own PRC Committee, and to Co-Chairman Conrad Tsang, who served as moderator of the event.

香港创业及私募投资协会于2020年6月16日以普通话举办了一场网络研讨会。本活动邀请到荟才环球(RGP)中国区首席顾问张倚銮主讲,讨论的议题包括人民币私募股权投资基金“募投管退”各阶段的涉税问题,人民币基金国内投资项目搭建投资架构的涉税难点,涉及境外投资者退出的税务难点,以及已于开曼群岛和英属维尔京群岛生效的经济实质法的影响等。

香港创业及私募投资协会诚挚感谢荟才环球(RGP)对本活动的慷慨赞助,感谢本协会旗下中国内地委员会,以及在本次活动中担任会议主持的中国内地委员会联合主席曾光宇。

Webinar: An overview of the PE market in APAC

11 June, 2020

An overview of the PE market in APAC was the topic of an HKVCA webinar held on June 11, 2020. Focusing largely on Greater China, Vinit Bhatia and Hao Zhou, both partners at Bain & Company, drew a picture of the market in 2019 and provided the outlook for the year ahead.  Moderated by HKVCA Vice Chairman John Levack, more than 150 people registered for what was one of the Association’s most popular virtual events to date.  

After outlining the data on 2019, which showed a dramatic slowing in terms of deal value, deal activity and exits, Vinit Bhatia went on to observe that, despite the current turbulence, he did not see a shift in the overall traditional approach to investing in the coming one to two years. He also added that, as with any crisis or downturn, opportunities emerge within certain verticals, and after COVID-19, different sectors would evolve differently, impacting both deal opportunities and portfolio management. Hao Zhou then discussed the need for CEOs to take immediate action to safeguard their companies and ensure both their survival and mid and long-term success. He offered a checklist of actions to be taken, noting the two most important measures for companies to undertake were cost transformation and enhancement of their digital capabilities to improve efficiency. An active Q&A session followed as the speakers and participants continued their deep dive into what was clearly a topic of great interest.

The HKVCA would like to extend its appreciation to our expert speakers, to those who participated, and to John Levack for his continued support of our webinar series.   

Webinar: The perspectives of GPs and LPs globally

9 June, 2020

Mounir Guen, CEO of MVision, featured as the guest speaker at a recent HKVCA webinar, providing an update on the state of private equity at the global level from the perspective of GPs and LPs. Held on June 9, 2020, the webinar saw more than 140 members and non-members register to participate.

Following an introduction by HKVCA Vice Chairman John Levack, Guen described the environment pre-COVID-19, noting that investors entering 2020 had expected a significant market correction. Portfolios were more structured; middle market funds and lower mid-market funds were seeing money either going direct or into larger funds; and GPs were seeking dry powder. The impact of the pandemic, Guen said, has varied according to country, with Asian portfolios likely less impacted than in the US and Europe because lockdowns have been less severe. With the outlook for venture capital still bullish though, he stressed the importance of GPs’ communication with their companies and discussing how their businesses are doing. He also talked about the possibility that the investor decision working process would change because of social distancing rules pre-vaccine. The event ended with an enthusiastic Q & A session involving event participants.  

The HKVCA would like to thank both Mounir Guen and John Levack for making this webinar such a success, with the Association receiving a great deal of positive feedback from many participants.

Webinar: Managing an early stage portfolio through Covid 19

27 May, 2020

The HKVCA held a webinar on May 27, 2020 featuring a number of speakers addressing a range of timely topics around how to manage an early stage portfolio through Covid-19. Melissa Guzy, Managing Partner at Arbor Ventures; Jarlon Tsang, Head of China, Managing Partner at Eight Roads Ventures; Yinglan Tan, CEO and Founding Managing Partner at Insignia Ventures Partners; and Judith Li, Partner at Lilly Asia Ventures, spoke at the event, while HKVCA Vice Chairman John Levack served as moderator.

The speakers described the particular environments they faced and what they expected to see in the coming months. Yinglan Tan noted the impact the pandemic has had on Southeast Asia, while Judith Li discussed recent vaccine developments in the healthcare sector. Jarlon Tsang highlighted the challenges facing the TMT sector in China and Melissa Guzy outlined the importance of guiding portfolio companies through the crisis with positive cash flow. All agreed that businesses will need to develop longer term strategies, in part due to the ongoing trade war but also because of the likelihood of a second wave of Covid-19 infections.

The HKVCA was extremely pleased to be able to host such a large number of participants representing the different industry sectors. The HKVCA extends its sincere thanks to all those who participated.   

Webinar: The Cayman Islands Private Funds Law 2020 – a new regulatory regime for closed-end private funds

26 May, 2020

May 26, 2020 saw the HKVCA hold a webinar featuring speaker Nicholas Plowman, Managing Partner at Ogier, who discussed the Cayman Islands’ Private Funds Law, 2020, its new regulatory regime for closed-end private funds.

After providing an introduction to the new regulatory framework, Plowman went on to examine the vehicles that fall within the regime and the practical implications for fund sponsors. He also touched upon the definition of “private funds” and the key concepts around offering and issuing investment interests and the spreading of investment risk.  

Plowman made note of the transition period and the requirement for existing entities to submit registration applications by August 7, 2020, and the requirement for new funds to submit an application to CIMA with 21 days of accepting capital commitments. Lastly, he provided an overall summary of the operating conditions under the Private Funds Law, 2020, including valuation, custody and title verification, cash monitoring, annual audits, securities identification and use of the four eyes principle.

More than 170 practitioners registered for the virtual event, and the HKVCA was pleased to note the high level of participation exhibited by the attendees. The HKVCA extends its sincere appreciation to Nicholas Plowman, our Vice Chairman John Levack, and all the participants who were involved in the event. We also extend our special thanks to Ogier for their valued sponsorship.

Webinar: Fund-Level Liquidity Options, including Preferred Equity and Fund Financing Market Update

18 May, 2020

May 18, 2020 saw the HKVCA hold another of its increasingly popular webinars. Gavin Anderson and Thomas Smith, partners at global law firm Debevoise & Plimpton, delivered a virtual talk on the subject of fund level liquidity options and the status of the fund financing market.  

Central to the discussion was the current market disruption and how it was creating a need for liquidity and capital at the fund level. After noting the pros and cons related to the various options aimed at increasing liquidity, the speakers went on to examine structured equity and offered sample structures pre-and post-transaction and the key legal and commercial considerations they raised. The speakers also touched on fund restructuring and NAV facilities for a typical structure.

Participants made it clear that they found the webinar an extremely useful event, especially in the light of current market conditions. More than 150 practitioners registered for the event, and there was lively interaction between the speakers and participants throughout. The HKVCA extends its sincere appreciation to both Gavin Anderson and Thomas Smith, as well as to our own Vice-Chairman, John Levack. Finally, we thank all the participants who were involved in the event, with a special thanks to Debevoise & Plimpton for their sponsorship.

Webinar: Understanding the SFC Circular on External Electronic Data Storage Providers

7 May, 2020

The HKVCA held a webinar on May 7, 2020 as part of its popular ongoing series of virtual events. Mark Shipman, a partner at law firm Clifford Chance and a member of the Securities and Futures Commission’s (SFC) Advisory Committee, delivered a talk on the SFC’s recent circular providing guidance to licensed corporations (LC) on the use of external electronic data storage providers (EDSP).

After noting that LCs must be in full compliance with existing regulatory requirements when using EDSPs for keeping required regulatory records under section 130 of the Securities and Futures Ordinance (SFO), Shipman went on to discuss what an EDS is and the use of SaaS platforms for record keeping. He also discussed the due diligence requirements, the necessity of an audit trail, issues around governance, and the definition of approved premises under section 130 of the SFO.

Feedback received from participants indicates that the they found the webinar extremely helpful and a great knowledge resource. The HKVCA offers its sincere thanks to Mark Shipman for his excellent presentation, to our own John Levack, Vice Chairmen of the HKVCA, and to the more than 70 people who signed up and were involved in the event.

Webinar: Hong Kong New Limited Partnership Fund Regime

5 May, 2020

The HKVCA held another of its increasingly popular webinars on May 5, 2020. Jacqueline Bennett and Vanessa Chan, both partners at Ernst & Young Tax Services Limited in Hong Kong, joined Anson Law from the Hong Kong Monetary Authority (HKMA) and Effie Vasilopoulos, a partner at Sidley Austin LLP in Hong Kong, on an expert panel to discuss the new limited partnership fund (LPF) regime. More than 200 people participated in the event.

The HKMA’s Law began with a series of slides illustrating the position of Hong Kong as one of Asia’s premier private equity hubs, the largest in terms of total capital under management after only Mainland China. He also provided figures showing that Hong Kong was either the origin or the intermediary of more than 60% of China’s inward foreign direct investment and outward direct investment, and is continuing to grow in terms of both conventional and alternative asset management.

A discussion was then had on the legal aspects of private fund structuring in the territory, including the need for the new onshore private fund regime, a comparison of the differences between Hong Kong, the Cayman Islands and Singapore, and the key advantages of the new LPF regime for fund managers. From a tax perspective, there was discussion of how LPFs should be taxed in Hong Kong, the unified funds tax exemption legislation, as well as the licensing requirements for private fund managers. The presentation was then followed by a robust discussion of the opportunities arising from the new LPF regime.

The HKVCA was pleased to receive an enormous amount of positive feedback on the virtual event, with many participants noting the practical knowledge they gained from the discussions and the high degree of interaction that existed between the speakers and participants. The Association would like to thank all those who participated, with a special thanks also to John Levack, the HKVCA’S Vice -Chairmen, who opened the session and delivered a final wrap up of the event.  

HKVCA Webinar: Managing cash and working capital at the portfolio company level

16 April, 2020

In response to the recent social distancing measures required because of the Covid 19 pandemic, the HKVCA hosted its first webinar on April 16, 2020. Christopher Ball, Director of Advisory at KPMG, delivered a presentation to participants that included a series of slides showing the far-reaching impact Covid-19 has had on businesses and the crisis it has created in terms of working capital and cash management. He also discussed the operational cycles involved in working capital, forecasting to fulfill inventory, and used charts illustrating the long-term assessment of capacity to operate within debt limits.

More than 100 practitioners registered for the webinar, and there was robust interaction between speaker and participants. The HKVCA was pleased to receive a great deal of positive feedback, with participants confirming they found the information extremely timely and of real practical value. The Association would like to thank Christopher Ball and all the participants, and a special thanks is extended to KPMG for sponsoring the event.

HKVCA Asia Private Equity Forum 2020

15 January, 2020

The Hong Kong Venture Capital and Private Equity Association’s (HKVCA) 10th Asia Private Equity Forum (APEF) was convened on January 15, 2020 at the Hong Kong Convention and Exhibition Centre. The annual event featured as many as 80 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 750 delegates, more than half of whom were senior level and C-suite executives.     
  
As in previous years, APEF 2020 brought together a diverse and well-practiced group of private equity and venture capital professionals who invest across all stages and geographies in Asia, including private equity real estate and private credit. The event program was designed to ensure vigorous discussion of the many opportunities and current issues that face investors in Hong Kong, China, India, Southeast Asia, Japan and Korea. This year also saw the introduction of two new topics to the focused sessions - LPA negotiation and 2020 hindsight – with the former session covering such issues as fund formation and structuring, and the latter prompting expert predictions for 2020 and beyond.

Distinguished guests at this annual flagship HKVCA event included the Financial Secretary of the Hong Kong SAR, Paul Mo-Po Chan, GBM, GBS, MH, JP; David Liu, Chairman of DCP Capital; Chang Sun, Managing Partner of TPG China; Jim Hildebrandt, Managing Director of Bain Capital; and Georg Wunderlin, Global Head of Private Assets of Schroders.
     
Feedback received by the HKVCA during and after the event confirmed that year after year, APEF continues to be regarded by industry practitioners as an indispensable platform for them to meet and discuss issues with their peers as well as government representatives and professional colleagues from other industry associations across the globe. We would like to thank all attendees, many of whom traveled from countries within the region and beyond, for joining us. Our most sincere appreciation extends also to our valuable media partners and supporting organizations and, finally, to our generous sponsors, whose substantial contributions and support made this year’s event possible.

Paul Chan's speech: https://www.info.gov.hk/gia/general/202001/15/P2020011500486.htm
Media coverage: https://www.hkvca.com.hk/upload/APEF2020/APEF20-Media-Coverage.pdf  
Photographs: https://www.hkvca.com.hk/en/APEF2020PA.aspx
Video highlights: https://www.youtube.com/watch?v=jmDyEzxTMY4

HKVCA Gala Dinner 2020

14 January, 2020

The evening of Tuesday, January 14th was a special night for guests at the HKVCA’s annual 2020 Gala Dinner. The event was a sell out with more than 200 attendees gathering to enjoy a wonderful evening of splendid food and entertainment. Chin Chou, Chairman of the HKVCA, delivered a rousing speech that described some of the major activities that made up the HKVCA’s work in 2019. The dinner also featured an award ceremony where the two winners of the HKVCA’s ESG Award of Excellence 2020 received certificates in recognition of their achievements.

The evening’s entertainment was among the major highlights of the night, featuring a wonderful and spirited performance by two young Hong Kong pianists. And, with the Chinese New Year starting on January 25th, it seemed fitting that each dining table was decorated with colorful figures representing the upcoming year of the rat. The HKVCA was also pleased to be able to make a significant donation to a worthwhile charity, the Hong Kong Evangelical Dancing Troop Limited, which offers scholarship programs to talented youngsters in Hong Kong to support their development in the arts and music.

We would like to extend our very special thanks to our cocktail sponsors, King & Wood Mallesons and MVision, and to all of our guests, whose support helped make our annual dinner a truly unforgettable evening.

Please click here to view the photo album.