Webinar and luncheon talk: Complex fund restructuring and secondary transactions  

December 14, 2021

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   

December 9, 2021 

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 

December 7, 2021 

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 

December 2, 2021 

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  

November 30, 2021 

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.  

Webinar: Impact of recent legal and regulatory changes in China on the PE and VC industry  

November 23, 2021  

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. 

Webinar: Blockchain and tokenization in the PE and VC industry 

November 11, 2021 

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 

August - November, 2021

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 Members Breakfast Meeting  

October 28, 2021

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: The Urgency of Cybersecurity - Key Defences and Best Practices 

October 19, 2021

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: How Limited is Your Liability? 

September 28, 2021

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 

September 1, 2021

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. 

China Private Equity Summit 2021

August 17, 2021

The HKVCA’s flagship China Private Equity Summit was held for the 20th consecutive year on August 17, 2021. With COVID-19 still an ongoing issue worldwide, this year’s event, like last year, was held in a virtual format. This had the benefit of allowing for significantly greater participation from professionals across the region and around the world, with more than 700 venture capital and private equity practitioners, leading corporates, and other industry professionals and participants joining the event.

The opening panel discussion, which was on China’s private equity (PE) landscape, began by noting that many economies around the world have begun to recover since the outbreak of the pandemic in early 2020, with perhaps China’s economy being the most notable. Governments around the world injected massive liquidity into their economies, which resulted in strong performances in capital markets. At the same time, there has been increasing regulation of the financial industry. The panel discussed the implications for Chinese PE, including the views of investors, the various and likely strategies, and the position of the different sectors. Among other highlights of the event was the discussion held by the education panel, which was especially timely in the light of new regulations implemented two weeks prior to the Summit that are expected to have significant impact on the sector. The audience in particular was extremely eager to hear the expert speakers’ views on the immediate implications for the industry and how it would react to the abrupt changes.

Among the distinguished guests were the Hon. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR Government; Nicolas Aguzin, the new CEO of the HKEX; and Shuang Chen, Founding & Managing Partner of APlus Partners Management. We were also pleased to have invited Ying Chen, Chairman & Co-CEO of Nice Tuan, and Jianxiong Xiao, Founder & CEO of AutoX, who were special guests at two separate fireside chats.

We would like to thank our extremely knowledgeable participants and audience of attendees who joined us from locations around the world. Thank you also to our PRC Committee, co-chaired by Conrad Tsang and Rebecca Xu, and to the other committee members. Finally, the HKVCA would like to express our sincere thanks to our valuable sponsors, whose contributions and continued support made the event an unprecedented success.

Webinar and Luncheon Talk: Investor insights and the Global Private Equity Barometer 

July 21, 2021

William Yea, a principal at Coller Capital, hosted an HKVCA luncheon talk on July 21, 2021, where he discussed the recently released results of the global private equity survey conducted by his firm. The event was the first time the HKVCA had hosted a luncheon talk in hybrid format, with 20 guests attending in person and an additional 30 attendees participating online. 

Coller Capital’s Global Private Equity Barometer is a snapshot of worldwide trends in private equity, offering an overview of the plans and opinions of institutional investors. Referring to the results, Yea noted that climate change and healthcare had clearly emerged as mega-trends that will influence LP decision-making over the next 5 years. LPs also indicated an intention to increase allocation to alternative assets, though this sentiment was not shared by hedge funds. And on more of a personal note, 64% of LPs indicated they were happier with their work-life balance since the onset of the COVID-19 pandemic. 

The HKVCA thanks Coller Capital for its sponsorship. Thanks also to William Yea, the speakers and to all who attended the event, both online and in person.   

Asia Venture Capital Forum (AVCF) 2021

July 6, 2021

The HKVCA’s Asia Venture Capital Forum (AVCF) was held on Tuesday, July 6, 2021. This was the second year in a row the event was held in a largely virtual format and we were very excited to have had more than 500 people, including both PE and VC practitioners, register from locations around the world.

The half-day event featured a four-hour long program that included four fireside chats, five panel discussions and a special presentation on advanced medtech adoption by Hong Kong’s Hospital Authority. Discussions covered venture investment topics such as foodtech, regtech, SPACs and telemedicine. Limited partners and single family offices shared their views on recent opportunities and challenges. Asian unicorns and corporate ventures discussed success metrics and experiences, among other issues, and there was a focus on the most recent regulatory updates, especially around ESG.

We are very grateful 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; Arbor Ventures and Globalization Partners, our Venture Sponsors; and Clifford Chance, our Fireside Chat Sponsor. The continued loyalty of our sponsors is what has made this Forum possible. Of course, our thanks to all the speakers and attendees for their participation. We are also grateful for the patience and understanding of the participants for any technical glitches they may have experienced, and thank everyone for joining us this year for what proved be a successful event. 

Webinar: The digitalization revolution and what this means for the industry

June 30, 2021 

The digitalization revolution and the latest trends in fintech was the topic of an HKVCA webinar held on June 30, 2021. Close to 90 people registered for the event, which featured a fireside chat hosted by Danny Lee, a partner at Blue Pool Capital, joined by Melissa Guzy, Founder and Managing Partner at Arbor Venture. 

Much of the discussion focused on the incredible pace of digitalization spurred by the COVID-19 pandemic and how fintech is working to reshape the world in terms of how humans interact. Guzy noted in particular the application of technology to the financial industry, including blockchain, AI and big data, and the latest e-payment technologies, including mobile payments, central bank digital currencies and consumer-centric repayments. Also highlighted was the importance of strategic partnerships between investors, portfolio companies and clients, with these types of partnerships actually laying the groundwork for increases in scale.

The HKVCA extends its sincere thanks to all of the attendees, and especially to Danny Lee and Melissa Guzy, for supporting the event. 

Webinar: Navigating PE investments in FIG businesses 

June 16, 2021 

Mark Shipman, Vice Chair of the HKVCA’s Technical Committee and a partner at international law firm Clifford Chance, hosted an HKVCA webinar that discussed the issues around navigating private equity investments in FIG businesses. Held on June 16, 2021, more than 90 people registered for the event. 

Joined by fellow Clifford Chance Partner Bryan Koo and senior associates Vivian Kwong and Ryan Wong, the webinar examined key corporate M&A issues when acquiring FIGs and discussed the different categories of FIG businesses and investment trends in Asia. The speakers also cautioned the attendees to be mindful of legal due diligence issues, common condition precedents, and regulatory considerations for FIG acquisitions. There was an emphasis on the importance of gaining approval and notifying local regulators ahead of closing a deal. The speakers also noted the need to get clients’ consent when transferring customer accounts.  

The HKVCA thanks Clifford Chance for sponsoring the event, and extends its gratitude to the speakers and participants, especially to Mark Shipman for his services as host. 

Webinar – Private equity disputes: Typical issues and tactics for handling disputes 

June 8, 2021

The HKVCA held another in its ongoing series of webinars on June 8, 2021. With close to 90 people registered for the event, the topic under discussion centered around disputes that arise in private equity and the various tactics that can be pursued in order to best handle them.  

Mark Johnson, a partner at Debevoise & Plimpton LLP, led the discussion and was joined by other members of the firm - partner Gavin Anderson; Ralph Sellar, International Counsel; and two associates, Cameron Sim and Tiffany Chan. 

The discussion included an examination of the trends around PE disputes at the fund and portfolio level, including an actual case involving a recent dispute and the tactics adopted on behalf of the client. The speakers also addressed the difference between arbitration and litigation and the costs of bringing disputes to court, and offered advice on potential issues for Hong Kong-regulated PE managers and portfolio-level disputes. Also noted was the fact that how an investment was structured will likely have an impact on the complexity of litigation and that parties should prepare a checklist prior to commencing legal action.  

The HKVCA offers its thanks to all the attendees, to Debevoise & Plimpton LLP for their generous sponsorship, and to each of the speakers for their participation. 

Webinar: Post-pandemic thoughts: Overseas family offices and Asia investments

June 3, 2021

The approach to Asian investment post-pandemic was the topic of the HKVCA’s second family office-focused webinar held this year. More than 120 people registered to attend, making it among the most popular and in demand HKVCA webinars in 2021. 

HKVCA President Ko Chia was joined on the speaker panel by Danny Lee, a partner at Blue Pool Capital, and Jamie Cayzer-Colvin, Executive Director at Caledonia Investments. The speakers all agreed that they were optimistic about private investment in China and also expected the Southeast Asia market to show significant growth in the next decade. They sounded a more cautious note on India, however, which they said continued to have issues around access to quality education.

Both Lee and Cayzer-Colvin were bullish on the digitization revolution and the application of technology to businesses and financial segments resulting in greater cost effectiveness. While the healthcare sector remained an attractive investment, investors were advised to be mindful when deploying capital to pharmaceutical companies selling drugs in China as they are subject to government-guided pricing.

There was also discussion on the role of family offices generally in terms of preserving wealth and the maintenance of lifestyle. However, there was much encouragement around family offices having a “statement of purpose” in addition to financial returns. There should be work life balance for staff, which is a culture that has come from the top down. Likewise, there was a recognition that family offices needed to have greater gender balance and it was important to encourage more women to become involved in the management of family businesses and wealth.

The HKVCA extends its sincere thanks to all the attendees and to each of the speakers. Special thanks also to Danny Lee who has agreed to be the new chairman of the HKVCA’s Family Office Committee.

Webinar: CSRC’s Guidelines for Shareholder Disclosure of A-share Listed Companies (Mandarin)

27 May, 2021

The recent shareholder disclosure requirements introduced by the CSRC was the topic of a recent HKVCA webinar held on May 27, 2021. Part of the Association’s series of technical webinars, the event proved to be immensely popular with more than 70 people registering to attend.

HKVCA PRC Committee Co-Chairman, Conrad Tsang, the founder & Chairman of Strategic Year Holdings, was joined by Jianxue Wang, a partner at law firm King & Wood Mallesons in Guangzhou, and Tianning Ma, a partner at the firms office in Beijing.

The speakers noted that the new guidelines, which came into effect on February 25, 2021, are aimed at addressing such issues as shareholding entrustment arrangements; unexpected pre-IPO investments; and abnormal purchase pricing. Also discussed were the requirements for overseas shareholder disclosures, referring to a recent case as illustrative which involved a private equity fund with 88 committed LPs. The issuer listed the ownership of the top 10 LPs, the nature of its business and a summary of the fund structure and basic transaction information in the IPO prospectus. Speakers were reminded that the LPs’ declaration letter and other documentation will now be required during the application status.

The HKVCA would like to thank all the attendees and King & Wood Mallesons for their generous sponsorship. Our thanks also to Conrad Tsang for hosting the event and the speakers for their participation.  

Webinar: HELP! There's fraud! Now what? The lifespan of a global fraud and asset tracing claim 

May 25, 2021 

The HKVCA held a webinar on May 25, 2021 examining the many issues that arise around global fraud and asset tracing claims. The Association received more than 90 registrations for the much-anticipated event. 

Moderated by Eddie Middleton, Managing Director at Alvarez & Marsal, he was joined by three other managing directors from his firm - Daniel Barton, Davin Teo and Keith Williamson. Also participating as speakers were lawyers from Mourant Ozannes - Partner Justine Lau and Senior Associate Jennifer White. 

Among the issues discussed were the investigation of fraud and in which jurisdiction proceedings should be commenced; identifying and tracing the movement of assets; the importance of recovering electronic footprints; and the evidential burden. The attendees were also entertained by Daniel Barton who recounted cases he was involved in that dealt with the Russian authorities and agencies during actual investigations. 

The HKVCA extends its sincere thanks to all the attendees as well as to Alvarez & Marsal and Mourant Ozannes for their generous sponsorship. Special thanks also to Eddie Middleton and to each of the expert speakers for their participation. 

Webinar: CSRC’s Guidelines for Shareholder Disclosure of A-share Listed Companies 

20 May, 2021 

The recent shareholder disclosure requirements introduced by the CSRC was the topic of a recent HKVCA webinar held on May 20, 2021. Part of the Association’s series of technical webinars, the event proved to be immensely popular with more than 60 people registering to attend. 

HKVCA Technical Committee Chairman Bonnie Lo, Partner and COO at NewQuest Capital Partners, was joined by Jianxue Wang, a partner at law firm King & Wood Mallesons in Guangzhou, and Haolin Wang, a senior associate at the firms office in Beijing.   

The speakers noted that the new guidelines, which came into effect on February 25, 2021, are aimed at addressing such issues as shareholding entrustment arrangements; unexpected pre-IPO investments; and abnormal purchase pricing. Also discussed were the requirements for overseas shareholder disclosures, referring to a recent case as illustrative which involved a private equity fund with 88 committed LPs. The issuer listed the ownership of the top 10 LPs, the nature of its business and a summary of the fund structure and basic transaction information in the IPO prospectus. Speakers were reminded that the LPs’ declaration letter and other documentation will now be required during the application status. 

The HKVCA would like to thank all the attendees and King & Wood Mallesons for their generous sponsorship. Our thanks also to Bonnie Lo for hosting the event and the speakers for their participation.    

Webinar: Asia Regulatory Roadmap 

May 17, 2021 

The HKVCA held a webinar on May 17, 2021 addressing the latest regulatory developments affecting private equity and venture capital fund managers in Asia. With both Hong Kong and Singapore introducing a number of new regulations impacting the industry, the HKVCA invited partners James Ford and Charlotte Robins from the Hong Kong office of international law firm Allen & Overy, and partner Shuhui Kwok from the firm’s Singapore office, to update participants on the most recent changes.  

In addition to providing an overview of Asian regulations in the private fund sector, the speakers also discussed changes around electronic cloud storage, dealing with the threat of cyberattacks, AML/CFT procedures involving digital assets, fund structures, as well as ESG.  

More than 65 people registered for the event. The HKVCA extends its sincere thanks to all of the participants, and in particular to our speakers.   

HKVCA Private Equity Advanced Course: Fundraising and Investor Relations 

April 29, 2021

The HKVCA held its fundraising and investor relations module as part of its Advanced Private Equity Course for senior and mid-level PE and venture capital professionals on April 29, 2021. The training module, which was held online, featured two expert instructors, Alex Wilmerding, Partner at Pantheon Ventures (HK) LLP, and Kallan Resnick, Managing Director at PJT Park Hill. 
 
The course discussions included issues around the current fundraising market; key issues and concerns for LPs; the fundraising process; secondaries and co-investment options; the importance of due diligence; the key components in LP reporting; and the soft skills required to be successful in the industry.  
 
More than 50 HKVCA members the attended the course with many indicating they found it extremely valuable. The Association extends a very special thanks to our instructors for their participation.  

Webinar - SPACs: overview and trends  

April 28, 2021

April 28, 2021 saw the HKVCA hold its second in a series of webinars focused on SPACs. Hosted by Johnny Chan, President of the HKVCA and CIO of Cyberport, the event also featured speaker Rob Chan, Managing Director of the ECM team at Citigroup.  
 
The event kicked off with a discussion of recent examples of successful SPACs sponsored by private equity firms, with a particular focus on those in Asia. Chan also offered tips on how to successfully sponsor a SPAC as well as the "de-SPAC" process, a discussion of milestones and comparison with traditional IPOs. 
 
With more than 400 people registered for the event, and active participation in the closing Q&A session, the webinar proved a popular event. The HKVCA extends its thanks to Citi for its generous sponsorship and to the expert speakers and attendees for their participation.  

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.