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   HKVCA Membership Renewal 2019    
Renew Membership Now to Ensure Continued Access to Members' Benefits
Dear Colleagues,

As we embark on the festive season, I would like to take this opportunity to remind you of the importance of renewing your firm’s membership in the Association for the upcoming year, 2019.
 
This past year has been a very memorable one for the HKVCA, with marked growth in our membership numbers as well as a substantial increase in the number of activities and events that the Association has held. Growth has been notable too in terms of the number of participants who attended HKVCA activities, especially our three major annual flagship events – the Asia Private Equity Forum, China Private Equity Summit and the Hong Kong Venture Capital Forum – which have each come to be regarded as among the leading professional conferences in the region. It is through these and other such events that the HKVCA continues to reach-out to all sectors, not only of our profession, but to those other industry professionals who share a common interest in ensuring the continued financial stability and success of Hong Kong and Greater China.
 
As we look forward to 2019, the HKVCA remains committed to providing our members with access to a full range and calendar of events, from large international conferences to smaller industry-relevant seminars. We will continue to offer – and indeed will be expanding – our formalized training programs, as well as the number of social events where our members can take full advantage of opportunities for networking with industry peers, government representatives and professional colleagues from other industry associations across the globe.
 
We sincerely appreciate your continued participation and involvement in the HKVCA and are pleased to be able to offer our members a special incentive for early renewal of their membership. Renewal letters, with accompanying invoices, have already been sent to all members and, accordingly, we invite you to promptly renew your membership, thereby ensuring the essential support that is needed for the work of our Association.  
 
If you have any questions or enquiries, please do not hesitate to contact Joanne Yuen or Shire Xie at sxie@hkvca.com.hk. We look forward to seeing you at the Association’s events in the coming year.


All the best,
 
H. Chin Chou
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director, Morgan Stanley Asia Limited

   HKVCA Fundamentals Course 2018   
This year’s Private Equity Fundamentals Course, our training program focused on the core fundamentals of private equity and venture capital, was held with the support of the Hong Kong Exchanges and Clearing Limited, Hong Kong University’s MBA program, and the MBA program at the Hong Kong University of Science and Technology.

The first two sessions, dealing with early stage investment and private equity basics, were completed on September 3rd. Modules covering investment decisions, valuation issues and ESG, post investment matters and transaction documentation were completed on September 10th and 11th, and October 9 and15th respectively. A tax and fundraising module, which was sponsored by KPMG, was completed on the 10th of October. The final module, a session dedicated to examining case studies, was held on October 23rd.

The HKVCA was very pleased that more than 90 delegates attended the course and we would like to extend a very special thanks to our hard working and incredibly knowledgeable course instructors.

   Upcoming Events   
Full
Members Only
Sponsored by  
Date: November 23, 2018 (Friday)
Time: 8:00 - 9:00
Venue: Victoria Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong
Fee*: Full Member (Corporate): one free pass per company
Associate Member/ Full Member (additional pass): HK$300
*Note, free pass no shows will be charged full price
*An additional charge may apply to accommodate special dietary requests.

Full
By Invitation & LP Only
HKVCA LP Luncheon Talk: If You're an Investor, You Better Know CFIUS
Sponsored by   
The extensive media coverage of US-China trade tensions has focused mainly on the issue of exports, with little mention being made of US moves to tighten its grip on technology transfers. This luncheon seminar aims to shed light on the decision-making behind US decisions to block overseas investments in companies of “national security concern” and the CFIUS (Committee on Foreign Investment in the United States). What is its mandate? What are the recent developments and in what direction will future policy take? Other than chip companies, what sectors and types of companies are more likely to draw the attention of CFIUS? Specifically, the talk will focus on:

•        What has happened under the Trump administration? 
          。Who are the decision makers?
          。Background and role of CFIUS and other organizations
          。New and pending legislation
•       Examples of impacted sectors and deals 
•       China’s reaction and response
•       Impact on the private equity and venture capital industry
•       A discussion of what might come next
Speakers:
Massimo Zannella
Managing Director
SS&C Private Equity Asia
Lorna Chen
Head of Greater China & Partner
Shearman & Sterling
Date: November 27, 2018 (Tuesday)
Time: 12:30 - 14:00
Venue:       The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong
CPT: 1 point
Please contact Kamy Chan (kamy@hkvca.com.hk) for more information.

Limited Seats Available
HKVCA Healthcare and Biotech Seminar
Sponsored by   
  • IPO market update and opportunities for healthcare and biotech companies
  • Investment outlook for the healthcare and biotech sectors
  • How does the new biotech chapter benefit PEVC investors?
  • Is there anything Hong Kong needs to optimize if it is to cater to biotech issuers?
Speakers:
Judith Li
Partner
Lilly Asia Ventures
Vanessa Huang
General Partner
BVCF Management
Edward Au
Partner,
Audit & Assurance
Deloitte
Will Liu
Partner
Eight Roads Capital
Bosun Hau
Managing Director
& Partner
Sailing Capital
Date: November 30, 2018 (Friday)
Time: 12:30 - 14:30 
Venue:  Deloitte Office, 35/F One Pacific Place, Admiralty, Hong Kong
Fee: Corporate Full Member   Non-Member
One complimentary pass            
 Additional pass: HK$200 per person
 HK$400 per person
Corporate Associate/Overseas (Full/Associate)/Individual Member
HK$200 per person
CPT: 2 points
     

HKVCA ESG Luncheon Talk
Awakening Governance - the Current State of Corporate Governance in China
Sponsored by   
  • SOEs vs POEs: similarities and differences 
  • Governance of POEs is no better than SOEs
  • M&A with Chinese charateristics: local, inbound and outbound 
  • Strengthening M&A governance in China 
  • Case study - Tencent: two sides of the same coin
Speaker:
Jamie Allen
Secretary General
Asian Corporate Governance Association 
Date: December 6, 2018 (Thursday)
Time: 12:00 - 14:00
Venue:  KPMG, 8th Floor, Prince's Building, 10 Chater Road, Central, Hong Kong
Fee: Corporate Full Member   Non-Member
One complimentary pass            
 Additional pass: HK$200 per person
 HK$400 per person
Corporate Associate/Overseas (Full/Associate)/Individual Member
HK$200 per person
CPT: 1.5 points
  

Limited Seats Available
Sponsored by            
This very special event offers an excellent opportunity for networking with fellow professionals and for celebrating the holiday festivities with both colleagues and friends. We are also honored to have our Executive Director, Wendy Zhu of AlpInvest Partners, joining us for the evening.
Date: December 11, 2018 (Tuesday)
Time: 18:00 - 20:00
Venue: The China Club, 15/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong
Fee: Full Member/Associate Member: HK$350 per person
Non-member: HK$700 per person
*Priority is given to HKVCA Members
Canapés and unlimited drinks, including house wines, spirits, beers, fresh orange juice, soft drinks and water (mineral or sparkling
     

HKVCA Brownbag Luncheon Talk - 
China Income Tax Reform
Sponsored by   
China’s new individual income tax (IIT) law comes into effect on January 1, 2019. As a large number of Hong Kong-based private equity and venture capital practitioners spend time in the mainland, the new law may have a significant impact on tax liability and trigger issues related to double taxation. In particular, the law introduces a new definition of “resident” and “non-resident”, and those who are found to have resided in the mainland for 183 or more days within a calendar year will be treated as China tax residents subject to IIT on their worldwide income. 
 
Join us for a special HKVCA luncheon talk where tax partners from EY will discuss the implications of the new tax law as well offer practical solutions for Hong Kong professionals.
Speakers:
David Chan
Managing Partner, Tax Hong Kong & Macau
EY
Adam Williams
Partner, Greater China Private Equity Tax Leader
EY
Michael Hong
Director, People Advisory Services
EY
Date: December 13, 2018 (Thursday)
Time: 12:30 - 14:00
Venue:  EY Office, 22/F, CITIC Tower, 1 Tim Mei Avenue, Admiralty, Hong Kong
Fee: Corporate Full Member   Non-Member
One complimentary pass            
 Additional pass: HK$200 per person
 HK$400 per person
Corporate Associate/Overseas (Full/Associate)/Individual Member
HK$200 per person
CPT: 1.5 points
     

Date: January 16, 2019 (Wednesday)
Time: 8:30 – 17:30 (Followed by the Cocktail Reception)
Venue: Forum – S421, Hong Kong Convention and Exhibition Centre (Old Wing), 1 Expo Drive, Wan Chai, HK
Lunch – Chancellor Room, Hong Kong Convention and Exhibition Centre
More than 450 industry experts have spoken at APEF over the past eight years. View here.
Standard Rate
HKVCA Members with
Membership 2019 Renewed
  HKVCA Corporate Full Members
  One free pass per company 
  Additional passes: HK$4,800 per person
  HKVCA Corporate Associate / Overseas Members 
  First pass at special rate (HK$3,200)
  Additional passes: HK$4,800 per person
  HKVCA Member Special Package (Deadline: 27th December, 2018)
  Asian Financial Forum (AFF) + Asia Private Equity Forum 2018
  HK$8,800 per person
Non-Members   Non-Member
  HK$8,300 per person
  Members of Supporting Organizations (20% off)
  HK$6,640 per person
  Registrants of Asian Financial Forum (AFF)
  HK$4,800 per person
6.5 CPT points can be claimed after attending the full-day event.
    
We have a limited number of free passes for pension funds, fund of funds, endowments, foundations, family offices, DFIs and sovereign wealth funds (subject to verification and a maximum of one pass per company).
   
If you would like to apply, please email apef@hkvca.com.hk.

Full
Sponsored by                 
Date: January 15, 2019 (Tuesday)
Time: 18:30 – 21:30
Venue: Dragon Room 1 – 5, The Hong Kong Bankers Club,
43 Floor, Gloucester Tower, 11 Pedder Street, The Landmark, Central, Hong Kong
Fees: Full Table (12 persons): HK$21,800
Half Table (6 persons): HK$10,900
Individual HKVCA Member: HK$2,180

View HKVCA Annual Golf Day 2018 Highlights here.

    Supporting Events 
 
EY Entrepreneur Of The Year 2018 China
May - November, 2018
   
CVCA Summit 2018
28 November, 2018

   
SuperReturn Japan
5 - 6 December, 2018
   
2018外滩金融·上海国际股权投资论坛
12 December, 2018

   
JUMPSTARTER 2019
23-24 January, 2019
New Members
Corporate Full Members 
      
China Great Bay Area Fund Management Co., Limited
    

China Great Bay Area Fund Management Co., Limited (formerly named "China Merchants Capital Management (International) Co., Ltd.") is a wholly-owned subsidiary of China Merchants Group and is engaged in alternative investment and asset management. To promote growth of the Group’s industry, finance, and asset management business, in 2012 the China Merchants Group integrated its direct investment and fund businesses, and established the Great Bay Area Fund Management.
    
JD Capital Co., Ltd.
     

JD Capital is one of the leading private equity firms in China with over $5 billion in assets under management. Founded in 2007, JD Capital has invested in over 300 growth opportunities in Chinese mid-market companies, and has created long-term value for investors, businesses and the communities in which we work. With the first proprietary deal sourcing network across China, JD Capital has successfully implemented a buy and build strategy by partnering with industry leaders and applying our insights gained in the Chinese market.
     
Lamivoie Capital Partners Limited
   
Founded in 2015, Lamivoie Capital Partners is a multi-family office headquartered in Hong Kong. Through its family partners’ well-established and global network, Lamivoie has unique access to potential investment opportunities in tech start-ups.
     
Pacific Century Group
    
Pacific Century Group (PCG) is an Asia-based private investment group established in 1993 with interests across three core business pillars - technology, media and telecommunications (TMT), financial services and property. PCG has demonstrated a strong track record of successful investing, and has created a long-term sustainable network in Asia and across its core business pillars.
      
Value Partners Limited
    
Value Partners is one of Asia’s largest independent asset management firms that seeks to offer world-class investment services and products. Assets under management of the firm was US$17.2 billion as of June 30, 2018. Since its establishment in 1993, the firm has been a dedicated value investor in Asia. In November 2007, Value Partners Group became the first asset management firm listed on the Main Board of the Hong Kong Stock Exchange (Stock code: 806 HK). In addition to its Hong Kong headquarters, the firm operates in Beijing, Shanghai, Shenzhen, Singapore and London. Value Partners’ investment strategies cover equities, fixed income, quantitative investment solutions, SMART investment strategy, multi-asset and alternatives for institutional and individual clients in Asia Pacific, Europe and the United States.
   
Corporate Associate Members
CSC
    

CSC’s Global Financial Management provides a comprehensive range of services, including outsourced fund administration, capital markets services, SPV management and administrative services, and agency services. We provide independent and conflict-free corporate trust services through our wholly owned subsidiary, Delaware Trust Company. Through our expertise and personal approach, we’re able to offer customized services from pre-closing through to completion of a transaction, and have decades of experience in private equity, real estate, structured finance, restructuring, and across a full range of asset classes.
    
Invest Hong Kong  
     
Morgan, Lewis & Bockius
     

At Morgan Lewis, we work in collaboration. We work around the clock and around the world—always ready, always on—to respond to the needs of our clients and craft powerful solutions for them. From our 30 offices* in North America, Asia, Europe, and the Middle East, we work with clients ranging from established, global Fortune 100 companies to enterprising startups. We provide comprehensive litigation, corporate, finance, restructuring, employment and benefits, and intellectual property services in all major industries, helping clients address and anticipate challenges across vast and rapidly changing landscapes. And we approach every representation with an equal commitment to first understanding, and then efficiently and effectively advancing, the interests of our clients and arriving at the best results.
     

Recent Events Report
HKVCA Wine Tasting Event
November 19, 2018
The annual HKVCA wine tasting event, hosted by Marcus Thompson, was successfully held on November 19, 2018 at the Hong Kong Club. The theme of the evening was an examination of the old saying “let China sleep, for when she wakes she will shake the world” and whether this applies in the context of Chinese wines. Master of Wine Jeannie Cho Lee led the attendees through the tasting of three pairs of wines, one of each pair being a Chinese wine and the other a non-Chinese wine. The tastings were blind, so participants did not know which wines they were examining. Participants thoroughly enjoyed the evening and the feedback received about the event was very positive.  
 
Our thanks to the HKVCA’s Wine Committee - Marcus Thompson, Mounir Guen, Alain Fontaine and Anthony Chan – for their time and effort and for being part of another very successful evening. We would also like to thank our generous sponsor, Alvarez & Marsal, whose support made this year’s event possible.
       
HKVCA Luncheon Talk - On-Prem, Private Cloud, Hybrid Cloud, Public Cloud: Which is the Right Setup for Your Firm?
November 12, 2018
The HKVCA hosted a luncheon seminar on November 12, 2018 at the China Club. As many as 30 participants were in attendance to hear Dean Hill, Executive Director, and Michael Steinkuhl, Associate Director, at Castle Integration, provide an overview of the on-prem infrastructure. Discussion was also had on the different cloud models that are available, and the speakers shared examples highlighting the security issues that users face. We would like to thank all the participants, and especially our sponsor, Eze Castel Integration, for their generous support.
       
Think Global, Think Hong Kong
November 1, 2018
On November 1, 2018, HKVCA Chairman Chin Chou led a group of 20 HKVCA members and guests traveling to Tokyo to participate in the HKTDC’s “Think Global, Think Hong Kong” mega promotion campaign. The campaign, which the HKVCA officially supports, is aimed at encouraging more overseas companies to use Hong Kong’s service platform as a way to access the mainland and global markets. The Tokyo event was attended by more than 3,000 business professionals and government officials.
      
HKVCA Young Professionals Mixer 2018
October 25, 2018
The HKVCA Young Professionals Committee held a mixer on October 25, 2018 at the Liberty Exchange Kitchen & Bar in Central. This special event, which has always provided attendees with valuable networking opportunities in a fun and social setting, is aimed specifically at our younger members. This year more than 75 people attended representing a broad range of sectors from within the private equity and venture capital industries. The HKVCA would like to extend its most sincere appreciation to the sponsors, Ernst & Young and Shearman & Sterling, and to all participants who together made the evening one for the ages.
       
HKVCA Brownbag Luncheon Talk - Enhancements to the Hong Kong Fund Manager Code of Conduct
October 25, 2018
The HKVCA hosted its latest brownbag luncheon talk on October 25, 2018. Held at the offices of DLA Piper, as many as 40 participants were in attendance for a talk that covered the applicability and key changes to the Hong Kong Fund Manager Code of Conduct (FMCC) as well as issues around the role of fund managers. We would like to thank speaker Luke Gannon, and extend a special thanks for the generous support of event sponsor, DLA Piper Hong Kong.
        
HKVCA Luncheon Talk - Polishing the Crystal Ball: Demystifying the Complex Business Ecosystem in India
October 11, 2018
The HKVCA hosted a luncheon seminar titled “Polishing the Crystal Ball: Demystifying the Complex Business Ecosystem in India”, which was held on October 11th, 2018 at the China Club. Abhijit Yadav, a principal from Berkeley Research Group, delivered a briefing on the latest economic outlook for India and on the country’s latest policy and regulatory changes. He also forecast that the healthcare, energy and retail sectors would be strongest in the years ahead. While India continued to face a number of challenges, he offered tips on how to avoid common pitfalls when engaged in transactions on the ground.

    
With close to 50 HKVCA members attending the event, we would like to thank all the participants, and especially our sponsor, Berkeley Research Group, for their generous support.
        

       
Industry News
PAG Asia Capital to Close Third Private Equity Fund at $6b
November 13, 2018
(DealStreetAsia by Nguyen Thi Bich Ngoc) - Hong Kong-based alternative investment firm PAG is on track to achieve the first and final close of its third Asia-focused private equity fund at $6 billion, according to an AVCJ report....
(link to the full article)
    
Warburg Pincus Investing up to $413m in Hong Kong's Weave Co-living
November 12, 2018
(Mingtiandi by Emma Zhou) - US private equity firm Warburg Pincus on Monday announced that it is investing up to $413.5 million inWeave Co-living, and has launched the partnership with a $181 million bet on the sharing economy startup...
(link to the full article)
    
Cyberport Venture Capital Forum 2018 Drives Next Wave of Tech Investment
November 8, 2018
(Press Release) -  Cyberport Venture Capital Forum (CVCF), Cyberport’s annual tech investment flagship event, kicked off its two-day annual forum today, bringing together investor icons, industry leaders, tech companies and Cyberport start-ups to exchange insights on tech investment trends. Under the theme...
(link to the full article)
    
Investing Responsibly Today for a Sustainable Tomorrow
November 1, 2018
(Press Release) - Now in our second decade of championing stewardship through ESG engagement and corporate responsibility, Pantheon is delighted to showcase our new interactive insights into these important areas of our daily life.
(link to the full article)
        
Basil Partners Closes Digital Tech Services Focused Fund with Anchor Investors Committed Advisors and NewQuest Capital Partners
September 28, 2018
(Press Release) - Basil Partners announced today the closing of their third fund, which has been formed through a complex restructuring and secondary acquisition of a portfolio of seasoned digital services companies.
(link to the full article)
    


Contact us at +852-2167-7518 or hkvca@hkvca.com.hk  
Visit us at www.hkvca.com.hk

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