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| | HKVCA Asia Venture Capital Forum 2019 | |  | The HKVCA’s Asia Venture Capital Forum 2019 successfully concluded on the evening of July 8, 2019. Hosted jointly with Cyberport, HKEX and the HKSTP, and held at the HKEX Connect Hall, this was sixth time we have held this annual venture event.
The Forum kicked off with a keynote address delivered by Wilfred Yiu, Managing Director & Head of Markets of the HKEX, in which he spoke about the major role the HKEX plays in the new economy. A series of panel discussions and fireside chats followed. Among the panels was one comprised of representatives of several of Hong Kong’s most high-profile unicorns, who shared their experiences as founders. Other topics discussed over the course of the event included the many opportunities and increasing focus on both the proptech and biotech sectors, strategic investment decision-making in corporate venture capital firms and family offices, the views of limited partners on funding channels, the latest overall market sentiment and recent technical issues facing Asian venture capital.
This event brought together close to 400 attendees including investors and entrepreneurs from around the world, and a tremendous amount of positive feedback was received. The Association would like to thank all the participants, including the tremendous audience who were engaged throughout, our expert speakers, and our generous sponsors, namely KPMG, Citi, Ogier, SS&C and King & Wood Mallesons. | | |
| | HKVCA ESG Award of Excellence 2019 | | | | Stay tuned for the annoucement for 2019.
You may refer to the Award in 2017 here. | | |  | | HKVCA Private Equity Fundamentals Course 2019 | The Private Equity Fundamentals Course is organized annually by the HKVCA and provides participants with an in-depth examination and analysis of private equity and venture capital. It is especially relevant for those individuals who are seeking greater technical and practical know-how, either to increase their base knowledge or as an effective way to refresh their existing professional skill set. Made up of a series of six purpose-developed modules and a case study session, the Private Equity Fundamentals Course has proven particularly helpful for those keen to further develop their practical competencies and gain additional industry insights.
With deep knowledge and understanding of the processes underpinning the development of a firm, leading industry practitioners and experts with unmatched experience in deal-making, deal protection and the allocation of risk, structuring, company value-creation and exits will teach each module. Drawing on actual case studies, the instructors will try to illustrate how investors finance through the different stages of a company’s lifecycle, and explain financing as financial intermediaries practice it. The course also includes a curated section devoted specifically to ESG, which plays an increasingly important role in today’s investment practices and decisions. | | Module 1: PE Basics | | 10 September (Tue) | | 10:00 – 13:30 | HKU MBA Centre | | |  | Wen Tan
Co-Head, Asia Pacific Private Equity
Aberdeen Standard
Investments |  | K. O. Chia
Director
Grace Financial |  | John Levack
Vice Chairman
HKVCA |  | Brian Snyder
Of Counsel
Morrison & Foerster |  | Catherine Liu
Of Counsel
Morrison & Foerster |  | Lorna Chen
Head of Greater China
Shearman & Sterling | | | Date | Time | Session | Venue | CPT | | Sept 10 (Tue) | 10:00 – 13:30 | Module 1: PE Basics | HKU MBA Centre | 3 | | Sept 18 (Wed) | 14:00 – 17:55 | Module 2: Early Stage Investment | HKU MBA Centre | 3 | | Sept 26 (Thur) | 14:00 – 16:30 | Module 3: The Investment Decision | CUHK MBA Centre | 2 | | Oct 10 (Thur) | 14:00 – 17:20 | Module 4: Valuation / ESG / “High Level” Tax Issues | CUHK MBA Centre | 3 | | Oct 15 (Tue) | 14:00 – 17:05 | Module 5: Transaction Documentation | HKUST Business School | 2.5 | | Oct 22 (Tue) | 14:00 – 17:15 | Module 6: Post Investment | CUHK MBA Centre | 3 | | Nov 8 (Fri) | 11:00 – 14:30 | Module 7: Tax / Fundraising | KPMG Office | 3 | | Nov 12 (Tue) | 14:00 – 17:15 | Case Studies: CVC / HKBN & Pacific Coffee | HKUST Business School | 3 | | | Venue:
HKU MBA Centre: B2, The HKU Town Centre, 3/F, Admiralty Centre, HK
HKUST Business School: 15/F, HK Club Building, Central, HK
CUHK MBA Centre: Diamond Room, Unit B, 1/F, Bank Of America Tower, 12 Harcourt Road, Central, HK
KPMG Office: 8th Floor, Prince’s Building, 10 Chater Road, Central, HK | | | | REGISTER NOW Register in a group of 2 or more from the same company and enjoy a 10% discount. | HKVCA Member | Non-Member | | Per Module | HK$1,400 | HK$3,000 | | Case Studies | HK$1,400 | HK$3,000 | | All 8 Sessions | HK$8,960 HK$11,200 (20% off) | HK$19,200 HK$24,000 (20% off) | | | | | CPT points can be claimed after attending each sessions.
Certificate will be granted upon completion of each session. Cancellations must be in writing at least seven (7) working days prior to the event. No refund will be made thereafter. Registrations that are cancelled will receive a refund, minus a HK$300 cancellation processing fee. | | Module 7 sponsored by |  | |  |
| | | | Hong Kong Startups and how WHub and Angelhub Work | | Sponsored by | | | • Presentation from AngelHub
• How angels differ from venture capital in providing early stage funding
• Ways AngelHub can collaborate with venture capital and private equity | | Speaker: |  | Karen Contet Farzam
Founder
WHub.io and AngelHub.io | | | | Date: | July 23, 2019 (Tuesday) | | Time: | 12:30 - 14:00 | | Venue: | KPMG Office, 8/F Prince's Building, 10 Chater Road, Central, Hong Kong | | Fee: | Corporate Full Member | | One free pass per company
Additional pass: HK$200 per person | | Corporate Associate/Overseas Member
HK$200 per person | | Non Member
HK$600 per person | | CPT: | 1.5 points | |  
|  | HKVCA Seminar with Cocktails:
Unlocking the Greater Bay Area’s potential – a PE and VC perspective | | | | The development of the Greater Bay Area (GBA), made up of Guangdong, Hong Kong and Macau, is expected to unlock significant growth potential and accelerate development and cooperation between the most affluent cities in the region. The creation of this dynamic economy offers great promise as a pioneering center of innovation and home to technology companies, advanced manufacturing and further evolution in the financial services sector. It is important that the private equity and venture capital community consider the role it will play in the GBA and how it will unlock the full potential of economic integration, facilitate the access of international capital to the area, and deploy that capital to companies.
This event will bring together industry experts and EY specialists to explore the opportunities for PE and VC in the GBA, including how managers can start positioning their investment strategies and fund structures to capture the region’s full potential. Among the topics to be discussed are:
- Types of investment opportunities that will emerge in the GBA.
- Sources of capital that will engage in outbound investment.
- Additional pathways to extract exit value in the GBA, for example, the new HKEx listing rules for innovative companies and weighted voting rights, China A-share listings, other types of securities (Chinese Depository Receipts)
- Role played by PE and VC in identifying and maximizing opportunities.
- How do PE firms position themselves to realize the potential of the GBA?
- What type of fund and investment structures are relevant for investing across the GBA?
| | Speakers: |  | Jonathan Wu
Executive Director
China Merchants Capital |  | David Chan
Managing Partner, Tax Hong Kong & Macau
EY |  | Eric Lam
Partner, Transaction Tax
EY |  | Alan Li
Partner, Transaction Advisory Services
EY |  | Craig Dickinson
Director, Transaction Tax
EY |  | Jingjing Jiang
Partner
King & Wood Mallesons |  | Duncan Chiu
Co-Founder and Managing Director
Radiant Tech Ventures | | |  | | | | | | Date: | August 22, 2019 (Thursday) | | Time: | 16:00 - 17:35 (followed by cocktail reception) | | Venue: | EY Office, 22/F, CITIC Tower, 1 Tim Mei Avenue, Admiralty, Hong Kong | | Corporate Full Member | | One free pass per company
Additional pass: HK$200 per person | | Corporate Associate/Overseas Member
HK$200 per person | | Non Member
HK$600 per person | | CPT: | 1.5 points | | | |
| | Limited Seats Available |  | Combating Fraud and Corruption:
Identification and Mitigation to Enhance Portfolio Company Value | | | Recent studies show that companies involved in bribery and/or fraud suffer substantial reputational loss and erosion of market capitalization that impacts both the company and investors alike. An investor’s reputation is one of the most important assets on its balance sheet and one that takes a significant amount of time to build.
At this HKVCA luncheon talk, Berkeley Research Group, a global consulting firm that works with organizations to provide assistance in disputes, investigations, strategy and operations, will discuss how to combat fraud and corruption using control frameworks (pre and post deal) to avoid financial loss suffered in the form of bribe payments, diversion of money and asset theft, loss of market capitalization, impact on a firm’s value, brand damage and penalties. | | Speaker: |  | Steven Parker
Global Investigations + Strategic Intelligence Practice, Berkeley Research Group | | | | Date: | August 29, 2019 (Thursday) | | Time: | 12:00 - 14:00 | | Venue: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong | | Fee: | Corporate Full Member | | One free pass per company
Additional pass: HK$450 per person | | Corporate Associate/Overseas Member
HK$450 per person | | Non Member
HK$900 per person | | CPT: | 1 point | |
| | Members Only Event | | | | All members are encouraged to attend the 32nd Annual General Meeting where a new Board of Directors will be elected to lead the Association for the year 2019 - 2020. This is the opportunity for HKVCA members to choose the right team to help shape the future of the Association and to work for the interests of the venture capital and private equity industry. | | Date: | September 6, 2019 (Friday) | | Time: | 12:00 - 12:30 AGM# | | 12:30 - 13:30 Luncheon | | Venue: | The China Club, 14/F, The Old Bank of China Building, Bank Street, Central, Hong Kong | | Fee: | Corporate Full Member: | | One free pass per company
Additional pass: HK$450 per person | | Corporate Associate/Overseas Member
HK$450 per person | | | | #Only Corporate Full Members and Individual Members shall be entitled to vote | | | |
|  | | | | ~ Everything Gevrey, Chambertin of course... ~ | It is with great pleasure that the HKVCA announces that we will be holding our very special annual wine tasting event on October 23, 2019 at the Hong Kong Club. This year’s theme is “Everything Gevrey, Chambertin of course...”, and the tasting will once again be led by renowned Master of Wine, Jeannie Cho Lee.
Join us on the Route des Grands Crus on the Cote de Nuits to taste and enjoy the pinots noirs from Burgundy and learn about the ancient village of Gevrey-Chambertin, which has been growing and nurturing vines since Roman times. We will taste five fabulous wines selected exclusively from producers located within Gevrey-Chambertin. This promises to be an unforgettable evening.
Allez camarades!, à vos nez et à vos palais!
Comrades!, to your noses and to your palates! | Instructed by Jeannie Cho Lee, Master of Wine
| | Date | October 23, 2019 (Wednesday) | | Time: | 18:30 - 20:30 | | Venue: | Victoria Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong | | Fee: | HKVCA Members
Early bird rate (payment settled by July 31, 2019): HK$800
Standard rate: HK$850 per person
Tables (For HKVCA Members only)
Full table (11 persons): HK$8,800
Half table (6 persons): HK$4,800
Non Members
HK$1,400 per person | | | Individual Booking: | | | Table Booking: | | |
| | Save the Date | | | |
| | | | | New Members | | Corporate Full Members | | | | Asset Pro | | | ORI Capital Investment Advisory (Hong Kong) Limited
ORI Healthcare Fund L.P. is a US$200 million venture capital fund focused on investing in innovative companies with disruptive technologies in the healthcare industry globally. The fund was founded by Simone Song, former investment banker and head of China healthcare at Goldman Sachs. The fund is supported by a network of renowned scientists, practitioners and entrepreneurs. | | | Cameron Pace Group China
Cameron Pace Group China is the strategic investment arm of a top global visual technology company with over 250 world class visual products, including Avatar, Titanic, and Terminator. | | | Fresh Capital Partners GP Ltd.
Fresh Capital is a growth fund focusing on consumer product and service companies. We focus on brand and invest in fast growth stage companies. Fresh Capital has achieved outstanding historical returns with successful investment experience and a deep network in the consumer sector. Our industry focus includes home and family, food and beverage, children and maternity, education, body and wellness and consumer finance. Fresh Capital strives to be a founders’ fund, providing comprehensive and thorough value-added services for portfolio companies. Almost all invested entrepreneurs have turned out to be anchor LPs. | | | FutureX Capital (Hong Kong) Limited
FutureX Capital was established in early 2018 by founder Zhang Qian, ex-head and founder of private equity at China AMC HK. She was also previously a director of JS Cloud and Hujiang Education. Zhang has over 12 years of primary and secondary market investment experience, and has a profound understanding of financial markets across regions with strong connections to top TMT entrepreneurs, investors and capital market practitioners. The FutureX management and investment team have accumulated years of experience in connecting startup companies with VC and PE investors. FutureX Capital’s Founding Partner, Edward Huang, possesses nearly 15 years of investment banking and secondary market investment experience, with a good track record of generating strong investment returns for investors. Director Zhang Hanqin has worked as an investment banking professional at Deutsche Bank, possessing in-depth experience across the Hong Kong and US equity capital markets, while Investment Manager Tracy Lee worked as an investment manager with JD Finance’s crowdfunding business and has broad exposure across a wide spectrum, from research to operations. Zhang Qian started investing in overseas listed Chinese companies in 2007 and has built extensive industry connections. She has good contacts with hundreds of overseas listed Chinese companies, which provide abundant project reserves. Her management team has successfully exited over 50 investments with average IRR over 40%. | | | | Corporate Associate Member | | | Caceis Hong Kong Trust Company Limited
CACEIS Hong Kong is a solid business partner with an innovative service offer. Owned by Crédit Agricole S.A., CACEIS services institutional and corporate customers worldwide. We are France’s premier investor services provider and a leading global player. Through a network of offices across Europe, North America and Asia, CACEIS delivers high quality services covering depositary/trustee - custody, clearing and execution, fund administration, transfer agency, and corporate trust. Considerable expertise in alternative investment servicing gives CACEIS a ranking among the top 10 global service providers for these sophisticated funds. We also offer a range of specialist services, including cross border fund distribution support, designed to assist clients in achieving their international business development goals. | | |
| | | | Recent Events Report | | | HKVCA Brownbag Luncheon Talk - How to be stress-proof in a stressful world
July 12, 2019 |  | | The HKVCA hosted a luncheon talk on July 12, 2019 at the Virtus Medical Tower on “how to be stress-proof in a stressful world”. Professor of psychiatry LEE Sing discussed with participants the reasons why people seem to have greater levels of stress today, which he said was largely due to digital products, bad habits and multi-tasking. He noted that the first step in managing stress is to recognize its symptoms, and encouraged participants to walk, breathe, engage with nature, embrace early morning daylight and meditate. With more than 30 people attending the event, participants agreed that the talk was extremely beneficial. The HKVCA would like to thank the Virtus Medical Group for helping to provide such an informative session for our members. | | | HKVCA Members Breakfast Meeting
July 5, 2019 |  | | The HKVCA’s monthly breakfast meeting was held at the Hong Kong Club on July 5, 2019. Hosted by the Association’s Executive Director and past Chairman, Eric Mason, the always popular gathering saw more than 90 members registering to attend as it continues to be a great way to meet colleagues and network with fellow industry professionals. The Association would like to thank each of our members for their participation as well as our sponsor, Ernst and Young (EY), for making this event a real success. | | | HKVCA Young Professionals Mixer 2019
June 20, 2019 |  | | The HKVCA’s Young Professionals Mixer 2019 was held on the evening of June 20, 2019. With more than 100 people attending, representing all sectors of the private equity and venture capital industries, this was the highest ever turnout in the history of the event. Rebecca Xu and Wendy Zhu, board members of the HKVCA and managing directors of Asia Alternatives and AlpInvest Partners respectively, spoke briefly to the participants about the important networking role these types of events represent and how they offer an opportunity to build friendships and relationships with younger professionals who will in the future become leaders of the industry. The HKVCA would like to extend its most sincere appreciation to the event’s sponsor, IHS Markit, to the Young Professionals Committee, and to all the participants who together made the evening one for the ages. | | |
| | | | Industry News | | | | Asian Buyout Fund to acquire Oporto, Red Rooster Owner | | July 8, 2019 | A sleeping giant of the local private equity scene is set to mark its awakening with a $450 million-plus purchase of fast food brands business Craveable Brands.
Street Talk understands PAG Asia Capital - a Hong Kong-based private equity firm that recently finalised a new $US6 billion buyout fund - has put the deal to its investment committee and could be ready to sign a transaction as early as Tuesday... | | (link to the full article) | | | | Li & Fung Announces Investment of US$300 Million by Temasek in LF Logistics | | June 28, 2019 | | (Press Release) - Li & Fung Limited (“Li & Fung,” “the Group,” or “the Company;” SEHK: 494), the world’s leading supply chain solutions partner for consumer brands and retailers, today announced it has entered into a Subscription Agreement with Temasek, the Singapore-headquartered... | | (link to the full article) | | | | Warburg Pincus Closes $4.25 Billion China-Southeast Asia II Fund | | June 26, 2019 | | (Press Release) - Warburg Pincus, a leading global private equity firm focused on growth investing, today announced the successful close of Warburg Pincus China-Southeast Asia II, L.P. ("Warburg Pincus China-SEA II"). Warburg Pincus China-SEA II is a $4.25bn companion fund that will invest in Chinese and Southeast Asian portfolio companies alongside... | | (link to the full article) | | | | Singapore's PE-backed Home Control Files for HK IPO | | June 26, 2019 | | (AVCJ by Holden Mann) - Home Control International, a Singapore-based manufacturer of remote controls for television and smart devices owned by Morgan Stanley Private Equity Asia (MSPEA), has filed for an IPO in Hong Kong... | | (link to the full article) | | | |
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