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   HKVCA Annual General Meeting and Luncheon 2019  
The HKVCA’s 32nd Annual General Meeting was held on September 6, 2019. More than 60 members attended this year’s gathering, which saw the election of 24 Board members to a new term. Chin Chou, who was re-elected the Association’s 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.
New officers elected to serve for 2019 - 2020 term
   
   
   
H. Chin Chou
was re-elected Chairman of the Hong Kong Venture Capital and Private Equity Association at this year’s AGM held on September 6, 2019. He brings to the role of chairman more than 20 years of investment experience across a wide spectrum of industries.


Dear Members and Friends,

As Chairman of the HKVCA, it is both my duty and great privilege to provide this message highlighting the amazing work undertaken by the HKVCA over this past year.
    
The recent concerns regarding the global economy proved to be no hindrance to the growth of the HKVCA, which saw its membership continue to flourish. Indeed, the Association now has a large and diverse group of close to 450 local and international firms as members. Our members consist of a wide range of private equity and venture capital practitioners and, according to the latest industry data, include the top 9 out of the 10 largest private equity firms in the world by capital raised over the last five years. With the largest membership base of all comparable industry associations in Asia, the HKVCA is a powerful representative of, and advocate for, the private capital markets in Hong Kong, Greater China and the Asia-Pacific region.

In the past year the HKVCA has organized an active program of conferences and events, including a series of masterclasses and luncheon talks addressing a variety of topical issues. The Association’s training and professional development activities continued to grow in both number and breadth and remain among the most important services we offer our membership. We have also provided extensive social and business networking opportunities and have supported more than 50 events organized by fellow private equity and venture capital industry associations, as well as firms in the industry.

Whenever an issue becomes a concern for our members and requires us to proactively address it, the Association will act to create a new committee to determine the HKVCA’s view and advocate on our members’ behalf. In the 2018-19 year, two new committees were formed, namely the Women Committee and Private Credit Committee.

Through our continual lobbying of several government and other entities, we aim to participate in shaping the ways in which our industry is regulated and taxed. Armed with expertise and input from members, the Association continued its efforts during the year to strengthen our relationships with various policy makers and to develop ongoing channels of communication with them.

I would be remiss were I to fail to acknowledge the many members and partners who have worked closely with the HKVCA staff to help make this year’s events a success and they deserve our sincere appreciation. Our outstanding Board of Directors has given much of its time and energy toward making the Association the invaluable asset it has become to its members, and for that I am truly grateful.
 
It has been an honor and privilege to serve as your Chairman. I sincerely hope that our members are proud of how our Association has grown and developed this year, and I encourage our members to join us in helping make the HKVCA the region’s leading professional association representing our industry.

H. Chin Chou
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director, Morgan Stanley Asia Limited
The AGM also saw the election of the following officers and board members:
VICE CHAIRMAN
Rebecca Xu
Asia Alternatives Advisor HK
VICE CHAIRMAN
Alain Fontaine
Beyond Traditions
VICE CHAIRMAN
John Levack
HKVCA
VICE CHAIRMAN
Jie Gong
Pantheon Ventures (HK)
TREASURER
Alvin Lam
CVC Capital Partners
SECRETARY
Varun Bery
Latitude Capital Management
EXECUTIVE DIRECTOR
Wendy Zhu
AlpInvest Partners
EXECUTIVE DIRECTOR
Melissa Guzy
Arbor Ventures
EXECUTIVE DIRECTOR
Eric Mason
The Church Pension Fund
EXECUTIVE DIRECTOR
David Pierce
HQ Capital
EXECUTIVE DIRECTOR
Judith Li
Lilly Asia Ventures
EXECUTIVE DIRECTOR
Derek Sulger
Lunar Capital Management
EXECUTIVE DIRECTOR
Bonnie Lo
NewQuest Capital Partners
EXECUTIVE DIRECTOR
Gabriel Li
Orchid Asia Group Management
EXECUTIVE DIRECTOR
Duncan Chiu
Radiant Tech Ventures
EXECUTIVE DIRECTOR & PRESIDENT
Vincent Chan
Samena Capital HK
EXECUTIVE DIRECTOR & PRESIDENT
Conrad Tsang
Strategic Year Holdings
EXECUTIVE DIRECTOR & PRESIDENT
Johnny Chan
Techpacific Capital
NON-EXECUTIVE DIRECTOR
Leon Meng
Ascendent Capital Partners (Asia) 
NON-EXECUTIVE DIRECTOR
Edward Huang
The Blackstone Group
NON-EXECUTIVE DIRECTOR
Alvin Li
CCB International Asset Management
NON-EXECUTIVE DIRECTOR & PRESIDENT
K. O. Chia
Grace Financial
NON-EXECUTIVE DIRECTOR
Kent Chen
Neuberger Berman 

   HKVCA ESG Award of Excellence 2019   
Guideline
The HKVCA is launching its 2nd ESG Award of Excellence to recognize significant environmental, social and governance (ESG) related initiatives and achievements in Asian private equity and venture capital-backed companies. 
      
The HKVCA ESG Award is given only once every two years. The last award was in late 2017 and attracted a diverse set of entries, with Hahn & Co’s Ssangyong Cement and TPG Asia’s Grand Royal Group emerging as eventual winners (please go to www.hkvca.com.hk/en/ESG2017.aspx for the 2017 entrant list and cases). We now invite firms to submit their applications for this year’s ESG Award of Excellence.

ESG encompasses a wide range of areas, including but not limited to energy efficiency, pollution reduction, green initiatives, employee safety, supply chain quality control, customer welfare, cybersecurity, community relations, governance structure, and board effectiveness. ESG initiatives are often taken to address an existing problem or weakness.  At other times, such initiatives are designed to create brand differentiation, or go hand-in-hand with productivity or efficiency improvement projects. ESG work is part and parcel of the risk management and value creation activities inherent in the private equity and venture capital hands-on investment model.
        
Who is eligible?
    
If you:
  • are an Asian PE or VC firm, or the Asian arm of a US or European firm, and
  • have an Asia-based investee company currently in your portfolio or exited during 2019, where the ESG work that you have initiated makes a compelling case study, then you are eligible to submit an entry.
How to Enter  

Please submit a one-page document on one portfolio company where a critical ESG upgrade or upgrades has taken place as a result of your initiative. Please provide:
  • Background information on the company, including nature of the business, size, geographical scale and location, and in which year you invested in the company.
  • As many details as possible on the specific ESG initiatives and changes that you have introduced.
  • If there has been sufficient time for these initiatives and changes to bear fruit, their impact on the company and on its stakeholders.  
  • Focus only on the two or three changes that have been most instrumental in addressing existing weaknesses and/or in creating value for the business. 
  • Any supporting evidence that contribute to the narrative and quantifiable results or milestones achieved (whether financial, operational or social) will be valuable.
All entries should be emailed to Kamy Chan at kamy@hkvca.com.hk. The deadline for your entry is 5:00p.m. on Friday, November 8, 2019.
   
A panel of judges consisting of LP members from the HKVCA’s ESG Committee will select two winners from all entries. The winners will be announced in December, 2019 and the decision of the panel of judges will be final. The Award takes place once every two years, which provides sufficient time for new ESG initiatives to develop within Asian PE/VC portfolio companies.  After this Award which is accepting entries until Nov. 8, 2019, the next Award is anticipated to be the second half of 2021.

The HKVCA may use some or all of the entries on its website, publications (online and offline) and/or in its training materials. Please do not include any confidential information in your entry documents. By submitting an entry, you give your consent to the HKVCA to use your entry documents on its website, publications and/or training materials, and acknowledge that there is no confidential information in your entry documents.

   Upcoming Events   
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 3: The Investment Decision - Due Diligence Pricing and Structure
26 September (Thur)
14:00 – 16:30  |  CUHK MBA Centre
Ivan Chan
Executive Director,
Morgan Stanley
Michael Prahl
Partner,
Asia-IO Advisors
Date Time Session Venue CPT/CPD
Sept 10 (Tue) 10:00-13:30 Module 1: PE Basics HKU MBA Centre (B2) 3
Sept 18 (Wed) 14:00-17:55 Module 2: Early Stage Investment HKU MBA Centre (B4) 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 / B4, 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) 
DOWNLOAD FLYER

CPT and CPD points can be claimed after attending each session.

Participants who would like to claim CPD points have to update their Mandatory CPD Training Records with the CPD points for the course.
  
Certificates will be granted upon completion of each session.

Cancellations must be made in writing at least 7 working days prior to the event. No refund will be made thereafter.
Registrations cancelled will receive a refund, minus a HK$300 cancellation processing fee.

Module 7 sponsored by


Limited Seats Available
Members Only Event
Sponsored by
Date: October 18, 2019 (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.

Limited Seats Available
Sponsored by
~ Everything Gevrey, Chambertin of course... ~
It is with great pleasure that the HKVCA announces 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
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:      Online    Form
Table Booking:     Form

By Invitation Only
Real Asset Seminar with Cocktails: A Conversation With Industry Leaders
Sponsored by
Speakers:
Moderator:
Calvin Chou
Managing Director & CIO,
Invesco Real Estate
Christopher Heady
Senior Managing
Director & Head
of Real Estate Asia, Blackstone
Goodwin Gaw
Chairman, 
Managing Principal
& Founder,
Gaw Capital
Alexandre
Heriard-Dubreuil

Partner & CIO,
L Catterton Real Estate
Date: October 29, 2019 (Tuesday)
Time: 16:00 - 17:30 (followed by a cocktail reception)
Venue: The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, Hong Kong
CPT: 1 point

By Invitation Only

SFC Seminar: Licensing of Private Equity and Venture Capital Firms
The SFC would like to introduce the private equity and venture capital industry to the current licensing regime and its risk-based approach in assessing related license applications. The seminar will cover the following topics:
  • Overall licensing framework and landscape
  • Types of applicable regulated activity 
  • Licensing criteria and potential exemptions
  • Application process and timing
  • On-going obligations of licensees 
Supported by
Speakers:
Wilson Lo – Senior Director, Licensing, Intermediaries, SFC  
Eric Ho – Director, Licensing, Intermediaries, SFC
Adam Lo – Senior Manager, Licensing, Intermediaries, SFC
Date: November 18, 2019 (Monday)
Time:  16:00 – 17:30
Venue: KPMG Office, 8th Floor, Prince’s Building, 10 Chater Road, Central, HK
CPT:  1.5 points
Fee: Corporate Full Members are entitled to 2 free passes per company, other HKVCA members are entitled to 1 free pass per company
Attendance by non-members is subject to prior approval. Please send your registration request to hkvca@hkvca.com.hk
*Priority is given to HKVCA members
    

Sponsored by 
   
Date: December 12, 2019 (Thursday)
Venue:  The Library, 15/F, The China Club, Old Bank of China Building, Bank Street, Central, Hong Kong
Time: 18:30 - 20:30 (registration starts at 18:15)
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, beer, fresh orange juice, soft drinks and water (mineral or sparkling) will be provided.
    

Members Only Event
Hosted by Mr. Varun Bery
Cocktail Sponsors: 
Date: January 14, 2020 (Tuesday)
Time: 18:30 – 21:30
Venue: 1/F, The Hong Kong Club, Central, Hong Kong
Fees: Early-bird Rate (Payment on or before October 31, 2019)
Full Table (12 persons): HK$19,800 HK$21,800
Half Table (6 persons): HK$9,900 HK$10,900
Individual HKVCA Member: HK$1,980 HK$2,180
  
    
Online registration is available for individual bookings only.
   
For table bookings, please return the completed registration form with the guest list to Kamy Chan at kamy@hkvca.com.hk.

6.5 CPT points can be claimed after attending the full-day event.
Date: January 15, 2020 (Wednesday)
Time: 8:30 - 17:30 (followed by a cocktail reception)
Venue: N101, Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, Hong Kong
Fee: Early Bird Rate (Payment deadline: November 15, 2019)
  

HKVCA MEMBERS with membership 2020 renewed
  
CORPORATE FULL MEMBERS
One free pass per company
Additional pass per person: HK$3,600 HK$4,800
 
CORPORATE ASSOCIATE / OVERSEAS (FULL/ASSOCIATE) MEMBERS
One pass at special rate: HK$3,200
Additional pass per person: HK$3,600 HK$4,800
   
NON-MEMBERS
Non-members: HK$7,300 HK$8,300
Registrants of Asian Financial Forum (AFF): HK$3,600 HK$4,800 per person
Members of Supporting Organizations: HK$5,840 HK$6,640 per person
  
HKVCA MEMBERS SPECIAL PACKAGE (Deadline: January 3, 2020)
Asian Financial Forum (AFF) + APEF 2020: HK$9,100 per person

   
CPT: 6.5 points
   
Free LP Passes

  
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 to hkvca@hkvca.com.hk.
    
     

    Supporting Events 
SuperReturn Asia 2019
23-26 September, 2019
   
Outperform Asia
24 September, 2019
    
SVCA ESG & Impact Conference 2019
8 October, 2019

 
AVCJ ESG Forum
11 November, 2019

   
TBLI Conference - Hong Kong
11-12 November, 2019
   
The 32nd Annual AVCJ Private Equity & Venture Forum
12-14 November, 2019
   
Masterclass in Private Equity - Hong Kong
19-22 November, 2019
HKVCA Members can enjoy a 10% discount by stating "HKVCA Members" on the LBS application form.
   
SuperReturn Japan
3-4 December, 2019

   
Business of IP Asia Forum
5-6 December, 2019

 
HKUST Entrepreneurship Fund
 
New Members
Corporate Full Members 
      
Beyond Ventures
Beyond Ventures is a Hong Kong-based venture capital fund established by eGarden Ventures in partnership with locally-grown serial entrepreneurs. eGarden Ventures is a venture capital fund focused on TMT and holds a 20-year investment track record in mainland China. The fund is also supported by leading investment company Hony Capital, which manages more than US$10 billion in assets. Adopting the slogan “From Hong Kong For Hong Kong”, Beyond Ventures seeks to revitalize Hong Kong’s innovation ecosystem by bringing experienced venture and private equity funds together with successful entrepreneurs able to provide startups with mentoring support. The fund aims to help startups grow and extend their business networks throughout and beyond Hong Kong.
          
C Ventures
C Ventures is the first investment club curating a global cultural ecosystem targeting Millennials and Generation Z with a focus on disruptive business in technology, lifestyle and media.
         
Gobi Partners China
Established in 2002, Gobi Partners was one of the first homegrown venture capital firms in China. The firm has built a solid foundation and is well-known in the industry for investing in leading early stage companies across a wide spectrum of technology-related sectors. It manages multiple funds in both US dollars and local currency, with investment strategies spanning companies at the seed stage to Series A and later. Our team is focused on systemic investment opportunities and sources deals throughout Greater China, with offices in Beijing, Shanghai, and Hong Kong.
      
Happiness Capital Limited
   
Jebsen & Co. Ltd.
    
Lone Star Asia-Pacific Acquisitions (Hong Kong) Ltd.
                
Nightingale Partners
Established as an open-ended investment vehicle with a flexible investment mandate, Nightingale invests in a wide range of industries. Taking minority stakes in businesses, we support quality management through financial and operating discipline, strategic thinking and investment. Our investments have traditionally been in established, privately owned companies that are identified as having strong management, excellent growth prospects and the need for equity to expand their operations. Our private equity portfolio includes investments in engineering, services, manufacturing, energy and the athleisure apparel industries. We also allocate a portion of our portfolio to more aggressive early stage companies, including investments in B2B software, fintech, virtual reality, and medtech.
                  
ZB Capital Limited
   
Overseas Full Members
   
ALA & DIWAL Ventures Pte. Ltd.
ALA & DIWAL Ventures Pte. Ltd. is established to manage funds as GP and LP. It focuses on various investment opportunities in the primary sector, real estate, healthcare and fintech ventures.
   
AXA Venture Partners
AXA Venture Partners (AVP) is a venture capital fund investing in high-growth, technology-enabled companies. AVP has built a unique investment platform specializing in tech investments, with $600 million in assets under management through three pillars of investment expertise: early stage fund, growth stage fund and fund of funds. To date, AVP has invested in more than 40 early and growth equity deals and more than 10 fund investments. The AVP team operates globally backed by offices in San Francisco, New York, London, Paris and Hong Kong. In addition to investments, AVP provides access to business development opportunities helping portfolio companies to scale globally and accelerate growth.
   
HPC Germany GmbH & Co. KG
HPC is the international family office of SAP founder Prof. Dr. Hasso Plattner. The HPC Group, with offices in Potsdam, San Francisco and Cape Town, provides a wide range of services, from asset management to private concierge services, to the Plattner family. Through the Hasso Plattner Foundation, HPC oversees inter alia the renowned Hasso Plattner Institute and Museum Barberini in Potsdam.
   
Jiangsu Golden Prosperity Investment Management Co., Ltd.
Jiangsu Golden Prosperity Investment Management Co., Ltd. is an investment management platform jointly established by Jiangsu Fiscal Investment Co., Ltd. and CGP Investment. Jiangsu Fiscal Investment Co., Ltd. is a wholly-owned subsidiary of Jiangsu Assets and Equity Exchange, a financial institution directly under the Jiangsu Provincial Department of Finance. CGP Investment is a well-known private equity FOF and government guide fund manager with more than RMB 100 billion in assets under management. It has invested in more than 150 VCs and PEs, focusing on investment management of FOF and providing asset management and investment consultation services to governments, agency investors, and high net worth clients.
    
Corporate Associate Members
      
Bovill Asia (HK) Limited
Bovill is an independent, specialist financial services regulatory consultancy with a global offering. With offices in the UK, Asia and the Americas, it offers a globally integrated service to help clients thrive in today’s complex regulatory environment. Bovill has subject matter experts covering all aspects of the regulatory landscape and combines its local market and global perspective to support clients that operate across the globe. Its consultants have backgrounds in law, compliance and consulting and include a number of ex-regulators. Bovill knows what regulators expect from firms and are on top of regulatory change. They take time to understand their clients’ businesses and their advice is pragmatic, proportionate and commercial.
   
Carey Olsen (Hong Kong) LLP
   
The Hongkong and Shanghai Banking Corporation Limited
HSBC is one of the largest banking and financial services organizations in the world, with operations in 65 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realize their ambitions.
   
LQ Pacific Partners Limited
LQ Pacific Group Holdings Limited (LQ Pacific) was co-founded by Jason Zeng and his partners. The name “LQ” are the initials of Jason Zeng's Chinese name, “Li Qing”. Jason was one of the five co-founders of Tencent Holdings Limited (0700.HK) and is the Chairman of leading angel investment fund, Decent Capital. LQ Pacific offers private equity financing and corporate finance advisory services globally to selective growth and late stage disruptive technology companies, including mergers and acquisitions, IPO advisory services, and liquidity solutions for private companies.
   
Mainstream Fund Services (HK) Limited
Mainstream Fund Services is part of Mainstream Group Holdings Limited (ASX: MAI), a global provider of full service fund administration and custody services. As of June 2019, the Group provides administration services to 1,012 funds and more than 101,000 investors with funds under administration of AUD $173 billion. Mainstream specializes in providing fund services to alternative funds, including private equity, hedge funds, venture capital and real estate funds. Mainstream employs 259 people, with operations in Australia, Singapore, Hong Kong, the United States, the Isle of Man, Malta, Ireland and the Cayman Islands.
    
Sunwising Insurance Brokers (Hong Kong) Limited
Sunwising Insurance specializes in providing insurance solutions in such areas as private equity investment, publicly listed companies, and M&A transactions in the Greater China market. It also provides insurance due diligence services and risk management consulting services.
           

   
Recent Events Report
    
HKVCA Luncheon Talk on identifying and mitigating fraud and corruption to enhance portfolio company value
August 29, 2019
The HKVCA hosted another of its popular luncheon talks on August 29, 2019 at the China Club. The topic was combating fraud and corruption, with a focus on identification and mitigation to enhance portfolio company value. Steven Parker, of Berkeley Research Group’s Global Investigations and Strategic Intelligence Practice, provided a regulatory overview and discussed the evolving global anti-corruption landscape. He also stressed the direct risk to PE firms in terms of fraud, bribery and corruption violations as well as the risks associated with investments in portfolio companies. Finally, Parker spoke about the complexities involved in interactions with sovereign wealth funds and foreign pension funds, and the solicitation of such clients.

With nearly 60 delegates attending the luncheon, the event received much positive feedback. We would like to thank sponsors, the Berkeley Research Group, and all the participants who made the talk a success.
     
HKVCA seminar and cocktails on unlocking the Greater Bay Area’s potential from a PE and VC perspective
August 22, 2019
The HKVCA's first ever seminar on the topic of the Greater Bay Area was held on August 22nd, 2019 at the offices of EY. More than 150 people registered to attend the event.

The first panel of the day discussed the types of investment opportunities that may arise in the GBA together with some of the anticipated challenges identified by investors. The second panel focused on regulation as well as taxation issues, including tax incentives for technology and R&D intensive companies and the formation of fund structures to attract capital from multiple sources, both in RMB and USD.

We would like to thank EY for their generous sponsorship and also the participants and eight speakers who contributed greatly to the success of this year’s event: David Chan, Managing Partner, Tax Hong Kong & Macau, EY; Peter Chan, Partner, Assurance, TMT Assurance Leader, HK-EY; Michael Chow, Managing Partner, Radiant Tech Ventures; Craig Dickinson, Director, Transaction Tax, EY; Jingjing Jiang, Partner, King & Wood Mallesons; Eric Lam, Partner, Transaction Tax, EY;  Alan Li,  China South Leader, Transaction Advisory Services, EY; and Jonathan Wu, Executive Director, China Merchants Capital,  EY.
      
HKVCA Brownbag Luncheon Talk: Hong Kong startups and how WHub and Angelhub work
July 23, 2019
The HKVCA hosted another of its popular brownbag luncheon talks on July 23, 2019. Held at KPMG’s offices, the founder of WHub.io and AngelHub.io, Karen Contet Farzam, discussed the ways startups can collaborate with the venture capital and private equity industry and how angels differ from venture capital when investing in early stage ventures. Noting that Hong Kong was a leading global center for creating unicorns, she stressed how international partners can help local startups move toward their next phase of growth, with the ultimate goal of completing an IPO or other exit. Finally, she discussed the importance of the startup vetting process and the makeup of the investment committee.
   
With over 50 people attending the luncheon, we would like to thank all of the participants, and especially our venue sponsor KPMG, who helped make this event possible.
     
HKVCA Seminar: An update on the Cayman Islands' Economic Substance Regulation
July 16, 2019
The HKVCA hosted its latest seminar on  July 16, 2019 at the offices of the Maples Group. Anthony Webster, a partner and head of the firm's Asia private equity practice, discussed the Cayman Islands’ recently enacted Economic Substance Law and various solutions to manage the regulatory changes it has brought. The HKVCA and the Technical Committee were very pleased that more than 40 participants attended the seminar. We would like to thank our dynamic and knowledgeable speaker and the Maples Group, whose support made this event possible.
     
The HKVCA would like to remind members of two key dates for “Excluded Person” a) AML/CFT reporting forms are due by August 15, 2019; and b) the re-registration deadline is January 15, 2020. Please liaise with you advisors as soon as possible if your current structure has changed to fit the amended regime. The HKVCA will continue to share the latest developments related to the Cayman Islands’ economic substance legislation with our members in a timely manner.
     

       
Industry News
     
Gong Cha secures private equity investment to boost global expansion
August 27, 2019
(InsideRetail by Robert Stockdill) -International private equity company TA Associates will take an undisclosed stake in fast-growing bubble-tea chain Gong Cha...
(link to the full article)
     
Permira announces buyout of Topcast, APAC’s leading independent aircraft parts distributor
September 4, 2019
(Press Release) - Global investment firm Permira today announced that a company backed by the Permira Funds will acquire the majority of the shares of Topcast Aviation Supplies Company Limited and its affiliates (“Topcast” or “the Company”), the largest independent aircraft parts...
(link to the full article)
         
Insilico Medicine secures $37M in Series B funding Led by Qiming Venture Partners
September 10, 2019
(Press Release) - Insilico Medicine, a pioneer in next-generation artificial intelligence technology for drug discovery, recently completes a $37 million funding round led by Qiming Venture Partners, joined by Eight Roads, F-Prime Capital, Lilly Asia Ventures, Sinovation Ventures, Baidu Ventures, Pavilion Capital, BOLD Capital Partners and other investors including series A investors...
(link to the full article)
    
AngelHub and WHub have closed an investment of over US$3,000,000 from Kharis Capital and Hong Kong FinTech unicorn TNG Fintech Group Inc
September 11, 2019
(Press Release) - Since 2014, WHub - Hong Kong’s biggest startup community platform and power connector comprising over 3,000 startups, has been fostering the startup ecosystem and providing startups with resources they need to grow, including know-how, visibility and talent, to create employment and build innovation. WHub’s founding team has now launched AngelHub, the new way to invest in vetted startups that are building the future...
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