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| | HKVCA Wine Tasting Event 2019 | | | | | The HKVCA held its annual wine tasting evening on October 23, 2019 at the Hong Kong Club and once again it proved to be one of the most popular events of the year. Following the theme “Everything Gevrey, Chambertin of course…”, Master of Wine Jeannie Cho Lee led the attendees through the tasting of five fabulous wines selected exclusively from producers located in the Gevrey-Chambertin area of France. More than 100 people registered for the event and feedback received from the participants indicated the evening was very much enjoyed and a tremendous success.
The Association would like to offer its sincere thanks to our generous sponsor, Alvarez & Marsal, whose contributions made the evening possible. Our thanks also to the HKVCA’s Wine Committee, namely Marcus Thompson, Alain Fontaine, Anthony Chan and Mounir Guen, for all of the efforts they have made this year. |
| | HKVCA ESG Award of Excellence 2019 | | | Submission deadline: HKT 5:00 pm on November 8, 2019 (Friday) | | | | 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.
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. |
| | | | Limited Seats Available |  | | 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 7: Tax / Fundraising | | November 8 (Fri) | | 11:00 – 14:30 | KPMG Office | | |  | Arion Yiu
Partner,
KPMG |  | Dennis Kwan
Managing Director,
MVision Private Equity Advisers |  | Jonathan Lee
Director,
MVision Private Equity Advisers |  | Kasheen Grewal
Director,
Deal Advisory & M&A Tax,
KPMG | | | 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 | | By Invitation Only | .png) |  |
|  | | SFC Seminar: Licensing of Private Equity and Venture Capital Firms | | At the invitation of the HKVCA, representatives from the SFC’s Licensing Department Intermediaries Division will deliver a presentation on the current licensing requirements applicable to private equity and venture capital firms operating in Hong Kong. They will also talk about the SFC’s 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
2 free passes per company
Additional pass per person: HK$200
Other HKVCA Members
1 free pass per company
Additional pass per person: HK$200
| | 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 | | | |
|  | | Update on the Cayman Island's economic substance law | Discussion topics:
• Myths about the economic substance law;
• How the market is addressing compliance | | Speakers: |  | Darren Bowdern
Partner,
Head of Alternative
Investments,
KPMG |  | Alice Molan
Partner,
Hong Kong,
Walkers |  | James Gaden
Partner,
Hong Kong,
Walkers | | | | | | | | Date: | November 26, 2019 (Tuesday) | | Time: | 12:00 - 14:00 | | Venue: | Walkers, 15/F Alexandra House, 18 Chater Road, Central, HK | | Fee: | Corporate Full Members
1 free pass per company
Additional pass per person: HK$200
Other HKVCA Members
Additional pass per person: HK$200
Non-members | | CPT: | 0.5 point | |  |
|  | | Licensing for Private Equity Fund Managers | | | | Speaker: |  | Anne-Marie Godfrey
Partner,
Akin Gump Strauss Hauer & Feld | | | | Date: | December 3, 2019 (Tuesday) | | Time: | 12:00 - 15:00 | | Venue: | Akin Gump Office, 18/F, Gloucester Tower, The Landmark, 15 Queen’s Road Central, Central, HK | | Fee: | HKVCA Member: HK$800 per person | | Non-member: HK$1,600 per person | | CPT: | 2.5 points | | | |
| | Limited Seats Available | | Members Only Event |  | | Sponsored by |  | | | Date: | December 6, 2019 (Friday) | | Time: | 8:00 - 9:00 | | Venue: | Harcourt 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. | | |
| .png) | | | | Date: | December 12, 2019 (Thursday) | | Venue: | The Library, The China Club, 13-15/F, 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 |  | | 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. | | Highlights of Gala Dinner 2019 |
|  | | 6.5 CPT points can be claimed after attending the full-day event. | .png) | | 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 30, 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.
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| | Co-hosted Event |  | | |
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Annual Report 2018/2019 |  | | Download the latest annual report here. | | |
| | | | New Members | | Corporate Full Members | | | | Comhar Capital Limited | | Meaning “partnership” in Gaelic, Comhar prefers to work hand-in-hand with business owners to help improve a company’s outlook, opportunities and growth prospects. This approach reflects the experience of its founders – Neil Armstrong, an extremely successful entrepreneur, and Craig Wilkinson, a professional investor with a rich history of investing in and supporting businesses operating across a variety of sectors and geographies. | | | | Cowin Capital | | Cowin Capital Group was established on June 26, 2000 as China's first professional private placement equity investment company. Our experience over the last 19 years has made us a leader in capital management, with investments in more than 400 companies, 60 of which went public and another 160 from which we successfully exited. Our company focuses on investing in pioneering enterprises on a long-term basis, pursuing steady development. We are a leader in China, operating as a domestic investment organization with extraordinary returns. Cowin Capital became the third venture capital institution to list on the NEEQ (code 832793). | | | | Sino Innovation Laboratory Limited | | | | Warburg Pincus LLC | | Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $62 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $79 billion in over 880 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. | | | | Corporate Associate Members | | | | Albourne Partners (Asia) Limited | | | | China Tonghai International Financial Limited | | China Tonghai International Financial Limited is a Hong Kong-based financial services group that has been listed on the Stock Exchange of Hong Kong Limited since 1997. After a series of strategic acquisitions beginning in 2001, it has become a sizeable financial institution that provides securities broking, asset management, wealth management, and financial media i.e. Quamnet.com. In January 2017, the group joined the Oceanwide Holdings group. By utilizing the best of both its online resources and solid expertise, the company strives to become the ideal partner for both corporate and individual investors in Hong Kong and China. It also offers premier one-stop financial services to its clients. In addition, the company provides capital markets services to clients through its representative offices and wholly owned foreign enterprises in Shenzhen, Shanghai, Shenyang, Ningbo, Dalian, Beijing, Chengdu, Hangzhou and Xiamen in the PRC, and through a network of global alliance partners and Oaklins International. | | | | Eversheds Sutherland | | As a global top 15 law practice, Eversheds Sutherland provides legal advice and solutions to a global client base ranging from small and mid-sized businesses to the largest multinationals. Our teams of lawyers around the world operate seamlessly to deliver the legal know-how and strategic alignment that clients need from their advisors to help further their business interests. Clients describe us as creative and well-versed in cutting edge legal work – we listen well in order to understand how and where we can be most effective and add the greatest value. | | |
| | | | Event Reports | | | HKVCA Real Asset Seminar with Cocktail
October 29, 2019 |  | The HKVCA held its Real Asset Seminar on October 29, 2019 at the China Club. More than 60 people registered to attend the event, which featured a panel made up of industry leaders who discussed issues around investment in the sector during uncertain times. Among the subjects examined by the panel were perceptions around shifting expectations, strategic positioning and the outlook for the industry across the region. The panelists also shared what were clearly optimistic views on real estate investment in Hong Kong during the Q&A session that followed the panel discussion.
We would like to thank Invesco for its most generous sponsorship. We would also like to thank the panel members who contributed greatly to the success of the event, namely Calvin Chou, Managing Director and Co-Chief Investment Officer, Invesco Real Estate; Christopher Heady, Senior Managing Director & Head of Real Estate Asia, Blackstone; Kenneth Gaw, President & Managing Principal, Gaw Capital Partners; and Alexandre Heriard-Dubreuil, Partner and Chief Investment Officer, L Catterton Real Estate. | | | HKVCA Members Breakfast Meeting
October 18, 2019 |  | | The HKVCA held its monthly breakfast meeting at the Hong Kong Club on October 18, 2019. Hosted by our Executive Director, Wendy Zhu, the event was at full capacity with more than 100 members registering to attend. We were especially pleased to be able to welcome 13 new members to this month’s meeting, who were on hand to introduce themselves to their fellow members. This popular event continues to be a great opportunity for attendees to engage in networking, meet other Association members as well as their industry colleagues. The HKVCA would like to extend its thanks to all who participated, and a very special thanks to our sponsor, Ernst and Young (EY), whose support helped make the event such a success. | | |
| | | | Industry News | | | | A-listers sign up to Hong Kong VR startup Sandbox | | October 24, 2019 | | (InsideRetail.asia by Michael Arnold) - Hong Kong immersive Virtual Reality startup Sandbox VR has won investment from several A-list celebrities, including Katy Perry and Will Smith... | | (link to the full article) | | | | Hong Kong Residential Start-up Dash Living Secures $10m in MindWorks-Led Funding Round | | October 20, 2019 | | (Mintiandi by James Hatton) - Residential start-up Dash Living is launching its first co-living project in Hong Kong after receiving commitments of $10 million in a pre-series A funding round... | | (link to the full article) | | | | LGT Capital closes fourth Asia-focused PE fund at $1 billion | | October 15, 2019 | | (DealStreetAsia by Mars Mosqueda JR.) - Swiss alternative investment firm LGT Capital Partners announced that it has raised $1 billion for its fourth private equity fund that will invest in the Asia-Pacific region.... | | (link to the full article) | | | | Cortina targets $100m for Australia cross-border fund | | October 9, 2019 | | (AVCJ by Tim Burroughs) - Cortina Capital, a private equity firm that invests in Australian health and wellness brands with export potential in China and other Asian markets, is looking to raise $100 million for its debut fund, AVCJ understands... | | (link to the full article) | | | | Capricorn Capital makes push into corporate services sector with acquisition of A-Pass in Hong Kong | | September 24, 2019 | | (Press Release) - Capricorn Capital Partners HK Limited, the Hong Kong arm of the family-owned global direct private investment business Capricorn Capital Group, has made its first acquisition in Asia, taking a majority stake in Asia-Pacific Accounting & Secretarial Services... | | (link to the full article) | | | | More news in Industry News | |
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