| HKVCA Annual General Meeting 2021 | |  | | New officers elected to serve for 2021 - 2022 term | .png) |
Rebecca Xu was elected Chairwoman of the Hong Kong Venture Capital and Private Equity Association at this year's AGM held on September 1, 2021. She brings to the role of chairman more than 20 years of investment experience across a wide spectrum of industries.
Dear Members and Friends,
It is both a pleasure and an honor to address you as the new Chairwoman of the Hong Kong Venture Capital and Private Equity Association (HKVCA). I feel truly privileged to serve in this position and to continue the great work of the HKVCA.
| My message to you must begin by acknowledging the accomplishments and hard work of our outgoing Chairman, Chin Chou, and of the entire Board of Directors. Under Chin’s leadership, and indeed that of Eric Mason, David Pierce, Johnny Chan and Conrad Tsang who served before him, the HKVCA has grown considerably in terms of membership, has substantially increased the beneficial impact for its members, and is now in better all-around shape than it has ever been. I take the baton proudly and shall do my very best to continue this remarkable trend, endeavoring to lift the Association to even greater heights.
I would also like to take this opportunity to welcome our newly elected board directors, Danny Lee, Queenie Ho and Tony Zhang. We will be working closely with the entire elected Board, continuing to build on our standing as a leading industry association representing the growing number of players in the Asia-Pacific private capital markets.
As an organization we are committed to furthering the progress of the last few years. With a membership of over 480 firms, we remain dedicated to growing and expanding the diversity of our member base, not only in Hong Kong, but across Asia Pacific and worldwide.
We will continue working to support and protect the interests of the private equity and venture capital community, providing a value-added networking environment as well as an effective platform for engaging and advising the government on behalf of our industry. In this way I believe we can continue to positively impact the region’s evolving regulatory and business environment, help attract more GPs and LPs to set up in Hong Kong, and contribute to the future prosperity of Hong Kong.
Finally, no discussion of our remarkable success and the growing confidence we all have in the work of the HKVCA would be complete without mentioning Joanne and her amazing team. Since coming on board, Joanne has energized, organized, and revitalized this organization. I know I speak on behalf of the entire Board when I say thank you to Joanne and her team.
The primary goal of the HKVCA in the years ahead will be to continue to demonstrate its leadership position as a regional industry association. In the meantime, I encourage you to reach out either to myself or my colleagues with your ideas and suggestions on how to make the Association even better.
All the best,
Rebecca Xu
Chairwoman
Hong Kong Venture Capital and Private Equity Association
Co-Founder & Managing Director
Asia Alternatives Advisor Hong Kong | | | The AGM also saw the election of the following officers and board members: | | |
| | HKVCA 20th China Private Equity Summit (CPES) 2021 | |  | The HKVCA’s flagship China Private Equity Summit was held for the 20th consecutive year on August 17, 2021. With COVID-19 still an ongoing issue worldwide, this year’s event, like last year, was held in a virtual format. This had the benefit of allowing for significantly greater participation from professionals across the region and around the world, with more than 700 venture capital and private equity practitioners, leading corporates, and other industry professionals and participants joining the event.
The opening panel discussion, which was on China’s private equity (PE) landscape, began by noting that many economies around the world have begun to recover since the outbreak of the pandemic in early 2020, with perhaps China’s economy being the most notable. Governments around the world injected massive liquidity into their economies, which resulted in strong performances in capital markets. At the same time, there has been increasing regulation of the financial industry. The panel discussed the implications for Chinese PE, including the views of investors, the various and likely strategies, and the position of the different sectors. Among other highlights of the event was the discussion held by the education panel, which was especially timely in the light of new regulations implemented two weeks prior to the Summit that are expected to have significant impact on the sector. The audience in particular was extremely eager to hear the expert speakers’ views on the immediate implications for the industry and how it would react to the abrupt changes.
Among the distinguished guests were the Hon. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR Government; Nicolas Aguzin, the new CEO of the HKEX; and Shuang Chen, Founding & Managing Partner of APlus Partners Management. We were also pleased to have invited Ying Chen, Chairman & Co-CEO of Nice Tuan, and Jianxiong Xiao, Founder & CEO of AutoX, who were special guests at two separate fireside chats.
We would like to thank our extremely knowledgeable participants and audience of attendees who joined us from locations around the world. Thank you also to our PRC Committee, co-chaired by Conrad Tsang and Rebecca Xu, and to the other committee members. Finally, the HKVCA would like to express our sincere thanks to our valuable sponsors, whose contributions and continued support made the event an unprecedented success. |  | | |
| | HKVCA ESG Award of Excellence 2021 | |  | | The HKVCA is launching its 3rd 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 2019 and attracted a diverse set of entries. We now invite Asian PE and VC 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.
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 2020 and/2021, where the ESG work that you have initiated makes a compelling case study,
then you are eligible to submit an entry. Please submit a one-page document on one portfolio company where critical ESG 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 and implemented in the company.
- 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 2-4 changes that have been most instrumental in addressing existing weaknesses and/or in creating value for the business.
- Any supporting evidence that contributes 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 5, 2021.
A panel of judges consisting of LP members from the HKVCA’s ESG Committee will select two to three winners from all entries. The winners will be announced in December 2021 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. 5, 2021, the next Award is anticipated to be the second half of 2023.
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.
For the past entries in the 2017 and 2019 Awards, please refer to the two links below: 2017 and 2019.
For reference when you think about the ESG areas which have had improvements and upgrades, please use below for reference. ESG encompasses a very wide range of areas. | .png) |
| | |  | The HKVCA’s Private Equity Fundamentals Virtual Training Series features eight structured modules that have been specially designed to provide participants with deep information and thorough analysis of private equity and venture capital. Relevant for those who are recent industry entrants or for those with greater experience but who wish to refresh and update their skills, the series covers the entire investment process, from fund-raising strategy and distribution of returns to buyouts and exits.
Each module is delivered by industry-leading specialists who bring extensive knowledge and experience in different fund strategies, tax issues, cross-border transactions, legal and regulatory structures, marketing, deal making, management of portfolio companies, exit strategies and more. The modules are also taught relative to real and actual case studies, illustrating how private equity and venture capital operate through the different stages of a company’s lifecycle. | | Date | Time (HKT) | Session | Format | CPT/D | Aug 26 | 10:00-12:50 | Module 1: PE Basics | Physical / Zoom* | 2.5 | Aug 31 | 10:00-12:10 | Module 2: Early Stage Investment | Zoom* | 2 | Sept 9 | 10:00-12:20 | Module 3: The Investment Decision | Zoom* | 2 | | Sept 16 | 10:00-12:40 | Module 4: Valuation / ESG / “High Level” Tax Issues | Zoom* | 2.5 | | Oct 7 | 10:00-12:40 | Module 5: Transaction Documentation | Zoom* | 2.5 | | Oct 12 | 14:00-17:00 | Module 6: Post Investment | Zoom* | 2.5 | | Oct 21 | 10:00-12:00 | Module 7: Tax / Fundraising | Zoom* | 1.5 | | Nov 2 | 10:00-12:40 | Module 8: Case Studies - CVC/HKBN & Pacific Coffee | Zoom* | 2.5 | | | * Be advised that a webinar recording of this event will not be available upon its conclusion. To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. | | REGISTER NOW | | HKVCA Members | Non-Members | | Per Module | HK$700 | HK$1,500 | | All 8 Sessions | HK$4,480 | HK$9,600 |
Group Discount:
Register in a group of 3 or more from the same company and enjoy a 10% discount
| |  | CPT & CPD points can be claimed after attending each sessions.
Participants have to follow the start and finish times as stated, otherwise CPT/CPD may be deducted.
Participants who would like to claim CPD points have to update their Mandatory CPD Training Records with the CPD points for the course.
A certificate will be granted upon completion of each session.
Materials will not be provided for every session. |
| | Limited registrations available |  | | Webinar: How limited is your liability? | | Sponsored by |  | | | The use of a special purpose vehicle (SPV) to limit liabilities does not always work in practice. This webinar will discuss some of the ways in which investment managers, funds, investment manager representatives appointed as directors of SPVs and others can be exposed to potentially substantial liability risk despite the use of ring-fenced SPV structures. The discussion will also feature tips on how to mitigate the risks, including in the areas of structuring, governance, and the importance of internal communications. | | Speakers: |  | James Ford
Partner
Allen & Overy |  | Matt Bower Partner
Allen & Overy | | | Date: | September 28, 2021 (Tuesday) | | Time: | 10:00 - 11:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Members
1 free pass per company
additional passes: HK$200 per person
Non-Members
HK$300 per person | | CPT: | 1 point | | *Be advised that a webinar recording of this event will not be available.
#To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. | | Registration deadline: September 27, 2021 |   |
|  | | Luncheon Talk: The urgency of cybersecurity: Key defences and best practices | | Sponsored by |  | | Rarely a week goes by without a ransomware attack, data breach or malicious cyber scandal making the news headlines. Even the largest enterprises are not immune, and given the wealth of classified information, monetary assets, investor trust and reputations at risk, venture capital and private equity firms must continuously evolve their cyber strategies.
In the light of the most recent attacks and often chaotic responses, typically subject to international scrutiny, a number of firms are pursuing additional cybersecurity investments. Join Michael Steinkuhl, ECI’s Director of Asia, during Cybersecurity Awareness Month for a luncheon seminar at which he will share helpful tips and security best practices aimed at reducing cyber risk.
Topics of discussion: - The current risk landscape
- Case study exploring the human component to cybersecurity and risk
- Cybersecurity frameworks in practice
- Securing the physical and remote workplace
| | Speaker: |  | Michael Steinkuhl
Director, APAC,
ECI | | | | | Date: | October 19, 2021 (Tuesday) | | Time: | 12:30 - 14:00 (Hong Kong Time) | | Format: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, HK | | Fee: | Corporate Full Members
One complimentary pass
Additional pass: HK$450 per person
Corporate Associate/Overseas (Full/Associate )/Individual Members
HK$450 per person
Non-Members
HK$900 per person | | CPT: | 0.5 point | | The Hong Kong Club has instituted a strict COVID-19 vaccination requirement for entry to its premises. With effect from September 1, 2021, only persons who are fully vaccinated (defined as having completed the full COVID-19 vaccination course no less than 14 days prior to the relevant date) and who are able to show a valid vaccination record will be permitted entry. Persons unable to provide proof of vaccination and/or those medically exempt from receiving the COVID-19 vaccination will be denied entry to the Club.
In addition, upon entering the function room, guests are required to scan the “LeaveHomeSafe” 1/F QR code using the “LeaveHomeSafe” mobile app. Note that this is a mandatory requirement of the government for all zones operating under Group D operation regulations.
Only those persons able to fulfil the above requirements should register for the event. | | | Registration deadline: October 18, 2021 | | |
| | Limited seats available | | Members Only Event |  | | Sponsored by |  | | | Date: | October 28, 2021 (Thursday) | | Time: | 08:30 - 09:30 | | Venue: | Harcourt Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong | | Fee*: | HKVCA Members
HK$350 per person
*Note, free pass no shows will be charged full price
*An additional charge may apply to accommodate special dietary requests. | | The Hong Kong Club has instituted a strict COVID-19 vaccination requirement for entry to its premises. With effect from September 1, 2021, only persons who are fully vaccinated (defined as having completed the full COVID-19 vaccination course no less than 14 days prior to the relevant date) and who are able to show a valid vaccination record will be permitted entry. Persons unable to provide proof of vaccination and/or those medically exempt from receiving the COVID-19 vaccination will be denied entry to the Club.
In addition, upon entering the function room, guests are required to scan the “LeaveHomeSafe” 1/F QR code using the “LeaveHomeSafe” mobile app. Note that this is a mandatory requirement of the government for all zones operating under Group D operation regulations.
Only those persons able to fulfil the above requirements should register for the event. | | | |
|  |  | | Date: | November 30, 2021 (Tuesday) | | Time: | Registration and breakfast: 7:30 am
Shotgun start: 8:15 am
Lunch: 1:00 pm | | Venue: | Shek O Golf & Country Club
Address: 15 Shek O Rd, Shek O, HK | | Format: | Scramble | | Fee*: | Members: HK$2,900
Non-Members: HK$3,800
* Fee inclusive of light breakfast and lunch | | With effect from October 1, 2021, no member and/or guest will be admitted to the Shek O Country Club’s premises unless they have been fully vaccinated against Covid-19 or have an appropriate medical exemption certificate.
A person is “fully vaccinated” where they have received the full two-dose course of either the Sinovac or Pfizer-BioNTech vaccine administered in Hong Kong at least fourteen days prior to the relevant date, or, have received the final dose of a WHO-approved vaccine administered outside Hong Kong at least fourteen days prior to the relevant date. Having an “appropriate exemption certificate” means having a certificate or letter signed by a registered medical practitioner in Hong Kong stating, in substance, that the individual has a valid underlying medical reason which means they cannot be vaccinated.
Under the Club’s current Covid-19 policies, you are NOT allowed to enter the Club if any of the following applies to you: - You have been in close contact with someone in the past 14 days who has tested positive for Covid-19.
- You have been subject to the government’s compulsory Covid-19 testing notice/order because you have been in close contact with someone who has tested positive for Covid-19, unless you have been tested and received a negative result.
- You have been in close contact with a person who has been outside of Hong Kong in the past 14 days, regardless of whether that person is exempted from the government’s compulsory quarantine.
- You have been outside of Hong Kong in the past 14 days regardless of whether you are exempted from the government’s compulsory quarantine.
- You are feeling unwell or have flu-like symptoms.
Points (3) and (4) above do not apply if you have been fully vaccinated as defined in paragraph two above.
Given these requirements, the HKVCA would like to ensure that all participants understand the updated regulations.
Only those persons able to fulfil the above requirements should register for the event. | | | Individual booking: | Team booking: | | | | | | | | HKVCA Research Journal - Eighth Issue |  | | Click here to download the journal. | | |
| | | | New Members | | | | Corporate Full Members | | | | Grosvenor Asia Strategic Adjacencies Limited | | Grosvenor is one of the world’s largest privately owned international property businesses with a track record of over 340 years. We develop, manage, and invest with a purpose of improving properties and places to deliver leading commercial and social benefits. Grosvenor Asia Strategic Adjacencies Limited is a newly set-up division of Grosvenor Asia with a specific purpose of investing in emerging technology and strategic adjacencies around our core industry. It has a strategic intent to supplement and inform our core business such that we are on the “inside” of future developments in our industry. | | | | Hel Ved Capital Management Limited | | Hel Ved Capital Management Limited is an asset management firm established in 2019 to focus on Asia-driven technology, media, communications and consumer discretionary (TMT) long short equities. We invest with patience and believe that history rhymes. Hel Ved Capital is headquartered in Hong Kong and regulated by the Securities and Futures Commission of Hong Kong. | | | | Overseas Full Member | | | | NZVC | | In today's borderless world and remote working economy, the best founders will work from anywhere. New Zealand is synonymous with a competent and effective government, honest institutions, and unrivaled natural beauty. NZVC partners and supports with the best founders building global ventures from New Zealand. We're New Zealand's first operator run fund aiming to provide more than just capital. We draw from a network of 100+ domain experts and advisors to help companies at all stages of their lifecycle to find product market fit, scale, grow and exit. | | | | Corporate Associate Member | | | | PitchBook | | PitchBook is a financial technology company that provides data on capital markets to help professionals discover and execute opportunities with confidence and efficiency. We collect and analyze detailed data on the entire venture capital, private equity and M&A landscape, including public and private companies, investors, funds, investments, exits and people. Our data and analysis are available through our suite of products (the PitchBook Platform), industry news and in-depth reports. | | |
| | | | Event Reports | | | | Webinar and Luncheon Talk: Investor insights and the global private equity barometer | | July 21, 2021 |  | William Yea, a principal at Coller Capital, hosted an HKVCA luncheon talk on July 21, 2021, where he discussed the recently released results of the global private equity survey conducted by his firm. The event was the first time the HKVCA had hosted a luncheon talk in hybrid format, with 20 guests attending in person and an additional 30 attendees participating online.
Coller Capital’s Global Private Equity Barometer is a snapshot of worldwide trends in private equity, offering an overview of the plans and opinions of institutional investors. Referring to the results, Yea noted that climate change and healthcare had clearly emerged as mega-trends that will influence LP decision-making over the next five years. LPs also indicated an intention to increase allocation to alternative assets, though this sentiment was not shared by hedge funds. And on more of a personal note, 64% of LPs indicated they were happier with their work-life balance since the onset of the COVID-19 pandemic.
The HKVCA thanks Coller Capital for its sponsorship. Thanks also to William Yea, the speakers and to all who attended the event, both online and in person. | | |
| | | | Industry News | | | | NewQuest Capital Partners backs Cloudnine, India's premium birthing center for maternal, childcare and fertility care | | July 26, 2021 | | NewQuest Capital Partners, the leading dedicated secondary private equity platform focused on the Asia-Pacific region, has announced that it has acquired a minority interest in Kids Clinic India Private Limited that operates as the Cloudnine chain of hospitals across India. This stake has been acquired through a combination of a primary investment and acquisition of a secondary stake from existing investors and other shareholders... | | (link to the full article) | | | | Currenxie raises USD 10 million in Series A funding round | | August 13, 2021 | | (IBS Intelligence by Leandra Monteiro) - Currenxie, the Hong Kong based cross-border payments company, recently announced that it has successfully closed a USD 10 million Series A funding round led by family office BF Belmont... | | (link to the full article) | | | | The acquisition of HKTaxi by Uber marks first successful full "exit" deal for Beyond Ventures | | August 20, 2021 | | (Press Release) - Beyond Ventures, a Hong Kong-based venture capital firm, is pleased to announce today that the acquisition of HKTaxi by Uber marks the first successful full "exit" deal for Beyond Ventures among all of its prominent portfolio companies. This is also a recognition of the great achievement of Hong Kong entrepreneurs... | | (link to the full article) | | | | DayDayCook announces merger agreement with Ace Global Business Acquisition Limited | | August 26, 2021 | | (Press Release) - DayDayCook, a leading content driven direct-to-consumer brand in Hong Kong and Mainland China, announced that it has entered into a definitive merger agreement with Ace Global Business Acquisition Limited (NASDAQ: ACBA, ACBAU, ACBAW)... | | (link to the full article) | | | | Online pet insurer OneDegree raises USD 28 million amid strong investor appetite for Hong Kong digital start-ups | | August 30, 2021 | | (SCMP by Enoch Yiu) - OneDegree, Hong Kong’s only online pet insurer, has raised USD 28 million in its latest funding round, it said on Monday... | | (link to the full article) | | | | More news in Industry News | | |
| | | | Supporting Events | | | SuperReturn Asia Virtual
September 13 - 15, 2021
The 20th Annual AVCJ China Forum
October 13 - 14, 2021
Cyberport Venture Capital Forum (CVCF) 2021
November 2 - 3, 2021
Edventures GBA Summit
November 3 , 2021
Hong Kong FinTech Week
November 1 - 5, 2021
Discount code for HKVCA Members - 10% off: HKVCA10
Elevator Pitch Competition (EPiC) 2021
November 5 - 12, 2021
Asia Summit on Global Health
November 24, 2021
HKTDC Entrepreneur Day
1 - 3 December, 2021
SuperReturn Asia Reconnect
December 7 - 9, 2021
BIOHK 2021
December 2021
The Henley Family Office Program
Entrepreneur Of The Year China
PwC Asset and Wealth Management 8-part webinar series, A closer look into the China market | | | | |
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