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HKVCA Private Equity Fundamentals Training Series 2021 - Module 4 (Online)

Date: Thursday, 16 September 2021
Venue: N/A; Zoom Webinar
Time: 10:00 to 12:40

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 recordings of this training series 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.

REGISTER NOW

DOWNLOAD FLYER

 
  HKVCA Member Non-Member
 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 and CPD points can be claimed after attending each session.

   
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.


Module 1: PE Basics

August 26 (Thursady) | 10:00-12:50
10:00-10:05 Opening Remarks

K. O. Chia
President,
HKVCA

10:05-10:45 Introduction to Private Equity
  • What is private equity (asset class/business model)
  • Types of PE transactions – VC, MBO, LBO, PTP
  • Types of PE funds (seed stage, growth/expansion stage, pre-IPO, buyout, mezzanine, distressed)
  • Differences between PE and hedge funds
  • The role of the fund principal sponsors/general partners/investment advisers
10:45 – 11:05

Private Equity in Asia and the Impact of COVID-19

  • Scope of Private Markets
  • Developments and trends
  • Impact of COVID-19
11:15 – 12:05

Established PE Funds

  • Use of offshore domiciles or onshore LPF regime
  • Fund structure (limited partnership/investment companies) & documents
  • Functionaries (fund administrators, custodian)
  • Regulatory issues on fund formation (licensing, securities laws, anti-money laundering issues)
Lorna Chen
Asia Regional Managing Partner & Head of Greater China,
Shearman & Sterling
12:05 – 12:50

Legal Framework for Investing in China and Cross-border

  • Potential New CSRC Regulations on Overseas Listing : Impact on Exit Options for PE funds
  • Listing through deSPAC: Exit option for PE investors in China Headquartered Companies?
  • Recently adopted cybersecurity regulations:  Impact on data rich targets of PE investments in China
  • Anti-Monopoly enforcement:  Impact on China-based PE portfolio companies

Marcia Ellis
Global Chair,
Private Equity Group 
Morrison & Foerster

Module 2: Early Stage Investment

August 31 (Tuesday) | 10:00-12:10
10:00-11:00

Introduction and Overview of Early Stage Investment

How Investors Screen Deals: The Selection Process and Criteria

The Valuation of Early Stage Investment

Gordon Yen
Founding Managing Partner,
Radiant Tech Ventures

11:10-12:10 VC Post Investment and Exit

Module 3: The Investment Decision

September 9 (Thursday) | 10:00-12:20
10:00 – 10:15

Deal Sourcing and Preliminary

  • Right management?
  • Right industry?
  • Right company?

Ivan Chan
Executive Director,
Morgan Stanley

10:15 – 10:30 Investment Committee Proposal
10:30 – 11:10

Due Diligence

  • Financial, legal and operational
  • Due diligence procedures
11:20 – 12:20

Deal Financing

  • Equity finance for acquisition vehicles
  • Debt finance for acquisition vehicles

Queenie Ho
Partner,
Affinity Equity Partners

Module 4: Valuation / ESG /
“High Level” Tax Issues

September 16 (Thursday)
10:00-12:40
10:00 – 10:50

Valuation Issues

  • What is fair value?
  • Private equity life cycle - Different motives for valuations
  • Commonly used valuation approaches
  • Discounts and premiums
  • Considerations of recent pandemic on business valuation

Yvonne Dunn
Executive Director,
Ernst & Young

10:50 – 11:40 ESG

Alvin Lam
Principal,
CVC Capital Partners

11:50 – 12:40

“High Level” Tax Issues

  • Basic Consideration
  • Indirect and direct transfer
  • QFLP and QDLP
  • Unified fund exemption regime & tax concession for carried interest
  • Economic Substance rule

Patrick Yip
Vice Chair,
Deloitte China

Module 5: Transaction Documentation

October 7 (Thursday)
10:00-12:40
10:00 – 10:50

Deal Protection and Risk Allocation Issues

  • Protecting the deal via exclusivity arrangements and break / termination fees
  • Allocating risk via warranties, indemnities, disclosures and other contract provisions

Bryan Koo
Partner of Corporate M&A & Private Equity Practice,
Clifford Chance

Andrew Crook
Head of Corporate APAC,
Clifford Chance
10:50 – 11:40

Non-leveraged Transactions/VC Transactions

  • Term sheet
  • Articles of association of target company: terms of shares/anti-dilution issues/transfer procedures
  • Investment/subscription agreement and shareholders agreement: information rights, board representation, investor protection covenants
  • Management carrots and sticks: milestones, ratchets, options, warrants, terms of service agreements/non-competes
  • Other documents
  • USD plus RMB funds – “dual” funds

Brian Lee
General Counsel,
FountainVest Partners

11:50 – 12:40

Buyouts

  • Term sheet
  • Acquisition agreement
  • Other documents
  • Financial and security documentation

Matthew Puhar
Partner,
Akin Gump Strauss Hauer & Feld

Naomi Moore
Partner,
Akin Gump Strauss Hauer & Feld

Module 6: Post Investment

October 12 (Tuesday) | 14:00-17:00
14:00 – 15:20

Exit Strategies

  • How to prepare for exits
  • IPOs
  • Secondary buyouts
  • Trade sales

Michael Chan
Head of International Issuer Services,
HKEX

Min Lin
Founding Partner,
NewQuest Capital Partners

15:30 – 17:00

Management of Portfolio Companies

  • Aligning interests of investors and management
  • Value creation
  • Corporate governance
  • Monitoring reports
  • Board/shareholders’ meetings

John Levack
Vice Chairman,
HKVCA

KO Chia
President,
HKVCA

Module 7: Tax/Fundraising

October 21 (Thursday) | 10:00-12:00
10:00 – 10:50

Fundraising

  • Fundraising environment
  • Why LPs invest in private equity
  • Types of LPs that invest in PE funds
  • What LPs expect of GPs
  • How to approach LPs

Wendy Zhu
Managing Director,
AlpInvest Partners

Jonathan Lee
Managing Director,
MVision

11:00 – 12:00

Tax Considerations in Structuring PE Funds

  • Typical Asia PE fund Structures & Tax considerations
  • HK & Singapore – overview
  • OFC; VCC and LPF
Sandy Fung
Partner, 
KPMG
Kasheen Grewal 
Director, Deal Advisory & M&A Tax,
KPMG

Module 8: Case Studies - 
CVC/HKBN & Pacific Coffee

November 2 (Tuesday)
10:00-12:40
10:00 – 11:15

Pacific Coffee – Evolution of Business through PE Investment Rounds

Roger King
Adjunct Professor of Finance,
HKUST

Winnie Peng
Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST

Oscar Chow
Managing Director,
Polaris Holdings

11:25 – 12:40

CVC/Hong Kong Broadband - From MBO to IPO in < 3 Years

Alvin Lam
Principal,
CVC Capital Partners

NiQ Lai
Co-Founder & CEO,
Hong Kong Broadband Network Limited

Roger King
Adjunct Professor of Finance,
HKUST

Winnie Peng
Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies,
HKUST

 

Notes

  • Registration must be followed by payment to secure your place.
  • Registration will be confirmed upon receipt of payment.
  • Should you require an invoice, please contact us.
  • Cancellation 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.
  • Information is subject to change. The HKVCA retains the right to make changes as it deems necessary.
  • Priority will be given to HKVCA Members.
  • No shows will be charged.
  • Registrations are limited at first-come-first-served basis. 
  • No media registrations will be accepted for this event.