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| 13 December, 2018 |
HKVCA Brownbag Luncheon Talk: China Income Tax Reform
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Michael Hong, director of EY China, delivered a luncheon talk on December 13, 2018 on China’s sweeping new individual income tax (IIT) law that comes into effect on January 1, 2019. Hong began by highlighting the differences between the old tax law and the new, noting in particular the introduction of a new definition of “resident” and “non-resident”, creating tax liability and raising double taxation issues for persons who spend an accumulated 183 days or more on the mainland. He also made clear that the 183-day determination is strict, and hence those who spent time in the mainland needed to keep in mind that it was irrelevant whether one’s presence was for business or personal interest – both will lead to China tax residency. Tax liability will also be on worldwide income, and not simply income created on the mainland. This gives Chinese tax authorities broad powers to demand financial information and documentation from individuals. However, it appears that the old “five-year exemption rule” will remain, so foreigners can escape tax liability on their non-China income, provided they have not lived in the mainland for more than five years. More than 70 people attended the luncheon talk, an indication of the importance of the topic to those in the venture capital and private equity industry. The HKVCA would like to extend our sincere thanks to EY, whose sponsorship made the event possible. |
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| 11 December, 2018 |
HKVCA Christmas Cocktails 2019
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| 06 December, 2018 |
HKVCA ESG Luncheon Talk: Awakening Governance – the Current State of Corporate Governance in China
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Jamie Allen, Secretary General, and Nana Li, Senior Research Analyst at the Asian Corporate Governance Association delivered a luncheon talk on the current state of corporate governance in China. Held on December 6, 2018, the talk examined the differing perspectives on the meaning and requirements of corporate governance held by foreign institutional investors versus China listed companies. The speakers also stressed that, as China plays an increasingly larger role in global capital markets, it will be necessary to start to bridge the gap in expectations between domestic and foreign market participants. The importance of the topic was highlighted by the fact that over 50 attendees joined the event. We would like to extend our thanks to KPMG, whose sponsorship of the luncheon made it possible. |
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| 30 November, 2018 |
HKVCA Healthcare and Biotech Seminar
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The HKVCA’s healthcare and biotech seminar was held on November 30, 2018 at the offices of Deloitte. The event kicked-off with an update by Edward Au on the IPO market and a discussion of the opportunities for healthcare and biotech companies. Au was followed by a panel discussion moderated by Judith Li of Lilly Asia Ventures and including panelists Vanessa Huang of BVCF Management and Bosun Hau of Sailing Capital. The panel engaged in a wide-ranging discussion on the investment outlook for healthcare and biotech. Both Huang and Hau spoke of their experiences investing in the sector and drew comparisons between the capital markets in the US and Asia. They also discussed the obvious benefits biotech can bring to Hong Kong and its entire ecosystem. They also gave their views on the most interesting and innovative technologies that have emerged in the past several years and how the overall regulatory environment (for example, CFIUS) will have an impact. The panel discussion ended with the panelists each offering their own advice on investing in healthcare. Close to 120 people attended the seminar and we would like to extend our thanks to Deloitte for sponsoring this very informative event. |
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| 27 November, 2018 |
HKVCA LP Luncheon Talk
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An LP luncheon talk on the impact of the Committee on Foreign Investment in the United States (CFIUS) was held November 27, 2018 at the China Club. Attendance was at full capacity with more than 30 LP and PE practitioners attending. The speakers, Lorna Chen, Head of Greater China and a partner at Shearman & Sterling, and Massimo Zannella, Managing Director of SS&C Private Equity Asia, delivered a concise presentation on how CFIUS is affecting overseas investments in the US. The event ended with a free-flowing question and answer session. Special thanks to SS&C Private Equity Asia, whose sponsorship made the luncheon possible. |
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| 23 November, 2018 |
HKVCA Members Breakfast Meeting
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An HKVCA members breakfast meeting was held at the Hong Kong Club on November 23, 2018. This was the Association’s last breakfast meeting of the year, and as has been the case in previous months, it was significantly oversubscribed. With more than 90 members registering to attend, our breakfast events are proving to be among our most popular activities for members. Hosted by our Vice Chairman, Rebecca Xu, members took full advantage of this valuable opportunity for networking and connecting with industry peers and fellow practitioners. We would like to thank each of our members for their enthusiastic participation as well as our sponsor, KPMG, for making this event such a success. |
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| 22 November, 2018 |
HKVCA Luncheon Talk: Strategic use of M&A insurance for PE and M&A dealmakers
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The HKVCA hosted its latest luncheon talk on November 22, 2018 at the China Club. Noting the trend toward the use of insurance in M&A transactions, Terence Montgomery, Head of Mergers and Acquisitions, Asia Pacific from Willis Towers Watson, spoke about how warranty and indemnity and tax insurance can maximize strategic outcomes in M&A. The discussion was focused largely on providing dealmakers with a greater understanding of how utilizing insurance products can improve outcomes in the M&A process. With over 40 practitioners in attendance, the event received much positive feedback. We would like to thank sponsor Willis Towers Watson for making the event possible. |
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| 19 November, 2018 |
HKVCA Wine Tasting Event
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The annual HKVCA wine tasting event, hosted by Marcus Thompson, was successfully held on November 19, 2018 at the Hong Kong Club. The theme of the evening was an examination of the old saying “let China sleep, for when she wakes she will shake the world” and whether this applies in the context of Chinese wines. Master of Wine Jeannie Cho Lee led the attendees through the tasting of three pairs of wines, one of each pair being a Chinese wine and the other a non-Chinese wine. The tastings were blind, so participants did not know which wines they were examining. Participants thoroughly enjoyed the evening and the feedback received about the event was very positive. Our thanks to the HKVCA’s Wine Committee – Marcus Thompson, Mounir Guen, Alain Fontaine and Anthony Chan – for their time and effort and for being part of another very successful evening. We would also like to thank our generous sponsor, Alvarez & Marsal, whose support made this year’s event possible. |
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| 12 November, 2018 |
HKVCA Luncheon Talk – On-Prem, Private Cloud, Hybrid Cloud, Public cloud: Which is the right set up for your firm?
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The HKVCA hosted a luncheon seminar on November 12, 2018 at the China Club. As many as 30 participants were in attendance to hear Dean Hill, Executive Director, and Michael Steinkuhl, Associate Director at Castle Integration, provide an overview of the On-Prem Infrastructure. Discussion was also had on the different cloud models that are available, and the speakers shared examples highlighting the security issues that users face. We would like to thank all the participants, and especially our sponsor, Eze Castel Integration, for their generous support. |
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| 25 October, 2018 |
HKVCA Young Professionals Mixer 2018
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The HKVCA Young Professionals Committee held a mixer on October 25, 2018 at the Liberty Exchange Kitchen & Bar in Central. This special event, which has always provided attendees with valuable networking opportunities in a fun and social setting, is aimed specifically at our younger members. This year more than 75 people attended representing a broad range of sectors from within the private equity and venture capital industries. The HKVCA would like to extend its most sincere appreciation to the sponsors, Ernst & Young and Shearman & Sterling, and to all participants who together made the evening one for the ages. |
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| 25 October, 2018 |
HKVCA Brownbag Luncheon Talk : Enhancements to the Hong Kong Fund Manager Code of Conduct
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The HKVCA hosted its latest brownbag luncheon talk on October 25, 2018. Held at the offices of DLA Piper, as many as 40 participants were in attendance for a talk that covered the applicability and key changes to the Hong Kong Fund Manager Code of Conduct (FMCC) as well as issues around the role of fund managers. We would like to thank speaker Luke Gannon, and extend a special thanks for the generous support of event sponsor, DLA Piper Hong Kong. |
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| 23 October, 2018 |
HKVCA Private Equity Fundamentals Course 2018 – Case Studies
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This year’s Private Equity Fundamentals Course, our training program focused on the core fundamentals of private equity and venture capital, was held with the support of the Hong Kong Exchanges and Clearing Limited, Hong Kong University’s MBA program, and the MBA program at the Hong Kong University of Science and Technology. The first two sessions, dealing with early stage investment and private equity basics, were completed on September 3rd. Modules covering investment decisions, valuation issues and ESG, post investment matters and transaction documentation were completed on September 10th and 11th, and October 9 and15th respectively. A tax and fundraising module, which was sponsored by KPMG, was completed on the 10th of October. The final module, a session dedicated to examining case studies, was held on October 23rd. The HKVCA was very pleased that more than 90 delegates attended the course and we would like to extend a very special thanks to the following people, our hard working and incredibly knowledgeable course instructors:
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| 15 October, 2018 |
HKVCA Private Equity Fundamentals Course 2018 – Module 4
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This year’s Private Equity Fundamentals Course, our training program focused on the core fundamentals of private equity and venture capital, was held with the support of the Hong Kong Exchanges and Clearing Limited, Hong Kong University’s MBA program, and the MBA program at the Hong Kong University of Science and Technology. The first two sessions, dealing with early stage investment and private equity basics, were completed on September 3rd. Modules covering investment decisions, valuation issues and ESG, post investment matters and transaction documentation were completed on September 10th and 11th, and October 9 and15th respectively. A tax and fundraising module, which was sponsored by KPMG, was completed on the 10th of October. The final module, a session dedicated to examining case studies, was held on October 23rd. The HKVCA was very pleased that more than 90 delegates attended the course and we would like to extend a very special thanks to the following people, our hard working and incredibly knowledgeable course instructors:
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| 11 October, 2018 |
HKVCA Luncheon Talk: Polishing the crystal ball: Demystifying the complex business ecosystem in India
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The HKVCA hosted a luncheon seminar titled “Polishing the Crystal Ball: Demystifying the Complex Business Ecosystem in India”, which was held on October 11th, 2018 at the China Club. Abhijit Yadav, a principal from Berkeley Research Group, delivered a briefing on the latest economic outlook for India and on the country’s latest policy and regulatory changes. He also forecasted that healthcare, energy and retail would be strongest sectors in the coming 5 years and beyond. He noted that India continued to face a number of challenges and offered tips on how to prevent being tripped up by some of those issues when engaged in transactions on the ground. With close to 50 HKVCA members attending the event, we would like to thank all the participants, and especially our sponsor, Berkeley Research Group, for their generous support. |
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| 10 October, 2018 |
HKVCA Private Equity Fundamentals Course 2018 – Module 6
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This year’s Private Equity Fundamentals Course, our training program focused on the core fundamentals of private equity and venture capital, was held with the support of the Hong Kong Exchanges and Clearing Limited, Hong Kong University’s MBA program, and the MBA program at the Hong Kong University of Science and Technology. The first two sessions, dealing with early stage investment and private equity basics, were completed on September 3rd. Modules covering investment decisions, valuation issues and ESG, post investment matters and transaction documentation were completed on September 10th and 11th, and October 9 and15th respectively. A tax and fundraising module, which was sponsored by KPMG, was completed on the 10th of October. The final module, a session dedicated to examining case studies, was held on October 23rd. The HKVCA was very pleased that more than 90 delegates attended the course and we would like to extend a very special thanks to the following people, our hard working and incredibly knowledgeable course instructors:
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| 09 October, 2018 |
HKVCA Private Equity Fundamentals Course 2018 – Module 5
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This year’s Private Equity Fundamentals Course, our training program focused on the core fundamentals of private equity and venture capital, was held with the support of the Hong Kong Exchanges and Clearing Limited, Hong Kong University’s MBA program, and the MBA program at the Hong Kong University of Science and Technology. The first two sessions, dealing with early stage investment and private equity basics, were completed on September 3rd. Modules covering investment decisions, valuation issues and ESG, post investment matters and transaction documentation were completed on September 10th and 11th, and October 9 and15th respectively. A tax and fundraising module, which was sponsored by KPMG, was completed on the 10th of October. The final module, a session dedicated to examining case studies, was held on October 23rd. The HKVCA was very pleased that more than 90 delegates attended the course and we would like to extend a very special thanks to the following people, our hard working and incredibly knowledgeable course instructors:
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| 28 September, 2018 |
The 31st Annual General Meeting & Luncheon
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The HKVCA’s 31st Annual General Meeting (AGM) was held on September 28, 2018. More than 50 members attended this year’s gathering, which saw the election of a new Chairman and the election of 24 Board Members. Outgoing Chairman Eric Mason (2015-2018) delivered his report summarizing the Association’s great work over the course of the last year. He then formally recognized and welcomed the HKVCA’s new Chairman, Chin Chou. We would like to extend our appreciation to members of the Board of Directors and to all members who gave of their time to attend this important Association event. |
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