2020

December 22, 2020 saw the HKVCA hold its final event for the year 2020. Hosted by Vice Chairman John Levack, the webinar examined recent regulatory developments in Hainan and featured speakers Zhen Chen and Flora Qian, partners with Fangda Partners; Nicole Zhang, Partner-in-Charge of Hainan Business and colleague Henry Wong, Partner, Tax, at KPMG China; and Huang Cui, Chief Representative, Beijing Office at Hainan IEDB. Much of the discussion focused on recent qualification requirements and application procedures for QFLP managers, QFLP/QDLD funds and investors. The participants also discussed QFLP fund structures, which they highlighted by illustrating foreign versus domestic LP models, and touched on the different ways foreign investors can participate in PIPE deals, specifically QFLP versus QFII versus FSI. Finally, the tax specialists gave their views on Hainan’s preferential tax polices, typical QFLP/QDLP structures and other tax considerations.

The HKVCA extends its warmest thanks to John Levack who has so generously given of his time and experience as host of our extensive webinar series this year. Our thanks of course also to all of our speakers at this event, and to Fangda Partners for their sponsorship.

Fund financing solutions was the subject of a recent HKVCA webinar held on December 8, 2020. More than 120 people registered to attend with a number of them actively participating in the virtual discussion by submitting questions and comments for the speakers.

Vice President of AlpInvest Partners, Joe Ma, acted as moderator. He was joined by Vjerana Burleigh, a principal at AlpInvest Partners, and Stefan Singer, an executive director and the Head of Fund Financing Solutions within Cross Asset Structuring at J.P. Morgan.

The speakers discussed the most recent market trends and insights around fund financing, including financing options available to funds, and as capital providers, characteristics they look for in a potential deal. They also examined the advantages of fund financing solutions and what kind of track record they look for before engaging with a new manager. Finally, the speakers shared their own experiences of deals that have “gone wrong” and offered their perspectives on why.

The HKVCA held a webinar on December 2, 2020 on the SFC’s consultation paper dealing with climate-related risk requirements for fund managers in Hong Kong. Responses to the SFC paper are due by January 15, 2021.

HKVCA Vice Chairman John Levack hosted the online discussion. He was joined by Ernst & Young partners Charlotte Hui, Wealth Asset Management Assurance and Judy Li, Climate Change and Sustainability Services Leader, as well as Su Cheen Chuah, a partner at law firm Deacons.

In addition to discussion around the issues of management and disclosure of climate risk by fund managers, the speakers also examined possible changes to the Fund Manager Code of Conduct (FMCC), and broader ESG issues around governance, investment management, risk management and disclosure.

More than 70 people registered for the event. The HKVCA extends its sincere thanks to Ernst & Young for their generous sponsorship, and to John Levack and all the speakers for their participation.

Gavin Anderson and Christopher Dortschy, partners at global law firm Debevoise & Plimpton, were the speakers at an HKVCA webinar providing attendees with an update on structuring for Asian funds. Held on November 17, 2020, and hosted by Association Vice Chairman John Levack, more than 160 people registered for the event. Among the topics discussed were considerations around the legal framework of funds, relevant tax issues, investor perceptions and how a fund entity is formed under a limited partnership. The speakers also examined the common jurisdictions for Asian funds, including management of Luxembourg funds by Asian managers and Hong Kong’s new limited partnership fund regime.

The HKVCA extends its thanks to Gavin Anderson, Christopher Dortschy, John Levack and all of the attendees for their participation. Sincere thanks also to Debevoise & Plimpton for their generous sponsorship of the event.

An HKVCA webinar examining the issues around how to deliver returns for private equity during challenging times was held on November 10, 2020. Association Vice Chairman John Levack, who served as host, was joined by Justine Lau, Partner at Mourant Ozannes, who moderated the discussions. The panel was comprised of an expert team from Alvarez & Marsal: Paul Christopher, Managing Partner; Olly Stratton, Managing Director of Performance Improvement; Keith Williamson, Managing Director & Head of Disputes and Investigations Asia; and Eddie Middleton, Managing Director of Restructuring & Insolvency.

Among the topics taken up by the panel were areas where practical, operational, and legal strategies could be introduced into portfolio companies with the aim of improving performance. Also a priority, they added, was how to identify and investigate financial statement manipulation and fraud; how to recognize and handle potential threats when parties are operating remotely; and how private equity firms can quickly adopt turnaround and reorganization strategies when they are needed.

With more than 70 people registering for the event, the HKVCA extends its sincere thanks to both Alvarez & Marsal and Mourant Ozannes for their sponsorship, and to John Levack, Justine Lau and the expert panelists for their participation.

PRC Committee Co- Chairman Conrad Tsang hosted an HKVCA webinar discussing opportunities for private equity in the Greater Bay Area (GBA). Held on November 3, 2020, more than 190 people registered for the event.

Nicholas Kwan, Director of Research at the Hong Kong Trade Development Council, opened the discussions with an examination of the global position of the GBA as part of China’s development and the role Hong Kong may play in the growth of its financial sector. His presentation was followed by a keynote address from EY’s Ringo Choi, China South Managing Partner and Asia-Pacific IPO Leader, who discussed the registration-based IPO system operating in China.

The event ended with a lively panel discussion on the opportunities for venture capital and private equity investors. Conrad Tsang, acting as moderator, was joined by Tony Zhang, Co-Chief Investment Officer, Technology & Innovation at China Resources Capital; Min Lin, Partner at NewQuest Capital Partners; and Michael Chow, Managing Partner at Radiant Tech Ventures. The panelists shared their thoughts on the opportunities created by cross-border e-commerce and the potential for innovation in such areas as advanced manufacturing, supply chain, semiconductors, IC design, and IoT. The panelists also noted the opportunities the GBA might offer for Hong Kong startups looking to expand.

The HKVCA would like to extend our sincere thanks to EY for sponsoring the event, to the speakers and panelists for their participation, to Conrad Tsang for his services as host, and to all those who attended the event.

The next chapter in Chinese PE and how to create competitive advantage in a new landscape was the topic of a recent HKVCA webinar held on October 29, 2020. Association Vice Chairman John Levack hosted the discussion, which featured Ivo Naumann, Partner, Private Equity, at McKinsey & Company in Shanghai and Wouter Baan, Associate Principal, Private Equity, at McKinsey & Company in Hong Kong.

Among the issues discussed was the expectation that PE in China would continue to grow, but that such growth would increasingly be concentrated in top funds. The speakers noted the ongoing shift by funds towards control deals and the need to find ways to differentiate and “create alpha”. The speakers also noted that the industry would see increasing specialization and scale among leading PEs in China.

The HKVCA extends its appreciation to our speakers and to McKinsey & Company for sponsoring this much anticipated event. Our thanks also to John Levack for continuing to act as host for many of our popular webinars, to the nearly 200 people who registered for the event, and to those attendees who participated in the discussion.

October 22, 2020 saw the HKVCA host a webinar that featured a discussion on the integration of environmental, social, and corporate governance (ESG) principles in the private equity secondary market. Eric Poon from All-Stars Investment Limited, and a member of the HKVCA’s Venture Committee, was joined by William Yea, principal at Coller Capital. Among the salient issues discussed was the use of ESG as a broad umbrella term encompassing multiple factors and how integrating ESG in secondaries works in practice at the LP level and in the investment management process. Yea pointed out that his firm promotes a more commercial and pragmatic approach to ESG, but noted that ESG, and in particular climate change, are increasingly important factors in the LP decision-making process.

The HKVCA would like to thank both Eric Poon and William Yea, as well Coller Capital whose sponsorship made holding the event possible. Our thanks also to all those who attended and took the time to submit their comments and questions for discussion.

The HKVCA’s Private Equity Fundamentals Course is held each year, largely for the benefit of young professionals working in the industry as well as for those professionals who are seeking to refresh their skills set. In light of the COVID-19 pandemic, however, the HKVCA took the decision this year to deliver the course virtually. The Private Equity Fundamentals Virtual Training Series featured a special, re-structured syllabus. Made up of five modules, each session was presented by leading industry specialists and experts.

The first two sessions of the virtual series were held on October 6th and 8th and dealt with private equity basics and investment decisions. The third module, which covered tax issues, was held on October 13th, a rather challenging circumstance given that the territory was under a typhoon number 8 signal. Modules covering transaction documentation and post-investment matters were completed on October 16th and 20th respectively.

We were extremely pleased this year to have had more than 200 delegates attend the virtual series. The HKVCA extends its most sincere thanks to an amazing group of industry experts who were this year’s course instructors, namely:

• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Michael Prahl, Partner, Asia-IO Advisors
• Hao Zhou, Partner, Bain & Co.
• Andrew Whan, Head of Asia-Pacific Corporate Practice & Co-Head of Private Equity Practice, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• William Lee, Director, International Tax and M&A Tax Services, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• K. O. Chia, Director, Grace Financial
• John Levack, Vice Chairman, HKVCA
• Rocky Lee, International Partner, King & Wood Mallesons
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG Tax Services, KPMG
• Sandy Fung, Partner, Alternative Investments, Tax, Hong Kong, KPMG China
• Ivan Chan, Executive Director, Morgan Stanley
• Marcia Ellis, Partner, Morrison & Foerster
• Min Lin, Founding Partner, NewQuest Capital Partners
• Kallan Resnick, Managing Director, Park Hill Group
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA’s Private Equity Fundamentals Course is held each year, largely for the benefit of young professionals working in the industry as well as for those professionals who are seeking to refresh their skills set. In light of the COVID-19 pandemic, however, the HKVCA took the decision this year to deliver the course virtually. The Private Equity Fundamentals Virtual Training Series featured a special, re-structured syllabus. Made up of five modules, each session was presented by leading industry specialists and experts.

The first two sessions of the virtual series were held on October 6th and 8th and dealt with private equity basics and investment decisions. The third module, which covered tax issues, was held on October 13th, a rather challenging circumstance given that the territory was under a typhoon number 8 signal. Modules covering transaction documentation and post-investment matters were completed on October 16th and 20th respectively.

We were extremely pleased this year to have had more than 200 delegates attend the virtual series. The HKVCA extends its most sincere thanks to an amazing group of industry experts who were this year’s course instructors, namely:

• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Michael Prahl, Partner, Asia-IO Advisors
• Hao Zhou, Partner, Bain & Co.
• Andrew Whan, Head of Asia-Pacific Corporate Practice & Co-Head of Private Equity Practice, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• William Lee, Director, International Tax and M&A Tax Services, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• K. O. Chia, Director, Grace Financial
• John Levack, Vice Chairman, HKVCA
• Rocky Lee, International Partner, King & Wood Mallesons
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG Tax Services, KPMG
• Sandy Fung, Partner, Alternative Investments, Tax, Hong Kong, KPMG China
• Ivan Chan, Executive Director, Morgan Stanley
• Marcia Ellis, Partner, Morrison & Foerster
• Min Lin, Founding Partner, NewQuest Capital Partners
• Kallan Resnick, Managing Director, Park Hill Group
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA hosted another of its popular series of webinars on October 15, 2020. Association Vice Chairman Alain V Fontaine was the featured host, overseeing a discussion on how to leverage big data and AI to feed investment opportunities. Tanguy Lesselin, CEO of M&A and direct investment platform Finquest, shared his insights with the attendees on opportunities for digitized M&A, including during Covid-19, as well as the growing importance of private company deal origination and how that can be supported.

The HKVCA would like to thank Alain Fontaine for taking the time from his busy schedule to act as event host. Our thanks also to Finquest for sponsoring the event and to all of those who attended and participated by submitting questions for discussion.

The HKVCA’s Private Equity Fundamentals Course is held each year, largely for the benefit of young professionals working in the industry as well as for those professionals who are seeking to refresh their skills set. In light of the COVID-19 pandemic, however, the HKVCA took the decision this year to deliver the course virtually. The Private Equity Fundamentals Virtual Training Series featured a special, re-structured syllabus. Made up of five modules, each session was presented by leading industry specialists and experts.

The first two sessions of the virtual series were held on October 6th and 8th and dealt with private equity basics and investment decisions. The third module, which covered tax issues, was held on October 13th, a rather challenging circumstance given that the territory was under a typhoon number 8 signal. Modules covering transaction documentation and post-investment matters were completed on October 16th and 20th respectively.

We were extremely pleased this year to have had more than 200 delegates attend the virtual series. The HKVCA extends its most sincere thanks to an amazing group of industry experts who were this year’s course instructors, namely:

• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Michael Prahl, Partner, Asia-IO Advisors
• Hao Zhou, Partner, Bain & Co.
• Andrew Whan, Head of Asia-Pacific Corporate Practice & Co-Head of Private Equity Practice, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• William Lee, Director, International Tax and M&A Tax Services, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• K. O. Chia, Director, Grace Financial
• John Levack, Vice Chairman, HKVCA
• Rocky Lee, International Partner, King & Wood Mallesons
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG Tax Services, KPMG
• Sandy Fung, Partner, Alternative Investments, Tax, Hong Kong, KPMG China
• Ivan Chan, Executive Director, Morgan Stanley
• Marcia Ellis, Partner, Morrison & Foerster
• Min Lin, Founding Partner, NewQuest Capital Partners
• Kallan Resnick, Managing Director, Park Hill Group
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA’s Private Equity Fundamentals Course is held each year, largely for the benefit of young professionals working in the industry as well as for those professionals who are seeking to refresh their skills set. In light of the COVID-19 pandemic, however, the HKVCA took the decision this year to deliver the course virtually. The Private Equity Fundamentals Virtual Training Series featured a special, re-structured syllabus. Made up of five modules, each session was presented by leading industry specialists and experts.

The first two sessions of the virtual series were held on October 6th and 8th and dealt with private equity basics and investment decisions. The third module, which covered tax issues, was held on October 13th, a rather challenging circumstance given that the territory was under a typhoon number 8 signal. Modules covering transaction documentation and post-investment matters were completed on October 16th and 20th respectively.

We were extremely pleased this year to have had more than 200 delegates attend the virtual series. The HKVCA extends its most sincere thanks to an amazing group of industry experts who were this year’s course instructors, namely:

• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Michael Prahl, Partner, Asia-IO Advisors
• Hao Zhou, Partner, Bain & Co.
• Andrew Whan, Head of Asia-Pacific Corporate Practice & Co-Head of Private Equity Practice, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• William Lee, Director, International Tax and M&A Tax Services, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• K. O. Chia, Director, Grace Financial
• John Levack, Vice Chairman, HKVCA
• Rocky Lee, International Partner, King & Wood Mallesons
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG Tax Services, KPMG
• Sandy Fung, Partner, Alternative Investments, Tax, Hong Kong, KPMG China
• Ivan Chan, Executive Director, Morgan Stanley
• Marcia Ellis, Partner, Morrison & Foerster
• Min Lin, Founding Partner, NewQuest Capital Partners
• Kallan Resnick, Managing Director, Park Hill Group
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA’s Private Equity Fundamentals Course is held each year, largely for the benefit of young professionals working in the industry as well as for those professionals who are seeking to refresh their skills set. In light of the COVID-19 pandemic, however, the HKVCA took the decision this year to deliver the course virtually. The Private Equity Fundamentals Virtual Training Series featured a special, re-structured syllabus. Made up of five modules, each session was presented by leading industry specialists and experts.

The first two sessions of the virtual series were held on October 6th and 8th and dealt with private equity basics and investment decisions. The third module, which covered tax issues, was held on October 13th, a rather challenging circumstance given that the territory was under a typhoon number 8 signal. Modules covering transaction documentation and post-investment matters were completed on October 16th and 20th respectively.

We were extremely pleased this year to have had more than 200 delegates attend the virtual series. The HKVCA extends its most sincere thanks to an amazing group of industry experts who were this year’s course instructors, namely:

• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Michael Prahl, Partner, Asia-IO Advisors
• Hao Zhou, Partner, Bain & Co.
• Andrew Whan, Head of Asia-Pacific Corporate Practice & Co-Head of Private Equity Practice, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• William Lee, Director, International Tax and M&A Tax Services, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• K. O. Chia, Director, Grace Financial
• John Levack, Vice Chairman, HKVCA
• Rocky Lee, International Partner, King & Wood Mallesons
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG Tax Services, KPMG
• Sandy Fung, Partner, Alternative Investments, Tax, Hong Kong, KPMG China
• Ivan Chan, Executive Director, Morgan Stanley
• Marcia Ellis, Partner, Morrison & Foerster
• Min Lin, Founding Partner, NewQuest Capital Partners
• Kallan Resnick, Managing Director, Park Hill Group
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The essential necessity of creating “alpha” returns for PE portfolios was the subject of a recent HKVCA webinar held on September 22, 2020. Hosted by Association Vice Chairman John Levack, close to 80 participants registered to hear speakers Josh Lewsey, a partner and practice leader for value creation and turnaround in Hong Kong at Ernst & Young; and Claudia Polli, Director Strategy and Transformation at Ernst & Young, discuss the opportunities for optimizing performance during the global pandemic. The speakers shared their latest findings that have emerged over recent months, identifying in particular the rising impact of digital across the whole value chain. They also identified the positives relationship between customer involvement and the average P/E of portfolio companies.

The HKVCA would like to thank both speakers as well as John Levack for making the event possible. Thanks also to all of those to attended this virtual event and contributed to the valuable discussion.

As part of the HKVCA’S webinar series on the latest developments in private equity and ESG, HKVCA Vice Chairman Jie Gong hosted an event looking at the issue of climate change and the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD). Held on September 8, 2020, she was joined by speakers Matthew Bell, Asia Pacific Leader, Climate Change & Sustainability Services at Ernst & Young; and Peter Dunbar, Private Equity, Senior Specialist at PRI who offered an overview of climate-related financial disclosure and advice on how the private equity industry can address the issue in a substantive way. They also discussed the importance of dealing with risk around climate change and identified companies at the forefront of developments in Asia

More than 60 participants registered for the event and the HKVCA would like to extend its thanks to Jie Gong, our expert speakers and all those who attended and contributed to the lively debate.

The HKVCA’s 33rd Annual General Meeting was held via video conference on September 4, 2020. H. Chin Chou, who was re-elected 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.