2021

Gregory Barclay, a partner at international law firm Goodwin Procter, hosted an HKVCA luncheon talk on December 14, 2021, on the topic of fund restructuring and liquidity solutions under secondary transactions. The event, which was held in a hybrid format, attracted close to 40 guests who attended in person and an additional 50 registrants who participated online.

Barclay offered a snapshot of global trends in secondary transactions, a review of the year 2021 and predictions for 2022. The panelists included Bonnie Lo, Partner and COO of NewQuest Capital Partners; Brooke Zhou, Partner at LGT Capital Partners; Martin Yung, Principal at HarbourVest Partners; Nick Miles, Head of Europe and Asia Private Equity; as well as Paul Robine, Founder and CEO of TR Capital.

The HKVCA thanks Goodwin Procter for its sponsorship. Thanks also to the speakers and to all who attended the event, both online and in person.

The evening of December 9, 2021, saw the return of another of our annual events following last year’s pandemic-related cancellations. The HKVCA’s perennially popular Christmas Cocktails was held at the China Club with close to 100 people representing the different sectors of the private equity and venture capital community attending. Many members noted how much they enjoyed the opportunity to meet in person with their professional colleagues. The event was a decidedly festive affair, with Christmas music playing in the background and colorful holiday decorations visible throughout the room.

The HKVCA would like to thank both Akin Gump Strauss Hauer & Feld and Ascent Partners for their generous sponsorship, as well as all the participants who together helped make this a truly wonderful event.

KPMGs Andrew Weir, Global Chair, Asset Management and Real Estate, KPMG International; Regional Senior Partner and Vice Chairman, moderated an online panel discussion on impact investing on December 7, 2021. Joining him were speakers Jeffrey Gruccio, Principal, Primary Funds at AlpInvest Partners; Yan Yang, Managing Director at BlackRock Private Equity Partners; and Semiray Kasoolu, Manager at TPG – Y Analytics. Among the issues addressed were the trends in impact investing over the last 12 months. The speakers agreed that while the development of impact investing in North America and Europe was relatively mature, there now appeared to be growing demand for such investing in Asia. They noted too that impact investing has become more core and mainstream at the largest private equity fund houses, and that the use of measurements and benchmarking were essential for development. The importance of the topic was highlighted by the fact that close to 100 people registered to attend. We would like to extend our thanks to Jie Gong, Chairwomen of the HKVCAs ESG Committee who hosted the webinar, and to Andrew Weir and KPMG, whose sponsorship made the event possible.

An HKVCA Members Breakfast Meeting was held at the Hong Kong Club on December 2, 2021, the last such meeting of the year. With ticket requests oversubscribed, and 60 members in attendance, it is clear that our breakfast meetings continue to be among our most popular activities for members. Hosted by HKVCA board member, Danny Lee, members took full advantage of this valuable opportunity for networking and connecting with industry peers and fellow practitioners. We would like to thank all those who attended for their enthusiastic participation. Thanks also of course to sponsor, Akin Gump Strauss Hauer & Feld LLP.

After cancelation of last year’s event due to the pandemic, the HKVCA was thrilled to have finally held its popular annual Golf Day on November 30, 2021, at the Shek O Country Club. The event had an almost celebratory feel with perfect weather bringing blue skies and a brilliant sunny day.

Close to 75 people attended the event, including a few attendees who were non-golfers. Eighteen teams in total competed in the tournament, with each team comprised of various GPs, LPs, and professional services providers working in the private equity and venture capital industry. More than 70 golfers tackled the challenging course, with cocktails available at the close of the tournament, capping off a wonderful day.

We would like to thank our generous sponsors, specifically our Platinum Sponsors Citigroup and Morgan Stanley; our Gold Sponsors Ernst & Young and Jefferies; our Silver Sponsor, AON; and our Wine Sponsors, Jebsen Capital and Jebsen Fine Wines. We would also like to thank the HKVCA’s Golf Committee – Varun Bery, Chin Chou, Terrance Philips, Bob Partridge, Sunil Chandiramani and Adam Goern – for their hard work and support ensuring the event was a success.

Lorna Chen, Vice Chair of the HKVCA’s Technical Committee as well as Asia Regional Managing Partner and Head of Greater China at international law firm Shearman & Sterling, hosted an HKVCA webinar that examining the impact of recent legal and regulatory changes in China on private equity and venture capital. Held on November 21, 2021, more than 250 people registered for the event.

Joined by fellow Shearman & Sterling partner Brian Burke, and partner Kate Yin from China-based law firm Fangda Partners, the speakers discussed China’s newly implemented personal information protection law, as well as its data security law and other relevant data protection legislation. The speakers stressed that the industry needed to be especially mindful of Chinese requirements involving cross-border data transfers and the practical implications this has on private equity investment. The speakers also noted the need to conduct data due diligence, ensure data compliance, develop protocols and identify the persons who provide data to you.

The HKVCA offers its thanks to Shearman & Sterling for sponsoring the event, and to the speakers and participants, especially Lorna Chen for her services as host.

Ben El-Baz, Head of Ecosystems with the Hashkey Group, hosted an HKVCA webinar on November 11, 2021, where he discussed the growth of investments in blockchain and tokenization by the private equity and venture capital industry. As many as 100 people attended the online event.

After identifying actual examples of private equity firms and venture capital players who have deployed capital to blockchain related companies, El-Baz highlighted the two key categories of virtual assets, namely utility tokens and security tokens. He also noted that asset tokenization is now widely applied in the PE and VC industries through investments, fundraising as well as mezzanine financing. He also reminded attendees of the importance of seeking professional and licensed partners to deal with blockchain related transactions.

The HKVCA extends its thanks to Ben El-Baz and the Hashkey Group for their generous sponsorship and also thanks all those who attended the event.

The HKVCA’s Private Equity Fundamentals Training Series was held virtually this year, with the first module being held in August and the final module in November. Unlike last year’s series, however, we went back to the full program of topics and offered the complete eight modules traditionally associated with the course. We also provided the attendees with the option of attending the first module either in person or online.

The first two sessions, held on August 26th and 31st, dealt with private equity basics and early-stage investment. Modules covering investment decisions; valuation issues; ESG; post-investment matters; transaction documentation; and tax and fundraising were completed on September 9th and 16th and October 7th, 12th and 21st respectively. The final module, a session dedicated to examining case studies, was held on November 2nd.

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

• Queenie Ho, Partner, Affinity Equity Partners
• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Alvin Lam, Principal, CVC Capital Partners
• Andrew Crook, Head of Corporate APAC, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• Roy Phan, Partner, International Tax Services, Deloitte China
• William Lee, Director, International Tax, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• Brian Lee, General Counsel, FountainVest
• Michael Chan, Head of International Issuer Services, HKEX
• Roger King, Adjunct Professor of Finance, HKUST
• Winnie Peng, Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
• KO Chia, President, HKVCA
• NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
• Ivan Chan, Director, Deal Advisory, M&A Tax, KPMG
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
• Marcia Ellis, Global Chair, Private Equity Group, Morrison & Foerster
• Ivan Chan, Executive Director, Morgan Stanley
• Jonathan Lee, Managing Director, MVision
• Min Lin, Founding Partner, NewQuest Capital Partners
• Oscar Chow, Managing Director, Polaris Holdings
• Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

October 28, 2021 saw the HKVCA hold its first monthly breakfast meeting since the outbreak of the pandemic last year. Held at the Hong Kong Club, and hosted by the Association’s Executive Director and President, Johnny Chan, registration for the event was at full capacity with 60 members in attendance. The HKVCA also had the pleasure of welcoming 13 new members at this month’s meeting, who were on hand to introduce themselves to their colleagues. This very popular event continues to be a great opportunity for attendees to engage in networking, meet other Association members and industry peers. The HKVCA would like to extend its thanks to all who participated, and offer a very special thank you to our sponsor, James Donnan and his firm Intertrust Group, whose support helped make the event such a success.

The HKVCA’s Private Equity Fundamentals Training Series was held virtually this year, with the first module being held in August and the final module in November. Unlike last year’s series, however, we went back to the full program of topics and offered the complete eight modules traditionally associated with the course. We also provided the attendees with the option of attending the first module either in person or online.

The first two sessions, held on August 26th and 31st, dealt with private equity basics and early-stage investment. Modules covering investment decisions; valuation issues; ESG; post-investment matters; transaction documentation; and tax and fundraising were completed on September 9th and 16th and October 7th, 12th and 21st respectively. The final module, a session dedicated to examining case studies, was held on November 2nd.

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

• Queenie Ho, Partner, Affinity Equity Partners
• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Alvin Lam, Principal, CVC Capital Partners
• Andrew Crook, Head of Corporate APAC, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• Roy Phan, Partner, International Tax Services, Deloitte China
• William Lee, Director, International Tax, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• Brian Lee, General Counsel, FountainVest
• Michael Chan, Head of International Issuer Services, HKEX
• Roger King, Adjunct Professor of Finance, HKUST
• Winnie Peng, Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
• KO Chia, President, HKVCA
• NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
• Ivan Chan, Director, Deal Advisory, M&A Tax, KPMG
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
• Marcia Ellis, Global Chair, Private Equity Group, Morrison & Foerster
• Ivan Chan, Executive Director, Morgan Stanley
• Jonathan Lee, Managing Director, MVision
• Min Lin, Founding Partner, NewQuest Capital Partners
• Oscar Chow, Managing Director, Polaris Holdings
• Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA held its first in-person luncheon for members since the outbreak of the pandemic at the China Club on October 19, 2021. The talk was on cybersecurity defenses and best practices. Michael Steinkuhl, Director at Eze Castle Integration, discussed the latest issues involving cybersecurity risk and presented an actual case study that occurred in Australia. He also touched on cybersecurity frameworks in practice and emphasized the importance of employee training to deal with risks. Finally, he recommended the creation of a governance and risk assessment timeline for every financial institutional.

With over 30 delegates attending the luncheon, the event received much positive feedback. We would like to thank sponsor Eze Castle Integration, and all the participants who made the talk a success.

The HKVCA’s Private Equity Fundamentals Training Series was held virtually this year, with the first module being held in August and the final module in November. Unlike last year’s series, however, we went back to the full program of topics and offered the complete eight modules traditionally associated with the course. We also provided the attendees with the option of attending the first module either in person or online.

The first two sessions, held on August 26th and 31st, dealt with private equity basics and early-stage investment. Modules covering investment decisions; valuation issues; ESG; post-investment matters; transaction documentation; and tax and fundraising were completed on September 9th and 16th and October 7th, 12th and 21st respectively. The final module, a session dedicated to examining case studies, was held on November 2nd.

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

• Queenie Ho, Partner, Affinity Equity Partners
• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Alvin Lam, Principal, CVC Capital Partners
• Andrew Crook, Head of Corporate APAC, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• Roy Phan, Partner, International Tax Services, Deloitte China
• William Lee, Director, International Tax, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• Brian Lee, General Counsel, FountainVest
• Michael Chan, Head of International Issuer Services, HKEX
• Roger King, Adjunct Professor of Finance, HKUST
• Winnie Peng, Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
• KO Chia, President, HKVCA
• NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
• Ivan Chan, Director, Deal Advisory, M&A Tax, KPMG
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
• Marcia Ellis, Global Chair, Private Equity Group, Morrison & Foerster
• Ivan Chan, Executive Director, Morgan Stanley
• Jonathan Lee, Managing Director, MVision
• Min Lin, Founding Partner, NewQuest Capital Partners
• Oscar Chow, Managing Director, Polaris Holdings
• Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA’s Private Equity Fundamentals Training Series was held virtually this year, with the first module being held in August and the final module in November. Unlike last year’s series, however, we went back to the full program of topics and offered the complete eight modules traditionally associated with the course. We also provided the attendees with the option of attending the first module either in person or online.

The first two sessions, held on August 26th and 31st, dealt with private equity basics and early-stage investment. Modules covering investment decisions; valuation issues; ESG; post-investment matters; transaction documentation; and tax and fundraising were completed on September 9th and 16th and October 7th, 12th and 21st respectively. The final module, a session dedicated to examining case studies, was held on November 2nd.

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

• Queenie Ho, Partner, Affinity Equity Partners
• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Alvin Lam, Principal, CVC Capital Partners
• Andrew Crook, Head of Corporate APAC, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• Roy Phan, Partner, International Tax Services, Deloitte China
• William Lee, Director, International Tax, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• Brian Lee, General Counsel, FountainVest
• Michael Chan, Head of International Issuer Services, HKEX
• Roger King, Adjunct Professor of Finance, HKUST
• Winnie Peng, Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
• KO Chia, President, HKVCA
• NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
• Ivan Chan, Director, Deal Advisory, M&A Tax, KPMG
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
• Marcia Ellis, Global Chair, Private Equity Group, Morrison & Foerster
• Ivan Chan, Executive Director, Morgan Stanley
• Jonathan Lee, Managing Director, MVision
• Min Lin, Founding Partner, NewQuest Capital Partners
• Oscar Chow, Managing Director, Polaris Holdings
• Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA held a webinar on September 28, 2021 discussing the risks associated with leveraging a special purpose vehicle (SPV) to limit liabilities. The HKVCA invited partners James Ford, Matt Bower and Viola Jing from the Hong Kong office of international law firm Allen & Overy to examine the issues and share risk mitigation strategies arounnd structuring; board practices; legal agreements; and communications.

More than 80 people registered for the event. The HKVCA extends its sincere thanks to all of the participants, and in particular to our speakers and Allen & Overy for their generous sponsorship.

The HKVCA’s Private Equity Fundamentals Training Series was held virtually this year, with the first module being held in August and the final module in November. Unlike last year’s series, however, we went back to the full program of topics and offered the complete eight modules traditionally associated with the course. We also provided the attendees with the option of attending the first module either in person or online.

The first two sessions, held on August 26th and 31st, dealt with private equity basics and early-stage investment. Modules covering investment decisions; valuation issues; ESG; post-investment matters; transaction documentation; and tax and fundraising were completed on September 9th and 16th and October 7th, 12th and 21st respectively. The final module, a session dedicated to examining case studies, was held on November 2nd.

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

• Queenie Ho, Partner, Affinity Equity Partners
• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Alvin Lam, Principal, CVC Capital Partners
• Andrew Crook, Head of Corporate APAC, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• Roy Phan, Partner, International Tax Services, Deloitte China
• William Lee, Director, International Tax, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• Brian Lee, General Counsel, FountainVest
• Michael Chan, Head of International Issuer Services, HKEX
• Roger King, Adjunct Professor of Finance, HKUST
• Winnie Peng, Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
• KO Chia, President, HKVCA
• NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
• Ivan Chan, Director, Deal Advisory, M&A Tax, KPMG
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
• Marcia Ellis, Global Chair, Private Equity Group, Morrison & Foerster
• Ivan Chan, Executive Director, Morgan Stanley
• Jonathan Lee, Managing Director, MVision
• Min Lin, Founding Partner, NewQuest Capital Partners
• Oscar Chow, Managing Director, Polaris Holdings
• Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA’s Private Equity Fundamentals Training Series was held virtually this year, with the first module being held in August and the final module in November. Unlike last year’s series, however, we went back to the full program of topics and offered the complete eight modules traditionally associated with the course. We also provided the attendees with the option of attending the first module either in person or online.

The first two sessions, held on August 26th and 31st, dealt with private equity basics and early-stage investment. Modules covering investment decisions; valuation issues; ESG; post-investment matters; transaction documentation; and tax and fundraising were completed on September 9th and 16th and October 7th, 12th and 21st respectively. The final module, a session dedicated to examining case studies, was held on November 2nd.

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

• Queenie Ho, Partner, Affinity Equity Partners
• Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
• Wendy Zhu, Managing Director, AlpInvest Partners
• Alvin Lam, Principal, CVC Capital Partners
• Andrew Crook, Head of Corporate APAC, Clifford Chance
• Bryan Koo, Partner of Corporate M&A & Private Equity Practice, Clifford Chance
• Patrick Yip, Vice Chair, Deloitte China
• Roy Phan, Partner, International Tax Services, Deloitte China
• William Lee, Director, International Tax, Deloitte China
• Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
• Yvonne Dunn, Executive Director, Ernst & Young
• Brian Lee, General Counsel, FountainVest
• Michael Chan, Head of International Issuer Services, HKEX
• Roger King, Adjunct Professor of Finance, HKUST
• Winnie Peng, Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
• KO Chia, President, HKVCA
• NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
• Ivan Chan, Director, Deal Advisory, M&A Tax, KPMG
• Kasheen Grewal, Director, Deal Advisory & M&A Tax, KPMG
• Marcia Ellis, Global Chair, Private Equity Group, Morrison & Foerster
• Ivan Chan, Executive Director, Morgan Stanley
• Jonathan Lee, Managing Director, MVision
• Min Lin, Founding Partner, NewQuest Capital Partners
• Oscar Chow, Managing Director, Polaris Holdings
• Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
• Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

The HKVCA’s 34th Annual General Meeting was held on September 1, 2021. Rebecca Xu was newly elected Chairwoman, while outgoing Chairman H. Chin Chou delivered a report summarizing the HKVCA’s work over the course of the last year. We would like to extend our appreciation to members of the 24 Board of Directors and to all of our members who gave of their time to attend this important Association event.