 | | Our in-person events are back! | | | |  | The HKVCA held its annual Golf Day on December 6, 2022, at Shek O Golf Club. The event had a celebratory atmosphere, featuring perfect weather that saw blue skies and a brilliant sunny day.
Close to 70 people were in attendance, including a number who opted not to play golf but who nevertheless still enjoyed the opportunity to meet with colleagues and friends. Seventeen teams in total competed in the tournament, with the teams comprised of GPs, LPs, and professional services providers working in the private equity and venture capital industry. More than 60 golfers tackled the challenging course, with cocktails on offer at the close of the tournament, capping off a truly memorable event.
We would like to thank our generous sponsors, specifically our Platinum Sponsors Citigroup and Morgan Stanley; our Gold Sponsors Ernst & Young, Jefferies and Lexington Partners; 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 tremendous support and leadership. |  | | | HKVCA Christmas Cocktail 2022 | |  | The HKVCA held its annual Christmas Cocktails event on the evening of December 13, 2022. This always festive and popular event was held at the China Club with more than 110 people, representing the many sectors of the private equity and venture capital community, in attendance. Members noted how much they enjoyed the opportunity to meet in person with their professional colleagues. With Christmas music in the background, and colorful holiday decorations visible throughout the room, it was the perfect way to kick-off the holiday season.
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 joyous event. | | | |  | Dear Colleagues,
Warm greetings from the Hong Kong Venture Capital and Private Equity Association (HKVCA). I am writing to cordially invite you to renew your firm’s membership in the Association for the coming year, 2023.
Despite a city-wide slowdown in early 2022, we rolled out a full agenda of events on behalf of our members. Leaning on our experience over the past two years hosting hybrid programs, we adapted swiftly to ensure each event was of the highest quality, delivering the best results possible. We successfully held all three of our flagship conferences and close to 30 webinars over the past twelve months, covering a wide variety of topics such as impact investing, tokenization and digital assets, as well as regulatory updates.
We have continued lobbying the government on behalf of our industry and the result has been a number of recent polices geared toward maintaining Hong Kong’s position as a private equity hub. For example, the HKVCA has provided recommendations on the concession tax rate for carried interest and the family office tax exemption regime.
Our members are at the heart of all we do, and today we represent over 500 local and international firms, including all of the top 10 private equity firms in the world, making the HKVCA Asia’s largest venture capital and private equity association. I look forward to us working together to ensure we remain the most influential regional body for our industry. It is in this spirit that I emphasize how much we value your continued involvement.
We sincerely appreciate your continued participation and involvement in the HKVCA and are pleased to be able to offer our members a special incentive for early renewal of their membership. Renewal letters, with accompanying invoices, have already been sent to all members and, accordingly, we invite you to promptly renew your membership, thereby ensuring the essential support that is needed for the work of our Association.
We look forward to seeing you in person again very soon and thank you for your continued support and commitment.
Yours sincerely,
Rebecca Xu
Chairwoman, Hong Kong Venture Capital and Private Equity Association
Co-Founder & Managing Director, Asia Alternatives | | | | After 3 long years in the virtual world,
APEF returns live and in-person! |  | | Asia Private Equity Forum | The Asia Private Equity Forum (APEF) is a leading industry event with increasing regional and global influence. Organized each year by the Hong Kong Venture Capital and Private Equity Association (HKVCA), Asia’s oldest and largest private capital industry group, APEF 2023 will be held during the Hong Kong government’s annual International Financial Week.
As in previous years, APEF 2023 will immediately follow the Asian Financial Forum and will take place at the same venue.
The speaker line-up will feature more than 60 of the region’s leading limited partners, investors, advisors, and consultants, who will discuss the changes and challenges emerging as the private markets of Asia continue to broaden and deepen.
Industry practitioners will address key issues facing investors in China, India and Southeast Asia, and North Asia, as well as such timely topics as crypto investing, private equity real estate, ESG and regulatory matters.
More than half of the nearly 900 attendees at APEF 2022 were partners and C-suite executives and there is little doubt that APEF 2023 will attract an even larger audience representing the private capital industry’s regional and global leadership. |  |
| | Date: | January 13, 2023 (Friday) | | Time: | 8:45 - 18:30 (Lunch: 12:20 - 13:45) | | Venue: | Forum: N200s, Hong Kong Convention and Exhibition Centre, 1 Expo Dr, Wan Chai, HK
Lunch: N101, Hong Kong Convention and Exhibition Centre, 1 Expo Dr, Wan Chai, HK | | CPT: | 5.5 points | | |
| | Program | | 8:45 | Call to order by Conference Co-Chairman | | 8:47 | Welcoming Remarks by HKVCA Chairwoman | | 8:50 | Opening Remarks | | 9:05 | Regional GP Panel | | 10:00 | Coffee Break | | Stream A (N201) | Stream B (N206-208) | Stream C (N211-212) | | 10:20 | Secondary Panel | Exit Panel | Family Office Panel | | 11:05 | HK Panel | ESG Panel | GBA Panel (Mandarin Session) | | 11:50 | Fireside Chat | | 12:20 | Luncheon session (N101) | | Stream A (N201) | Stream B (N206-208) | | | 14:00 | Real Estate Panel | Venture Capital Panel | | | 14:45 | India & SEA Panel | North Asia Panel | | | 15:30 | Coffee Break | | 15:50 | LP Panel | | 16:35 | Fireside Chat | | 17:00 | Closing remarks by Conference Co-Chairman | | 17:05 | Cocktail reception | |
| | Confirmed speakers (alphabetically by company name): |  | K.Y. Tang,
Founding Chairman
& Managing Partner,
Affinity Equity Partners |  | Queenie Ho,
Partner,
Affinity Equity Partners |  | James Ford,
Partner,
Hong Kong,
Allen & Overy |  | Poman Lo,
Founder &
Managing Partner,
AlphaTrio Capital |  | Joe Ma,
Principal, Secondary and Portfolio Finance,
AlpInvest Partners |  | Ian Cohen,
Partner,
Apollo Real Estate |  | Bryan Southergill,
Partner &
Head of Real Estate,
Ares SSG |  | Leon Meng,
Founding Managing Partner & Chairman,
Ascendent Capital Partners (Asia) |  | Rebecca Xu,
Co-Founder &
Managing Director,
Asia Alternatives |  | Akihiko Yasuda,
Managing Director,
Asia Alternatives |  | Samantha Tan,
Head of APAC Alternatives Tax,
BlackRock |  | Christopher Heady,
Chairman of APAC & Head of Real Estate Asia,
Blackstone |  | Ben Morley,
Partner &
Associate Director,
Boston Consulting Group |  | Daniel Oehling, Partner,
Boston Consulting Group |  | Judy Zhang,
Managing Director,
Cambridge Associates |  | Ridwan Budijono,
Co-Founder & Managing Director,
Capsquare Asia Partners |  | Jean Eric Salata,
Head of BPEA
EQT, Chairperson
of EQT Asia |  | Tony Zhang,
Deputy General Manager
& Co-CIO,
China Resources Capital Management |  | Patrick Tsang,
CEO & Director,
Chow Tai Fook Enterprises |  | Eric Mason,
Managing Director,
The Church Pension Fund |  | Eric Xin,
Senior Managing
Director,
CITIC Capital |  | Terrance Philips,
Managing Director,
Asia Head of
Private Equity,
Client Coverage,
Citigroup |  | Noah Gellner,
Managing Director, Compliance,
CPP Investments |  | Kevin Lee,
Managing Partner,
Investment,
Crescendo Equity Partners |  | Brian Hong,
Managing Partner,
CVC Capital Partners |  | Mohit Grover,
Partner, Climate
& Sustainability,
Hong Kong,
Deloitte |  | Hongwei Chen,
Partner,
Forebright Capital |  | Collwyn Tan,
Managing Director
& Co-Head of
Asia Investments,
Hamilton Lane |  | Duncan Chiu,
Legislative Council Member,
HKSAR Government |  | Albert Wong,
CEO,
Hong Kong Science & Technology Parks Corporation |  | Calvin Chou,
Managing Director, Head of Asia Pacific and Co-CIO,
Invesco Real Estate |  | Dixon Wong,
Head of Financial Services and Global Head of Family Office,
Invest Hong Kong |  | Yuki Kashiyama,
Partner,
J-STAR |  | Jason Cheng,
CEO & Co-Founder,
Kerogen |  | Erika Rodriguez,
Principal, Sustainable Investing (ESG APAC),
KKR |  | Doug Coulter,
Partner & Head
of Private Equity,
Asia-Pacific,
LGT Capital Partners |  | Catherine Leung,
Co-Founder & Partner,
MizMaa Ventures |  | Chin Chou,
Managing Director,
Morgan Stanley Asia |  | Sudhir Variyar,
Managing Director & Deputy CEO,
Multiples Alternate Asset Management Private Limited |  | Rodney Muse,
Co-Founder & Managing Partner,
Navis Capital Partners |  | Kent Chen,
Managing Director,
Neuberger Berman |  | Gabriel Ng,
Managing Director,
Neuberger Berman |  | Jennifer Signori,
Managing Director,
Neuberger Berman |  | Bonnie Lo,
Founding Partner
and COO,
NewQuest Capital Partners |  | Raju Ruparelia,
Senior Managing Director, Direct Investing, Private Capital,
Ontario Teachers' Pension Plan |  | Jay Kim,
Partner,
Orchestra Private Equity |  | Lincoln Pan,
Partner & Co-Head of Private Equity,
PAG |  | Jonathan Tong,
Vice President,
PAG |  | Jie Gong,
Partner,
Pantheon Ventures (HK) |  | Jolie Chow,
Managing Director,
PJT Partners |  | Ryoichi Ogawa,
Partner,
Polaris Capital Group |  | Abrar Mir,
Managing Partner,
Quadria Capital |  | Catherine Shih,
Partner,
Quilvest Hong Kong |  | Andrew Moore,
Head of Asia Pacific Real Estate,
Schroders Capital |  | Xing Liu,
Partner,
Sequoia Capital China |  | Lorna Chen,
Asia Regional
Managing Partner
& Head of
Greater China,
Shearman & Sterling |  | Witman Hung,
Co-Founder,
Shenzhen ZebraS Technology Startup Acceleration Limited |  | Danny Koh,
Founder and CEO,
Tower Capital Asia |  | Colin Sau,
Managing Partner,
TR Capital |  | Danny Lee,
Managing Partner,
VCA Capital Limited |  | Kee Lock Chua,
CEO,
Vertex Holdings |  | Stephen Seelbach,
Managing Director,
Vista Equity Partners |  | Darrin Woo,
Managing Director,
Woo Hon Fai Group |  | Zexiang Li,
Professor, HKUST and Founder, XBOTPARK & Shenzhen InnoX Academy | | | | | |
| | Registration Fee | | | | HKVCA MEMBERS WITH MEMBERSHIP 2023 RENEWED | | CORPORATE FULL MEMBERS | OTHER HKVCA MEMBERS [COPORATE ASSO. / OVERSEAS (FULL/ASSO.) MEMBERS] | 1 complimentary pass per company
Additional passes: HK$5,500 per person
| First pass at special rate: HK$3,800
Additional passes: HK$5,500 per person
| | | | NON-MEMBERS | | NON-MEMBERS | SUPPORTING ORGANISATIONS | | HK$9,500 per person | HK$7,600 per person | | | Group Discount: Register in a group of 3 or more from the same company and enjoy a 10% discount. | | | Free LP Passes
We have a limited number of free passes for pension funds, fund of funds, endowments, foundations, single family offices, DFIs and sovereign wealth funds (subject to verification and a maximum of one pass per company).
If you would like to apply, please email to hkvca@hkvca.com.hk. | | * Before registering, please note the following COVID-19 arrangements: - You must show a valid QR code with your vaccination record when entering the venue.
- You must take a rapid antigen test (RAT) on the day of the event and before entering the venue.
- You must present a photo of your negative RAT prior to entering the venue, and the photo of the RAT test result must include your full name as it appears on your ID document (ID card, passport, etc.), the test date and test time.
These requirements are subject to change in accordance with the latest COVID-19 regulations of the HKSAR government. | | | | | | | | | New Publications | | | 1. Annual Report 2021/2022 |  |  | | | | 2. Research Journal 9th Issue |  | | | | | | | | New Members | | | | Corporate Full Members | | | | INCE Capital | | Founded in 2019, INCE Capital is a venture capital firm with an investment focus on early to expansion stage companies that spearhead innovation in technology, internet, and consumer industries. The letters “IN” embody the firm’s commitment to make intelligent innovative investment decision, or “CE” in Chinese. INCE’s mission is to “empower the future greats”. | | | | VCA Capital Limited | | Flexible opportunistic global PE vehicle designed to help multiple families to diversify their capital in global private investments. | | | | Arcadia Fund Management Group | Arcadia Fund Management Group specializes in managing private investments in public companies (PIPEs) listed in Hong Kong, Mainland China (Shanghai, Shenhzen, Beijing), and Southeast Asia, including Vietnam and Indonesia.
Arcadia makes active and impactful investments in undervalued companies in sectors such as consumer, technology, and pharmaceutical/healthcare, and aims to achieve equity-upside and bond downside returns via managing a portfolio of convertible bonds and equities. | | | | AlphaTrio Capital | | AlphaTrio Capital is a Hong Kong and Singapore-based VC maiden impact fund that invests in green tech, agri-food tech and fintech for financial inclusion. It has an Asia focus with a global mandate. | | | | Corporate Associate Member | | Ontra | | Ontra is a global leader in contract automation and intelligence for private asset management firms. The Ontra platform combines AI-enabled software with a worldwide network of highly trained lawyers to modernize recurring legal workflows. Ontra’s solutions improve all aspects of the contract lifecycle, from negotiating and processing routine contracts to tracking obligations in complex agreements. Ultimately, Ontra reduces the time, expense, and risk associated with contract management, freeing its customers to focus on other strategic priorities. | | | | | | | Regulatory and Tax Updates | | | | HKEX consultation on listing regime for STCs | | HKEX issued a consultation paper on a listing regime for specialist technology companies (STCs). While the HKVCA is generally in support of the Exchange’s proposal to provide a listing route for STCs, it notes with concern the hurdle of market capitalization as inconsistent with 18a (Biotech Chapter), while other requirements are simply too high for STCs. Please find the HKVCA’s submission by clinking on this LINK. | | | | Hong Kong’s foreign source income exemption regime | | To avoid Hong Kong being blacklisted by the EU, the HKSAR gazetted the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022, which was approved by LegCo on December 14, 2022. Most PE/VC funds remain unaffected by the new regime, however, some underlying portfolios identified in the MNE group may be impacted. The HKVCA recommends that our members seek advice from their tax consultants. The details of the FSIE regime can be found HERE. | | | | Meeting with Qianhai Authority on 18 Measures | | In respect of the 18 measures for supporting the linked development of Shenzhen and Hong Kong venture capital investments, the HKVCA had discussions with the FSTB, HKMA, SFC and Qianhai Authority on November 21, 2022 at which we offered a number of suggestions, The various government departments are expected to unveil the details of any measures within the next couple of months. | | | | | | | Event Reports | | | | Webinar: Regulatory regimes in Hong Kong and Singapore | | November 8, 2022 |  | Philippa Allen, CEO and Founder of ComplianceAsia, hosted an HKVCA webinar covering a number of topics involving the regulatory environment for private equity and venture capital in Hong Kong and Singapore. Allen and her team addressed the ongoing reporting requirements, AML as well as recent enforcement actions in both cities. Held on November 8, 2022, over 200 people attended the online event.
The HKVCA extends its thanks to Philippa Allen and ComplianceAsia for sponsoring the event, and to all the speakers and participants. | | | | Luncheon Talk: GP-led secondary transactions | | November 10, 2022 |  | The HKVCA hosted a luncheon seminar covering GP-led secondary transactions. Held on November 11th, 2022 at the China Club, William Yea, an investment principal from Coller Capital, delivered a briefing on the most recent trends and forecasted rapid growth in the secondary market over the next few years. He addressed the key considerations for GPs and discussed the example of an actual recent case involving the firm.
With close to 60 HKVCA members attending the event, we would like to thank all the participants, and especially our sponsor, Coller Capital, for their generous support. | | | | HKVCA Members Breakfast Meeting | | November 18, 2022 |  | | Our most recent HKVCA Members Breakfast Meeting was held at the Hong Kong Club on November 18, 2022. This was only the second Breakfast Meeting the Association was able to hold this year due to COVID 19 restrictions and policies. This signature event saw more than 60 members attend and, hosted by HKVCA President and Director, Johnny Chan, attendees 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, State Street, for making this event a success. | | | | Luncheon Talk: US tax update - tax considerations and compliance issues for offshore funds | | November 22, 2022 |  | The HKVCA held a tax seminar on November 22, 2022, at the China Club in Central. More than 60 people registered to attend the event, which featured a discussion of the new tax compliance requirements in US. The speakers also shared the latest issues arising from FATCA and CRS that are impacting PEVC funds, while Patrick Yip, Vice Chair from Deloitte China, offered advice on offshore trust planning for those individual investors with a China nexus.
We would like to thank Deloitte for its most generous sponsorship. We would also like to thank Patrick Yip and his colleagues Candy Chan, Tax Partner; and Edmond Lam, Tax Director from Deloitte China, whose contributions as speakers made the event possible. | | | | Webinar: Effective Communication | | December 1, 2022 |  | Jie Gong, a Partner at Pantheon, hosted an HKVCA webinar on the topic of effective communication. Held on December 1, 2022, more than 70 people attended the online event. Joining Gong as speakers were two other private equity veterans: Chin Chou, Managing Director from Morgan Stanley Asia, and Johnny Chan, CIO from Hong Kong Cyberport Management Company. In addition to discussing how best to communicate within a professional setting, the speakers also identified common habits that can sabotage communication and reminded the audience about the importance of first impressions.
The HKVCA is grateful to Jie Gong for hosting the event and extends its thanks to all the speakers and participants. | | | | HKVCA Institute: Training Series for HKSTP startups | | December 8, 2022 |  | KO Chia, President of the HKVCA Institute for Private Capital, an educational arm of the Association, delivered in-person training for a group of startups from the Hong Kong Science & Technology Park (HKSTP) on December 8, 2022. The inaugural workshop was limited to 25 participants which allowed for lively and robust discussions.
Among the many strategies addressed within the workshop was the importance of an effective 1-minute personal elevator pitch and the funnel management of pitching. Chia also provided insight into the psyche of investors and reviewed due diligence checklists as well as term sheets and how to approach negotiations.
The HKVCA is grateful to the HKSTP for co-organizing the training session and extends its thanks to KO Chia and all the participants. | | | | Webinar: SFC circular on measures by licensed corporations to deal with stress events | | December 14, 2022 |  | The HKVCA held a webinar on December 14, 2022, discussing the recent SFC circular addressing measures by LCs to deal with stress events. The Association invited Shearman & Sterling’s Lorna Chen, Asia Regional Managing Partner and Head of Greater China, as well as Vice Chairman of the HKVCA’s Technical Committee, and her colleague Anil Motwani to speak at the event. Included among the issues discussed were the SFC’s expectations on exit plans and the approach of the SEC toward business continuity and disaster recovery plans.
Close to 60 people registered for the event. The HKVCA is grateful to all the participants, and in particular to our speakers and Shearman & Sterling for their participation. | | | | | | | Industry News | | | | Brookfield buys Hong Kong's Trimco from Affinity - update | | November 22, 2022 | | (AVCJ by Tim Burroughs) - Affinity Equity Partners has sold Hong Kong-headquartered garment label manufacturer Trimco Group to Brookfield Asset Management, for anenterprise value of USD 850m... | | (link to the full article) | | | | Animoca Brands to raise $2 billion for metaverse investments | | December 02, 2022 | | (CryptoTvplus by Ifeoma Joy Okorie) - Hong Kong-based blockchain gaming group, Animoca Brands, has set plans to launch a $2 billion fund for metaverse investments. The purpose of the fund is to develop the web3 ecosystem and “to create an active market rather than pursuing returns,” according to the company’s CEO Yat Siu... | | (link to the full article) | | | | Hong Kong’s E15VC closes third fund at over $60m to focus on global deep tech | | December 06, 2022 | | (DealStreetAsia by Simran Vaswani) - Hong Kong-headquartered venture capital (VC) firm E15VC has closed its third fund at $60.75 million, which will focus on global deep-tech investments, according to a company announcement on Tuesday... | | (link to the full article) | | | | Hong Kong's PAG closes APAC's largest private credit fund at $2.6b | | December 13, 2022 | | (DealStreetAsia by Simran Vaswani) - Hong Kong-headquartered alternative investment firm PAG has closed its fifth pan-Asian direct lending fund worth $2.6 billion, according to a company announcement on Tuesday... | | (link to the full article) | | | | More news in Industry News | | | | | | | Supporting Events | | | Women’s Private Equity Summit APAC 2023
February, 22 - 24, 2023, Singapore | | | | | Contact us at +852-2167-7518 or hkvca@hkvca.com.hk
Visit us at www.hkvca.com.hk | Connect with us. | Disclaimers
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