Our in-person events are back!
    HKVCA PE Leadership Forum 2022 -
    Redefining strategic approaches to operational excellence      
The HKVCA held its inaugural PE Leadership Forum on Tuesday, November 1, 2022. The half-day Forum was also the Association’s first few events delivered entirely in person, with no virtual component, since the outbreak of the COVID-19 global pandemic. Although some restrictions remained in place, we were very pleased to have hosted more than 150 people - CFOs, COOs, general counsel, legal officers, tax advisors and a variety of other consultants - at the China Club in Central. 
   
The Forum addressed a broad range of topical operational topics, including tax and legal issues, ESG and portfolio management. We extend a very special thanks to David Chan and Christine Lin from Ernst & Young, our Platinum sponsor, as well as James Ford from Allen & Overy, our Legal Sponsor. 
   
The HKVCA also expresses its gratitude to the following amazing group of industry experts who shared their experience and knowledge with us as speakers: 
  • Adam Williams, Ernst & Young Tax Services Limited 
  • Alvin Lam, CVC Capital Partners 
  • Amy Fong, FountainVest Partners (Asia) Limited 
  • Brandan Wing, Morgan Stanley 
  • Harry Yan, Ernst & Young 
  • James Ford, Allen & Overy 
  • Noah Gellner, CPP Investments 
  • Patrick Cordes, BPEA EQT 
  • Queenie Ho, Affinity Equity Partners 
  • Richard Blair, The Blackstone Group (HK) Limited 
  • Sally Dole, Macquarie Asset Management 
  • Samantha Tan, BlackRock Asset Management North Asia Limited 
  • Sofia Wang, Sterling Private Management Limited 
  • Trinnie So, Ontario Teachers’ Pension Plan 
  • Wayne Bannon, The Carlyle Group
   
     Membership Renewal 2022      
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. The result has been a number of recent polices geared toward maintaining Hong Kong’s position as a private equity hub. 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. commitment.
       
Yours sincerely,
   
Rebecca Xu
Chairwoman, Hong Kong Venture Capital and Private Equity Association
Co-Founder & Managing Director, Asia Alternatives
   Upcoming Events   
Regulatory regimes in Hong Kong and Singapore
Sponsored by
This webinar will cover a number of topics related to the regulatory environments for private markets and venture capital in Hong Kong and Singapore, including dealings from offshore such as marketing and capital raising as well as investor categories. The webinar will also consider issues around onshoring, specifically:  
  • Licensing
  • Ongoing reporting requirements
  • Individual accountability
  • AML, CDD and suitability
  • Supervision and enforcement
Finally, there will be a discussion of the latest regulatory developments in both jurisdictions and predictions for the coming year, 2023.
Speaker:
Philippa Allen
CEO and Founder,
ComplianceAsia
Date: November 8, 2022 (Tuesday)
Time: 10:00 - 11:00 am (HKT)
Format: Zoom Webinar* - link will be provided upon successful registration#
Fee: HKVCA Member
1 free pass per company        
additional passes: HK$200 per person		 Non-Member
HK$300 per person
CPT: 1 point
*Be advised that a webinar recording of this event will not be available upon its conclusion. 
*Registrants are reminded that slides produced by event speakers may not be available to attendees. Where slides are made available, only those who actually attend will have access to the slides and only upon completion of the event. 
#To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. 
Registration Deadline: November 7, 2022, 17:00 HKT
      
Full
GP-Led secondary transactions
Sponsored by
With LPs and GPs alike trying to get to grips with this fast-developing part of the market, one that has seen an explosion in the number of transactions over the last couple of years, Coller Capital will host a session discussing:
  • Transaction volumes
  • Key considerations for transacting parties, including rationale
  • Types of GP-led transactions
  • The transaction process
  • A case study of a Coller GP-led transaction
Speaker:
William Yea
Investment Principal
Coller Capital
Date: November 10, 2022 (Thursday)
Time: 12:15 - 14:00
Venue: The China Club, 14/F, The Old Bank of China Building, Bank Street, Central, Hong Kong
Fee: Corporate Full Member
1 free pass per company        
additional passes: HK$550 per person		 Corporate Associate/Overseas (Full/Associate)/Individual Member
HK$550 per person
Non-Member
HK$900 per person
CPT: 1 point
Dress code: Business Attire
Please note all attendees must comply with the most up to date HKSAR government COVID policies. This means:  
  • You must use the “LeaveHomeSafe” mobile application on your mobile phone device to scan the venue QR code before entering the venue.  
  •  You must show a valid QR code with your vaccination record when entering the venue. 
  • You must comply with the relevant requirements of “Vaccine Pass”.  
  • According to the latest update of the HKSAR government, you are NOT allowed to attend the event if you are (1) currently under compulsory quarantine or medical surveillance order by the Department of Health; or (2) under the category of Red Code or Amber Code. 
  • 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. 
Limited seats available | Members only event
HKVCA Members Breakfast Meeting
Sponsored by  
Date: November 18, 2022 (Friday)
Time: 8:30 - 9:30 (registration starts at 8:00)
Venue: Harcourt Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong
Fee*: HKVCA Members: HK$380 per person
 *An additional charge may apply to accommodate special dietary requests.
Dress Code: Business attire
Please be reminded that all registrants must meet the Government’s Vaccine Pass regulations which include scanning the LeaveHomeSafe app and vaccination record upon arrival at the Club and once more at the dining venue. Only Blue Code Holders under the Vaccine Pass (but not Red Code or Amber Coder Holders) can enter 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. 
Registration Deadline: November 17, 2022, 17:00 HKT
US tax update - tax considerations and
compliance issues for offshore funds
Sponsored by
The US has introduced new tax compliance requirements that would generally be applicable to non-US investment funds with US investors.  These new requirements include additional reporting of items other than the traditional K-1 items, enhanced reporting with respect to non-US transactions, passive foreign investment companies (PFICs), etc.  The seminar will provide an overview of these requirements and how best to approach compliance from a cost-benefit perspective. If time permits, a short presentation on how offshore trust planning may be able to facilitate the family succession and wealth transfer planning of an individual (fund manager, deal professional, LP etc.) with a China nexus. 
  • New developments in US tax compliance concerning US dollar funds with US investors 
  • Latest on FATCA and CRS affecting PEVC funds 
  • Primer on offshore trust planning for individuals (fund managers, deal professionals, LPs) with a China nexus. 
  • Q&A 
Speakers:
Patrick Yip
Vice Chair, 
Deloitte China		 Candy Chan
Tax Partner, 
Deloitte China
Edmond Lam
Tax Director,
Deloitte China
Date: November 22, 2022 (Tuesday)
Time: 12:00 - 14:00
Venue: Deloitte Office, 35/F., One Pacific Place, 88 Queensway, Hong Kong
Fee: Corporate Full Member
1 free pass per company        
additional passes: HK$250 per person		 Corporate Associate/Overseas (Full/Associate)/Individual Member
HK$250 per person
Non-Member
HK$650 per person
CPT:  1 point
Please note all attendees must comply with the most up to date HKSAR government COVID policies. This means:  
  • You must use the “LeaveHomeSafe” mobile application on your mobile phone device to scan the venue QR code before entering the venue.  
  •  You must show a valid QR code with your vaccination record when entering the venue. 
  • You must comply with the relevant requirements of “Vaccine Pass”.  
  • According to the latest update of the HKSAR government, you are NOT allowed to attend the event if you are (1) currently under compulsory quarantine or medical surveillance order by the Department of Health; or (2) under the category of Red Code or Amber Code. 
  • 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. 
Registration Deadline: November 21, 2022
       
HKVCA Annual Golf Day 2022
Date: December 6, 2022 (Tuesday)
Time: Registration: 11:00 am
Lunch served: 11:30 am
Briefing: 12:15 pm
Tee off: 12:30 pm
Cocktail & Prize presentation: 5:15 pm
End of event: 6:00 pm
Venue: Shek O Golf & Country Club, 15 Shek O Rd, Shek O
Format: Scramble
Fee*:
 		 HKVCA Members: HK$3,000 per person
Non-members: HK$4,000 per person
*Fee inclusive of lunch.
Note that the Club will NOT provide golf carts and participants have to carry their own equipment. There are only a limited number of caddies available. If you would like to hire a caddie, please let us know. The cost is HK$500 and availability is on a first come, first served basis. 
Please note all attendees must comply with the most up to date HKSAR government COVID policies. This means:  
  • You must use the “LeaveHomeSafe” mobile application on your mobile phone device to scan the venue QR code before entering the venue.  
  •  You must show a valid QR code with your vaccination record when entering the venue. 
  • You must comply with the relevant requirements of “Vaccine Pass”.  
  • According to the latest update of the HKSAR government, you are NOT allowed to attend the event if you are (1) currently under compulsory quarantine or medical surveillance order by the Department of Health; or (2) under the category of Red Code or Amber Code. 
  • 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. 
HKVCA Christmas Cocktails 2022
Cocktails sponsors:
Date: December 13, 2022 (Tuesday)
Time: 18:30 - 20:30 (registration starts at 18:15)
Venue: The Library, The China Club, 13-15/F, Old Bank of China Building,
Bank Street, Central, Hong Kong
Fee*: HKVCA Members: HK$480 per person
Non-member: HK$880 per person
*Priority is given to HKVCA members
*Canapés and unlimited drinks including house wines, spirits, beer,  fresh orange juice,
soft drinks and water (mineral or sparkling) will be provided.
Dress code: Business Attire
Please note all attendees must comply with the most up to date HKSAR government COVID policies. This means:  
  • You must use the “LeaveHomeSafe” mobile application on your mobile phone device to scan the venue QR code before entering the venue.  
  •  You must show a valid QR code with your vaccination record when entering the venue. 
  • You must comply with the relevant requirements of “Vaccine Pass”.  
  • According to the latest update of the HKSAR government, you are NOT allowed to attend the event if you are (1) currently under compulsory quarantine or medical surveillance order by the Department of Health; or (2) under the category of Red Code or Amber Code. 
  • 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. 
   
Asia Private Equity Forum
Date: January 13, 2023 (Friday)
Time: 8:30 - 18:30
Venue: The Hong Kong Convention and Exhibition Centre
       
REGISTER NOW with the Early Bird Rate (Payment deadline: December 16, 2022)
HKVCA Members with membership 2023 renewed
CORPORATE FULL MEMBERS
1 complimentary pass per company
additional passes per person HK$4,500 HK$5,500		 OTHER HKVCA MEMBERS [COPORATE ASSOCIATE MEMBERS / OVERSEAS (FULL/ASSO.) MEMBERS]
First pass at special rate per company: HK$3,800
additional passes per person HK$4,500 HK$5,500
Non-members
NON-MEMBERS
HK$8,500 HK$9,500 per person		 MEMBERS OF SUPPORTING ORGANIZATIONS
HK$6,800 HK$7,600 per person
  
Group Discount: Register in a group of 3 or more from the same company and enjoy a 10% discount.
    
5.5 CPT points can be claimed after attending the full-day event.
    
Dress code: Business Attire
Please note all attendees must comply with the most up to date HKSAR government COVID policies. This means:  
  • You must use the “LeaveHomeSafe” mobile application on your mobile phone device to scan the venue QR code before entering the venue.  
  •  You must show a valid QR code with your vaccination record when entering the venue. 
  • You must comply with the relevant requirements of “Vaccine Pass”.  
  • According to the latest update of the HKSAR government, you are NOT allowed to attend the event if you are (1) currently under compulsory quarantine or medical surveillance order by the Department of Health; or (2) under the category of Red Code or Amber Code. 
  • 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
     
01 Fintech Limited
01Fintech is an Asia (ex-China) growth stage Fintech private equity firm with a primary focus on Southeast Asia.
     
Gravity Capital Partners Company Limited
Founded in 2020 in Hong Kong, Gravity Capital Partners Company Limited is a passionate initiative to drive impact through investment and management. By nurturing local impact businesses while creating synergy with different stakeholders, Gravity strives to build a better impact ecosystem in Hong Kong.
     
MTR Corporation Limited
MTR is a global transport operator focused on rail mobility and also operates a real estate business. It has spun off a wholly own subsidiary, MTR Lab, is a venture arm of the corporation focused on tech and innovation in the areas of smart city, new mobility and other related fields.
     
Soul Ventures Limited
Soul Ventures is an investment firm that focuses on growth stage investments in technology companies. The team consists of serial entrepreneurs as well as successful venture capitalists who have over 20 years of investment experience and extraordinary track records in cultivating technology companies with huge growth potential. Notable investments include Epic Games, SpaceX, and Reddit.
              
Overseas Full Member
West Fountain Capital Management Limited
West Fountain Capital Management Limited was organized pursuant to a strategy to globally expand the Shenzhen Capital Group Company Limited. In order to become a leading international investment institution, Shenzhen Capital Group is dedicated to discovering, exploring and investing in global high-tech, high-growth companies.
        
       
Regulatory and Tax Updates
          
Two additional CPT hours on topics of relating to ethics or compliance
Many members are not aware that responsible officers from SFC-licensed corporations are required to complete 10 CPT hours per calendar year in addition to two CPT hours on topics relating to ethics or compliance. It is imperative that you sign up for the relevant training in order to satisfy the requirement by the end of this year. The HKVCA will organize two regulatory webinars on November 8th and December 14th. The details for the November webinar can be found by following this LINK, while details of the December webinar will be announced in due course. 
      
Circular on dealing with disruptions caused by financial distress
The SFC issued a circular to licensed corporations on the implementation of related measures to deal with disruptions caused by financial distress and the insufficiency of responsible officers on March 4, 2022. It indicated that senior management of licensed corporations assume overall responsibility for contingency planning as well as documentation for the contingency plan, including exit planning and any subsequent revisions. The SFC may request that a licensed corporation provide updates on activation and implementation of its exit plan. The full announcement can be found HERE. 
      
SFC enforcement: failures to promptly notify its material regulatory breaches
The SFC has reprimanded and fined Asia Research & Capital Management Limited (ARCM) $1.75 million for failures relating to its non-compliance with the European Union’s short selling reporting requirement and the requirement to promptly notify the SFC of its material regulatory breaches. The delayed punishment has been the subject of criticism from the asset management industry. The U.K.’s FCA published a notice of its enforcement action against ARCM on October 2020, disclosing its net short position for an LSE-listed company between February 2017 and December 2019. The enforcement news is reported HERE. 
          
    
Event Reports
     
Webinar: Crypto, Gaming and Web 3.0
September 15, 2022 
With more and more private equity and venture capital investment paying attention to crypto and Web3.0, the HKVCA and Ascent Partners hosted a webinar on September 15, 2022. The speakers provided a comprehensive guide to consumer crypto, especially the market landscape of the crypto credit/debit cards market. Andrew Wright, a senior advisor at the firm, was joined by his colleague Felix Wong, Principal; Bryant Robinson, Head of Operations, Asia from GDA Group; and Rai Cockfield, CEO and Founder from yup.gg. 
     
The speakers spoke in particular about a crypto ecosystem developed by GDA Capital, which provides a diverse service for assisting blockchain companies/projects in three phases. The webinar also covered the gaming industry and its integration with Web3.0. More than 100 people participated in the event, which included an interactive Q&A session between attendees and speakers. We extend our thanks to the speakers and to Ascent Partners for their generous sponsorship. 
        
HKVCA Brownbag Luncheon Talk: Evolution of investment deal terms in Asia - recent trends and an overview of what’s on the horizon
October 18, 2022
The HKVCA hosted its most recent Brownbag Luncheon Talk at Centricity on October 18, 2022. Partners from Latham & Watkins, including Stephen Shi, Richard Watkins, Howard Lam and Dominic Geiser, along with their colleague and Counsel for Latham & Watkins, Lynsey Edgar, discussed the most recent deal terms across Asia. Noting the trend toward the use of investment deal terms to protect the downside risk for a variety of deals, the speakers also addressed the potential developments and the impact of a turning cycle in M&A, distressed transactions, PIPEs, and relevant transactions. With over 60 practitioners in attendance, the event received much positive feedback. We would like to thank sponsor Latham & Watkins for making the event possible. 
      
       
Industry News
          
Citi Ventures makes first crypto seed investment in startup xalts
October 06, 2022
(Bloomberg's Crypto by Muyao Shen) - Citigroup Inc.’s venture capital investing group made its first digital asset seed investment in a Hong Kong-based digital-asset management firm. 
    
Citi Ventures co-led a $6 million initial capital financing round for xalts, which was co-founded by a former trader at HSBC Holdings and a former executive at Meta Platforms Inc. Accel, the Palo Alto, California-based venture-capital firm that has funded technology companies that include Facebook and Spotify, was the other firm that co-led the funding round. Citi Ventures did not disclose the amount it invested. Polygon co-founder Sandeep Nailwal and other hedge fund managers were also investors...
(link to the full article)
      
Hong Kong's imBee raises $5M Series A funding led by DCM Ventures
October 17, 2022
(Technode Global by Staff Writer) - ImBee, a Hong Kong-headquartered chat management platform, announced Monday that it has raised $5 million in Series A funding led by DCM, a global venture capital firm, to advance its platform offerings, go deeper into existing markets and expand its footprint in the Asia-Pacific region.
    
Levering imBee’s success in delivering its bespoke ‘One-chat Experience’, imBee said in a statement that this series A funding is expected to help scale up its business and deploy its business model on an international level...
(link to the full article)
           
Hong Kong fintech startup Reap raises $40 million for Web3 payments
October 26, 2022
(Forbes by Zinnia Lee) - Reap, a digital payment company based in Hong Kong, has netted $40 million in a funding round aimed at developing infrastructure to help facilitate payments between Web3 projects and traditional businesses.
The financing is led by Silicon Valley-based Acorn Pacific Ventures, U.S. financial services firm Arcadia Funds and Hong Kong digital asset manager HashKey Capital, Reap said in a statement on Thursday. Other investors who participated in the round include Hong Kong fintech firm Payment Asia, as well as U.S. venture capital firms Hustle Fund and Fresco Capital, among others...
(link to the full article)
         
Investcorp and Fung Capital announce new US$500 million fund during the Future Investment Initiative
October 26, 2022
(Press Release) - Global alternative asset manager, Investcorp, will join forces with Fung Capital, the private equity investment arm of Fung Investments, the Hong Kong headquartered private investment office of the families of Dr Victor Fung and Dr William Fung, to invest in mid-cap companies across China’s Greater Bay Area encompassing the Guangdong Province and the two Special Administrative Regions of Hong Kong and Macau. The GBA boasts a large number of innovative, growing and profitable private enterprises and present a highly attractive investment destination. It is currently expected that – once established - the fund will be operated out of Hong Kong...
(link to the full article)
      
More news in Industry News
   
     
Supporting Events
    
2022 EdTech Month
October 8 - November 8, 2022

HKUST Industry Engagement Day: Innovation and Technology Showcase
November 7, 2022

35th AVCJ Private Equity & Venture Forum
November 15 - 17, 2022

SuperReturn Japan
November 30 - December 1, 2022

HKTDC Entrepreneur Day
November 30 - December 2, 2022
  
12th Business of Intellectual Property Asia Forum
December 1 - 2, 2022

Contact us at +852-2167-7518 or hkvca@hkvca.com.hk  
Visit us at www.hkvca.com.hk
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