 | | Our in-person events are back! | | | HKVCA Annual General Meeting 2022 | |  | | The HKVCA’s 35th Annual General Meeting was held on September 8, 2022. Rebecca Xu was re-elected Chairwoman, and she delivered a report summarizing the HKVCA’s work over the course of the last year. We would like to extend our appreciation to the 24 members of the Board of Directors and to all our members who gave of their time to attend this important event. | | New officers elected to serve for 2022 - 2023 term | |  | Rebecca Xu was re-elected Chairwoman of the Hong Kong Venture Capital and Private Equity Association at this year's AGM held on September 8, 2022.
Dear Members and Friends,
What an honor it is to deliver this annual report on behalf of the Board of the HKVCA. I am delighted to provide you with an update on the extensive work undertaken during this past year. The last 12 months brought unprecedented challenges to each of us as individuals, and as professionals. Yet, we stood together and persevered.
| Education and Events
In spite of a city-wide slowdown in early 2022, the HKVCA rolled out a full agenda of events. Learning from the previous two years’ hosting virtual and hybrid programs, we maintained the high quality of each event and delivered the best possible results for our members.
The impact of the COVID-19 pandemic eased in the fourth quarter of 2021 in Hong Kong, and we were able to seize the opportunity to hold several small-scale in-person networking events, including two long-awaited Members Breakfast Meetings, Golf Day and Christmas cocktails.
Of the 42 events organized in the past year, we received more than 6,300 registrations. Our “Big3” annual flagship conferences - the Asia Private Equity Forum in January, the Asia Venture Capital Forum in March, and the China Private Equity Summit in August - accounted for one-third of these registrations, and close to 30 webinars were held covering a broad variety of subjects, from impact investing and digital assets to regulatory updates and tools for effective communication. While rules around social distancing meant the Private Equity Fundamentals Course had to be largely online, a great positive was that registration numbers were more than double registrations for the course when previously held in a purely physical format
The HKVCA launched its third ESG Award of Excellence to recognize significant environmental, social and governance-related initiatives in Asian private equity and venture capital-backed companies in 2021. Of the 26 ESG case studies received from across Asia, the HKVCA honored three winners during the Asia Private Equity Forum in 2022.
The Association also recognized the impact of changes to the CPT requirements for compliance, ethics and regulatory subjects by organizing several informative training sessions for members to fulfil the additional requirement.
We are especially pleased to announce the launch of the HKVCA Institute for Private Capital in early 2023. It’s aim is to develop and provide additional training to professionals from a wide range of related industries and functions.
Policy and Advocacy
The HKVCA’s Technical Committee met regularly with the Financial Services and the Treasury Bureau, Financial Services Development Council, Hong Kong Monetary Authority and Inland Revenue Department to discuss various issues, including but not limited to the DIPN on the concession tax rate for carried interest and the family office tax exemption regime.
The Association was also involved in several consultations during the past year, such as the Chief Executive’s Policy Address and the Finance Secretary’s Budget Speech. Our latest discussions with government officials focused on loosening the COVID-19 restrictions for business travelers.
To ensure better governance, this past year we established the new Governance & Nomination Committee. We also reorganized other committees to better align interests, reallocate resources, and free up capacity for future needs. Ultimately, the HKVCA aspires to expand the scope of our representation - beyond private equity to include other private asset classes and beyond Hong Kong and Asia to include the world.
Acknowledgments
I have mentioned only a few highlights of the many activities over the course of the past year. I must take this opportunity to recognize the many members and partners who have worked closely with our staff to make our events a success. This is especially true of our sponsors because without their continued and generous support, many of our events would not have been possible. We are especially grateful to Citigroup, KPMG, Intertrust, Hong Kong Science & Technology Parks, Morgan Stanley, Shearman & Sterling and Ernst & Young.
My sincere appreciation is extended to the entire Board who have given significantly of their time and energy. We simply could not function without them.
Of course, our achievements over the past year were possible only because of our small but amazing secretariat team, led by Joanne Yuen, our Secretary General. They have energized, organized and revitalized the Association through tough times. We are grateful for their dedication, hard work and commitment.
It has been such a great honor and privilege to serve as the Chairwoman of the HKVCA for the last year. The year 2022 marks the 35th anniversary of the HKVCA. I would be extremely grateful to all of you for helping the Board, the Committees, and the secretariat team to carry on into the next year. Together, I know that we can forge ahead and continue to develop a strong and vibrant HKVCA that is the leading regional professional association for our industry.
Thank you.
All the best,
Rebecca Xu
Chairwoman
Hong Kong Venture Capital and Private Equity Association
Co-Founder & Managing Director
Asia Alternatives Advisor Hong Kong | | The AGM also saw the election of the following officers and
board members: | |  | VICE CHAIRMAN
Leon Meng
Ascendent Capital Partners (Asia) |  | VICE CHAIRMAN
Alain Fontaine
Beyond Traditions |  | VICE CHAIRMAN
Jie Gong
Pantheon Ventures (HK) |  | TREASURER & DIRECTOR
Vincent Chan
Samena Capital HK |  | DIRECTOR
Queenie Ho
Affinity Equity Partners |  | DIRECTOR
Wendy Zhu
AlpInvest Partners |  | DIRECTOR
Melissa Guzy
Arbor Ventures |  | DIRECTOR
Edward Huang
Blackstone |  | DIRECTOR
Danny Lee
Blue Pool Capital |  | DIRECTOR
Tony Zhang
China Resources Capital Management |  | DIRECTOR
Eric Mason
The Church Pension Fund |  | DIRECTOR
Eric Xin
CITIC Capital Holdings |  | DIRECTOR
Alvin Lam
CVC Capital Partners |  | DIRECTOR
Jacob Chiu
HQ Capital |  | DIRECTOR
Derek Sulger
Lunar Capital Management |  | DIRECTOR
H. Chin Chou
Morgan Stanley Asia |  | DIRECTOR
Kent Chen
Neuberger Berman Asia |  | DIRECTOR
Bonnie Lo
NewQuest Capital Partners |  | DIRECTOR
Gabriel Li
Orchid Asia Group Management |  | DIRECTOR
Varun Bery
Skye Capital |  | DIRECTOR & PRESIDENT
Conrad Tsang
Strategic Year Holdings |  | DIRECTOR & PRESIDENT
Johnny Chan
Techpacific Capital | | | | | | The HKVCA was established with the objectives of promoting and protecting the interests of venture capital in Hong Kong. It also offers its members a wealth of additional benefits, including unparalleled opportunities for networking, knowledge enhancement and social activities and interaction. We encourage you to renew your membership today as together we work to strengthen our industry, both in Hong Kong and across the Asia-Pacific region. Please do not hesitate to contact Joanne Yuen, Secretary General, or Ceylon Chan, Membership Manager, if you have any questions or would like more membership information. | | | | | Limited Seats Available |  | PE Leadership Forum 2022
Redefining strategic approaches to operational excellence | | Platinum Sponsor |  | | | | Legal Sponsor |  | | | Date: | November 1, 2022 (Tuesday) | | Time: | 10:00 - 14:00 | | Venue: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, HK | | Fee: | Corporate Full Member
1 free pass per company
additional passes: HK$1,200 per person | Corporate Associate/Overseas (Full/Asso)/Individual Member
HK$1,200 per person | | Non-Member
HK$2,500 per person | | | CPT: | 2.5 points | | | Preventive Measures Please note all in-person 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 registrations available |  | | GP-led secondary transactions | | Sponsored by |  | | LPs and GPs alike are trying to get to grips with this fast-developing part of the market, which has seen an explosion in the number of such 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 detailing a Coller GP-led transaction
| | Speakers: |  | 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, 1 Bank Street, Central, HK | | 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 | | | Preventive Measures Please note all in-person 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 Annual Golf Day 2022 |  | | Date: | December 6, 2022 (Tuesday) | | Time: | Registration: 11:30 am
Lunch served: 12:00 noon
Shotgun start: 1:00 pm
Cocktails and prize presentation: 5:45 pm | | Venue: | Shek O Golf & Country Club, 15 Shek O Rd, Shek O | | Format: | Scramble | | Fee*: | HKVCA Member
HK$3,000 per person | Non-Member
HK$4,000 per person | | *Fee inclusive of lunch and cocktail | | | 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. | | Preventive Measures Please note all in-person 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 Members | | | | Corporate Full Members | | Immensus Capital | | Immensus Capital is a mid-growth private equity firm that invests in high-growth businesses located in China. One of the firm’s current strategies is to explore investments in B2B supply chain business opportunities. As a research-driven firm, Immensus Capital aims to conduct more in-depth analysis of sectors, companies, and management teams than our industry peers. We also provide extensive research and strategic advice as well as executive coaching to portfolio companies from pre-investment to post-investment. | | | | ORIX Asia Asset Management Limited | | ORIX Corporation is an international non-bank financial group listed on the New York and Tokyo stock exchanges. Established in 1964, and headquartered in Tokyo, ORIX Corporation is one of the largest integrated financial services groups in the world with 30,000 employees worldwide and more than $500 billion assets under management. ORIX Corporation owns 1,800 branches in 80 countries and regions, and provides services to millions of corporate customers. The Group's business is spread over dozens of industries in the financial and industrial sectors. Its main businesses include banking, insurance, asset management, investment banking, leasing, operating leasing, aircraft leasing, environmental protection, real estate and tourism. | | | | Celadon Partners (Asia Pacific) Limited | | Celadon Partners is an Asian private equity manager with a focus on transformative innovations applicable to traditional industries. Celadon Partners aims to generate long-term attractive returns through intrinsic value investing in differentiated opportunities as a “builder of businesses”. | | | | E15 | | E15VC is a global technology venture fund. We partner with ambitious entrepreneurs who are building global companies that change the world. | | | | Undivided Ventures Limited | | Undivided Ventures invests globally in early-stage companies that meet the built environment's most urgent sustainability challenges. Our team is a unique combination of academics, real estate investors, entrepreneurs and sustainability consultants, enabling us to identify and nurture truly impactful and commercially viable solutions. | | | | Corporate Associate Member | | BC Technology Group | | Backed by Asia’s leading public fintech and digital asset company, BC Technology Group (stock code: HK 863), OSL is the region’s most comprehensive licensed digital asset platform. OSL is the world’s first insured SFC-licensed digital asset platform to provide prime brokerage, custody, exchange and SaaS services for institutional clients and professional investors. The company offers OTC, iRFQ and electronic trading services, giving traders access to the world’s deepest liquidity pools, as well as secure and insured wallets to ensure the safekeeping of digital assets with timely transaction settlement. BC Technology Group and the OSL platform are enabling institutional adoption of the digital asset class, setting the global standard for performance, security and compliance. | | | | | | | | Regulatory and Tax Updates | | | | Auditor Report for Certification of Funds in Hong Kong | | The Hong Kong Monetary Authority (HKMA) issued guidelines on the auditor’s report for applications for certification of funds (Auditor's Report Guidelines). In conjunction with a circular issued by the Hong Kong Institute of Certified Public Accountants (HKICPA), the guidance is aimed at helping practitioners prepare an auditor’s report. Both the Guidelines and the circular are available on the HKMA’s and HKICPA’s websites, respectively. | | | | 18 Measures for Hong Kong-Qianhai collaboration | | The newly promulgated “18 Measures” reflect a number of the Association’s recommendations that were submitted to the government on April 28, 2022. In particular, the HKVCA appreciates the measures i) refining application procedures; ii) allowing Hong Kong limited partnership funds to invest in mainland China enterprises; and iii) adjusting the scale of QFLP funds within fund managers’ quotas.
The HKVCA will continue advocating on the industry’s behalf with the HKSAR government, as well as the Qianhai Authority, to optimize implementation of the new measures. | | | | Hong Kong to Re-open | | The Hong Kong government has unveiled plans to reopen the border and relax quarantine requirements. The HKVCA is delighted that a series of submissions made to the government strongly advocating the lifting of Covid restrictions has been heard.
Highlights from the China Private Equity Summit, with the theme of cementing Hong Kong position as the hub of private capital in Asia, can be found here. | | | | | | | | Industry News | | | | GBB lands USD 15M pre-Series B funding led by Tiger Jade Capital | | September 14, 2022 | | (Press Release) - Great Bay Bio is pleased to announce today the completion of its USD 15 million pre-Series B funding led by Tiger Jade Capital. The funding was oversubscribed and upsized with participation from one of the world’s top life sciences MNCs, AEF Greater Bay Area Fund (managed by Gobi Partners GBA), and Vectr Ventures, as well as existing institutional investors. The pre-Series B round was advised by DL Securities, a boutique investment bank based in Hong Kong... | | (link to the full article) | | | | Baring Asia hits final close on eighth pan-regional fund | | September 13, 2022 | | (AVCJ by Tim Burroughs) - Baring Private Equity Asia (BPEA), which agreed to merge with EQT earlier this year, has closed its eighth pan-regional fund with commitments of USD 11.2 billion.
The final total was first reported by Bloomberg and has since been confirmed to AVCJ by a source close to the situation. BPEA declined to comment... | | (link to the full article) | | | | China-focused Welkin Fund plans $300 million London IPO | | September 06, 2022 | | (Bloomberg by David Helier) - Welkin China Private Equity Ltd., an investment company focused on buying stakes in private Chinese companies, is planning to seek as much as $300 million in a London initial public offering.
The newly established vehicle aims to list on the London Stock Exchange’s premium segment and expects to publish its prospectus in the coming days, it said in a statement Monday, confirming an earlier Bloomberg News report. It will be managed by Welkin Capital Management (Asia) Ltd., a growth investment firm started by financier Johnny Kong... | | (link to the full article) | | | | More news in Industry News | | | | | | | | Event Reports | | | | Family Office Lunch | | July 11, 2022 | | On July 11, the HKVCA Family Office Committee hosted a small lunch gathering for family offices at the Hong Kong Club. Michel Zhang, Portfolio Manager, Head of Asia of Viking Global, gave a talk on investment opportunities. | | | | Webinar: Data customization and what’s driving asset managers and owners into private markets | | July 19, 2022 | |  | | Wendy Cheng, APAC Head of Private Equity Services for Alternative Investment Solutions from State Street, hosted an HKVCA webinar addressing the importance of driving operational alpha by leveraging both structured and unstructured investment data on private equity and venture capital. Held on July 19, 2022, more than 110 people registered for the event.
Joined by fellow State Street colleagues Cora Tang, APAC Head of Product for Alternatives; Haresh Patel, CEO from Mercatus, an affiliate of State Street; as well as Kenneth Leong, CFO & COO of independent funds of fund manager Axiom Asia Private Capital, the speakers discussed recent trends around data requirements for LPs as well as how such requirements have changed over time.
The HKVCA extends its thanks to State Street for sponsoring the event, and to all the speakers and participants. | | | | Webinar: Climate change and Asia private equity – iCI Asia launch | | July 21, 2022 | |  | | Jie Gong, a Partner at Pantheon, hosted an HKVCA webinar to announce the official launch of Initiative Climate International (iCI) Asia. Held on July 19, 2022, more than 70 people attended the online introductory seminar.
Other speakers included fellow iCI members Eimear Palmer, a partner at Pantheon; James Bone and Kathy Yang, partners at ERM; Natasha Buckley, Head of ESG from HarbourVest; and Sonali Siriwardena, a partner at international law firm Simmons & Simmons. The speakers introduced the iCI initiative as well as a description of its member base, committee structure, and the initiative’s mission. Since its establishment in 2015, over 100 private equity firms have joined the network globally. With the support of a broad group of private equity-related associations, including BVCA, France Invest, ILPA as well as the HKVCA, the group hopes their members will follow their guidance to better understand and manage risks associated with climate change.
The HKVCA is grateful to Jie Gong for hosting the event, and extends its thanks to all the speakers and participants. | | | | | | | | Supporting Events | | | | | | | |
| | | Contact us at +852-2167-7518 or hkvca@hkvca.com.hk
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