 | | Our in-person events are back! | | | HKVCA 21st China Private Equity Summit | |  | The China Private Equity Summit, one of the HKVCA’s major flagship events, was held for the 21st consecutive year on August 24, 2022. Long recognized as the China PE industry’s leading practitioners’ conference, this year’s sessions were held in a hybrid format and were attended by participants both in-person and online. The format of the event resulted in significantly greater engagement from across the region and around the world, with more than 800 venture capital and private equity practitioners, leading corporates, and other industry professionals attending the event.
Among the distinguished guests were the Hon. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR government; Nicolas Aguzin, the CEO of HKEX; and Yi He, Co-Founder & CMO of Binance.
Held at the Hong Kong Convention and Exhibition Centre, the theme of the discussion this year highlighted the many opportunities that continue to be present in the market in China, including in such sectors as fintech, consumer products and services, deeptech and climatetech. Current sentiment among LPs and family offices was also a focus, as were the challenge of SPACs listings; the latest developments in the PE secondaries market; RMB funds and government guidance funds; and the advantages to be found in Hong Kong spurred by new private equity-related policies.
The recognition that it has been more than two years since the initial outbreak of COVID-19, and that the virus continues to have significant impact on business and economies, underlay much of the discussion. Similarly, the move by many corporates in China to embrace stricter governmental oversight and acknowledge that the “reckless” tech era is over, means there continues to be a consensus of uncertainty as to how all these factors will impact the Chinese economy, not to mention ongoing global political and economic instability, supply chain disruptions and increasing inflation around the world.
We would like to thank our extremely knowledgeable participants and audience of attendees who joined us from locations around the world. Thank you also to our PRC Committee, co-chaired by Conrad Tsang and Jacob Chiu, and to the other committee members. Finally, the HKVCA would like to express our sincere thanks to our valuable sponsors, whose contributions and continued support made the event not only possible but also an unprecedented success. | | | | | Members Breakfast Meeting | |  | August 5, 2022, saw the HKVCA resume its monthly breakfast meetings after a relaxation in the government’s COVID policy. Hosted at the Hong Kong Club by the Association’s Executive Director and President, Johnny Chan, over 50 members registered to attend. Our monthly breakfast meetings continue to be very popular and well attended by our members and we look forward to continuing to host this great networking event in the coming year. In the meantime, the Association would like to thank all our members who attended this month, and we extend a special thanks to our sponsor, KPMG, whose generosity ensured the event’s success. | | | | 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. | | | | | Members Only Event |  | | 35th Annual General Meeting | | Under the Association’s current rules, only Corporate Full Members, Emeritus Members and Individual Full Members are eligible to be elected and to vote. | | Date: | September 8, 2022 (Thursday) | | Time: | 12:00 – 12:30 AGM
12:30 – 13:30 Luncheon | | Format: | Hybrid (online* and in-person#) | | Venue: | The China Club, 14/F, The Old Bank of China Building, Bank Street, Central, Hong Kong | Fee:
(Online: AGM only) | Free of charge | | Fee:
(In-person: AGM+Lunch) | Corporate Full Member
HK$480 per person | Corporate Associate Member /
Overseas Members / Individual Members
HK$480 per person | | | * To avoid technical problems registrants should log into Zoom webinars using the email address they provided when registering for the event. | | # 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. | | Registration deadline: September 7, 2022 |  |
| | Limited registrations available |  | | Cryptocurrency | | Sponsored by |  | | | This webinar will cover the following topics. - The non-stop roller-coaster ride that is crypto
- Consumer crypto and cryptocurrency credit cards
- The birth of a crypto project: GDA Capital
- The crypto ecosystem
- Case study: Media and Web 3.0
| | Speakers: |  | Andrew Wright
Senior Advisor,
Ascent Partners |  | Felix Wong
Principal,
Ascent Partners |  | Bryant Robinson
Head of Operations, Asia,
GDA Group | | | | | Date: | September 15, 2022 (Thursday) | | Time: | 10:00 - 11:00 am (Hong Kong Time, UTC +8) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
1 free pass per company
additional passes: HK$300 per person | Non-Member
HK$300 per person | | CPT: | 1 point | | *Be advised that a recording of this event will not be available.
*Registrants are reminded that slides produced by event speakers may not be available to attendees. Where slides are made available, only those who 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: September 14, 2022 |   |
|  | | 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. | | | | | Webinar: The democratization of private equity | | Webinar: Private equity and impact investing | | June 28, 2022 | | June 23, 2022 |  | |  | Gaurav Nayak, Sales Director at Datasite, hosted an HKVCA webinar on June 28, 2022, discussing the growing democratization in private equity. The event attracted around 100 participants who attended online.
After noting the emergence of retail investors who are increasingly accessing PE transactions and products, and offering an overview of the latest industry trends, Nayak was joined by Myron Zhu, Head of Private Market Asia at Manulife; Pamela Fung, Executive Director at Morgan Stanley Alternative Investment Partners; and Seung-Ki Jeong, Manager at DGB Life. The speakers addressed three specific issues: i) the emergence of job positions at Tier 1 PE firms that are focused on private wealth; ii) whether this will lead in turn to more IPOs/M&A down the line; and iii) the impact of tokenization on private markets. They also all agreed that technology will continue to act as a catalyst increasing access to PE.
The HKVCA thanks Datasite for its sponsorship. Thanks also to the speakers and to all who attended the event. | | Impact investing was the subject of a recent HKVCA webinar held on June 23, 2022. With close to 100 people in attendance, active participation was encouraged with many attendees involved in the virtual discussion by submitting questions and comments for the speakers.
KO Chia, Co-Chair of HKVCA Education & Research, acted as host and was joined by Leonie Kelly, Director and Global Head of Sustainable Investment Consulting from Ogier. After offering a brief overview of impact investing, including a workable definition of impact investing, discussion turned to developments since the 2009 Rockefeller Foundation report, including the size of the market and the key players in the private equity space. Also discussed were the so-called three pillars of successful impact investment, namely intentionality, contribution and measurement.
The HKVCA extends its sincere thanks to Ogier for their generous sponsorship, and to KO Chia as well as Leonie Kelly for their participation. | | | | | | Webinar: Fund finance 2.0 – NAV financing (for HKSFC) | | Webinar: Ethics, compliance and corporate culture | | June 16, 2022 | | June 14, 2022 |  | |  | The HKVCA held a training webinar for staff of the Securities and Futures Commission to address the latest issues involved in NAV financing. Held on June 16, 2022, Danielle Roman, a partner at offshore law firm Mourant, acted as moderator of the discussion. She was joined by Doos Choi, a partner at law firm Mayer Brown; and Emma Wang, Managing Partner & Head of Private Credit at TR Capital.
The content of the discussion was similar to that of an earlier webinar held by the HKVCA on April 20, 2022. The speakers offered their perspectives on fund financing, documentation, due diligence and other considerations when applying for NAV financing. The Association extends its appreciation to Mayer Brown, Mourant and TR Capital for sharing their expertise on the topic once again. The HKVCA looks forward to continuing to provide a broad diversity of training to government departments in Hong Kong and abroad. | | The HKVCA held a webinar on June 14, 2022, discussing the regulatory expectations around “ethics” and “culture”. The Association invited Clifford Chance Funds & Investment Management Group partners Mark Shipman, who is also Vice Chairman of the HKVCA’s Technical Committee, and Viola Lui to speak at the event. They were joined by their colleague Benjamin Lohr, a consultant with the Group. The speakers designed five different scenarios around which their presentations were based, prompting an active discussion among the participants.
More than 130 people registered for the event. The HKVCA extends its sincere thanks to all the participants, and in particular to our speakers and Clifford Chance’s for their participation. | | | | | New Members | | | | Corporate LP Member | | Crocodile Co Ltd. | | Family office which has interest in VC, startup/late stage. We also active in real estate and retail business. | | | | Corporate Full Member | | Micro Connect (H.K.) Investments Limited | | Micro Connect Investments is a new market infrastructure investment platform for global investors to access the stable and strong cash flows of micro and small businesses in China. The platform focuses on investments in consumer-facing brick-and-mortar stores (F&B, retail and services) in China using a daily revenue sharing model. We recently launched a USD fund in February this year to make such investments and have deployed ~USD25m to over a hundred micro and small businesses. The company plans to launch an exchange platform in Asia to facilitate the secondary trading of these cash flows next year. | | | | Midas Capital Partners Hong Kong Limited | | Midas Capital Partners is a privately owned independent investment management & advisory firm formed by professionals across different areas of wealth management & capital market industry including investment management solutions, financial planning and family office services to mega wealth Chinese families. | | | | GenBridge Capital Management Company (HK) Limited | | GenBridge Capital is China's consumer specialist growth capital. Robert Chang, the Founder and Managing Director, has established GenBridge in 2016 together with the Co-Founder, Victor Zhang. GenBridge is an independent, thematic and value-add oriented firm that leveraging powerful resources of JD Group. GenBridge invests into new generation consumer brands and retail formats with innovative models as a catalyst to build winning consumer businesses. The mission of GenBridge is to empower China's next generation consumer champions. The investors of GenBridge include worldwide sovereign wealth fund, endowments, FoFs, and family offices, etc. | | | | Overseas Full Member | | Verge Capital Management | | Verge HealthTech Fund is the world's first VC fund investing exclusively, and globally, in impactful healthcare technologies at the earliest stages. | | | | Corporate Associate Member | | BOA Financial group limited | | The BOA Financial Group ("Group") was formed with the primary objective of enabling financial institutions to provide financial services in a cost-efficient, technology driven and user-friendly manner to customers around the world. By investing heavily in technology and user experience, the Group aims to revolutionise the traditional financial services industry by providing intultlve and convenient services and products to its clients. | | | | Overseas Associate Member | | Burgiss Pte Ltd | | Burgiss is a global, market-leading provider of data and analytics solutions for investors. With over 30 years of expertise in alternative investments, we offer unrivalled data, analytics, and transparency that enable asset owners, asset managers, and financial intermediaries to evaluate and manage complex portfolios. Burgiss’ solutions serve 1,000+ clients in more than 30 countries, delivering data that represents over $15 trillion in assets. | | | | | | | Regulatory and Tax Updates | | | | Submission on proposed amendments to the SFO | | The HKVCA submitted a comment on the Consultation Paper on Proposed Amendments to Enforcement-Related Provisions of the Securities and Futures Ordinance (“SFO”) on August 12, 2022. The Association has concerns on proposed amendments to s.103, which could be highly detrimental to the private capital industry, especially fundraising activity. Click on this link to read the full submission. | | | | Policy Address 2022 Consultation Sessions | | Representatives from the HKVCA’s External Committee and Technical Committee met with Hong Kong’s Chief Executive and Financial Secretary during two rounds of policy address consultation sessions in August. The Association raised its demand that there be an end to the hotel quarantine requirement in order to put Hong Kong back on the world’s financial map. | | | | Meeting with LegCo Members | | The HKVCA’s Technical Committee met with a number of LegCo members, including Duncan Chiu, Robert Lee, Dr Stephen Wong, Tony Tse and Wendy Wen in July. It was a productive meeting, and they identified and discussed a number of ideas on how to optimize Hong Kong’s licensing regime, the HKLPF redomiciling structure as well as the concession tax rate for carried interest. | | | | | | | Industry News | | | | Temasek steps up investment in crypto space – to lead US$100M funding for HK-based firm Animoca | | August 31, 2022 | (Vulcan Post by Clement Ooi) - Singapore state investor Temasek Holdings will be leading a US$100 million funding round for Animoca Brands Corp through convertible bonds.
Animoca, a Hong Kong-based software and venture capital company founded in 2014, develop blockchain games, among other products... | | (link to the full article) | | | | iQIYI announces US$500 Million private placement of convertible notes with PAG | | August 30, 2022 | | (Press Release) - iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced that the Company has entered into a definitive agreement with PAG Asia, PAG Pegasus and/or their affiliates (collectively, the "investors"), a leading investment firm in Asia, pursuant to which the investors will subscribe for an aggregate amount of US$500 million convertible notes to be issued by the company. The company has granted the investors an option, exercisable within two months from the closing date of the transaction, to subscribe for an additional amount of up to US$50 million of the notes, under the same terms and conditions. The transaction is expected to close in the fourth quarter of 2022, subject to closing conditions... | | (link to the full article) | | | | Aramco’s Prosperity7 powers AI drug firm Insilico’s $95M round | | August 11, 2022 | (Techcrunch by Rita Liao) - Hong Kong-based drug discovery and development company Insilico has secured fresh capital at a time that its CEO described as a “biotech winter.”
The firm has raised $35 million on the heels of its last tranche in June, bringing its total Series D investment to $95 million. The new round was “oversubscribed”, the firm’s founder and CEO Alex Zhavoronkov told TechCrunch, declining to disclose the company’s valuation... | | (link to the full article) | | | | Waterfall Asset Management establishes Asia-Pacific presence with Hong Kong Office and senior hire | | August 08, 2022 | (Press Release) - Waterfall Asset Management, an alternative asset manager, today announced the establishment of its Hong Kong office to enhance its capabilities in the Asia-Pacific region. Alistair Ho, who recently joined the firm as Managing Director and Head of Asia-Pacific (APAC), has more than 18 years of experience in the region’s credit markets, will lead the office.
Waterfall’s Hong Kong office will focus on identifying opportunities to leverage the firm’s differentiated capabilities in structured and securitized markets to provide private debt solutions for APAC non-bank financial institutions, middle market corporates and real estate-related borrowers... | | (link to the full article) | | | | More news in Industry News | | | | | | | Supporting Events | | | | | | | | | Contact us at +852-2167-7518 or hkvca@hkvca.com.hk
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