 | | HKVCA Asia Venture Capital Forum 2022 | | | | The HKVCA’s Asia Venture Capital Forum (AVCF) was held on Friday, March 11, 2022. This was the third year in a row that the event was held largely in a virtual format. Despite the restrictions, we were very pleased to have had more than 500 people, including both PE and VC practitioners, register for the event from locations around the world.
The Forum addressed a series of topical venture investing topics, as well as opportunities and issues encountered by investors. A panel of LPs discussed their views on the current investment environment, while corporate VCs shared how to identify synergies in portfolios. Other topics included the latest trends in digital assets, especially NFTs; biotech investing; and a deep dive into the many different paths taken by women founders.
We were especially honored that the Japan Venture Capital Association (JVCA), and its esteemed Chairman Shinzo Nakano, along with other board members, joined us as sponsors of a very special panel on Japanese venture capital. Among the many issues discussed by the panel was the current favorable investment outlook existing in Japan.
We are very grateful to Cyberport and the Hong Kong Science and Technology Park for once again joining us as co-hosts of this important annual event. We would also like to thank our sponsors, specifically Citi and KPMG, our Platinum Sponsors; Arbor Ventures and Globalization Partners, our Venture Sponsors; and the JVCA, our Japan Panel Sponsor. The continued loyalty of our sponsors is what has made this Forum possible. Of course, our thanks to all the speakers and attendees for their participation. We are also grateful for the patience and understanding of the participants for any technical glitches they may have experienced, and thank everyone for joining us this year for what proved be a successful event. | | | We are pleased to acknowledge the generosity and support of all our sponsors.
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| | |  | | The HKVCA was established in November 1987 with the objectives of promoting and protecting the interests of the venture capital industry in Hong Kong. It would be greatly appreciated if you would continue to join us in our collective efforts to promote the private equity/venture capital 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, for more membership information. |
| | | | Limited seats available |  | U.S. SEC Proposal Targeting Private Fund Advisers
– a Potential Game-Changer | | Sponsored by |  | | Earlier in February 2022, the U.S. Securities and Exchange Commission proposed a new set of rules which, if adopted, would have a sweeping impact on private fund advisers and the investment funds they manage. As a consequence, investors of these advisers throughout the world will also see significant impact on their business practice as well.
In this webinar, our team will give an overview of the SEC’s objectives and major changes proposed that will affect how private funds must operate in order to achieve the required transparency. We will also discuss implications for GPs and LPs. Main changes we will cover will include but are not limited to, quarterly report requirement, content of disclosure, fund audits, prohibited activities and side letter practice. | Speakers:
|  | Lorna Chen,
Asia Regional Managing Partner
and Head of Greater China,
Shearman & Sterling |  | Anil Motwani,
Counsel,
Shearman & Sterling | | | |  | | | Date: | March 31, 2022 (Thursday) | | Time: | 11:00 AM - 12:00 PM (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: March 30, 2022 |   |
| | Limited seats available | | | The proposed tax concession for family-owned investment holding vehicles (FIHV) | | Sponsored by |  | | | Topics to be covered: - Latest business landscape for family offices
- Key features of the proposed tax concession and insights
- Comments and recommendations on the proposed regime from family offices
| Speakers:
|  | Harvey Coe
Partner and Head of Greater China, Mergers & Acquisitions, Real Estate, Hong Kong Family Business Leader, Ernst & Young |  |
Karina Wong
Tax Partner, Ernst & Young |  | Danny Lee
Senior Advisor, Blue Pool Capital | | | | | Date: | April 12, 2022 (Thursday) | | 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: April 11, 2022 | | |
| | Limited seats available | | | Fund Finance 2.0 – NAV Financing | | | The current global macroeconomic market has resulted in a number of challenges for investors and private fund sponsors looking for liquidity solutions beyond traditional fund finance products. NAV financing via loans or preferred equity has developed into a flexible, highly customizable option, which is particularly relevant now as fund sponsors and limited partners navigate the economic impacts of Covid-19.
Panel discussion will include: - Evolution of the market.
- What is NAV financing and how is it used?
- Benefits of NAV financing (funds, LPs, Sponsors).
- Structuring and documentation.
- Due diligence and other considerations.
- The future of FF 2.0 in Asia.
| Speakers:
|  | Doos Choi
Partner, Mayer Brown |  | Danielle Roman
Partner, Mourant |  | Emma Wang
Managing Partner & Head of Private Credit, TR Capital | | | | | Date: | April 20, 2022 (Wednesday) | | 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: April 19, 2022 | | |
|  | | The private equity and venture capital industry has grown increasingly complex. In terms of private investment, GPs are encountering an increasing number of challenges due to a tightening regulatory environment; greater demand for ESG reporting; and the impact of COVID-19 on businesses and how they operate. GPs looking for exit strategies are facing capital market volatility. The HKVCA’s Private Equity Fundamentals Course offers participants an in-depth understanding of best practices in the private equity industry; an exploration of the governance, structure, and investment challenges that are unique to Asia; and the discovery of new approaches and strategies for managing private capital. | | Date | Time (HKT) | Session | Format | CPT | | Apr 28 | 09:30 - 12:30 | Module 1: PE Basics & VC Investment | Zoom | 2.5 | | May 5 | 14:00 - 17:10 | Module 2: The Investment Decision | Zoom | 2.5 | | May 12 | 09:30 - 12:20 | Module 3: Valuation & Tax Issues | Zoom | 2.5 | | May 17 | 09:30 - 12:30 | Module 4: Transaction Documentation | Zoom | 2.5 | | May 26 | 09:30 - 13:05 | Module 5: ESG, Portfolio Management & Exit Strategies | Zoom | 3 | | May 31 | 09:30 - 12:40 | Module 6: Fundraising Overview | Zoom | 2.5 | | | REGISTER NOW | | HKVCA Member | Non-Member | | Per Module | HK$1,000 | HK$2,000 | | All 6 Sessions | HK$4,200 | HK$8,400 | | | Group Discount: Register in a group of 3 or more from the same company and enjoy a 10% discount | | - CPT points can be claimed after attending each session.
- CPD will be credited, subject to final approval from the Law Society of Hong Kong.
- A certificate will be granted upon completion of each session.
- Materials will not be provided for every session.
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|  | | | | New Members | | | | Corporate Full Member | | | | WestCap | | | | Overseas Full Member | | | | TROIS RESOURCES PTE. LTD. | Trois Group, a family-based office in Singapore, is a distinguished iron ore supplier chain enterprise. It is involved in the import and export of bulk commodities comprising iron ore, pellets, pellet chips, mill scale and steel, and also provides value-added services to clients.
The Group is active in venture capital, with AUM of around $25 million, and is looking to invest in global markets. With current exposure in China, Europe and the US, the Group is exploring new opportunities across the globe, with a preference for companies with stable management, consistent returns and growth potential. | | |
| | | | Regulatory and Tax Updates | | | | SEC proposal on standardized disclosures | | On February 9, 2022, the Securities and Exchange Commission (SEC) proposed tightening of the rules for registered investment advisers to private funds to require more disclosure and greater transparency to investors. The details of the proposal can be found by following this link. The HKVCA will host a webinar addressing the new rule on March 31, 2022 (event details here). | | | | SFC revised CPT requirements | | Starting from this year, all SFC-licensed responsible officers and executive officers have to meet a minimum of 12 CPT hours per calendar year, including 2 CPT hours on topics relating to compliance or ethics. Details can be found by following this link. Subject to the new standard, the HKVCA is providing related professional training for members to meet the new requirements. | | | | Cayman Islands regulatory calendar | | Please access the key annual filing dates for Cayman-registered funds by following this link. In addition to the calendar, ON Demand “15/15” regulatory webcasts are streamed on the 15th of every month highlighting the latest information on Cayman Islands regulatory issues. | | | | Concession tax rate for carried interest | | The HKVCA continues to discuss with both the Hong Kong Monetary Authority and Inland Revenue Department how to optimize the concession tax rate regime, in particular with regard to both the auditor’s report and departmental interpretation and practice notes (DIPNs). Please find our latest written submission here DIPN / AUP. | | | | Concession tax rate for family-owned investment holding vehicles | | The FSTB has begun a consultation on the proposal to provide tax concessions for eligible family investment management entities following the Financial Secretary’s announcement in the Budget Speech. The HKVCA intends to submit written comments, and will host a webinar addressing the proposed regime on April 12, 2022 (event details here). | | |
| | | | Industry News | | | | BPEA to join forces with EQT, creating a scaled active ownership platform in Asia | | March 16, 2022 | | (Press Release) - EQT AB (publ) (EQT) has reached an agreement to combine with Baring Private Equity Asia (BPEA), a leading private markets investment firm in Asia with EUR 17.7bn of assets under management... | | (link to the full article) | | | | Hong Kong’s Adrian Cheng backs web3 future with more investments in crypto and blockchain firms | | March 16, 2022 | | (Forbes by Zinnia Lee) - Adrian Cheng, CEO of Hong Kong real estate giant New World Development, has added crypto custody provider Hex Trust and blockchain infrastructure developer ConsenSys to his investment portfolio, increasing his bets on what could be the future of the internet–commonly referred to now as Web3... | | (link to the full article) | | | | Rede Partners opens Hong Kong office and appoints Charles Wan as head of Asia | | March 08, 2022 | | (Press Release) - Rede Partners, a leading independent fundraising advisor to the private markets, has opened a new office in Hong Kong and appointed Charles Wan as its regional head... | | (link to the full article) | | | | Govt to inject HK$10 billion into Future Fund: FS | | February 23, 2022 | | (RTHK by staff writer) - Financial Secretary Paul Chan said on Wednesday that the government is injecting HK$10 billion into the Future Fund to support businesses with development potential... | | (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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