The Executive Order

The US Department of the Treasury (US Treasury) issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking public comment related to the implementation of the Executive Order of August 9, 2023, restricting US investment in certain technologies and products in China, Hong Kong and Macau.

The HKVCA has prepared a document outlining our position on the ANPRM. The Association strongly urges lifting of the proposed restrictions, or at a minimum that the restrictions be narrowed given economic realities.

The Association will continue liaising with the US Treasury’s Hong Kong representative to remain abreast of developments as they happen.

HKVCA PE Leadership Forum 2023

Platinum Sponsor:

Legal Sponsor:

Date:	November 7, 2023 (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/Associate)/Individual Member HK$1,200 per person
	Non-Member HK$2,500 per person
CPT:	2.5 points
Dress code:	Business attire

Program
10:00	Opening Remarks
10:05	Panel Discussion: Risk Management
10:45	Panel Discussion: LP Reporting
11:25	Panel Discussion: Legal
12:05	Panel Discussion: Tax
12:45	Closing Remarks
12:50	Networking Lunch
14:00	End

Confirmed Speakers:

Queenie Ho Partner & Head of Investor Relations, Affinity Equity Partners	James Ford Partner, Allen & Overy	Wendy Zhu Partner, Managing Director & Global Head, AlpInvest Partners
Haide Lui Head of Investor Relations, Ascendent Capital Partners	Wayne Bannon Managing Director and General Counsel, Asia, The Carlyle Group	Grace Yuen GLT-Managing Director, Legal Asia Pacific, CPP Investments
Karina Wong Tax Partner, Ernst & Young	Eric Lam Partner, Ernst & Young	Brian Lee General Counsel, FountainVest Partners
Lydia Hao Managing Director, Hong Kong, HarbourVest	Jiwei Yuan Managing Director, PAG	Gordon Yen Founding Managing Partners, Radiant Tech Ventures
Bonnie Lo Founding Partner & COO, TPG NewQuest

Notes

Registration must be followed by payment to secure your place.
Registration will be confirmed upon receipt of payment.
Should you require an invoice, please contact us.
Cancellations must be made in writing at least 7 working days prior to the event. No refund will be provided thereafter.
Information is subject to change. The HKVCA retains the right to make changes as it deems necessary.
Priority will be given to HKVCA members.
No shows will be charged.
Seats are limited on a first-come-first-served basis.
An additional charge may apply to accommodate special dietary requests.
Please inform us of any dietary requirements in advance. We cannot guarantee the ability to accommodate requirements requested on the day of the event.

HKVCA ESG Award of Excellence 2023

The HKVCA is launching its 4th ESG Award of Excellence to recognize significant environmental, social and governance (ESG) related initiatives and achievements in Asian private equity and venture capital-backed companies.

The HKVCA ESG Award is given only once every two years. The last award was in 2021 and attracted a diverse set of entries. We now invite Asian PE and VC firms to submit their applications for this year’s ESG Award of Excellence.

ESG encompasses a wide range of areas, including but not limited to energy efficiency, pollution reduction, green initiatives, employee safety, supply chain quality control, customer welfare, cybersecurity, community relations, governance structure, and board effectiveness. ESG initiatives are often taken to address an existing problem or weakness. At other times, such initiatives are designed to create brand differentiation, or go hand-in-hand with productivity or efficiency improvement projects. ESG work is part and parcel of the risk management and value creation activities inherent in the private equity and venture capital hands-on investment model.

Who is eligible?

If you –

are an Asian PE or VC firm, or the Asian arm of a US or European firm, and
have an Asia-based investee company currently in your portfolio or exited during 2022 or 2023, where the ESG work that you have initiated makes a compelling case study,

then you are eligible to submit an entry.

How to Enter?

Please submit a one-page document on one portfolio company where critical ESG upgrades have taken place as a result of your initiative. Please provide:

Background information on the company, including nature of the business, size, geographical scale and location, and in which year you invested in the company.
As many details as possible on the specific ESG initiatives and changes that you have introduced and implemented in the company.
If there has been sufficient time for these initiatives and changes to bear fruit, their impact on the company and on its stakeholders.
Focus only on the 2-4 changes that have been most instrumental in addressing existing weaknesses and/or in creating value for the business.
Any supporting evidence that contributes to the narrative and quantifiable results or milestones achieved (whether financial, operational or social) will be valuable.

Deadline

All entries should be emailed to Kamy Chan at kamy@hkvca.com.hk. The deadline for your entry is 5:00p.m. on Friday, November 3, 2023.

A panel of judges consisting of LP members from the HKVCA’s ESG Committee will select two to three winners from all entries. The winners will be announced in December 2023 and the decision of the panel of judges will be final. The Award takes place once every two years, which provides sufficient time for new ESG initiatives to develop within Asian PE/VC portfolio companies. After this Award which is accepting entries until November 3, 2023, the next Award is anticipated to be the second half of 2025.

The HKVCA may use some or all of the entries on its website, publications (online and offline) and/or in its training materials. Please do not include any confidential information in your entry documents. By submitting an entry, you give your consent to the HKVCA to use your entry documents on its website, publications and/or training materials, and acknowledge that there is no confidential information in your entry documents.

For the past entries in the 2017, 2019 and 2021 Awards, please refer to the three links below: 2017, 2019 and 2021.

For reference when you think about the ESG areas which have had improvements and upgrades, please use below for reference. ESG encompasses a very wide range of areas.

HKVCA Private Equity Fundamentals Course 2023

Date	Time (HKT)	Session	Venue	CPT and CPD*
~~Sept 26~~	~~10:00-12:30~~	~~Module 1: PE Basics & VC Investment~~	~~CUHK + Online~~	2
~~Oct 10~~	~~10:00-13:10~~	~~Module 2: The Investment Decision~~	~~CUHK + Online~~	~~2.5~~
Oct 17	10:00-12:50	Module 3: Valuation & Tax Issues	CUHK + Online	2.5
Oct 24	10:00-13:00	Module 4: Transaction Documentation	HKUST + Online	2.5
Oct 31	10:00-13:10	Module 5: ESG, Portfolio Management & Exit Strategies	HKUST + Online	2.5
Nov 14	10:00-13:10	Module 6: Fundraising Overview	HKUST + Online	2.5
Nov 23	10:00-13:10	Module 7: Compliance & Case Study	HKUST + Online	3

CUHK:
Diamond Room, CUHK Business School Town Centre, Unit B, 1/F, Bank of America Tower, 12 Harcourt Road, Central, Hong Kong

HKUST:
HKUST Business School Central, 1501-02, Hong Kong Club Building, 3A Chater Road, Central, Hong Kong

REGISTER NOW (ONLINE / IN-PERSON)

	HKVCA Member	Non-Member
Per Module#	HK$1,600	HK$3,500
All 7 Sessions#	HK$8,960	HK$19,600

VIEW FLYER

Group Discount: Register in a group of 3 persons or more from the same company
and enjoy a 10% discount

#Online passes may not be used for in-person attendance. For those with online passes who would like to attend in person, please email hkvca@hkvca.com.hk at least three (3) working days prior to the event. The Association will confirm your in-person attendance if there is space available. No refunds will be provided for cancellations.

Co-hosts:

Sponsored by

Date:	November 17, 2023 (Friday)
Time:	8:30 - 9:30 am (registration starts at 08:00)
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

Registration deadline: November 16, 2023 15:00 HKT

Date:	December 1, 2023 (Friday)
Time:	Registration: 11:00 am Lunch served: 11:30 am Briefing and tee off: 12:15 pm Cocktail and 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:	Registration Fee* HKVCA Member: HK$3,000 per person Non-Member: HK$4,000 per person *Fee inclusive of lunch. Add-on Caddy: HK$550 per person
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 availability is on a first come first served basis.

Golf can bring surprises – you are highly encouraged to purchase GOLF INSURANCE to cover any potential injuries or property damage that may occur during the event. Find out more here.

Members only event

We are thrilled to invite you to the HKVCA Gala Dinner 2024, our first to be held following a three-year hiatus due to the pandemic. We are excited to bring back this popular event and provide a long-awaited opportunity to network and reconnect with your colleagues and peers in the private equity and venture capital industry. For 10 years, the HKVCA Gala Dinner has been one of the most highly anticipated events in the industry, and we are excited to gather together in person again for this special occasion.

The Dinner will take place on the evening of January 25, 2024, at the Hong Kong Club, one day before the Asia Private Equity Forum. Please register soon to secure your spot, and join us for an evening of networking, socializing, and celebration. We look forward to seeing you at the Hong Kong Club.

Date:

January 25, 2024 (Thursday)

Time:

6:30 pm - 9:30 pm

Venue:

1/F, Hong Kong Club, 1 Jackson Road, Central, Hong Kong

Dress Code:

Business smart (jeans, t-shirts, tracksuits, shorts, shoes for sports activities and flip-flops are not acceptable. No denim may be worn at any time in the Club.)

Fee:

Early Bird Rate (Payment by Nov 30, 2023)

HKVCA Member	HK$2,200 ~~HK$2,500~~ per person
Full table (12 persons)	HK$22,000 ~~HK$25,000~~
Half table (6 persons)	HK$22,000 ~~HK$12,500~~

Highlights of Gala Dinner 2020

Asia Private Equity Forum 2024

Platinum Sponsors

Gold Sponsors


Silver Sponsors

Luncheon Sponsor		Cocktails Sponsor

Date:	January 26, 2024 (Friday)
Time:	9:00 -17:05 (followed by a cocktail reception)
Venue:	Forum: N100s, Hong Kong Convention and Exhibition Centre (New Wing) Luncheon: N201, Hong Kong Convention and Exhibition Centre (New Wing)
Language:	English
CPT:	6 points*

*Registration Fee - Early Bird Rate (Payment deadline: November 30, 2023)**

HKVCA MEMBERS WITH MEMBERSHIP 2024 RENEWED
CORPORATE FULL MEMBERS
1 complimentary pass per company
Additional passes per person	HK$4,500 ~~HK$5,700~~

OTHER HKVCA MEMBERS [COPORATE ASSO. MEMBERS / OVERSEAS (FULL/ASSO.) MEMBERS]
First pass at special rate per company	HK$3,800
Additional passes per person	HK$4,500 ~~HK$5,700~~

NON-MEMBERS
One pass per person	HK$8,700 ~~HK$9,700~~
Members of supporting organizations (20% off)	HK$6,960 ~~HK$7,760~~

Group Discount: Register in a group of 3 or more from the same company and enjoy a 10% discount.

*Notes:

Participants are hereby reminded that they are required to join the conference at 8:45 (HKT) and remain until completion of the full event if they intend to claim 6 CPT (SFC licence) points.
Registration will be confirmed upon receipt of payment.
Should you require an invoice, please contact us.
Registrations cancelled on or before November 30, 2023 will receive a refund, minus a HK$500 cancellation processing fee. Registrations cancelled after November 30, 2023 are nonrefundable.
No shows will be charged.
Information is subject to change. The HKVCA retains the right to make changes as it deems necessary.

HKVCA Institute for Private Capital

The HKVCA Institute for Private Capital was established in January 2023 with the aim of developing and providing additional training to professionals from a wide range of related industries and functions. To date, the Institute has provided training to startups from Hong Kong Science Park and Cyberport. If you are interested in learning more about our training programs, please feel free to contact Joanne Yuen, Secretary General of the HKVCA, for more details. The Institute can provide tailor-made content for financial and investment communities, startup communities, startup communities, local and international universities, service providers, and others.

New Members

Corporate Full Members

ABCI Investment Management Limited

As the flagship investment banking business of the Agricultural Bank of China Limited (ABC), ABC International Holdings Limited and its subsidiaries (ABCI) have top-quality professionals, a rigorous governance structure and sound management. Based in Hong Kong and supported by the mainland, particularly through close co-operation with mainland branches, ABCI eyes international capital markets and provides comprehensive and integrated financial services by drawing on ABC's powerful capital strength, clientele base, comprehensive financial services and outstanding reputation.

Avenue Capital Group

Avenue is a global investment firm founded in 1995 by Marc Lasry and Sonia Gardner. The firm is primarily focused on opportunist credit and other special situations investments in the United States, Europe and Asia. Headquartered in New York, with three offices across Europe, four offices in Asia, an office in Silicon Valley and an office in Abu Dhabi, the firm manages assets estimated to be approximately $12.6 billion. Avenue draws on the skills and experience of over 180 employees worldwide and maintains a well-developed infrastructure and back office. The Avenue Asia business is supported by a dedicated team of 20 professionals primarily across four local offices in Asia and with a focus on Pan-Asia direct lending, special situations and traded credit investments.

OurCrowd Capital (HK) Limited

OurCrowd was started in 2013, and is a global venture investing platform that empowers institutions and individuals to invest and engage in emerging companies. It invests from seed to pre-IPO, and in a broad range of sectors. OurCrowd vets and selects companies, invests its capital, and provides its network of limited partners with unparalleled access to co-invest on the same terms as OurCrowd, and to contribute their connections, talent and deal flow. OurCrowd builds value for its portfolio companies throughout their lifecycles, providing mentorship, recruiting industry advisors, navigating follow-on rounds and creating growth opportunities through its network of multinational partnerships.

UpHill Capital Limited

Uphill Capital is a single-family office based in Hong Kong. Its founders have roots in Europe and in operating businesses in the kitchen equipment/white goods industry, with a strongly growing foothold in the technology/IoT sector. Uphill Capital’s portfolio investments encompass all major asset classes, as well as select VC/PE investments related to the company and core businesses.

Corporate Associate Members

Houlihan Lokey

Houlihan Lokey is a leading global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. Over the past 50 years, it has established one of the largest worldwide financial and valuation advisory practices dedicated to portfolio valuations for investment managers, corporate valuations for businesses, transaction opinions, transaction advisory services, real estate valuation and advisory, and dispute resolution consulting.

Loeb Smith Attorneys

Loeb Smith is one of the fastest growing offshore international corporate law firms, with major offices in the British Virgin Islands, the Cayman Islands and Hong Kong. The firm’s attorneys have an outstanding track record of advising on Cayman Islands and BVI law relating to international corporate, investment, and finance transactions. The firm’s core areas of practice are focused on investment funds, asset and wealth management, corporate, mergers and acquisitions, banking and finance, blockchain technology, capital markets/securities, private equity, corporate insolvency and restructuring, fintech, cryptocurrency and tokenization transactions, and corporate services and liquidation.

Merger-Link Consulting HK Limited

Merger-Link is the leading investment data and intelligence company for the M&A and private investment market in great China and Southeast Asia. It provides proprietary and forward-looking intelligence to private equity, venture capital and corporate investors. Generating first-hand intelligence and proprietary deal leads that are not available in the market, Merger-Link also connect clients to owners of target companies, saving them significant time, increasing efficiency in their deal sourcing efforts and gaining them a powerful competitive advantage.

Regulatory Updates

HKVCA submits policy recommendations for 2023 policy address

The year’s policy address will be delivered on October 25, 2023. The HKVCA has submitted a letter setting out specific comments and recommendations on how to enhance the competitiveness of Hong Kong and ensure it remains an international financial center. In addition to regulatory and tax issues, the Technical Committee raised specific concerns on the issue of source of capital. Please find the submission HERE.

SEC adopts new private fund rules - lawsuit filed challenging requirements

On August 23, 2023, the US Securities and Exchange Commission adopted new rules under the Investment Advisers Act of 1940. The new rules require private fund advisers, including private equity, hedge fund and others, to satisfy a number of additional requirements. Six US-based private equity and hedge fund business trade associations have filed a lawsuit challenging the adoption, which it argues exceeds the agency’s statutory authority and is unlawful. The HKVCA will liaise with fellow associations and provide the latest updates on this topic to our members as more information becomes available.

Event Reports

HKVCA Webinar: On the ground in Washington, DC and the direction of US/China investment

September 12, 2023

Moderated by HKVCA Board Member Vincent Chan, this highly topical webinar examined the changing US political and regulatory climate for investment relations between the US and China. Expert panelists Jason Mulvihill of Capitol Asset Strategies and Chris Hayes of RedLine Policy Strategies discussed recent policy actions impacting outbound US investment and access to US capital markets for PRC and Hong Kong firms.

Close to 90 members attended remotely to hear the speakers' views on legislative efforts underway in the US and what may be on the horizon for US-China investment relations. The HKVCA is thankful to the panelists for sharing their on-the-ground expertise from the US capital.

HKVCA Brownbag Luncheon Talk: The future of Hong Kong

September 14, 2023

The HKVCA hosted a Brownbag Luncheon Talk focused on enhancing Hong Kong's competitiveness as a leading international financial center. Moderated by Gordon Yen of Radiant Tech Ventures, the event featured a panel discussion with Joseph Chan, JP, Under Secretary for Financial Services and the Treasury of the HKSAR Government; Darren Bowdern, Partner at KPMG; Jiwei Yuan, Managing Director at PAG; and Lorna Chen, Asia Regional Managing Partner of Shearman & Sterling.

The lively discussion addressed opportunities and challenges for strengthening Hong Kong's tax and regulatory environment. Over 50 members attended in-person, with the opportunity to network and engage with other attendees and expert speakers. The HKVCA is thankful to all participants and appreciates KPMG's sponsorship.

Think Business Think Hong Kong, Paris

September 19, 2023

On September 19, 2023, Johnny Chan, President of the HKVCA, attended the “Think Business, Think Hong Kong” event in Paris.

Organized by the Hong Kong Trade Development Council, this signature conference showcases Hong Kong as a resilient business and innovation hub facilitating global businesses to capture new demands worldwide and realize business opportunities.

The HKVCA is proud to support flagship events that highlight Hong Kong's vibrant strengths as a strategic global launch pad, with Johnny Chan's participation underscoring our commitment to elevating Hong Kong as a preferred destination for business and capital.

HKVCA Luncheon Talk: Asian and China private equity markets overview

September 28, 2023

The HKVCA hosted a Luncheon Talk presented by Will Yea, Principal at Coller Capital, who discussed the latest trends shaping Asian and Chinese private equity markets. Yea provided an informative overview focused on deal flow, fundraising, exits, and other key developments referenced from Coller's Global Private Equity Barometer Summer 2023 report.

Close to 50 industry players attended this in-person event for the opportunity to gain market-leading insights and the latest outlook for the region's private equity landscape. The presentation was followed by a lively Q&A session. The HKVCA is grateful to Yea for sharing his expertise, and extends its thanks to Coller Capital for sponsoring this important event.

HKVCA Luncheon Talk: Trends & Tech Impact for Alternative Investments in 2024

October 5, 2023

The HKVCA hosted an insightful Luncheon Talk by Henry Wadsworth and Adam Gabrielsen of Dynamo Software. They discussed key findings from Dynamo's Frontline Insight Report on FinTech adoption trends among leading LPs and allocators.

The presentation focused on strategic considerations around selecting FinTech platforms to unlock efficiencies and alpha in alternatives. Wadsworth and Gabrielsen highlighted innovative Dynamo product features enabling enhanced automation, data centralization, and value creation across the investment lifecycle.

Over 60 attendees joined in person for the informative talk and lively discussion. The HKVCA thanks Dynamo Software for sponsoring this timely event on the future of FinTech solutions tailored to private markets.

Industry News

C Capital Successfully Completes the Closing of Its Private Equity Fund III

September 12, 2023

(Press Release) - C Capital announces the closing of its Private Equity Fund III, bringing the total investments from both its principal fund and associated co-investment vehicles to over US$250 million, its largest private equity fund to date...

(view full article)

Bowtie bags $34.9 m Series B2 funding to fuel expansion and innovation

September 22, 2023

(IBS intelligence by Gloria Mathias) - Bowtie, a Hong Kong-based virtual insurer, has announced the completion of a $34.9 million Series B2 funding round. The round was led by main investor Sun Life Hong Kong, with further participation by Mitsui & Co...

(view full article)

China GP Tiantu Capital targets $253m Hong Kong IPO

September 27, 2023

(AVCJ by Justin Niessner) - Chinese consumer-focused venture capital firm Tiantu Capital has launched a Hong Kong IPO with a view to raising as much as HKD 1.9bn (USD 253m)...

(view full article)

Hong Kong's new SWF picks CEO

October 5, 2023

(Pensions & Investments by Natalie Koh) - Clara Chan was named CEO of Hong Kong's new sovereign wealth fund, The Hong Kong Investment Corp., effective Oct. 9...

(view full article)

Supporting Events

CAIA Hong Kong: Navigating Asia's Alternative Investments Landscape
October 12, 2023

EdTech Month
October 12 - November 2, 2023

StartmeupHK Festival 2023
Novermber 8 - 17, 2023

AVCJ Private Equity & Venture Forum
November 13 - 16, 2023

JUMPSTARTER 2023

EY Entrepreneur Of The Year

Connect with us.

Disclaimers

The HKVCA web site may contain information that is created and maintained by a variety of sources both internal and external to HKVCA. The site may contain the personal opinions and other expressions of the persons who post the entries. HKVCA does not control, monitor or guarantee the information contained in links to other external web sites, and does not endorse any views expressed or products or services offered therein. In no event shall HKVCA be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods, or services available on or through any such site or resource.

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