HKVCA Annual General Meeting 2023

The HKVCA held its 36th Annual General Meeting on August 29, 2023. The event was very well attended with close to 130 guests, including HKVCA Board and committee members. The enthusiastic turnout is a strong indication that Hong Kong is back in full swing, despite the many challenges of the past few years. Rebecca Xu was re-elected Chairwoman, and she delivered a report summarizing the Association’s work over the course of her last term. We thank the members of the Board and all those who took the time from their busy schedules to participate in this important annual event.

New officers elected to serve for 2023 - 2024 term

Rebecca Xu was re-elected Chairwoman of the Hong Kong Venture Capital and Private Equity Association at this year's AGM held on August 29, 2023.

Dear Members and Friends,

I am honored to present this 2022-2023 annual report on behalf of the Hong Kong Venture Capital and Private Equity Association. Despite strong global economic headwinds, our Association has continued to grow and thrive, providing tremendous value to members through our events, advocacy, educational offerings, and other initiatives undertaken over the course of this past year.

After three years of disruptions due to the pandemic, we were absolutely thrilled in 2023 to see the resumption of in-person events. Our flagship Asia Private Equity Forum and China Private Equity Summit conferences attracted over 700 delegates each. We also held over 20 luncheons, breakfasts, cocktail receptions, and networking events, with enthusiastic participation underscoring how much members had missed in-person interactions.

Other highlights included our inaugural PE Leadership Forum, which hosted over 150 senior professionals, and a popular Real Asset Luncheon on the outlook for the Hong Kong property market. Together with the webinars, we organized close to 40 high-quality events with over 4,500 registrations, reflecting strong demand for both online and in-person events.

Our membership expanded to over 500 firms in 2023, confirming our status as Asia's largest private capital association representing varied interests from global PE giants to regional VCs, growth equity funds, family offices and more. We encourage your feedback on tailoring offerings to address your needs.

We formed a new Private Credit Committee in response to growing institutional interest in private credit strategies. This expands our coverage beyond private equity and venture capital into broader alternative asset classes. Shirley Ma from APG and Akihiko Yasuda from Asia Alternatives were also appointed co-chairs of the LP Committee, further demonstrating our commitment to serving the needs of limited partners and enhancing the LP community.

The HKVCA Institute for Private Capital launched in January 2023 with inaugural training programs tailored for Hong Kong Science Park and Cyberport startups. These were extremely well-received in promoting private capital to startups. In 2024, we will continue expanding tailored content to financial communities, universities, service providers and more.

Our Technical Committee actively engaged government on regulatory and policy initiatives impacting the industry. It participated in consultations, provided recommendations on facilitating cross-border investment flows, IPO reforms for innovative companies, the carried interest tax concession, and advocated for greater mainland tax clarity. The Committee also prepared a detailed submission focused on competitive tax concessions and regulatory certainty to attract fund domiciliation in Hong Kong after the release of the 2023-24 Budget Speech.

I sincerely thank our Board of Directors for their invaluable guidance and governance. Our various committees deserve abundant credit for driving important strategic initiatives and expanding HKVCA capabilities.

The ongoing support of our sponsors remains vital in delivering top-tier events and activities. We are extremely grateful for their continued generosity and partnership.

I also want to recognize our hardworking Secretariat team led by Joanne for flawlessly executing the events and supporting members this past year.

The collective contributions of all involved enable the HKVCA to serve and represent Hong Kong's private capital industry. I look forward to another impactful year working together as we respond to an ever-changing environment.

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 elected 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 The University of Hong Kong
	DIRECTOR Queenie Ho Affinity Equity Partners		DIRECTOR Wendy Zhu AlpInvest Partners
	DIRECTOR Shirley Ma APG Asset Management Asia		DIRECTOR Melissa Guzy Arbor Ventures
	DIRECTOR Joseph Zeng Arcadia Fund Management Group Asia		DIRECTOR Edward Huang Blackstone
	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 & PRESIDENT Johnny Chan Cyberport		DIRECTOR Stephanie Hui Goldman Sachs
	DIRECTOR Eric Ng Happiness Capital		DIRECTOR Jacob Chiu HQ Capital
	DIRECTOR H. Chin Chou Morgan Stanley Asia		DIRECTOR Kent Chen Neuberger Berman Asia
	DIRECTOR Gabriel Li Orchid Asia Group Management		DIRECTOR & PRESIDENT Conrad Tsang Strategic Year Holdings
	DIRECTOR Bonnie Lo TPG NewQuest		DIRECTOR Tommy Yip Unicorn Capital Partners
	DIRECTOR Danny Lee VCA Capital

The Executive Order

The U.S. Department of the Treasury (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 E.O. directs the Secretary of the Treasury (the Secretary) to issue regulations that:

prohibit U.S. persons from investing in certain technologies and products that pose a national security threat to the United States; and
require U.S. persons to notify the Treasury of certain other transactions involving certain technologies and products that are deemed a threat to the national security of the United States.

Three categories of technology-related products have been deemed a threat to national security and are to be covered by the program:

semiconductors and microelectronics;
quantum information technologies; and
artificial intelligence.

Under the ANPRM, the Treasury proposes to create an exception for certain types of passive investments, including:

Publicly traded securities.
Index funds, mutual funds, exchange-traded funds or similar investment instruments offered by an investment company or by private investment funds.
Limited partnership interest in VC funds, PE funds, fund of funds and/or other pooled investment funds.
Acquisition of all interest/equity held by a person of a country of concern in an entity or assets outside China, in addition to a US person acquiring all interest of a covered foreign person.
Intracompany transfer of funds to a subsidiary located in China.

In terms of passive investment of limited partners’ contributions, the document indicated two requirements:

The LP contribution is solely capital investment without responsibility for any debt beyond its investment or participation in decision making or operations.
Investment is below a de minimis threshold, with the percentage to be determined by the Secretary.

The restriction is not retrospective, thus all transactions entered before the E.O. announced date will be exempted.

The HKVCA is currently preparing a written submission, and we will recommend that (i) the definition of the three technology-related products be narrowed; (ii) there be an expansion of the scope of passive investment; and (iii) there be clarification of the terms “US person” and “covered foreign person”.

We are aware that the PRC data security law prohibits data transfer outside of China, thus the requirement of reporting might not be satisfied in some cases. We have attached notes issued by a number of legal firms, which can be found by clicking on the following links: i) Allen & Overy; ii) Clifford Chance; iii) Mayer Brown; iv) Morrison & Foerster; iv) Shearman & Sterling.

The Association will continue working with our legal firm members as well as a number of Washington-based policy consultants to monitor the situation and communicate with US government officials.

Finally, we would like to receive your feedback on the E.O., and ask that you spare a minute to fill out our anonymous survey HERE. Should you have any questions, feel free to contact Alfred Lam at alam@hkvca.com.hk.

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 has 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

Notes*

Participants must follow the start and finish times as stated, otherwise CPT/CP points may be deducted.
Registration must be followed by payment to secure your place.
Registration will be confirmed upon receipt of payment.
Contact the HKVCA if you require an invoice.
No refunds will be provided for cancellations.
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.
Registrations are limited on a first-come-first-served basis.
No media registrations will be accepted for this event.
CPT and CPD points can be claimed after attending each session.
Participants who would like to claim CPD points have to update their Mandatory CPD Training Records with the CPD points for the course.

Upcoming Events

Limited seats available

The Future of Hong Kong

Sponsor:

Hong Kong has for many years successfully positioned itself as an international financial center and the world city of Asia. In this light, the HKVCA has an opportunity to identify a number of effective policies aimed at getting Hong Kong back on its feet as we are honored to have Mr. Joseph Chan JP, Under Secretary of Financial Services and the Treasury, join with members of our Technical Committee for a candid discussion on enhancing the tax and regulatory regimes for Hong Kong. The discussion will address the challenges and opportunities for our city, and we welcome members to meet with our speakers and experts during this brownbag lunch.

Speakers:

	Gordon Yen, Founding Managing Partner, Radiant Tech Ventures (Moderator)		Joseph H. L. Chan, JP, Under Secretary for Financial Services and the Treasury, The Government of Hong Kong SAR
	Darren Bowdern, Partner, Tax, Hong Kong & Head of Asset Management Tax, ASPAC, KPMG		Jiwei Yuan, Managing Director, PAG
	Lorna Chen, Asia Regional Managing Partner & Head of Greater China, Shearman & Sterling

Date:

September 14, 2023 (Thursday)

Time:

12:30 - 14:00 (registration starts at 12:15)

Venue:

KPMG Office, 8/F, Prince's Building, 10 Chater Road, Central, 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

Registration deadline: September 13, 2023, 15:00 HKT

Full

Asian and China Private Equity Markets Overview

Sponsored by

Will Yea, Principal, Coller Capital will present an overview of the Asian and Chinese market detailing the latest trends in private equity. His presentation will focus on market volumes, deal flow and other key themes that continue to shape the industry. Coller Capital’s ‘Global Private Equity Barometer’ will be referenced drawing on key thematics from its Summer 2023 publication.

Speaker:

Will Yea,
Principal, Investment,
Coller Capital

Date:

September 28, 2023 (Thursday)

Time:

12:30 - 14:00 (registration starts at 12:15)

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

Dress code:

Business Attire

Trends & Tech Impact for Alternative Investments in 2024

Sponsor:

In a rapidly evolving FinTech landscape characterized by a growing number of participants, alongside increasingly complex investment strategies and fund structures, the role of selecting the right FinTech platform has never been more critical. This strategic decision has the potential to generate significant investment workflow efficiencies when approached correctly.

Join us for an insightful session led by Dynamo Software's FinTech experts, Henry Wadsworth & Adam Gabrielsen. Together, we will delve into the forefront of FinTech adoption trends within alternative investing.

Drawing on Dynamo's second edition of its Frontline Insight Report, Analysing Trends, Identifying Challenges, and Harnessing Insights from Leading LPs & Asset Allocators, we will explore:

The FinTech Landscape: Navigating Alignment and Selection
Dynamo's Frontline Insight Report: Unveiling Trends in ALTS & FinTech Automation
Unleashing Alpha: Next-Gen CRM & Deal Management Solutions
Dynamo Software New Feature Highlights: Elevating Efficiency, Automation, and Value

Speakers:

Henry Wadsworth,
GP Business Lead,
Dynamo

Adam Gabrielsen,
LP Business Lead,
Dynamo

Date:

October 5, 2023 (Thursday)

Time:

12:30 - 14:00 (registration starts at 12:15)

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

Dress code:

Business Attire

Limited seats available

When Good Deals go Bad

Sponsored by

This HKVCA Luncheon Talk will focus on case studies that illustrate how investors can be helped when grappling with contentious issues arising from PE/M&A investments in the APAC region (including China, India and South-East Asia) that have become more challenging than expected. While legal documentation in these transactions typically provide that disputes be resolved by arbitration in Hong Kong, Singapore or the PRC, in practice, investors often seek support from local courts, either to secure assets or freeze fund flows, where there is fraud or dissipation, and to take other practical measures available in each particular target jurisdiction.

Speaker:

	Bryan Koo, Partner, Hong Kong, Clifford Chance		Julie Fu, Partner, Hong Kong, Clifford Chance
	Thomas Walsh, Partner, Hong Kong, Clifford Chance		Dianna Shao, Counsel, Hong Kong, Clifford Chance

Date:

October 19, 2023 (Thursday)

Time:

12:30 - 14:00 (registration starts at 12:15)

Venue:

The China Club, 14/F, The Old Bank of China uilding, 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

Dress code:

Business Attire

Registration deadline: October 18, 2023, 15:00 HKT

Limited seats available

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

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.
Cancellation must be made in writing at least 7 working days prior to the event. No refund will be made 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 at 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 we can accommodate requirements requested on the day of the event.

Limited seats available | Members only event

HKVCA Members Breakfast Meeting

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 & Tee off: 12:15 pm Cocktail & Prize presentation: 5:15 pm Enf of event: 6:00 pm
Venue:	Shek O Golf & Country Club, 15 Shek O Rd, Shek O
Format:	Scramble
Fee:	Registration Fee* HKVCA Members: HK$3,000 per person Non-members: 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 cost is HK$500 and 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 Members	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

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, local and international universities, and service providers, among others.

New Members

Corporate Full Members

China V Fund

V Fund is one of the earliest deep-tech dedicated funds in China. It was founded in 2016 by five senior bankers who had worked together for seven years at Goldman Sachs Group. V Fund has so far managed portfolios up to RMB 10 billion across such industries as smart auto, intelligent manufacturing, digital and aerospace. V Fund has built a reputation among portfolio companies, industry leaders and its peers as a leading manager for deep-tech investments in China.

GL Capital

GL Capital Group is a China-based private equity firm focused on buyout and significant minority opportunities in the fast-growing healthcare sector. Since its inception in 2010, GL Capital has helped build industry leading companies in the Chinese healthcare space through providing capital, strategic advice, and operational assistance, enabling these to grow while also creating value. GL Capital strives to be the partner of choice for leading healthcare companies, generate superior returns for our investors, and contribute to the sustainable development of China's healthcare industry.

Wang On Properties Limited

Wang On Properties (WOP) Limited was listed on the Stock Exchange of Hong Kong in April 2016 by way of a spin-off from Wang On Group Limited. WOP is actively involved in Hong Kong property development and investment. The Group has developed several joint venture platforms investing in residential and commercial properties alongside various global institutional investors. Projects include residential redevelopment, neighborhood retail complexes, hospitality projects, car-parking complexes and Ginza-styled commercial building.

Singularity Capital HK Limited

Singularity is a Hong Kong private credit investment manager. Holding a Type 9 license from the SFC, it is currently looking at raising its first discretionary fund. Since 2017, Singularity has invested in five private credit transactions totaling over $800 million in invested capital.

Corporate Associate Members

Winston & Strawn LLP

Winston & Strawn LLP is an international law firm with more than 900 attorneys among 16 offices in Asia, America and Europe. The firm serves the needs of enterprises of all types and sizes, in both the private and public sectors.

PCL Insurance Services

PCL Insurance Services is a specialist insurance broker company (License No. FB1315) licensed by the Insurance Authority in Hong Kong. Formed in 2018, it is a wholly owned subsidiary of Private Capital Limited.

Dynamo Software HK Ltd

Dynamo Software has for more than 20 years revolutionized the alternative investments industry by optimizing processes for over 1,000 clients - including fund managers, institutional investors, and service providers - with configurable, cloud-based software.

Regulatory Updates

HKVCA invited to submit comment on US investment restrictions

US President Biden issued his highly anticipated executive order restricting certain types of outbound US investments in “countries of concern”, namely mainland China, Hong Kong and Macau. The so-called “reverse CFIUS” restricts US investment in entities engaged in "activities involving sensitive technologies critical to national security in three sectors: semiconductors and microelectronics, quantum information technologies, and artificial intelligence". Referring to the advance notes, passive investment, including publicly traded securities, index funds, mutual funds and the limited partner investments in a pooled investment vehicle, will be classified as excepted transactions under the existing order.

The HKVCA has been invited by the United States Department of the Treasury to submit a written comment by September 28, 2023. The Association will create a focus group to monitor the latest developments and prepare a draft letter. We encourage any feedback you may have. Please contact Alfred Lam at alam@hkvca.com.hk.

HKVCA provides recommendations at Policy Address consultation

The HKVCA was invited to join a consultation on the Policy Address in August 2023. At the meeting, Bonnie Lo and Johnny Chan, both HKVCA Directors, offered a number of recommendations, including: i) a review of tax policies; ii) simplification of the SFC license; iii) expansion of MPF investments to include alternatives; iv) diversification of sources of capital into Hong Kong; v) ways to minimize the impact of the recent US Executive Order restricting investments; and vi) ways to enhance the territory’s image as an international financial center. The Association has also prepared a written submission addressed to the Chief Executive and Financial Secretary of Hong Kong reiterating suggestions made at the consultation meeting. The HKVCA invited Joseph Chan to join our brownbag lunch on the “Future of Hong Kong” being held on September 14, 2023. Please feel free to sign up HERE if you are interested in attending.

HKVCA joins HKIFA roundtable to advocate for listed PE funds in Hong Kong

To promote Listed PE fund’s initiative to asset management industry in Hong Kong, Kent Chen, the executive director of HKVCA, will join a roundtable discussion organized by HKIFA on 18th September. Publicly traded private equity is unfamiliar in Asia, in particular to Hong Kong, and the association aims to advocate MPFA to expand the investment universe to listed alternatives; as well as to encourage HKEx to amend Chapter 21 in order to accommodate this group of private capital funds here.

Event Reports

HKVCA Webinar: How to thrive as a non-investment professional in an investment firm

June 20, 2023

The HKVCA’s Diversity & Inclusion Committee hosted a webinar focusing on ways participants could enhance career skills and adopt habits for success as non-investment professionals working in investment firms. Jie Gong, Partner at Pantheon Ventures, moderated the discussion and was joined by panellists Lorna Chen, Asia Regional Managing Partner & Head of Greater China at law firm Shearman & Sterling; Amy Fong, COO at FountainVest Partners; Bonnie Lo, Partner at TPG NewQuest; and Denise Mak, Partner at CVC Capital Partners.

The discussion highlighted the difficulties many confront in the investment work environment, with the speakers offering examples of notable key decisions they made that substantially shaped their careers. There were more than 100 registrations for the webinar, and the HKVCA is thankful to all the participants. The Association is also grateful to the Diversity & Inclusion Committee for all their work and for hosting the event.

HKVCA Members Breakfast Meeting

July 7, 2023

The HKVCA held its mid-year Members Breakfast Meeting at the Hong Kong Club on July 7, 2023. Hosted by Rebecca Xu, Chairwoman of the HKVCA, the event drew a full crowd with over 80 members in attendance.

The Association was pleased to welcome many new members, who took the opportunity to introduce themselves and connect with their industry peers. Breakfast Meetings continue to provide excellent networking and peer engagement opportunities for our members.

The HKVCA extends its appreciation to all who participated, and we thank our sponsor, KPMG, whose generous support helped make this valuable event possible.

Webinar: Regulatory update in Hong Kong and the U.S.

September 5, 2023

The HKVCA hosted a webinar focused on recent regulatory updates in Hong Kong and the US. The event took place on September 5, 2023, and featured three speakers from global law firm Shearman & Sterling: Lorna Chen, Asia Regional Managing Partner & Head of Greater China; Anil Motwani, Partner; and Jieni Ji, counsel in the firm’s litigation practice.

The webinar highlighted the recent US Executive Order (E.O.) restricting outbound investment to China, including Hong Kong and Macau, in semiconductors and microelectronics; quantum information technologies; and artificial intelligence. The speakers raised a number of issues GPs with US-investors in particular needed to be aware of. There was also discussion of the China-US relationship, the recent regulation of digital assets and private funds in both Hong Kong and the U.S, anti-corruption laws and launch of the DOJs corporate crime database.

Attendance at the event was very high with more than 110 people participating. The HKVCA would like to express its appreciation to all attendees, and in particular our speakers and Shearman & Sterling, for their generous support.

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Supporting Events

Belt and Road Summit
September 13 - 14, 2023

Think Business, Think Hong Kong
September 19, 2023

SuperReturn Asia
September 19 - 22, 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

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