 | | HKVCA China Private Equity Summit 2023 | | | | | | The China Private Equity Summit (CPES), the Hong Kong Venture Capital and Private Equity Association’s (HKVCA) flagship event for Chinese venture capital and private equity, successfully concluded on May 30, 2023. This year’s event returned to being wholly in-person, bringing together more than 700 participants and featuring insights from an exceptional line-up of 65 GPs, LPs and industry professionals as speakers and panellists.
The annual Summit, which took place at the Hong Kong Convention and Exhibition Centre, welcomed a number of distinguished guests, including The Honourable Christopher Hui, GBS, JP, Secretary for Financial Services and the Treasury; Stephanie Hui, Head of Private and Growth Equity in Asia Pacific, Co-head of Asia Pacific Private Investing, and Global Co-head & Co-CIO of Growth Equity, Goldman Sachs; and Charles Li, Founder & Chairman, Micro Connect.
Rebecca Xu, Chairwoman of the HKVCA, stated: “We are thrilled to host senior leaders in China’s PE and VC industry again. At the HKVCA, we strive to stimulate engaging dialogue, facilitate insightful exchange, and foster valuable relationships among decision-makers, business leaders and emerging talent with our leading platform. With encouraging signs of China’s economic recovery and expecting a rebound in dealmaking this year, we firmly believe the world’s second-largest economy will remain an appealing destination for investors to capture new trends and opportunities.”
Industry experts offered thought-provoking perspectives on the key opportunities and challenges that private equity and venture capital professionals need to navigate and assess in China, spanning buyouts, exits, secondaries, family offices and the Greater Bay Area. Trending themes were also explored at the forum, in particular ESG, healthcare, EVs and new energy, and AI and big data.
| | | | #1 Feedback on the 2023 Budget Speech - Letter to Financial Secretary
In order to provide feedback on the 2023 Budget Speech, the HKVCA’s Technical Committee sent a letter to the Financial Secretary reiterating our recommendations as to the regulatory and tax regimes. In addition, we recommended an extension of tax concessions to both private credit funds as well as funds of funds in conjunction with setting up an interdepartmental task force focused on asset management amid policy consultation and implementation. A copy of the full letter can be found HERE.
#2 MOU with Qianhai Authority and Meeting with Hetao Representatives
Joseph Zeng, Vice Chairman of the HKVCA’s PRC Committee, represented the Association at the signing of an MOU with the Qianhai Authority on Venture Capital Day of Shenzhen in Qianhai. The HKVCA’s secretariat team also met with representatives from the Financial Supervision Bureau of Shenzhen; the Development Affairs Office of Lok Ma Chau Loop (Hetao); and the Shenzhen Venture Capital Association, discussing potential collaboration and working on crafting policies to attract VC firms and potential unicorns.
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| | How to thrive as a non-investment professional in an investment firm | Presented by the HKVCA’s Diversity & Inclusion Committee, this webinar will focus on delivering practical advice from seasoned PE industry practitioners. Topics will include career-enhancing skills as well as habits and moves for non-investment stream professionals working at all types of investment firms. - What are the top challenges facing non-investment professionals for career advancement in an investment firm?
- What skills and habits should be adopted to meet and overcome each of these challenges?
- What are the critical factors to look out for when searching for roles and firms that provide a superior career trajectory?
- Personal inflexion points and key decisions by the panelists that have substantially shaped their careers to date.
| | Speakers: |  | Jie Gong,
Partner,
Pantheon Ventures
(Moderator) |  | Denise Mak,
Partner,
CVC Capital
Partners |  | Amy Fong,
COO,
FountainVest
Partners |  | Lorna Chen,
Asia Regional
Managing Partner &
Head of Greater China,
Shearman & Sterling |  | Bonnie Lo,
Partner,
TPG NewQuest |  | Danny Lee,
Managing Partner,
VCA Capital | | | |  | | | Date: | June 20, 2023 (Tuesday) | | Time: | 11:00 - 12:00 (HKT) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Members
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.
*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: June 19, 2023, 15:00 HKT | | |
| | Limited seats available | Members only event |  | | HKVCA Members Breakfast Meeting | | Sponsored by |  | | | Date: | July 7, 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: July 6, 2023 15:00 HKT |  |
|  | | Date: | January 26, 2024 (Friday) | | Time: | 8:45 -17:05 (followed by cocktail reception) | | Venue: | Hong Kong Convention and Exhibition Centre (TBC) | | 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. | | | |  | |
| | | | | Hong Kong's AIA commits $200m to LeapFrog
June 7, 2023
(AVCJ by Justin Niessner) - Hong Kong-listed insurance company AIA Group has agreed to commit USD 200m to various funds managed by LeapFrog Investments, a UK-based impact investor with an extensive Asia footprint...
(link to the full article) | | | Sequoia shifts to independent partnerships, separate brands
June 7, 2023
(AVCJ by Tim Burroughs) - Sequoia Capital’s China and India-Southeast Asia VC operations will berenamed HongShan and Peak XV Partners, respectively, as they formally separate from the US entity and become independent partnerships...
(link to the full article) | | | HSBC to pump $3 billion into Greater China innovation economy
June 6, 2023
(FinanceAsia by Sara Velezmoro) - HSBC has announced increased support for Hong Kong and mainland China’s “innovation economy” by extending its start-up and specialist tech lending facility from $1.8 billion to $3 billion...
(link to the full article) | | | zkMe Raises $2M in Pre-Seed Funding
May 30, 2023
(FinSMEs by Staff Writer) - zkMe, a Hong Kong-based zero-knowledge Identity Oracle provider, raised $2M in Pre-Seed funding...
(link to the full article) | | | | | AVCJ Private Equity & Venture Forum
November 13 - 16, 2023
JUMPSTARTER 2023 | | | | | 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 | | | | Principle Capital | | Principle Capital is a high-performing, operationally-focused, middle-market private equity firm based in Shanghai. Founded in 2002, the firm’s mission has always been to systematically discover high-potential Chinese enterprises and help them become domestic and global leaders by offering capital and expertise on strategy and operations to deliver superior and sustainable returns for our investors. Principle specializes in growth and control equity investments in the Advanced Industrials, Business Services, Healthcare, and Consumer sectors. | | | | ADM Capital | Founded in 1998 in the aftermath of the Asian Financial Crisis, ADM Capital has been investing in Asia Pacific credit for 25 years.
With experience across geographies, sectors, investment cycles and credit strategies, ADM Capital seeks to provide uncorrelated risk-adjusted returns to investors by financing the region’s leading mid-market corporates with highly structured private credit loans. | | | | InnoVision Capital | | Founded in 2016, InnoVision Capital is broadly recognized as an institutionalized Private Equity 3.0 manager in Asia with > 19 years of strong and proven track record. InnoVision, as one of the successful early movers in ESG investing around pan-Asia area, has been focusing on investing in the green energy / climate impact and ESG / sustainability sectors for more than 12 years, with deep industry knowledge, top notch deal sourcing network, strong value creation capability and best-in-class internal processes. | | | | Corporate Associate Members | | | | Sovereign Trust (Hong Kong) Limited | | Sovereign is a leading independent provider of corporate, private client and retirement planning services. We currently manage over 20,000 structures for a wide variety of clients – companies, entrepreneurs, private investors or high net worth individuals (HNWIs) and their families – and have assets under administration in excess of £20 billion. | | | | Georgiou Payne Stewien LLP | | We are a leading law firm based in Hong Kong specializing in transactions and dispute resolution across the Asia-Pacific region. With partners and senior lawyers qualified in key common law jurisdictions (Hong Kong, England & Wales, Australia and New York) we are dedicated to providing clients with legal services that are effective, innovative and delivered with the level of price-certainty expected in today's global economy. | | | | Kroll | | Kroll provides clients a way to build, protect and maximize value through our differentiated financial and risk advisory and intelligence. Our transaction experience and expertise earns us global recognition as leaders in valuation, corporate finance and restructuring. We also are known for our world-class experts and solutions in corporate risk. | | | | | | | Event Reports | | | | HKVCA Members Breakfast Meeting | | May 5, 2023 |  | The HKVCA held its latest Members Breakfast Meeting at the Hong Kong Club on May 5th, 2023. Hosted by Rebecca Xu, Chairwoman of the HKVCA, the event was at full capacity with more than 70 members in attendance. The HKVCA was also very pleased to welcome many new members, who took the opportunity to introduce themselves to their peers. The Breakfast Meeting continues to be a popular event for networking and for members to meet their industry colleagues.
The HKVCA would like to extend its thanks to all who participated and to KPMG for their generous sponsorship, which helped make the event a success. We look forward to seeing everyone again at the next meeting. | | | | Webinar: FSIE regime and PE/VC funds | | May 9, 2023 |  | The HKVCA hosted a webinar focused on the new foreign-sourced income exemption (FSIE) regime and its impact on private equity and venture capital funds. The event took place on May 9, 2023, and featured speakers Samantha Tan from BlackRock; Anthony Lau from Deloitte China; Adam Williams from Ernst & Young; Darren Bowdern from KPMG; and Rex Ho from PwC Hong Kong.
The webinar aimed to clarify that the new FSIE regime has no impact on private equity and venture capital funds. The speakers provided information about the new rules and discussed the consultation process for the refinement of FSIE and other related matters. The webinar was moderated by Samantha Tan. | | | | HKVCA Real Asset Luncheon Talk: Hong Kong Properties – Market Sentiment and Behavior | | June 8, 2023 |  |  | The HKVCA organized a luncheon talk aimed at addressing the fall in Hong Kong’s property markets. Paul Moloney, a partner at global law firm Mayer Brown, moderated the discussion and was joined on the panel by Ken Ng, Head of China Real Estate at Angelo, Gordon Asia; Dr. Charles Lam, Co-Head of APAC Diversified Funds at EQT Exeter; Tony Lo, Managing Director, Principal Investments from Gaw Capital; and Wilfred Ma, Head of Hong Kong Investments at Phoenix Property Investors.
Despite the current market, the discussion was conservatively optimistic, noting in particular the growth in interest of Middle East LPs in the China market, and in particular in Hong Kong. In addition, the panel experts highlighted existing local policies that are discouraging a rebound in the residential market, which they said would benefit from lower stamp duty and a relaxation of mortgage requirements as effective ways to stimulate market activity.
Over 100 industry practitioners attended the event, with an opportunity for networking after the panel discussion. The HKVCA would like to extend its appreciation to all participants and offers a special thanks to Mayer Brown for its generous sponsorship. | | | | HKVCA Luncheon Talk: How to effectively use insurance to remove roadblocks in M&A transactions | | June 15, 2023 |  |  | Transaction risks, including breaches of representation and warranties as well as taxation, often play a role in PE and buyout deals. Speaker Sandra Lee, CEO of BMS Asia, discussed alternative risk mitigation solutions and strategies, and outlined the various trends found in M&A insurance across various regions. She also provided practical examples of how insurance solutions themselves can help facilitate negotiations.
More than 50 practitioners attended the event. The HKVCA extends its appreciation to all participants, especially to Sandra Lee and BMS Asia for its generous sponsorship.
| | | | Contact us at +852-2167-7518 or hkvca@hkvca.com.hk
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