 | | Establishment of HKVCA Private Credit Committee | | We are pleased to announce that the HKVCA has established its Private Credit Committee. The members of the new committee are introduced below.
Institutional investors are increasingly interested in private credit/debt funds. At the same time, a large number of them are unfamiliar with Asian private credit solutions. It is for this reason the Private Credit Committee was formed with the goal of increasing awareness of the Asian market by, among other efforts, organizing events for the industry and advising the HKVCA’s Technical Committee engaged in government advocacy related to policies impacting private credit/debt funds. |  | David Whyte,
COO and Managing Director,
ADM Capital |  | Carol Lee Park,
Managing Director,
CLSA Capital Partners (HK) Ltd |  | Raymond Chan,
Managing Director and Head of APAC Credit,
CPP Investments |  | Ryan Chung, Head of Structured Finance & Principal Investment, Huatai Financial Holdings (Hong Kong) |  | Saif Qureshi,
Managing Director,
Lone Star/Hudson Advisors | | | | | | HKVCA Institute: Training series for Cyberport startups | |  | The HKVCA Institute held the third module of its private equity training series at Cyberport on May 3, 2023. Led by K.O. Chia, President of the HKVCA Institute, the module examined issues around post investment execution, including agreed-upon budgets, reporting and expectations, board and management meetings, and how to prepare for future fundraising rounds.
Representatives from 26 startups were involved in the course, where they also had the opportunity to participate in an elevator pitch practice session. Several of the startups presented their pitches to the class and received useful feedback from Chia and the other attendees. Many of the participants praised the course for providing strategic insight as well as a wealth of practical knowledge, helping prepare them for the next phase of growth.
About The 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 the HK 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 HKVCA, for more details. Our Institute can provide tailor-made content for financial and investment communities, startup communities, local and international universities, and service providers, among others. | | | |  | | China Private Equity Summit 2023 6 CPT points can be claimed after attending the full-day event. |  | | Date: | May 30, 2023 (Tuesday) | | Time: | 9:00 – 17:25 (followed by a cocktail reception) | | Venue: | N101, Hong Kong Convention and Exhibition Centre | | Language: | English (some sessions will be conducted in Mandarin) | | CPT: | 6 points |  | | Participants are hereby reminded that they are required to join the event at 09:00 and remain until completion of the full event at 17:25 if they intend to claim 6 CPT (SFC licence) points. | | | | Program | | 9:00 - 9:05 | Welcoming Remarks | | 9:05 - 9:15 | Opening Remarks | | 9:15 - 9:20 | Remarks by HKVCA Chairwoman | | 9:20 - 9:40 | Keynote | | 9:40 - 10:30 | GP Panel | | Stream A (N101) | Stream B (N106-108) | | 10:45 - 11:30 | Secondaries Panel | Exits and Liquidity Panel | | 11:30 - 12:15 | ESG Panel | Healthcare/Biotech Panel | | 12:15 - 12:35 | Keynote (N101) | | 12:35 - 14:05 | Networking Luncheon (N201) | | 14:05 - 14:50 | EV and New Energy Panel | China Buyouts Panel | | 14:50 - 15:35 | China In and Outbound Panel | GBA Panel (Mandarin Session) | | 15:50 - 16:35 | China Family Office Panel | AI and Big Data Panel
(Mandarin Session) | | 16:35 - 17:20 | LP Panel | | 17:20 - 17:25 | Closing Remarks | | 17:25 | Cocktail Reception | | | | | | | Registration Fee | | HKVCA Members | Corporate Full Members | One free pass per company
Additional passes: HK$5,500 per person | | HKVCA Corporate Associate/Overseas (Full/Associate) Members | | HK$5,500 per person | | Non-Members | Non-Members | | HK$9,500 per person | | | | Group discount: Register in a group of 3 or more from the same company and enjoy a 10% discount. |   |
| | Limited seats available | 
| | Hong Kong properties: Market sentiment and behavior | | Sponsored by |  | | | The Hong Kong property market has seen dramatic changes in the past few years, with an overall decrease in both prices and demand. The result has been a shift in market sentiment and behavior, with buyers becoming more cautious and selective. The panel discussion will cover current market sentiment and behavior, as well as the factors that have contributed to the changes. It will also discuss the outlook for the Hong Kong property market and what can be done to ensure its continued success. | | Speakers: |  | Paul Moloney
Partner, Corporate & Securities
Mayer Brown
(Moderator) |  | Ken Ng
Managing Director, Head of China Real Estate
Angelo, Gordon Asia |  | Dr. Charles Lam
Co-Head of APAC Diversified Funds
EQT Exeter |  | Tony Lo
Managing Director, Principal - Investments, Member of Investment Committee
Gaw Capital |  | Wilfred Ma
Executive Director, Head of
Hong Kong Investments
Phoenix Property Investors | | | | | Date: | June 8, 2023 (Thursday) | | Time: | 11:45 – 12:15 registration
12:15 – 13:00 panel discussion
13:00 – 14:00 lunch | | 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 | | | |
|
| | How to effectively use insurance to remove roadblocks in M&A transactions | | Sponsored by |  | | | How do you deal with transaction risk, such as breaches of representation and warranties, additional taxation due to the application of Public Notice 7 or a threatened lawsuit by disgruntled ex-employees of the target company? Are you comfortable conducting due diligence and negotiating contractual recourse in the SPA? Are you aware of alternative risk mitigation solutions, such as insurance, which can help achieve better outcomes? These questions, and others, will be addressed by transactional risk advisors, the BMS Group. The speakers will provide a number of real-life case examples of how insurance solutions can help facilitate negotiations between sellers and buyers and enhance investment returns. | | Speaker: |  | Sandra Lee,
CEO,
BMS Asia | | | | | Date: | June 15, 2023 (Thursday) | | Time: | 12:30 - 14:00 (registration starts at 12:00) | | 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$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 | | | |
| 
| | 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,
Managing Director,
CVC Capital
Partners |  | Johnny Chan,
CIO,
Cyberport |  | 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 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: June 19, 2023, 15:00 HKT | | | | | | Hong Kong VC firm CCMC launches $100M blockchain fund focusing on Asia
May 07, 2023
(Coingeek by Wahid Pessarlay) - Hong Kong-based venture capital (VC) firm CCMC Global has revealed the launch of a new fund for the blockchain space in Asia amid concerns about dwindling funding for the industry...
(link to the full article) | | | TPG to Acquire Angelo Gordon
May 15, 2023
(Press Release) - TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, and Angelo Gordon, a $73 billion1,2 alternative investment firm focused on credit and real estate investing, today announced that the companies have entered into a definitive agreement...
(link to the full article) | | | Hong Kong family office SPAC agrees $27bn merger with Vingroup EV unit
May 16, 2023
(AVCJ by Tim Burroughs) - A special purpose acquisition vehicle (SPAC) launched by the family office of Lawrence Ho, son of Macau casino tycoon Stanley Ho, has agreed to merge with the electric vehicle (EV) unit of Vietnam’s Vingroup...
(link to the full article) | | | Qiming hits $930m final close on latest renminbi fund
May 18, 2023
(AVCJ by Larissa Ku) - Qiming Venture Partners has closed its seventh renminbi-denominated fund on CNY 6.5bn (USD 930m), marking what it claims is China's largest local currency fundraise of 2023 to date...
(link to the full article) | | | | | SmartHK, Guangzhou 2023
May 24, 2023
SVCA Annual Conference - Asia and the World: Inside the Dynamics of a Changing Relationship
June 7, 2023
JUMPSTARTER 2023 | | | | | New Members | | | | Corporate Full Members | | | | Hidden Hill Capital | | Established in 2018, Hidden Hill Capital is a corporate private and growth equity manager backed by GLP. It does minority, significant minority, and strategic equity investments in companies in modern logistics services, digital supply chain, renewable energy related technologies and cross-border opportunities across Asia. It has over US$3.6 billion in assets under management (AUM) across both RMB and USD private equity strategies, including the world’s largest proptech fund with AUM of US$1.2 billion – Hidden Hill Modern Logistics Private Equity Fund. | | | | Watten Ventures | | Watten Capital Group is the private investment arm and family office of the Ng Family. It provides venture and growth-capital to innovation companies within various sectors globally, including consumer and technology. It invests in companies that are highly scalable and technology enabled. | | | | Active Capital Partners | | Active Capital Partners focuses on special situations and co-investments, providing operational and strategic industry know how, as well as expert resources. | | | | Fangyuan Capital (Hong Kong) Limited | | Fangyuan Capital was founded in 2018 by three partners and is an SFC-registered license company under type 4 (advisory) and type 9 (asset management). Our primary business is asset management of private equities, with a focus on life science and healthcare. As of June 30th, 2022, the firm manages two VC funds and four co-investment funds, with total assets under management of USD 212 million (distributions added back). | | | | Corporate Associate Members | | | | Willis Towers Watson | | | | Han Kun Law Offices | | Han Kun is a leading full-service law firm in China, widely recognized as a leader in complex cross-border and domestic transactions. Its team of nearly 800 professionals are located across its six offices in Beijing, Shanghai, Shenzhen, Haikou, Wuhan and Hong Kong. The firm’s has deep experience in the formation and operation of onshore and offshore Investment funds and has helped clients establish and invest in more than 2,000 investment funds, including close to 1,500 RMB funds and 700 USD funds. Han Kun is also an outside consultant to the Asset Management Association of China. | | | | Gini | | gini provides VCs and private investors with financial due diligence, analytics and portfolio reporting solutions. Our SaaS product allows investors to access real time data on their portfolio companies, and create AI-powered cashflow forecasts and automated customizable financial models. gini also automates forensic accounting methods to uncover financial frauds, only 4% of which are found by audits globally. | | | | | | Regulatory and Tax Updates | | | | Meeting with Cayman Islands finance minister |  | | The HKVCA’s Technical Committee was honored to have had the opportunity to meet with the Hon. Andre Ebanks, Minister of Financial Services and Commerce from the Cayman Islands. During the meeting, which was held on May 16, 2023, there was a candid discussion with the minster on a number of relevant issues, including trends around Cayman-Luxembourg structures, the enhancement of exempted limited partnerships, and the impact on clients of the collapse of Silicon Valley Bank, which had a branch in the Cayman Islands. | | | | Comments on enhancing tax certainty of onshore gains on disposal of equity interests | | The Financial Secretary announced in his budget speech that the HKSAR government will enhance tax certainty by amending the existing tax rule on onshore gains on disposal of equity interests. The HKVCA’s Technical Committee tax subgroup agreed that the general proposal is an excellent one. However, it also recommends that the government (i) lower the total equity interest in the investee entity to 5%; and (ii) include real estate rich companies, in particular those property-related businesses outside of Hong Kong, in the proposal. | | | | Collaborating with Beijing and Qianhai governments | | The HKVCA is pleased to confirm that it is collaborating with the local governments of Beijing and Qianhai on initiatives aimed at enhancing private equity and venture capital-related policies. Following a closed-door meeting with the Beijing Municipal Bureau of Financial Regulation and Supervision in January, the HKVCA co-hosted a webinar with the Beijing government and fellow associations providing information on Beijing’s QDLP and QFLP pilot programs. The HKVCA will also sign an MOU with the Qianhai Authority to collaborate on development of the private equity and venture capital industry in both Hong Kong and Qianhai. | | | | | | | Event Reports | | | | HKVCA Luncheon Talk: Tax planning and wealth succession for family offices in China and Hong Kong | | April 18, 2023 |  | With the Hong Kong government unveiling a number of tax concessions aimed at boosting the presence of family offices in Hong Kong, the HKVCA organized a luncheon seminar on April 18, 2023, to discuss the new measures. Speakers David Chan, Joy Chen and Karina Wong, Tax Partners from Ernst & Young, outlined wealth succession strategies for China and Hong Kong and shared tips on tax planning opportunities for investment in China.
Close to 70 industry practitioners attended the event, which also provided an opportunity for attendees to engage with and ask questions of the speakers. The HKVCA would like to extend its appreciation to all participants, with special thanks to David Chan and Ernst & Young for its generous sponsorship. | | | | HKVCA Luncheon Talk: PRC investment funds and real estate investment update | | April 25, 2023 |  | The HKVCA hosted a luncheon talk on PRC investment funds and real estate investment updates. Sponsored by Fangda Partners, the event took place on April 25, 2023, and featured three of the firm’s partners: Stephen Lin, Flora Qian, and Zhang Yue.
The speakers opened with an overview of recent regulatory updates and developments in the private investment fund market and real estate investment market in China. They then discussed the new rules that have been issued by the Asset Management Association of China, tightening registration requirements of private fund managers and the filling of private investment funds. They also discussed trends around the quota management scheme under the QFLP pilot program, highlighting some of the key considerations when setting up "offshore" funds to participate in the QFLP structure. Finally, the speakers addressed the real estate investment market, cooperation and investment models, and a general outlook for the future. The talk ended with an active Q&A session.
The event was well attended and the HKVCA would like to express its appreciation to all participants. We would also like to extend our gratitude to Fangda Partners for their generous sponsorship. | | | | Webinar: Beijing QDLP, QFLP pilot program seminar (Mandarin Chinese) | | April 26, 2023 |  |  | The Beijing Private Equity Association (BPEA), HKVCA, and Hong Kong Investment Funds Association (HKIFA) co-hosted a Mandarin Chinese language webinar on April 26th, 2023. The event provided a deep dive into Beijing’s QDLP and QFLP pilot programs and aimed to help foreign investment institutions better understand China, and especially Beijing's, foreign investment implementation policies.
The seminar was broadcast live both online and offline in Beijing and was opened by the Beijing Municipal Bureau of Local Financial Regulation and Supervision's capital markets division, whose representative provided background on the capital city’s pilot programs. This was followed by information on the Chaoyangyuan innovation hub in Zhongguancun, and development policies around the venture capital cluster. A representative from Oaktree Capital then shared details of the firm’s own experience in Beijing under the QDLP and QFLP pilot programs, while a speaker from Han Kun Law Offices discussed typical scenarios when applying for QDLP and QFLP pilot funds.
The event attracted a large number of attendees and the HKVCA would like to express its appreciation to all participants. We would also like to thank the BPEA and HKIFA for partnering with us for this event. | | | | Webinar: Hong Kong limited partnership fund regime: Foundations, common issues and market update | | April 27, 2023 |  | On April 27, 2023, the HKVCA hosted a webinar examining Hong Kong’s limited partnership fund (LPF) regime, which has been in operation for three years. The event was led by Viola Lui and Benjamin Lohr of international law firm Clifford Chance. The webinar was designed for managers who are considering using Hong Kong structures for fund vehicles, as well as for those who would like to refresh their knowledge of the legal foundations of the regime.
The speakers provided a broad overview of the basic legal features of the LPF structure, highlighted common issues that managers encounter, and gave their views on the state of market adoption. Attendees had the opportunity to ask questions of the speakers and engage in discussion.
The HKVCA would like to thank Viola Lui and Benjamin Lohr for leading the event, as well as all participants who attended. We would also like to express our appreciation to Clifford Chance for their generous sponsorship. | | | | | | Contact us at +852-2167-7518 or hkvca@hkvca.com.hk
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