 | | Members Breakfast Meeting Back in Full Capacity | |  | The HKVCA's popular Members Breakfast Meeting made a welcome return on March 3, 2023, after a long hiatus due to COVID-19 restrictions. Hosted by HKVCA Chairwoman Rebecca Xu at the Hong Kong Club, the event's first gathering this year saw registration quickly oversubscribed, attracting 80 leading industry members and guests.
In a relaxed, informal atmosphere with plentiful networking opportunities, HKVCA Chairwoman Rebecca Xu, who hosted the event, introduced 15 new members who were in attendance. Our Members Breakfast Meetings have always been seen as one of the best opportunities to forge new business connections and strengthen existing relationships, with this latest event being no exception.
The HKVCA thanks all members and guests for their enthusiastic participation. Thanks also to Ernst & Young for their longstanding sponsorship, which has never been more important in bringing the industry together following what has been a difficult period. With the support of members and sponsors alike, the HKVCA looks forward to its program of industry engagements throughout 2023 and beyond. | | | | | | Full |  | Tax planning and wealth succession for
family offices in China and Hong Kong | | Sponsored by |  | | Discussion topics: - Hong Kong family office initiatives and incentives
- Wealth succession and family office market strategies in China and Hong Kong
- Tax planning opportunities for investment in China
| | Speakers: |  | David Chan,
Tax Partner,
Ernst & Young |  | Joy Chen,
Tax Partner,
Ernst & Young |  | Karina Wong,
Tax Partner,
Ernst & Young | |  | | | Date: | April 18, 2023 (Tuesday) | | 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 | |
| | Limited registrations available |  | Hong Kong Limited Partnership Fund Regime –
Foundations, Common Issues and Market Update | | Sponsored by |  | | | Hong Kong’s limited partnership fund regime is now in its third year, which raises the question, how is it working? Viola Lui and Benjamin Lohr of Clifford Chance will lead this webinar examining the fund regime, including its basic legal features. This event is designed for managers who are considering using Hong Kong structures for fund vehicles, and for those who would simply like to refresh their knowledge of the legal foundations of the regime. The webinar will also identify common issues that managers encounter across the LPF structure and the speakers will give their views of the state of market adoption. | | Speakers: |  | Viola Lui,
Partner, Hong Kong,
Clifford Chance |  | Benjamin Lohr,
Consultant, Hong Kong,
Clifford Chance | | | | | | | Date: | April 19, 2023 (Wednesday) | | Time: | 10:00 - 11:00 am (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 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: April 18, 2023, 17:00 HKT | | |
| | Limited seats available | | | PRC investment funds and real estate investment update | | Sponsored by |  | | The private investment fund market and real estate investment market in China have both been subject to recent regulatory updates and other developments. Among these are new rules issued by the Asset Management Association of China (AMAC) tightening the registration of private fund managers and filing of private investment funds in China; the quota management scheme under the QFLP pilot program; and a series of policy trends in the real estate investment market. The talk, to be followed by a Q&A session, will provide an overview of these issues and address more specifically how fund managers can embrace these new developments and be prepared for the latest trends.
- New regulatory regime for private investment funds in China.
- The QFLP pilot program and trends around the quota management scheme.
- Key considerations in setting up “offshore” funds to participate in the QFLP structure.
- The real estate investment market, cooperation and investment models, and outlook for the future.
| | Speakers: |  | Stephen LIN,
Partner,
Fangda Partners |  | Flora QIAN,
Partner,
Fangda Partners |  | ZHANG yue,
Partner,
Fangda Partners | | | | | Date: | April 25, 2023 (Tuesday) | | 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 | | | |
| | Limited seats available | Members only event |  | | HKVCA Members Breakfast Meeting | | Sponsored by |  | | | Date: | May 5, 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: May 4, 2023 15:00 HKT |  |
|  | | China Private Equity Summit 2023 |  | | Date: | May 30, 2023 (Tuesday) | | Time: | 9:00 – 17:35 | | 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 CPES at 9:00 and remain until completion of the full event at 17:35 if they intend to claim 6 CPT (SFC licence) points. | | Registration Fee
Early-bird rate (payment deadline: April 21, 2023) | | HKVCA Members | Corporate Full Members | One free pass per company
Additional passes: HK$4,500 HK$5,500 per person | | HKVCA Corporate Associate / Overseas (Full / Associate) Members | HK$4,500 HK$5,500 per person | | Non-Members | Non-Members | HK$8,500 HK$9,500 per person | | | Group Discount: Register in a group of 3 or more from the same company and enjoy a 10% discount.
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| | | 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 | | | |
|  |
| | | | | Asia Summit on Global Health 2023
May 17-18, 2023
SmartHK, Guangzhou 2023
May 24, 2023 | | | | | New Members | | | | Corporate Full Members | | | | Lighthouse Capital | | Lighthouse Capital is the most active new generation boutique investment bank in China. Founded in 2014, we serve Chinese enterprises with a global vision and are committed to facilitating industrial upgrading and development through capital services and ecological empowerment. Our services include private equity financing, mergers and acquisitions, asset management, securities underwriting, and industrial development advisory. Within 6 years of its founding, Lighthouse Capital topped the list of Chinese financial advisors and is the only boutique investment bank awarded the status of Excellent Investment Partner by Tencent. | | | | BitRock Capital | BitRock Capital is a venture capital firm with a focus on fintech and digitalization. It is sponsored by Global Logistics Properties, a leading global investment manager specializing in logistics and related technology investment, with US$125 billion in assets under management.
BitRock Capital focuses on attractive segments across the world, especially fintech startups around trades and services; enterprise software; AI for financial institutions; digital asset infrastructure; supply chain; payments; and cross-border opportunities. | | | | Huatai Financial Holdings (Hong Kong) Limited | | Huatai International Financial Holdings Company Limited is a wholly owned subsidiary of Huatai Securities Co., Limited (601688:CH; 6886:HK;HTSC: LI) and operates its Hong Kong business via its wholly owned subsidiary Huatai Financial Holdings (Hong Kong) Limited. It is involved in the US wealth management business via Asset Mark Financial Holdings, Inc. (NYSE: AMK) and US investment banking via Huatai Securities (USA). | | | | Corporate Associate Members | | Gerson Lehrman Group | | GLG is a financial and global information services company headquartered in New York City. We provide financial information and advise investors and consultants with business clients seeking expert advice. We have the world’s largest expert network, with over 1,000,000 freelance consultants. Regarding my team, we work closely with PE funds and Family Offices. | | | | Cambridge Associates Asia Private Limited | | Cambridge Associates is a global investment firm with the aims of helping pension plans, endowments and foundations, healthcare systems, and private clients implement and manage custom investment portfolios to generate outperformance to maximize their impact on the world. With more than 45 years of institutional investing insights, the firm has helped to shape and implement investment best practices and built strong global investment networks with the purpose of driving outperformance for clients. Cambridge Associates delivers a range of services, including outsourced CIO, non-discretionary portfolio management, staff extension and alternative asset class mandates. | | | | Milbank (Hong Kong) LLP | | Milbank is an international law firm headquartered in New York City with offices in such locations as Washington D.C., Los Angeles, London, Frankfurt, Munich, Tokyo, Sao Paulo, Seoul, Singapore and Beijing. Our Hong Kong office is primarily focused on capital markets (debt and equity), mergers and acquisitions, private equity and leveraged finance. | | | | | | Regulatory and Tax Updates | | | | The HKVCA welcomes the Financial Secretary’s comments on the private equity industry in the 2023-24 Budget Speech | | The 2023-24 budget speech, delivered by Financial Secretary Paul Chan Mo-po, contained a series of very promising initiatives aimed at facilitating investment and business development in Hong Kong. Among these were: (i) the use of the Exchange Fund’s alternative asset portfolios to deploy capital to private equity funds managed by smaller local managers and those seeking to expand their Hong Kong operations; (ii) confirmation that the HK$62 billion Hong Kong Investment Corporation will begin to make strategic investments; and (iii) a decision by the government to review tax concession measures for both the unified fund exemption and the carried interest concession. The HKVCA will continue coordinating across government departments in respect of these policies. | | | | Licensing Guidance for Private Equity Firms | | The SFC issued a series of quick reference guides to licensing requirements for private equity firms, the details of which can be found HERE. In addition, the HKVCA discussed with the SFC the ability of PE/VC firms to obtain a Type 9 license through broadening the interpretation of “discretionary” asset management, such as including a sufficient degree of discretion exercised at portfolio company level during the holding period. Accordingly, WE NEED HEAR FROM YOU! If your firm is categorized as GPs, LPs and/or family offices, please take a few minutes to fill out this SURVEY. | | | | No Impact: Foreign-sourced Income Exemption Regime | | Some members have expressed concerns about the Foreign-sourced Income Exemption (FSIE) regime, which came into effect on January 1, 2023. The HKVCA would like to clarify that the regime has NO impact on private equity and venture capital funds. Specifically, (i) PE and VC funds do not prepare consolidated accounts and would not be an MNE. Even where the fund might prepares a consolidated account, it will not be affected with economic substance here; and (ii) PE and VC funds, which benefit from the unified fund exemption, would be beyond the scope. Feel free to contact Alfred Lam at alam@hkvca.com.hk or any HKVCA Tax Working Group member for details. | | | | | | | Event Reports | | | | HKVCA Young Professionals Mixer | | March 9, 2023 |  | The HKVCA Young Professionals Mixer, held on March 9, 2023, was an opportunity for our younger members to network and socialize with their peers in a fun and informal setting. Held at the Central Market, the mixer offered attendees a selection of cocktails and canapés as they shared experiences and established new relationships. Attended by more than 160 young professionals from the private capital industry, the event was a valuable way for the HKVCA to engage our younger members and foster the next generation of private capital talent in Hong Kong.
The HKVCA would like to thank Ernst & Young for their generous sponsorship and our thanks also to all the attendees for their enthusiastic participation. | | | | Webinar: Alternative remedies for when investment goes sour: Dispute consulting and business intelligence | | March 15, 2023 |  | The HKVCA hosted a webinar examining the use of alternative remedies when investments go wrong. Held on March 15, 2023, the event featured insightful presentations by Ashley Messick, Managing Director at Global Investigations, and Bruno Vickers of JS Held.
The speakers provided an overview of alternative remedies investors may consider when investments run into problems, noting that whether the issue is one of fraud or insolvency, or even external pressures or legal disputes, there is strategic intelligence, evidence gathering and investigative tools that can help inform investment decisions and achieve positive outcomes. The speakers also offered actual case examples that served to demonstrate how certain techniques can aid clients facing a number of different scenarios.
Close to 100 industry practitioners registered for the event, which included an opportunity for attendees to engage in discussion and ask questions of the speakers.
The HKVCA would like to extend our appreciation to all participants and of course our thanks to JS Held for their generous sponsorship. | | | | HKVCA Institute: Training Series for Cyberport startups | | March 17, 2023 |  | K. O. Chia, President of the HKVCA Institute for Private Capital, an educational arm of the Association, delivered in-person training for a group of startups from Cyberport Hong Kong on March 17, 2023. The inaugural workshop was limited to 30 participants to ensure the relevance and quality of the discussion.
Among the many strategic issues addressed within the workshop was the importance of an effective 1-minute personal elevator pitch and the funnel management of pitching. There was also discussion on the psychology of investors, a review of due diligence checklists, information on the use of term sheets and examination of how best to approach negotiations.
The HKVCA is grateful to Cyberport for co-organizing the training session and extends its thanks to K. O. Chia and all the participants. | | | | | | | Industry News | | | | Hong Kong PE stalwart John Levackdies aged 64 | | March 03, 2023 | | (AVCJ by Tim Burroughs) - John Levack, who spent over two decades with Electra Partners Asia andwas a long-serving board member at the Hong Kong Venture Capital &Private Equity Association (HKVCA), has died aged 64... | | (link to the full article) | | | | Beyond Ventures' Portfolio Company Mapxus Raised US$5M in its Series B's 1st closing Led by Kawasaki Heavy Industries | | March 08, 2023 | | (Press Release) - Hong Kong-based venture capital firm Beyond Ventures is pleased to announce that its portfolio company Mapxus, the leading indoor Geographic Information System (GIS) platform that provides global indoor mapping and navigation services, has successfully completed the 1st closing of its Series B funding round, raising over US$5 million despite the economic doldrums. The funding round was led by Kawasaki Heavy Industries, a leading Japanese corporation with a diverse business portfolio spanning various industries centred around technology... | | (link to the full article) | | | | HKEX relaxes rules for IPOs by pre-profit tech companies | | March 28, 2023 | | (AVCJ by Larissa Ku) - The Hong Kong Stock Exchange (HKEX) has loosened its listingrequirements to allow pre-profit technology companies to go public withmarket capitalisations as low as HKD 6bn (USD 764m)... | | (link to the full article) | | | | More news in Industry News | | | | | Contact us at +852-2167-7518 or hkvca@hkvca.com.hk
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