 |  | | |  | After many months of discussion and due deliberation among the HKVCA’s Board of Directors, we would like to announce that with effect from January 1, 2020 we will be amending the byline - or tagline – that appears immediately underneath the HKVCA’s logo. Specifically, the words “Hong Kong Venture Capital and Private Equity Association” will be changed to “The Association for Private Capital in Asia”. The HKVCA’s new tagline is a reflection of the innovative ways in which our industry has grown and changed over the last several years, changes that can also be seen in the composition of our membership.
Our members today represent far more diverse types of asset classes than was true at the Association’s founding, and include private credit, real estate and illiquid private markets. Likewise, our membership is more diverse - in addition to our GP members, for example, we also have private capital investors from family offices, pension funds, endowments and insurance who invest in markets throughout Asia Pacific. Hence, the adoption of our new tagline was done in the sincere belief that it far more accurately reflects the nature of our industry and the aspirations of our membership. We hope all of our members are excited about this new change to our organizational identity. |
| | |  | Dear Colleagues,
Greetings! I would like to cordially invite you to renew your firm’s membership in the Association for the coming year, 2020.
As I am sure you are aware, the HKVCA’s membership is flourishing, which means we are bigger, better and more influential today than we have ever been. Made up of close to 460 local and international firms, our large and diverse membership includes a wide range of private equity and venture capital practitioners, as well as the top 10 largest private equity firms in the world by capital. With the largest membership base of all comparable industry associations in Asia, the HKVCA is a powerful representative of, and advocate for, the private capital markets in Hong Kong, Greater China and the Asia-Pacific region. We operate as a strong lobby, working with the government and other entities to help shape the ways in which our industry operates and how it is regulated and taxed.
The HKVCA held more than 50 events in the past year, including high profile forums and summits drawing large numbers, as well as smaller, but certainly equally well-thought-out programs specially tailored to our members’ learning and development. We also hosted a number of very popular social events, from our annual golf day to our Annual Dinner. The Association is committed to working hard to provide our members with extensive opportunities, not only for networking and meeting friends old and new, but also for sharing industry experience and information with peers and colleagues.
We sincerely appreciate your continued participation and involvement in the HKVCA and are pleased to be able to offer our members a special incentive for early renewal of their membership. Renewal letters, with accompanying invoices, have already been sent to all members and, accordingly, we invite you to promptly renew your membership, thereby ensuring the essential support that is needed for the work of our Association.
If you have any questions or enquiries, please do not hesitate to contact Joanne Yuen or Shire Xie at sxie@hkvca.com.hk. We look forward to seeing you at the Association’s events in the coming year.
Yours sincerely,
H. Chin Chou
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director, Morgan Stanley Asia Limited |
| | HKVCA Private Equity Fundamentals Course 2019 | | | | The HKVCA once again successfully hosted its annual Private Equity Fundamentals Course. Held between September and November 2019, this popular training class continued to focus on the very core fundamentals of private equity and venture capital. The course ran with the support of the Chinese University’s MBA program, Hong Kong University’s MBA program, and the MBA program at the Hong Kong University of Science and Technology.
The first two sessions, which were held on September 10th and 18th, dealt with private equity basics and early stage investment. Modules covering investment decisions, valuation issues, ESG, post-investment matters and transaction documentation were completed on September 26th and October 10th, 15th and 22nd respectively.
This year the Tax and Fundraising module was sponsored by KPMG and was completed on November 8th. The final module, a session dedicated to examining case studies, was held on December 4th.
The HKVCA was very pleased that over 90 delegates attended the course and we would like to extend a very special thanks to our knowledgeable course instructors: - Wen Tan, Co-Head of Asia Pacific Private Equity, Aberdeen Standard Investments
- Matthew Puhar, Partner, Akin Gump Strauss Hauer & Feld
- Naomi Moore, Partner, Akin Gump Strauss Hauer & Feld
- Michael Prahl, Partner, Asia-IO Advisors
- Alvin Lam, Principal, CVC Capital Partners
- Patrick Yip, Vice Chair, Deloitte China
- William Lee, Director, International Tax, Deloitte China
- Yvonne Yip, Senior Manager, International and M&A Tax Services, Deloitte China
- Robert Kwok, Partner, Transaction Advisory Services, Ernst & Young
- K. O. Chia, Director, Grace Financial
- Michael Chan, Senior Vice President, Marketing Development Division, HKEX
- Roger King, Adjunct Professor of Finance, HKUST
- Winnie Peng, Associate Director, Tanoto Center for Asian Family Business and Entrepreneurship Studies, HKUST
- John Levack, Vice Chairman, HKVCA
- NiQ Lai, Co-Founder & CEO, Hong Kong Broadband Network Limited
- Rocky Lee, International Partner, King & Wood Mallesons
- Arion Yiu, Partner, KPMG
- Darren Bowdern, Partner, Deal Advisory and M&A Tax, KPMG
- Sandy Fung, Partner, KPMG
- Kasheen Grewal, Director, Deal Advisory and M&A Tax, KPMG
- Maurice Conway, Associate, Latham & Watkins
- Gwenlynne Lee, Associate, Latham & Watkins
- Ivan Chan, Executive Director, Morgan Stanley
- Marcia Ellis, Partner & Co-Head of Asia Private Equity practice, Morrison & Foerster
- Catherine Liu, Of Counsel, Morrison & Foerster
- Olivia Tang, Associate, Morrison & Foerster
- Dennis Kwan, Managing Director, MVision Private Equity Advisers
- Leslie Tam, Senior Vice President, MVision Private Equity Advisers
- Min Lin, Founding Partner, NewQuest Capital Partners
- John E. (Jack) Lange, Partner, Paul, Weiss, Rifkind, Wharton & Garrison
- Oscar Chow, Managing Director, Polaris Holdings
- Gordon Yen, Founding Managing Partner, Radiant Tech Ventures
- Lorna Chen, Asia Managing Partner and Head of Greater China, Shearman & Sterling
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| | HKVCA Christmas Cocktails 2019 | |  | The HKVCA held its annual Christmas Cocktails event at the China Club on the evening of December 12, 2019. Attendees were formally welcomed to this year’s event by Wendy Zhu, the Association’s Executive Director and Managing Director at AlpInvest Partners.
Nearly 100 people representing all sectors of the private equity and venture capital community were in attendance and enjoyed the opportunity to celebrate this holiday season with their professional colleagues. The HKVCA would like to thank again both Ascent Partners and Latham & Watkins for their support and sponsorship. We also would like to thank all those whose attendance made this event such a warm and festive evening. |
| | HKVCA ESG Award of Excellence 2019 | |  | | THE WINNERS ARE |  | The HKVCA is pleased to announce the winners of the 2019 HKVCA ESG Award of Excellence: Baring Private Equity Asia (Hexaware), and CDH Investments (Belle).
The Association received a total of 16 ESG case studies from 14 private equity and venture capital firms across Asia. The judges of the Award were pleased to see the variety and the depth of ESG initiatives undertaken. All the ESG case studies are available on the HKVCA website here. The two winners will be honored at the award ceremony at the HKVCA Annual Gala Dinner in January 2020. |
| | HKVCA Official WeChat Account | | | |
| | | | Limited Seats Available | Members Only Event |  | | Cocktail Sponsors: |  |  | | | Date: | January 14, 2020 (Tuesday) | | Time: | 18:30 – 21:30 | | Venue: | 1/F, The Hong Kong Club, Central, Hong Kong | | Fees: | HKVCA Members: HK$2,180
| |   | | | Highlights of Gala Dinner 2019 |
|  | | 6.5 CPT points can be claimed after attending the full-day event. |  | | Date: | January 15, 2020 (Wednesday) | | Time: | 8:30 - 17:30 (followed by a cocktail reception) | | Venue: | N101, Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, Hong Kong | | Fee: | HKVCA MEMBERS with membership 2020 renewed
CORPORATE FULL MEMBERS
One free pass per company
Additional pass per person: HK$4,800
CORPORATE ASSOCIATE / OVERSEAS (FULL/ASSOCIATE) MEMBERS
One pass at special rate: HK$3,200
Additional pass per person: HK$4,800
NON-MEMBERS
Non-members: HK$8,300
Registrants for the Asian Financial Forum (AFF): HK$4,800 per person
Members of Supporting Organizations: HK$6,640 per person
HKVCA MEMBERS SPECIAL PACKAGE (Deadline: January 3, 2020)
Asian Financial Forum (AFF) + APEF 2020: HK$9,100 per person
| | CPT: | 6.5 points |
Free LP Passes
We have a limited number of free passes for pension funds, fund of funds, endowments, foundations, family offices, DFIs and sovereign wealth funds (subject to verification and a maximum of one pass per company).
If you would like to apply, please email hkvca@hkvca.com.hk.
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|  | | Date: | January 16, 2020 (Thursday) | | Time: | 11:00 – 18:00 | | Venue: | The offices of Debevoise & Plimpton, 21/F AIA Central, 1 Connaught Road, Central, Hong Kong | | Fees: | EMPEA and HKVCA Members are eligible for complimentary passes
Non-members: USD300 per person | | | Register Today for EMPEA's Fundraising Masterclass |
|  |  | | Date: | March 6, 2020 (Friday) | | Time: | Registration and breakfast: 7:30 am
Shotgun start: 8:15 am
Lunch: 1:00 pm | | Venue: | The Hong Kong Golf Club (Fanling), Lot No. 1 Fan Kam Road, Sheung Shui, New Territories, HK | | Format: | Scramble | | Fees*: | Members: HK$2,600 HK$2,900
Non-members: HK$3,500 HK$3,800
(Early bird rate: payment by Jan 31, 2020)
* Fee inclusive of golf carts, light breakfast and lunch | | Individual booking:
Team booking: | | | | Seasonal Greetings from the HKVCA Secretariat |  |
| | | | Annual Report 2018/2019 |  | | Download the latest annual report here. | | |
| | | | New Members | | Corporate Full Members | | | | APG Asset Management Asia | | APG Asset Management is an asset manager for Dutch pension funds. | | | | Calor Capital Advisor (Hong Kong) Limited | | Calor Capital is an independent private equity investment firm that has successfully invested in growth consumer market companies in China. Since its founding in 2015, the firm has invested more than $200 million in China, and managed four portfolio companies. We have a team of experienced professionals in Shanghai, and our senior management team has worked together for 12 years, with significant capital invested in Calor funds. The firm’s primary strategy is to focus on products, business models and technologies, and uncover valuable target companies based on Calor’s extensive experience in the consumer sector. | | | | Gaw Capital Partners | | Gaw Capital Partners (GCP) is a uniquely positioned private equity fund management company that focuses on global real estate markets. Specializing in adding strategic value to under-utilized real estate through redesign and re-positioning, the company has seized the windows of opportunity presented in the current real estate markets to achieve significant results in property investments and development projects covering the entire spectrum of real estate sectors, including residential development, commercial offices, retail malls, serviced apartments, hotels and logistics. Since its inception in 2005, GCP has raised five commingled funds targeting the Greater China and APAC regions. The firm also manages value-add/opportunistic funds in Vietnam and the US, and a Pan-Asia hospitality fund. | | | | Lingfeng Capital (Hong Kong) Limited | | Lingfeng Capital is an emerging growth capital private equity firm focusing on the fintech and consumer finance sectors. The Lingfeng partners believe that the firm can have a significant impact in helping to support the growth and direction of the next generation of successful entrepreneur-driven consumer finance and fintech companies in China. Lingfeng Capital manages both USD and RMB funds, with approximately US$150 million in assets under management. Lingfeng Capital’s USD fund management company is registered in the Cayman Islands, while Lingfeng Capital’s RMB fund management company is a qualified private fund manager registered with the Asset Management Associate of China. | | | | Corporate Associate Member | | | | Kekst CNC | | We are a global strategic communications firm working with business and institutional leaders from around the world as they take advantage of opportunities and address challenges. | | |
| | | | Event Reports | | | HKVCA Masterclass: Licensing for Private Equity Fund Managers
December 17, 2019 |  | | The HKVCA held a three-hour masterclass on licensing for private equity fund managers on December 17, 2019. The masterclass was delivered by Anne-Marie Godfrey, Partner at Akin Gump Strauss Hauer & Feld, and was focused on discussions around type 1 licenses, a universal requirement for all PE fund managers, issued by the SFC. Godfrey also offered her views on how tax changes can impact the licensing and compliance requirements of fund managers. The masterclass was attended by more than 30 industry practitioners who were keen to report that they found the course both informative and highly practical. We would like to express our gratitude to Akin Gump for its sponsorship and to Anne-Marie Godfrey for her instruction. | | | HKVCA Family Office Lunch
December 10, 2019 |  | | The HKVCA organized a special luncheon for representatives from family offices at the China Club on December 10, 2019. The lunch featured a dedicated roundtable discussion on the challenges associated with managing family offices as well as the opportunities to be found in private capital investment. In addition, Peter Lee from Deloitte shared with attendees the various findings of the firm’s recent family office survey, which offered insights on the current market landscape and how to optimize management services for family members. The HKVCA would like to express our gratitude to Deloitte, whose sponsorship made this important event possible. | | | HKVCA Members Breakfast Meeting
December 6, 2019 |  | | December 6, 2019 saw the HKVCA hold its last monthly breakfast meeting of the year. Hosted at the Hong Kong Club by the Association’s Chairman, Chin Chou, more than 80 members registered to attend. Our monthly breakfast meetings continue to be very popular and well attended by our members and we look forward to continuing to host this great networking event in the coming year. In the meantime, the Association would like to thank all of our members who attended this month and we extend a special thanks to our sponsor, CSC Global Financial Markets (CSC), whose generosity helped make December’s breakfast meeting such a success. | | | Seminar: Licensing of Private Equity and Venture Capital Firms
November 18, 2019 |  | The HKVCA hosted a seminar with the Hong Kong Security and Futures Commission (SFC) on November 18, 2019 at the offices of KPMG. SFC representatives Wilson Lo, Senior Director; Eric Ho, Director, Licensing; and Adam Lo, Senior Manager, Licensing, Intermediaries, delivered a talk on SFC licensing requirements for private equity firms.
In addition to providing a general overview of the SFC’s licensing regime, and common licensing issues, the speakers also used a series of slides illustrating which types of licenses professionals may need, what licensing requirements are exempted, the approval criteria and any ongoing obligations licenses require.
More than 200 practitioners registered for the seminar and among the many highlights of the event was the degree of interaction between the speakers and participants. The Association received a great deal of positive feedback, with many attendees noting they found the information provided extremely relevant. The HKVCA would like to thank the speakers and the attendees, and extends a very special thanks to KPMG for providing the venue. | | |
| | | | Industry News | | | | Alibaba Entrepreneurs Fund Backs HK Fintech Firm WeLab in $156M Series C Round | | December 13, 2019 | | (China Money Network by Sophy Yang) - Hong Kong-based fintech company WeLab has completed a RMB1.1 billion (US$156 million) in a Series C round of financing from new investors and five existing investors including Alibaba Entrepreneurs Fund and CCB International... | | (link to the full article) | | | | Chinese Heart Valve Device Maker Venus Medtech Nabs $308m in HK IPO | | December 10, 2019 | | (DealStreetAsia by Eudora Wang) - Venus Medtech, a Chinese company that produces heart valve replacement devices, has raised HK$2.41 billion ($308 million) in an initial public offering (IPO) on the Hong Kong stock exchange on Tuesday, becoming the latest healthcare company to shore up investors’ confidence in the Asian financial hub... | | (link to the full article) | | | | PE Industry Associations: The Advocates | | December 9, 2019 | | (AVCJ by Tim Burroughs) - Private equity’s increasing politicization globally and its expanding role in economies across Asia has put pressure on industry networking associations to do more in terms of public engagement... | | (link to the full article) | | | | Beyond Ventures Leads $3m Investment in Mapxus | | November 13, 2019 | | (Geospatial by Staff Writer) - Hong Kong-based venture capital fund Beyond Ventures is spearheading a US$3 million investment project to benefit Mapxus, one of Apple’s Indoor Mapping Data Format (IMDF) platform service providers... | | (link to the full article) | | | | More news in Industry News | |
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