 | | HKVCA Membership Renewal 2021 | |  | Dear Colleagues,
Warm greetings from the Hong Kong Venture Capital and Private Equity Association (HKVCA). I would like to cordially invite you to renew your firm’s membership in the Association for the coming year, 2021. This past year has been a difficult one filled with concern for Hong Kong and the world in the light of the COVID-19 pandemic. Yet against this backdrop, the HKVCA has still managed to grow, becoming bigger, better and more influential than it has ever been.
With the largest membership base among fellow industry associations in Asia, the HKVCA is a unique and singularly persuasive voice when it comes to representing the interests of the private capital markets in Hong Kong, Greater China and the Asia-Pacific region. We represent close to 480 local and international firms covering a broad group of private equity and venture capital practitioners. Nine of the top 10 private equity firms in the world are members.
With all physical events coming to a complete halt very early in the year with the outbreak of COVID-19, we had to rapidly shift our energies and resources toward organizing events virtually. We have since offered 30 webinars in the months March through October, a move that has gone a long way toward ensuring that our members have been able to stay on top of the latest and most important industry developments.
The HKVCA has also continued to hold regular meetings with government officials so as to give voice to our members’ interests and concerns. Indeed, the government has acceded to many of our requests and implemented a number of polices that strongly benefit the private capital industry in general, and PE professionals in particular, including:
1. The unified fund tax exemption.
2. HKEx’s new chapters for pre-revenue biotech companies and new economy companies.
3. The new onshore limited partnership regime.
4. The concessionary tax rate for carried interest.
5. The Hong Kong Growth Portfolio.
I look forward to us working together to ensure the HKVCA remains the most influential regional body for our industry and it is in this spirit that I acknowledge how much we value your continued involvement. We are also pleased to confirm that the fee for membership in 2021 will remain at the same rate it has been for the past eight years. We very much look forward to seeing you in person again very soon and thank you for your renewed commitment.
Yours sincerely,
H. Chin Chou
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director, Morgan Stanley Asia Limited |
| | | | Limited registrations available |  | | Recent regulatory developments in Hainan | | | Discussion topics: - The Hainan Free Trade Port – what’s new?
- QFLP in Hainan
- QDLP - an overview
- Tax considerations
| | Speakers: |  | Zhen Chen
Partner
Fangda Partners |  | Richard Guo
Partner
Fangda Partners |  | Flora Qian
Partner
Fangda Partners |  | Huang Cui
Chief Representative, Beijing Office
Hainan IEDB |  | John Levack
Vice Chairman
HKVCA (Moderator) |  | Henry Wong
Partner, Tax
KPMG China |  | Nicole Zhang
Partner-in-Charge, Hainan Business
KPMG China |  | | | Date: | December 22, 2020 (Tuesday) | | Time: | 10:00 - 11:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
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.
#To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. | | Registration deadline: December 21, 2020 |   |
|  | | Asia Private Equity Forum 2021 (Virtual Conference) | | 6 CPT points can be claimed after attending the full-day event. | | Date: | January 20, 2021 (Wednesday) | | Time: | 8:30 - 17:00 | | Format: | Online Forum | | Fee: | HKVCA MEMBERS with membership 2021 renewed
One free pass per company
Additional pass per person: HK$2,700
NON-MEMBERS
Non-members: HK$3,800 per person
Group discount: Register in a group of 3 or more from the same company and enjoy a 15% discount. | | CPT: | 6 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 to hkvca@hkvca.com.hk. | | |  |
| | Limited registrations available | | | Climate change best practices for GPs (No. 1 ESG topic of 2020) | | Sponsored by |  | | | The HKVCA’s recent workshop offering a primer on the issue of climate change, held in September 2020, proved to be the most popular ESG topic with our members and many have since requested that the Association hold more events on the subject. Accordingly, the HKVCA has invited a select group of GPs at the very forefront of the movement incorporating climate change into the investment process to share their know-how and best practices. This webinar should not be missed by anyone who wants to future-proof their portfolios, as regulations, stock exchanges and multinationals begin to step-up their efforts and focus on meeting the demands of combating climate change. | | Speakers: |  | Jie Gong
Partner
Pantheon Ventures |  | Queenie Ho
Partner
Affinity Equity Partners |  | Alvin Lam
Principal
CVC Capital Partners |  | Ross Chiu
Director
Kerogen Capital |  | Neil Macdonald
Head of Wealth and Asset Management KPMG China | | | | Date: | January 28, 2021 (Thursday) | | Time: | 10:00 - 11:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
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.
#To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. | | Registration deadline: January 27, 2021 | | |
| | Limited registrations available | | | Webinar - A toolkit for Asian managers looking to tap into EU monies | | Sponsored by |  | | - A closer look at Luxembourg’s special limited partnerships (SCSp)
- A side by side comparison of Cayman/BVI funds vs unregulated Luxembourg funds
- Practical considerations and implications
| | Speakers: |  | Maggie Kwok,
Partner, Head of Funds
and Regulatory, Asia,
Harneys |  | Vanessa Molloy,
Partner, Head of Luxembourg Investment Funds,
Harneys | | | | | | Date: | February 2, 2021 (Tuesday) | | Time: | 16:00 - 17:00 (Hong Kong Time) | | Format: | Zoom Webinar* - link will be provided upon successful registration# | | Fee: | HKVCA Member
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.
#To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. | | Registration deadline: February 1, 2021 | | |
|  |  | | Date: | March 12, 2021 (Friday) | | Time: | Registration and breakfast: 7:30 am
Shotgun start: 8:15 am
Lunch: 1:00 pm | | Venue: | The Shek O Golf & Country Club
Address: 15 Shek O Road, Shek O, Hong Kong | | Format: | Scramble | | Fees*: | Members: HK$2,900
Non-members: HK$3,800
* Fee inclusive of light breakfast and lunch | | | Individual booking: | Team booking: | | | | |
| | |  | Over the course of this year we have continued to inform our members about changes made to the HKVCA’s logo, specifically, the addition of the byline “The Association for Private Capital in Asia”, which we believe reflects the way our industry has continued to innovate and develop. At the same time, however, we recognize the importance of our position as the Hong Kong Venture Capital and Private Equity Association. Accordingly, our logo will continue to reflect both our formal name as well as the byline representing the diversity of our members.
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. |
| | HKVCA Official WeChat Account | | | |
| | | | | | | | Seasonal Greetings from the HKVCA Board and Secretariat |  |
| | Annual Report 2019/2020 |  | | Read the annual report here. | | |
| | New Members | | | | Corporate Full Member | | SDCL | | Sustainable Development Capital LLP (SDC) specializes in sustainable infrastructure investment and advisory investing that has a positive impact on the environment. Established in 2007, SDCL has a proven track record of financing and developing clean energy, energy efficiency and decentralized energy infrastructure projects in the UK, Continental Europe, North America and Asia. SDCL was launched to facilitate investment in environmental infrastructure markets and has always focused on investing in projects that are good for the environment, good for people and commercially sustainable. Headquartered in London, the group and its investment vehicles operate worldwide from offices in New York, Dublin, Madrid, Hong Kong, and Singapore. SDCL is authorized and regulated in the UK by the Financial Conduct Authority. | | | | Corporate Associate Member | | Stephenson Harwood | | Stephenson Harwood is a law firm with over 1,100 people worldwide, including more than 180 partners. Our people are committed to achieving the goals of our clients - listed and private companies, institutions, and individuals. We assemble teams of bright thinkers to match our clients' needs and give the right advice from the right person at the right time. Dedicating the highest caliber of legal talent to overcome the most complex issues, we deliver pragmatic, expert advice that is set squarely in the real world. Our headquarters are in London, with nine offices across Asia, Europe and the Middle East. In addition, we have forged close ties with other high quality law firms and an integrated local law capability in Singapore and the PRC. This diverse mix of expertise and culture results in a combination of deep local insight and the capability to provide a seamless international service. | | |
| | | | Event Reports | | | Webinar - Fund financing solutions: recent market trends and insights
December 8, 2020 |  | Fund financing solutions was the subject of a recent HKVCA webinar held on December 8, 2020. More than 120 people registered to attend with a number of them actively participating in the virtual discussion by submitting questions and comments for the speakers.
Vice President of AlpInvest Partners, Joe Ma, acted as moderator. He was joined by Vjerana Burleigh, a principal at AlpInvest Partners, and Stefan Singer, an executive director and the Head of Fund Financing Solutions within Cross Asset Structuring at J.P. Morgan.
The speakers discussed the most recent market trends and insights around fund financing, including financing options available to funds, and as capital providers, characteristics they look for in a potential deal. They also examined the advantages of fund financing solutions and what kind of track record they look for before engaging with a new manager. Finally, the speakers shared their own experiences of deals that have “gone wrong” and offered their perspectives on why. | | | Webinar: Proposed SFC regulations on climate-related risk
December 2, 2020 |  | The HKVCA held a webinar on December 2, 2020 on the SFC’s consultation paper dealing with climate-related risk requirements for fund managers in Hong Kong. Responses to the SFC paper are due by January 15, 2021.
HKVCA Vice Chairman John Levack hosted the online discussion. He was joined by Ernst & Young partners Charlotte Hui, Wealth Asset Management Assurance and Judy Li, Climate Change and Sustainability Services Leader, as well as Su Cheen Chuah, a partner at law firm Deacons.
In addition to discussion around the issues of management and disclosure of climate risk by fund managers, the speakers also examined possible changes to the Fund Manager Code of Conduct (FMCC), and broader ESG issues around governance, investment management, risk management and disclosure.
More than 70 people registered for the event. The HKVCA extends its sincere thanks to Ernst & Young for their generous sponsorship, and to John Levack and all the speakers for their participation. | | | CityU EMBA Elite Forum - Hong Kong: The PE and VC Hub of Asia? Challenges and opportunities
November 21, 2020 |  |  | | Johnny Chan, President of the HKVCA, gave a talk on the Asia Pacific private equity market to Cityu EMBA candidates and alumni on November 21, 2020. Also speaking at the event were Anson Law, Senior Manager (Market Department) at the HKMA; Duncan Chiu, Co-founder and Managing Director of Radiant Venture Capital and a board member of the HKVCA; and Tony Tung, Vice President of Gobi Partners and a manager of the Alibaba Entrepreneur Fund. Among the issues discussed by the speakers was Hong Kong’s position as Asia’s PE fund hub, the opportunities to be found in the GBA as well as the latest Hong Kong government policies related to the PE market. | | | Webinar - Update on structuring for Asian funds: Hong Kong, Luxembourg and Beyond?
November 17, 2020 |  | Gavin Anderson and Christopher Dortschy, partners at global law firm Debevoise & Plimpton, were the speakers at an HKVCA webinar providing attendees with an update on structuring for Asian funds. Held on November 17, 2020, and hosted by Association Vice Chairman John Levack, more than 160 people registered for the event. Among the topics discussed were considerations around the legal framework of funds, relevant tax issues, investor perceptions and how a fund entity is formed under a limited partnership. The speakers also examined the common jurisdictions for Asian funds, including management of Luxembourg funds by Asian managers and Hong Kong’s new limited partnership fund regime.
The HKVCA extends its thanks to Gavin Anderson, Christopher Dortschy, John Levack and all of the attendees for their participation. Sincere thanks also to Debevoise & Plimpton for their generous sponsorship of the event. | | |
| | | | Industry News | | | | Struggling Hong Kong apparel retailer I.T’s top shareholder, private equity firm in bid to take firm private | | December 7, 2020 | | (SCMP by Sandy Li) - The majority shareholder of apparel and accessory retailer I.T has teamed up with a private equity fund to privatize the company amid mounting losses because of the Covid-19 pandemic and in spite of restructuring efforts to improve its competitive advantage with a bigger online presence... | | (link to the full article) | | | | Hong Kong’s Avant Meats Closes US$3.1M Seed Round To Commercialise Cultivated Fish In 2021 | | December 4, 2020 | | (Green Queen by Sally Ho) - Hong Kong-based Avant Meats, the city’s only startup working on cell-based protein, has just closed a US$3.1 million seed funding round. Avant received backing from prominent regional and international investors, including the chairman of the world’s largest responsible tilapia producer. The food tech startup says that the financing will help accelerate its scale-up plans towards the commercialization of its cultivated fish in 2021... | | (link to the full article) | | | | Garuda Capital acquires minority stake in Hong Kong fintech startup FinLink | | November 24, 2020 | | FinLink, a data-driven and AI-enabled tech startup focusing on cross-border financial services, announced that investment firm Garuda Capital Asia has acquired a minority interest in the company via an affiliated investment fund... | | (link to the full article) | | | | Swire Properties sells Cityplaza One office tower for HK$9.85 billion (US$1.27 billion) after its parent posted first interim loss in half a century | | November 9, 2020 | | (SCMP by Pearl Liu) - Swire Properties, one of Hong Kong’s largest owners of offices and shopping centers, has sold a 21-storey office building to a consortium of investors led by Gaw Capital Partners for HK$9.85 billion (US$1.27 billion), after its parent posted its first interim loss in half a century... | | (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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