 | | Hong Kong Venture Capital and Private Equity Association | | | Message from the Chairman | | Dear Colleagues, Members and Friends,
The first quarter of 2020 has felt like the most peculiar of times, filled with stress and concern for our communities and indeed for the world in the light of the COVID-19 pandemic. A significant number and variety of industries have been seriously impacted, many of which have been forced to reduce, and in some cases even suspend, their business activities. The HKVCA is of course no exception, with almost all of our events in the first half of the year either postponed or cancelled outright, including some of our most anticipated annual events, such as our Golf Day and the Asia Venture Capital Forum.
I would like to take this opportunity to stress that we are doing our very best to ensure that our members’ interests and benefits are, and continue to be, honored by the Association. We are adopting a range of different strategies in an attempt to deliver services to our members. For example, we will be delivering some of our luncheon talks virtually rather than place our members at risk by meeting in person. We will be offering a series of webinars in April and May, which will ensure our members have the opportunity to stay on top of the latest industry information. So do stay tuned - we are working hard to transition as many events as we can to a virtual platform, and we look forward to being able to meet members’ needs during this unprecedented time.
Turning to a little bit of Association news, I imagine many of you are already aware that we changed our logo at the beginning of this year to more accurately reflect the nature of our industry and the aspirations of our membership. In line with this, the team recently created a video (#1) that explains the change, as well as the mission and role of the HKVCA. The team also put together a separate video (#2) that provides a short, 3-minute introduction to the HKVCA: | | | (#1) | (#2) |  |  | | We have further plans to create several more videos that feature our Board members discussing the many roles played by the HKVCA. The team will let you know as soon they have been completed and are available for viewing.
While social distancing is at this time an unfortunate reality that undoubtedly has upended so much of our lives, we can also be buoyed by the knowledge that this pandemic will indeed pass. I sincerely hope that members of the HKVCA community continue to maintain the close bonds that we have developed. I pledge that as an organization, we will remain fully committed to supporting the whole of the private capital industry. Please know that should you have any questions or enquires, you are most welcome to contact us. We are here to support you.
I wish everyone good health, and a Happy Easter!
Best regards,
Chin Chou
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director, Morgan Stanley Asia Limited |
| | | | Limited Seats Available |  | | Managing cash and working capital at the portfolio company level | | Sponsored by |  | | With the impact the COVID-19 pandemic is having on the global economy, now more than ever is the time for effective cash and working capital management, a practice that becomes vital when the economic horizon darkens and the predictability of cash inflows and outflows decreases.
Representatives from KPMG will talk through some fundamental items that corporates are considering to help build a robust cash and working capital management strategy and how these can be applied at the portfolio company level. | | Speakers: |  | Patrick Cowley
Head of Restructuring Services,
Hong Kong and Asia Pacific,
KPMG China |  | Christopher Ball
Director, Advisory,
KPMG China | | |  | | Date: | April 16, 2020 (Thursday) | | Time: | 11:00 - 12:00 | | Format: | Zoom Webinar - link will be provided upon successful registration | | Fee: | HKVCA Member: free of charge
Non-Member: HK$100 per person | |   |
|  | | Hong Kong’s New Limited Partnership Fund Regime | The Hong Kong government gazetted the new Limited Partnership Fund Bill on March 20, 2020. This long-anticipated development setting up a new limited partnership fund (LPF) regime will have broad application to the private funds industry and will likely be a key step in strengthening Hong Kong’s position as a premier international asset and wealth management center. The Bill had its first reading on March 25th and is expected to become law later this year.
The HKVCA is pleased to announce that it will host a webinar on May 5, 2020, which will feature subject matter professionals discussing the key features of the new LPF regime from both a legal and tax perspective. We are also delighted to welcome a representative from the Hong Kong Monetary Authority, who will introduce this landmark development and join the discussion on the expected benefits and opportunities to be created for private funds. | | Speakers: |  | Anson Law
Hong Kong Monetary Authority (HKMA) |  | Jacqueline Bennett
Partner
Ernst & Young Tax Services Limited, Hong Kong |  | Effie Vasilopoulos
Partner
Sidley Austin LLP, Hong Kong |  | Vanessa Chan
Partner
Ernst & Young Tax Services Limited, Hong Kong | | | | | Date: | May 5, 2020 (Tuesday) | | Time: | 10:00 - 11:00 | | Format: | Zoom Webinar - link will be provided upon successful registration | | Fee: | HKVCA Member: free of charge
Non member: HK$100 per person | | | |
|  | | Business continuity planning to prepare your firm for the unexpected | | Sponsored by |  | | | When confronted with unexpected business disruptions, investment firms must react swiftly, methodically and successfully, or else risk significant financial loss. This level of response requires extensive business continuity planning to ensure all aspects of a business are evaluated and protected.
Recent protests and the outbreak of COVID-19 in the region have proven that effective business continuity planning can help minimize financial loss and the negative effects of disruptions to strategic plans, market position, operations, and reputation.
Join Michael Steinkuhl, Director of APAC at a leading global managed IT services provider to the investment sector, Eze Castle Integration, for a luncheon on Tuesday, June 9, 2020 to learn best practices around remaining connected and safe when disaster strikes.
Topics of discussion to include:
• Setting up a robust infrastructure to enable your employees to work remotely
• Building and maintaining a geographically separated disaster recovery site
• Procedures and staff training vital to business continuity | | Speaker: |  | Michael Steinkuhl Director, APAC,
Eze Castle Integration | | | | Date: | June 9, 2020 (Tuesday) | | Time: | 12:30 - 14:00 | | Venue: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, HK | | Fee: | Corporate Full Member
One free pass per company
Additional pass: HK$450 per person
Corporate Associate / Overseas Member
HK$450 per person
Non-Member
HK$900 per person | | CPT: | 0.5 point | | | |
| | The AVCF has been rescheduled to July 6, 2020 (Monday). |  | | Asia Venture Capital Forum (AVCF) 2020 | | Date: | March 27, 2020 (Friday) July 6, 2020 (Monday) | | Time: | 11:30 – 12:15 Registration and light lunch
12:15 – 17:30 Forum | | Venue: | HKEX Connect Hall, 1/F, One and Two Exchange Square, Central, Hong Kong | | Fees: | Early bird rate (payment by May 7, 2020)
CORPORATE FULL MEMBER
One free pass per company
Additional pass per person: HK$580 HK$800
CORPORATE ASSOCIATE / OVERSEAS MEMBER
One pass per person: HK$580 HK$800
NON-MEMBER
One pass per person: HK$1,500 HK$1,800 | | CPT: | 4 points | |  | | |
| | The breakfast meeting has been rescheduled to August 7, 2020 (Friday). | | Limited Seats Available | Members Only Event |  | | | | Date: | May 8, 2020 (Friday) August 7, 2020 (Friday) | | Time: | 8:00 – 9:00 | | Venue: | Harcourt Suite, Hong Kong Club, 1 Jackson Road, Central, Hong Kong | | Fee: | Corporate Full Member: one free pass per company | | Other HKVCA Member/ Corporate Full Member (additional pass): HK$300 | | *Note: free pass no shows will be charged full price
*An additional charge may apply to accommodate special dietary requests. | | |
| | The CPES has been rescheduled to August 28, 2020 (Friday). |  | | China Private Equity Summit 2020 | | Date: | May 29, 2020 (Friday) August 28, 2020 (Friday) | | Time: | 8:30 - 18:00 (followed by a cocktail reception) | | Venue: | Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, HK | | | 6.5 CPT points can be claimed after attending the full-day event. | The China Private Equity Summit is an HKVCA flagship event, attracting over 650 venture capital and private equity practitioners, leading corporates, and other industry professionals and participants from across the region. It is recognized throughout the industry as the preeminent, “must-attend” practitioners’ conference, and features in-depth discussions and information on the latest developments and trends in the private equity market in China.
The last twelve months have been one of the most turbulent periods in the history of China private equity. With the Chinese economy slowing as a result of the China-US trade dispute, amongst other factors, the investment and fundraising amounts in Chinese private equity have seen significant drops since their heyday. What actions should be taken by practitioners in these turbulent times? Is the slowdown merely temporary or is it structural?
Meanwhile, the outbreak of CoVID-19 brought the Chinese economy practically to a halt at the start of the year. While the country has worked to contain the virus, which industry sectors have continued to hold up well? Will there be a longer term social and economic impact, and if so, what are the particular implications for China’s private equity and venture capital market?
For those still deploying capital in China, are there a growing number of emerging strategies, such as buyouts, distressed, secondaries, sector-focused strategies, PIPEs, etc.?
In terms of geographic region, do investors see the Greater Bay Area (GBA) as the next growth area? Are media reports on the ease of access to the GBA accurate? | | Early bird rate (payment deadline: June 26, 2020) | | HKVCA Members | Corporate Full Members | One free pass per company
Additional pass: HK$3,500 HK$4,500 per person | | HKVCA Corporate Associate / Overseas Members | HK$3,500 HK$4,500 per person | | Non-members | Non-Member | HK$5,800 HK$7,000 per person | | LP firms (sovereign wealth funds, pension funds, endowments, foundations, family offices, DFIS and fund of funds) | One free pass per company
Additional pass: HK$5,800 HK$7,000 per person | | | Simultaneous interpretation will be provided in English and Mandarin in the main conference room. | | |  |
| | This luncheon talk has been rescheduled to October 15, 2020 (Thursday). | | | Leveraging big data and AI to feed your investment pipeline | | Sponsored by |  | | | Deal origination for platform investment or buy-and-build strategies is a priority for private equity, especially when dry powder is at its highest. While the industry has over the years developed a number of channels aimed at generating opportunities, among the issues today is whether the use of data will become one of these channels? Moreover, can the industry obtain good and reliable data from private companies? And, how does AI make the data “better” and more actionable? Join us at this HKVCA Luncheon Talk to hear representatives from data and AI firm Finquest share their experiences and discuss how data can be used to support targeted deal origination. | | Speaker: |  | Tanguy Lesselin
CEO
Finquest | | | | Date: | April 23, 2020 (Thursday) October 15, 2020 (Thursday) | | Time: | 12:30 - 14:00 | | Venue: | The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, HK | | Fee: | Corporate Full Member
One free pass per company
Additional pass: HK$450 per person
Corporate Associate / Overseas Member
HK$450 per person
Non-Member
HK$900 per person | | CPT: | 0.5 point | | | |
| | Golf Day has been rescheduled to November 3, 2020 at the Shek O Golf & Country Club. |  |  | | Date: | March 6, 2020 (Friday) November 3, 2020 (Tuesday) | | Time: | Registration and breakfast: 7:30 am
Shotgun start: 8:15 am
Lunch: 1:00 pm | | Venue: | The Hong Kong Golf Club (Fanling) The Shek O Golf & Country Club
Address: 15 Shek O Road, Shek O, Hong Kong | | Format: | Scramble | | Fees*: | Early bird rate (payment deadline: September 4, 2020)
Members: HK$2,600 HK$2,900
Non-members: HK$3,500 HK$3,800
* Fee inclusive of light breakfast and lunch | | | Individual booking: | Team booking: | | | | |
|  | | Asia Private Equity Forum | | 6 CPT points can be claimed after attending the full-day event. | | Date: | January 20, 2021 (Wednesday) | | Time: | 8:30 - 17:30 (followed by a cocktail reception) | | Venue: | Forum - N101, Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, HK;
Luncheon - N201, Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, HK | | Fee: | Early Bird Rate (Payment deadline: November 6, 2020)
HKVCA MEMBERS with membership 2021 renewed
CORPORATE FULL MEMBERS
One free pass per company
Additional pass per person: HK$3,600 HK$4,800
CORPORATE ASSOCIATE / OVERSEAS (FULL/ASSOCIATE) MEMBERS
One pass at special rate: HK$3,200
Additional pass per person: HK$3,600 HK$4,800
NON-MEMBERS
Non-members: HK$7,000 HK$8,300 per person
Members of Supporting Organizations: HK$3,600 HK$4,800 per person | | 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. | | |
| | |  | 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 have amended the byline - or tagline – that appears immediately underneath the HKVCA’s logo. Specifically, the words “Hong Kong Venture Capital and Private Equity Association” have 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. |
| | HKVCA Official WeChat Account | | | |
| | | Belt and Road Summit
9 - 10 September, 2020 | SuperReturn Asia
21 – 24 September, 2020 | SuperReturn China
11 – 13 November, 2020 | | | | New Members | | Corporate Full Members | | LKK Health Products Group Limited | | LKK Health Products Group is a major business owned by Lee Kum Kee, one of the oldest consumer brands in Greater China that dates back to 1888. The Group has an active corporate strategic M&A program; an active VC arm, Happiness Capital; and a sizable property investment team. The Group employs approximately 5,000 people. Group CFO, John Ng, is in charge of corporate strategic M&A, and sits on the Investment Committees of the Group’s VC arm and property investment arm. | | | | Mekong Capital Partners | | Mekong Capital is a Vietnam-focused Private Equity firm, specializing in consumer driven businesses. Mekong Capital’s investee companies are typically among the fastest growing and market leading companies in Vietnam’s consumer-driven sectors such as retail, restaurants, consumer products and education. | | | | Ocean Link | | Ocean Link is a private equity firm with a focus on China’s travel and leisure sectors. Ocean Link currently manages a USD fund and an RMB Fund. With teams in Shanghai, Beijing and Hong Kong, Ocean Link invests across the value chain and sub-verticals of the travel and leisure sectors, including online and offline travel services, hotels and resorts, destination services and entertainment, sector-related technology and business solutions providers. | | | | Corporate Associate Members | | Consulate General of Canada in Hong Kong and Macao | | | | Dechert | | With some 200 financial services lawyers in 15 offices throughout the world, Dechert was the first and remains the leading law firm with a funds practice in all key European fund domiciles, including the UK, Ireland, Luxembourg, Germany and France, as well as the US, the Middle East and Asia. The firm is consistently recognized as a top law firm for investment funds by a number of national and global publications, including Chambers, The Legal 500 and Best Lawyers. | | | | Forge Global, Inc. | | Founded as "Equidate" by Y Combinator entrepreneurs with first-hand experience in private market inefficiencies, Forge operates a platform facilitating the purchase and sale of interests in privately held, late-stage technology companies. We operate across the spectrum, providing liquidity on the sell-side to shareholders ranging from employees to early VC firms, and providing access on the buyside to investors ranging from high net worth individuals to institutional asset managers. Best-in-class access and execution has enabled us to become a dominant, global player in the pre-IPO space, having completed $1.7B in transaction volume as of the end of 2018. | | |
| | | | HKVCA Research Journal Issue 7: ESG in Private Equity Investing - A Refreshed View |  | | Download the journal here. | | |
| | | | HKVCA ESG Award of Excellence 2019 | | The HKVCA has produced a video on the 2019 ESG Award of Excellence. The video features interviews with the two winners, conducted by Jie Gong, head of the HKVCA’s ESG committee, in which the winning cases and the firms’ ESG journeys are discussed. | | | | ● HKVCA ESG Award of Excellence 2019 | | ● Interview with the winners | | |
| | | | Survey on the outlook for private equity | Global markets are facing a period of uncertainty in the midst of the COVID-19 pandemic, with governments and businesses alike taking unprecedented steps to protect both people and the economy. Intertrust, a leading global provider of tech-enabled corporate and fund solutions, is interested in hearing the views and outlook of private equity professionals.
If you are interested in participating, click here to complete this anonymous survey before April 24, 2020. (*Note: this survey is to be completed by Fund Managers only.*) | | |
| | | | Industry News | | | | Tax measures in response to COVID-19 | | PwC have prepared a summary of global tax measures taken in response to COVID-19. Click here to view the doc. | | | | CVC closes fifth Asia fund at $4.5b | | April 3, 2020 | | (AVCJ by Tim Burroughs) - CVC Capital Partners has closed its fifth Asia fund at the hard cap of $4.5 billion. The firm said the step up from $3.5 billion for Fund IV reflects an expansion in its regional investment capabilities... | | (link to the full article) | | | | Asia's largest companies try to sell down stakes in startups | | March 31, 2020 | | (FT by Mercedes Ruehl) - Asia’s biggest companies are selling down their stakes in the region’s most promising tech start-ups, including Indonesia’s Gojek and China’s Didi Chuxing, as they refocus their resources to weather the coronavirus crisis... | | (link to the full article) | | | | CR-CCT Industry Pilot Fund invests in Yitu Technology | | March 19, 2020 | | When the world is suffering impact from Coronavirus, CR-CCT Industry Pilot Fund undertook efforts to perform daily duty as before. Recently, CR-CCT Industry Pilot Fund, co-managed by China Resources Capital Management and China Chengtong (HK), overcame a series of unexpected difficulties to complete a US$30 million investment in the world-class artificial intelligence company "Yitu Technology". The fund will continuously target high-tech companies to create synergies for parent groups and assist invested companies with original world-leading technology to industrialize and scale up... | | (link to the full article) | | | | Oriente has raised US$20 million from an up to US$50 million debt funding facility from Silverhorn | | March 4, 2020 | | (Press Release) - Oriente, the technology and data science company creating opportunity through financial access for Southeast Asia, announced today that it has secured a US$20 million debt funding facility from Silverhorn Group, a leading Hong Kong-based multi-asset investment firm... | | (link to the full article) | | | | Innovation and Technology Venture Fund invites new round of applications from venture capital funds | | January 16, 2020 | Application deadline extended to April 15, 2020.
Press Release - The Innovation and Technology Commission today (January 16) invited a new round of applications from venture capital funds to become co-investment partners of the Innovation and Technology Venture Fund. Venture capital funds incorporated in Hong Kong or overseas are welcome to apply before the deadline of March 31... | | (link to the full article) | | | | More news in Industry News | |
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