Dear Subscriber,

   Introduce the new Board of Directors

The Hong Kong Venture Capital and Private Equity Association (“HKVCA”) announced that Conrad Tsang has been elected Chairman of the Association, effective 6 September 2013. He succeeds David Pierce who has been Chairman of the HKVCA since 2011.

Mr. Tsang, who brings to the role of Chairman more than 13 years of private equity investment experience across a wide spectrum of industries, said: “I am delighted to be taking the chair of HKVCA at such an important time for the venture capital and private equity industry in Hong Kong. Having been engaged with HKVCA since 2006, I am honored to have witnessed and been able to contribute to HKVCA’s growth over the past seven years. In Asia we have experienced strong growth over that time; but there are also challenges to promote further structural, regulatory and investment changes in our industry.”

“Since its establishment in 1987, the HKVCA has made significant contributions to the industry, not only in Hong Kong but across Asia.  In the coming years, we will continue to support our members and liaise with governments and regulatory bodies to maintain our influence in the community. We aim to further stimulate a vibrant venture capital and private equity industry in Hong Kong, as well as to promote the vital roles of our member firms in value creation, innovation and economic development.”

David Pierce, the HKVCA’s outgoing Chairman and a partner at FLAG Squadron Asia, added: “I am gratified to report that, during my two years as HKVCA chairman,  the Association’s membership base has grown significantly in terms of breadth and depth.  At the same time, we have steadily developed and enhanced our important relationships with industry stakeholders as well as with relevant government bodies. ”

“I congratulate Conrad on his election and am sure that he will bring his considerable energy and industry experience to bear in helping the HKVCA achieve yet more growth and success in the future.”

In addition to electing Mr. Tsang as Chairman at the HKVCA’s AGM on 6 September, the members elected the following officers and board members: Vice Chairmen: Eric Mason, John Levack and Joseph Wan; Presidents: Johnny Chan, Vincent Chan and K. O. Chia; Secretary: Lucia Wu; Treasurer: Chi Kin Tsang; Executive Directors: William Ho, David Pierce, Siddharth Sharma, Marvin Lai, Craig Wikinson, Denis Tse, Jie Gong, Anna Cheung, Jelmar C.J. de Jong, Alain Fontaine, Gabriel Li and Steve Wang; and Non-Executive Directors: Yibing Wu, Terry Hu and Douglas Ng.

About the Hong Kong Venture Capital and Private Equity Association (HKVCA)

Founded in 1987, the HKVCA’s mission is to encourage a vibrant venture capital and private equity industry in Asia while promoting the role of member firms in value creation, innovation and economic development. The HKVCA provides a forum for networking and experience sharing on behalf of its members; promotes industry-wide professional ethics, international best practices and standards; and represents the views of its members before governmental and other relevant bodies.

The first venture capital funds were formed in Hong Kong in the early 1980s with money raised from local and foreign investors. Hong Kong's low and relatively uncomplicated tax structures, financial infrastructure and efficient communications have encouraged many venture capitalists to set up their operations in the Special Administrative Region. While much venture capital investment is China related, Hong Kong is the center for regional investment.

For more information, please visit: http://www/hkvca.com.hk

Upcoming Event

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Keynote Speakers:    Dr. Shangzhi Wu,          Chairman,         CDH Investments    ___ ___ Steve Martinez Head of Asia Pacific &  Senior Partner,  Private Equity,  Apollo Management Weijian Shan Group Chairman and  Chief Executive Officer,  PAG Capital ___ View All Speakers APEF 2014 will include keynote speeches from industry leaders addressing The evolution of private markets in China: what next? How a global private equity firm has developed its Asian strategy Home-grown firms developing multiple strategies across the markets of Asia Performance of Asia private equity funds to date: Good enough? Panel discussions with prominent GPs addressing Exits and liquidity, the perennial challenge in Asia? Private equity in China: what happens when the IPO window is closed? The private markets of Southeast Asia: Indonesia and the rest How do pan-regional funds compete with each other and with country specific funds? The resurgence of interest in Japanese private equity in the era of “Abenomics” South Korea goes from strength to strength: How sustainable? Indian private markets at a crossroads: Whither reforms and the Rupee? Effective fundraising and investor relations in the new era Date: January 15, 2014 (Wed) Time: 08:30 - 17:30 followed by cocktail reception Venue: S421 Hong Kong Convention and Exhibition Centre  CPT:              6.5 points   ________________________________________________ Date: January 15, 2014 (Wed)                                                               Time:           07:00  - 09:30 pm Venue: S221 Hong Kong Convention and Exhibition Centre  Highlights of HKVCA Gala Dinner 2013     _________________________________________________________ Members Only Event Date: October 4, 2013 (Fri)     FULL Time: 08:00  - 09:00 am Venue: Hong Kong Club, 1 Jackson Road, Central, Hong Kong Fee: Full Member: One free pass per company                   Full Member (additional pass)/ Associate Member: HK$200    _________________________________________________________ Seminar with Cocktail     FULL How Do Portfolio/ Operations Teams Add Value?  What are the various models of portfolio involvement?  How do they work?  How do these teams work with deal teams and portfolio management?  What are some interesting case studies? Moderator: Joseph Wan, Cinven HK Ltd. Sponsored by:  Panelists: Leong Cheung, Bain Capital Ivan Kwok, Cinven HK Ltd Alvin Lam, CVC Capital Partners Chi-Kin Tsang, HKVCA George Lan, Resources Global Professionals Date:       October 7, 2013 (Mon)   Time: Panel Discussion: 17:00-18:30 & Cocktail: 18:30-19:30 Venue: 27/F, Club Lusitano, 16 Ice House Street, Central, Hong Kong Fee: Full Member: HK$100/ Associate Member: HK$200        Non-Member: HK$500 CPT: 1.5 points     _________________________________________________________ Members Only Event Meet the Regulator – Recent Market Developments and the Strategic Role of Private Equity Managers     FULL Speaker: Alexa Lam, Deputy Chief Executive Officer, Investment Products, International and China, Securities and Futures Commission (SFC) Sponsored by:  Date: October 11, 2013 (Fri) Time: 12:30 - 14:00 Venue: The China Club, 14/F Old Bank of China, 1 Bank Street, Central, HK Fee:               Full Member: One free pass per company Full Member (additional pass)/ Associate Member: HK$400 CPT: 0.5 point  _________________________________________________________ Members Only Event Hong Kong, the Rising City for Angel Investors Why Hong Kong is the city for angels? Why Hong Kong is a good place to get angel funding now? Hong Kong Startup Deal Database Speakers: Denis Tse, Head of Private Investment - Asia, Lockheed Martin Investment Management Company Tytus Michalski, Managing Director of Fresco Capital Advisors Simon Newstead, CEO of Frenzoo Full Speakers Bio Date: October 17, 2013 (Thurs) Time: 12:30 - 14:00 Venue: Bloomberg Conference Room 27/F, Cheung Kong Centre, 2 Queens' Road Central, HK Fee:               Full Member: One free pass per company Full Member (additional pass)/ Associate Member: HK$200 CPT: 1 point      _________________________________________________________ HKVCA Young Professional Beer Pong Charity Fund Raising Tournament Our charity event is aimed to raise funds for St. James Settlement - People’s Food Bank, which provides food for the needy and emergency food supplies for poor families. Space is limited and will be available on a first-come-first-served basis. Please contact HKVCA or click here for additional registration details. Date: October 18, 2013 (Fri) Time: 19:00 - 22:00 Venue:      Privé, Basement, Century Square, 1-13 D'Aguilar St., Central, HK Fee:        Advance Ticket: HK$100 (Include one drink) Ticket at Door: HK$200 (Include one drink)  _________________________________________________________ Members Only Event Muddier Waters? An Analysis of Short Sellers This presentation is an examination of the actions of short sellers, with particular focus on their targeting of Chinese companies. Attacks on prominent Chinese firms listed on foreign stock exchanges have exposed bad accounting and fraudulent activities, but they have also perpetuated and often fueled the fire of distrust in the Chinese market. The talk will use Muddy Waters as the prime example since it has been the most high profile and well documented player in this field. Speaker: Stuart Witchell, Senior Managing Director, Global Risk and Investigations, FTI Consulting Full Speakers Bio Sponsored by: Date: 25 October, 2013 (Fri) Time:           12:30 - 14:00 Venue: The China Club, 14/F Old Bank of China,1 Bank Street, Central, HK Fee:               Full Member: One free pass per company Full Member (additional pass)/ Associate Member: HK$400 (Lunch will be provided) CPT: 0.5 points      _________________________________________________________ Members Only Event Establishing and Raising Funds From a Family Office A discussion on the evolution of the different stages of family offices Specifics of Asian based family offices and their attitude toward raising funds with a GP Establishing a Family Office - what you need to know Legal, regulatory and practical considerations for establishing family offices Structure of family offices PE/VC fund-raising from family offices Speakers: K. O. Chia, President , HKVCA Lorna Xin Chen, Partner, Shearman & Sterling Full Speakers Bio Date: 19 November, 2013 (Tue) Time: 15:00 - 17:00 Venue:         Shearman and Sterling Office, 12/F, Gloucester Tower, The Landmark  15 Queen's Road Central, Central, HK Fee:               Full Member: HK$150 Associate Member: HK$300 Non-Member: HK$600 CPT: 2 points        _________________________________________________________    HKVCA 11th Wine Tasting Event  Please come and join us for the Sweetest Night of the Year! Date:  November 25, 2013 (Mon) Time: 18:30 - 20:30 Venue:    Hong Kong Club, 1 Jackson Road, Central, Hong Kong Fee:             HKVCA Member: HK$350 AIMA Member: HK$420 Non-Member: HK$800  Sponsored by:                _________________________________________________________ HKVCA Christmas Cocktail 2013  Date:  December 6, 2013 (Fri) Time: 18:00 - 20:00 Venue: The American Club, 49/F, Exchange Square 2, Central, HK Fee:                 HKVCA Member: HK$250 Non-Member: HK$550 Sponsored by:             _________________________________________________________ Other Supported Events: Cyberport Speaker Series: Fundraising In Silicon Valley 9 October, 2013 by Cyberport Private Equity in Emerging Markets 2013 15 October, 2013 by FT Live and EMPEA Private Equity in Africa 2013 16 October, 2013 by EMPEA BVCA Summit 2013 17 October, 2013 by BVCA The 26th Annual AVCJ Private Equity & Venture Forum 2013 12-14 November, 2013 by AVCJ Ernst & Young Entrepreneur Of The Year 2013 China Awards 15 November, 2013 by Ernst & Young The 5th Global Private Equity Beijing Forum 1 December, 2013 by CVCA under NDRC StartmeupHK Venture Programme 2013 4-7 December 2013 by InvestHK Asian Financial Forum (AFF) and Deal Flow Matchmaking Session 13-14 January 2014 by HKTDC

New Members Welcome

Full Members

Ontario Teachers' Pension Plan (Asia) Limited
Represented by 
Raju Ruparelia, Senior Principal
Christian Dunn, Principal

BlackRock Asset Management North Asia Limited
Represented by 
Scott Greenberg, Managing Director
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2013, BlackRock’s AUM was $3.857 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles

Associate Members

SinoPac Solutions and Services
Represented by
Steve Bernstein, CEO
Trista Pang, Business Development Manager
SS+S is a comprehensive portfolio management support platform within SinoPac Holdings. We deliver high quality service to small and medium-sized funds. Our offerings include fund accounting, middle office,portfolio analytics, risk reporting and investor statements. We also are able to on-board funds to SinoPac Asset Management

Stroz Friedberg
Represented by
Ian Barclay, Managing Director
Thomas Roch, Director

Yvonne Yip & Associates Limited
Represented by
Yvonne Yip, Director

Recent Events Report

Brown Bag Lunch Talk - Largest Privatization of a US-listed Chinese Company to-date Case Study - Focus Media
Aug 30, 2013

On August 30, 2013, Terry Hu, FountainVest Partners (Asia) Limited, Michael George DeSombre from Sullivan & Cromwell (HK), and Douglas Freeman from Fried Frank shared with an eager audience of nearly 50 their experiences structuring this pioneering deal. The event was held at the Sullivan & Cromwell (HK) office.

HKVCA-SFC PRIVATE EQUITY FUNDAMENTALS COURSE 2013
Sep 30, 2013

The HKVCA-SFC Private Equity Fundamentals Course is a comprehensive and intensive training program that has been specially designed for professionals working at the Securities and Futures Commission (SFC). The goal of the course is to provide these professionals with greater insight into and a more significant understanding of the fundamental principles involved in the private equity and venture capital industry.

We would like to thank our speakers for their invaluable contribution and support.

K O Chia from HKVCA on Intro & PE in Asia

Lorna Chen and Pang Lee from Shearman & Sterling on Established PE Funds 

David Eich, Stephanie Tang, and Michel Debolt from Kirkland & Ellis on Principal China Regulatory Issues 

Vincent Warner, Managing Director and Chief Executive Officer of Chepstow Capital to deliver topics on Deal Sourcing, Due Diligence

Anna Cheung from HKVCA on Exit Strategies

Bernard Poon and Emily Tam, Partner and Manager of Transaction Advisory Services of Ernst & Young on Valuation issues

William Ho, Partner of CVC Asia Pacific Ltd. on Deal Financing

Josh Jacob from Hamilton Lane and Kallan Resnick from Park Hill Group on Deal Financing

William Ho, Partner of CVC Asia Pacific Ltd. on LP Universe & Fund Raising

HKVCA 26th Annual General Meeting
Sept 6, 2013

With more than 50 members in attendance at the HKVCA’s 26th AGM at the China Club, the members elected 24 officers and board members and passed special resolutions aimed at providing clearer guidance with respect to the Association's corporate governance. We would like to thank all our valuable members for their continuous support to the Association during this past year.

InvestHK Israeli Delegation Visit
Sept 9, 2013

On September 9, 2013, the HKVCA joined InvestHK in welcoming Dr. Avi Hasson, Office of the Chief Scientist of the Government of Israel, to a special talk and discussion on how Israel encourages start-ups and possible strategies to further encourage start-up ecosystems in Hong Kong. 

Tokyo Stock Exchange Delegation Visit
Sept 24, 2013

On the afternoon of September 24, 2013, representatives from the HKVCA hosted five delegates from the Tokyo Stock Exchange sharing information on current TSE initiatives and capital market developments in the Topix, Jasdaq, and Mothers. We would like to thank Bloomberg for kindly allowing us use of their conference room.

Latest News

Global Venture Capital Congress 2013
November 8 & 9, 2013
Hong Kong

The venture capital and private equity (VC/PE) industries have evolved substantially from their roots in Europe and America over forty years ago. While initially focused on technology startups in the 1970s, today’s VC/PE asset classes now include growth equity and leveraged transactions of both mature and rapidly growing businesses. And no longer is investment principally found in America and Europe, with active industries on every continent. The domestic focus of the past two decades of most VC/PE investors has evolved as venture capital and private equity have become an international business with investors increasingly indifferent to national borders.

Click here for more details

Be part of our first annual HKVCA Membership Drive and win a complimentary ticket to this year’s Gala Dinner when you sign up just one new member.

• The membership award will be backdated to the period 1 January 2012 –31 December 2013.

• HKVCA members who nominate a qualified prospective new member will be awarded 1 (one) membership drive point.

• Each membership drive point will be rewarded with a complimentary pass to attend the HKVCA Annual Gala Dinner.

Current Tally: