Dear Subscriber,
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Upcoming Event |
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For sponsorship opportunities, please contact Joanne Yuen:
Tel: (852) 2167 7519 / Email: joanne.yuen@hkvca.com.hk
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Members Only Event
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Date: |
August 2, 2013 (Fri) |
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Time: |
08:00 - 09:00 am |
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Venue: |
Hong Kong Club, 1/F, 1 Jackson Road, Central HK |
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Fee: |
Full Member: One free pass per company |
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Full Member (additional pass)/ Associate Member: HK$200 |
Sponsored by: 
 
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Full Members Only Event
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Date: |
July 11, 2013 (Thu) |
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Time: |
19:00 - 21:00 |
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Venue: |
Bar Six, 6F, Parekh House, 63 Wyndham Street, Central, HK |
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Fee: |
Cash Bar |
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Remarks: |
Full members only |
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Members Only Event
The Recent Market Development and How Private Equity Managers Fit Into the Strategy
Speaker:
Alexa Lam, Deputy Chief Executive Officer, Investment Products, International and China, Securities and Futures Commission (SFC)
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Date: |
Postponed new date to be confirmed |
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Time: |
12:30 - 14:00 |
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Venue: |
The China Club, 14/F Old Bank of China, 1 Bank Street, Central, HK |
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Fee: |
Full Member: One free pass per company
Associate Member: HK$400 |
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Members Only Event
Largest Privatization of a US-listed Chinese Company to-date Case Study - Focus Media
• Mergers—What you need to know about the key issues faced when
negotiating a merger agreements
• Regulatory investigations at Target Company – issues in merger and financing
• Club deals—How to build and manage a consortium in a complex transaction
• Leverage Financing – innovations particular to China business held through
offshore structure
Speakers:
Terry Hu, FountainVest Partners (Asia) Limited
Michael George DeSombre, Sullivan & Cromwell (Hong Kong)
Douglas Freeman, Fried Frank
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Date: |
August 30, 2013 (Fri) |
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Time: |
12:30 - 14:00 |
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Venue: |
Sullivan & Cromwell (HK), 32/F, Nine Queen's Road Central, HK |
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Fee: |
Full Member: One free pass per company/ Associate Member HK$200 |
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(Sandwiches and drinks will be provided) |
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Members Only Event
The 26th Annual General Meeting
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Date: |
September 6, 2013 (Fri) |
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Time: |
12:00 - 14:00 |
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Venue: |
The China Club, 14/F Old Bank of China, 1 Bank Street, Central |
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Fee: |
Full Member: Free |
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Associate Member: Free (Attend AGM only);
$300 (Attend AGM and Lunch or Attend Lunch only) |
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Seminar with Cocktail
How Do Portfolio/ Operations Team Add Value?
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What are the various models of portfolio involvement?
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How do they work?
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How do these teams work with deal teams and portfolio management?
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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 - Resource Global Professionals
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Date: |
September 13, 2013 (Fri) |
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Time: |
Cocktail: 18:30-19:30 |
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Venue: |
27/F, Club Lusitano, 16 Ice House Street, Central, Hong Kong |
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Fee: |
Full Member: HK$100/ Associate Member: HK$200/ |
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Non-Member: HK$500 |
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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
Sponsored by: 
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Date: |
October 25, 2013 (Fri) |
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Time: |
12:30 - 14:00 |
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Venue: |
The China Club, 14/F Old Bank of China,1 Bank Street, Central, HK |
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Fee: |
Full Member: One free pass per company/ Associate Member HK$400 |
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(Lunch will be provided) |
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HKVCA 11th Wine Tasting Event
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Date: |
November 25, 2013 (Mon) |
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Time: |
18:30 - 20:30 |
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Venue: |
Hong Kong Club, 1 Jackson Road, Central, Hong Kong |
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Sponsored by:  
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HKVCA Christmas Cocktail 2013
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Date: |
December 6, 2013 (Fri) |
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Time: |
18:00 - 20:00 |
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Venue: |
The American Club (49/F Exchange Square 2, Central) |
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Sponsored by:  
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In It For The Long Term: Interview with Conrad Tsang, Vice Chairman, HKVCA
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In his position as Vice Chairman of the Hong Kong Venture Capital and Private Equity Association (HKVCA) and its PRC Committee Chairman, Conrad Tsang has had the opportunity to both experience and watch the development of private equity and the talent it attracts in Hong Kong and the Mainland. With the multiplicity of career paths in private equity, what would he advise someone trying to find out which would suit them best?
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“A person needs to ask themselves what kind of a character they are, what lifestyle they seek in terms of work-life balance. The lifestyle of a general partner (GP), for example, can be quite tough in certain parts of Asia. You usually get involved in operations - you may have to go to a plant, for example, or perhaps down a mine where you might risk your life.
““But setting that aside, during a deal you have to go deep into every aspect of a business in order to make the investment decision. You have to carry out a detailed review of its business including its customers, the plants, the financials, legal documents etc. For people who are inquisitive and love to learn, they will discover a lot about the different aspects of how business operates,” Tsang said.
That said, he noted that specific characteristics are more relevant than others. For a Limited Partner (LP), for example, people judgment is important.
“An LP’s job is to judge how the GPs run their firms, their track records, expertise and investment strategies. An LP is less involved in the projects themselves so you could say the role is less exhausting in terms of not having to visit projects directly all the time,” he said.
The professional backgrounds that are attractive for venture capital and private equity firms looking for outside talent also vary. Traditionally, people hired from outside of the industry come from management consulting and investment banking backgrounds. They have the basic skills to crunch the numbers and to ask the right questions. But as Tsang noted, as Asian investors are becoming more involved in operations they are looking for new hires with operating experience, people with different perspectives when evaluating investment opportunities.
“Our industry is relatively new in Asia and there is a bit of a talent gap. It is not that easy to hire people directly from other private equity and venture capital firms, which is why we tend to hire people from other industries.
“And although the specific skills and attributes a person needs going into the profession depends on the level at which they’re hired, they all need to be good with numbers and have the patience to talk to the various levels of management in a project and understand the company’s business. Good negotiation skills are also valuable, and perseverance should not be underestimated because venture capital, for example, is long term.”
To bolster industry education, the HKVCA’s education committee runs regular basic skills courses and members’ luncheons, which give people the opportunity to meet with senior and respected speakers from different sectors of the industry who are willing to share their experiences and industry knowledge.
“These past few years the private equity and venture capital industry has been growing very fast, it is in the limelight often and garnering a lot of attention,” Tsang said. “So for those people who aspire to the profession, they need to take a long-term view of the industry because it does take many years for an investment to bear fruit.”
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Other Events Supported by HKVCA:
Symposium on Investor Relations 2013
July 11, 2013 by HKEx & HKIRA
HKTDC SmartHK Guangzhou Seminar on Fund Raising Channels for Mainland Enterprises
August 28, 2013 by HKTDC
SuperReturn Asia 2013
September 16-19, 2013 by ICBI
Ernst & Young Entrepreneur Of The Year 2013 China Awards
November 15, 2013 by Ernst & Young
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New Members Welcome
Full Members
Churchill Finance Limited
Represented by
Catherine LE BOURGEOIS, CEO
First Reserve Asia Limited
Represented by
Jamie Paton, Managing Director
Garage Technology Ventures
Represented by
Sam Kwok, Partner
Garage Technology Ventures is an early-stage venture capital firm based in Silicon Valley and Hong Kong. Garage manages early-stage funds, including a cross-pacific fund that invests in US technology companies with enhanced potential when strategically partnered with Asian companies.
Hainan Huaqiao Asset Management Group
Represented by
Haoying Lin, Chairman of the Board
Kerogen Capital (Asia) Limited
Represented by
Evan Chen, Chief Financial Officer
Vision Knight Capital (China) Fund I, L.P.
Represented by
Lillian Sun, CFO
Vision Knight Capital (“VKC”) , jointly founded by Mr. David Wei and Dr. Daming Zhu in May 2011, is a PE fund focusing on mainland China’s retail/consumer, internet and e-commerce sectors. VKC team consists of China’s top corporate senior management and investment professionals with years of operation and investment experience in China’s internet, e-commerce and retail sectors. In addition to the capital investment, VKC also provide real value-added services such as operation enhancement, business model transformation/upgrade, etc, with the vision to enhance the portfolio company’s core value and in return to be recognized in the capital market.
Wilshire Hong Kong Limited
Represented by
Alexa Zhang, Managing Director
Mai Takeuchi, Senior Associate
Wilshire Associates Incorporated ("Wilshire") was founded in 1972 and is a leader in providing investment services to the institutional marketplace. Headquartered in Santa Monica, Wilshire has more than 300 employees globally, servicing many of the world's largest institutional investors. Wilshire has been a participant in the private equity market for more than 29 years.
Overseas LP Members
Carnegie Corporation of New York
Represented by
Meredith Jenkins, VP & Co-Chief Investment Officer
MFC Foundation
Represented by
Ed Wang, Chief Investment Officer
Emma Christian, Director
MFC is a multi-family office based in the US with a plan to expand PE investing in Asia.
The Rockefeller Foundation
Represented by
Chun Lai, Deputy Chief Investment Officer; Douglass Hamilton Coyle, Managing Director
Associate Members
Australian Trade Commission (Austrade)
Represented by
Dan Tebbutt, Senior Trade Commissioner; William Lin, Senior Investment Manager
The Australian Trade Commission (Austrade) is the Australian Government’s trade, investment and education promotion agency. Through a network of offices in over 50 countries, Austrade assists Australian companies to grow their international business, attracts productive foreign direct investment into Australia and promotes Australia’s education sector internationally. Austrade Hong Kong office is the first point of contact for advice on Australian government policies and regulations, industry information and connections, as well as confidential and free investment facilitation services available to target investors
Newgate Communications (HK) Limited
Represented by
Richard Barton, Managing Partner
Grace Zhang, Partner
Parson Tang (Individual)
Represented by
Parson Tang, Director, HSBC
Parson Tang is currently with HSBC Private Bank. He is responsible for managing ultra-high net worth client’s money. His team invests in a few asset classes, namely high yield bonds, both listed equity and private equity as well as derivative instruments. With regards to investment allocated to private equity, it partners with a few Chinese tycoons. Together, they co-manage these direct investment opportunities together, from deal sourcing / negotiation, investment analysis to dual diligence.
Overseas Associate Member
Schenk Consulting
Represented by
Hans-Jürgen Schenk, President
Peter Dehn, VP
More than 20 years Schenk Consulting is focusing on investment management for German and international clients.
In real estate investment management, Schenk covers Acquisition, Evaluation and Purchasing (due diligence) and Asset Management
In project investment Schenk designs and realizes project development and investment master controlling.
During the last years, Schenk has focused on the development of proton therapy facilities. Schenk is the leading expert for proton therapy projects in Germany.
Recent Events Report
The HKVCA 12th China Private Equity Summit
 June 11, 2013
 
The HKVCA’s 12th China Private Equity Summit was held on June 11 2013 at the Hong Kong Convention and Exhibition Centre. This year’s Summit proved to be our most successful to date, with more than 360 industry, entrepreneurial and governmental leaders attending from around the world.
We would also like to thank our sponsors who helped make this year’s summit possible: Gold sponsors: Morrison & Foerster and PricewaterhouseCoopers; Silver Sponsors: Blackpeak Group, InvestHK and Lunar Capital; Cocktail Sponsor: Shearman & Sterling.
Click here for more details.
HKVCA-SFC PRIVATE EQUITY FUNDAMENTALS COURSE 2013
May 14 & 29, 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 K.O. Chia, President of HKVCA, David Eich, Michel Debolt and Stephanie Tang from Kirkland & Ellis, and Lorna Chen and Pang Lee from Shearman & Sterling for their invaluable contribution and support.
Brown Bag Lunch Talk - European AIFMD by A&O and Banque Privée Edmond de Rothschild
June 4, 2013
During a midweek afternoon, Jean-Christian Six and Nicolas Papavoine from Allen & Overy, Eric Feyereisen from Banque Privée Edmond de Rothschild, and Olivier Coekelberg from Ernest & Young shared their expertise and thoughts on how to deal with the upcoming European Alternative Investment Funds Manager Directive.
Qianhai Visit
June 10, 2013
This afternoon visit to Qianhai New Business Zone was co-organised with delegations from the China Venture Capital & Private Equity Association under NDRC. This group of 20 professionals had an opportunity to gain the firsthand experience and direct dialogue with Qianhai officials on the area’s future planning.
Click here for more details.
Industry News
Asian Venture Capital and Private Equity Council, Korea Congress
May 22 - 24, 2013
The Council has extensively discussed the invigoration of cross-border investment between each Asian country, and how to further enhance regional collaboration in training courses. In November, with greater support from AVCPEC members, the Third Global Venture Capital Congress will be held in Hong Kong, with around 40 delegations around the world to join.
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