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Executive
Committee
2004/2005
The following officers have
been elected to serve the HKVCA from July 2004 to
June 2005.
Chairman
AsiaTech Ventures Limited
Mr. Hanson Cheah |
| Vice Chairman |
JAFCO Investment(Hong Kong) Limited |
Mr. Vincent Chan |
| Treasurer |
Walden International |
Mr. K.O. Chia |
| Secretary |
PPM Ventures Limited |
Mr. Allan Homeming |
| Member |
3i Asia Pacific Plc. |
Mr. Jamie Paton |
| Member |
Baring Private Equity Partners (HK) Limited |
Mr. Jean Eric Salata |
| Member |
China Merchant Holdings (International) Co.
Ltd. |
Mr. Timothy Shen |
| Member |
Citicorp Capital Asia Limited |
Mr. Gordon Clancy |
| Member |
General Enterprise Management Services(HK)
Limited |
Mr. Kevin Yip |
| Member |
JP Morgan Partners Asia Pte. Limited |
Mr. Stephen King |
| Member |
PAMA Group (Hong Kong) Limited |
Ms. Monica M. Tsui |
| Member |
Telecom Venture Group Limited |
Mr. Varun Bery |
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Year
2003/2004 in Review
Chairman Kevin Yip
  INTRODUCTION
The year 2003/2004 is one of extraordinary recovery for Hong
Kong and Asia. No one has expected the recovery to come as quickly
and with such vigor after the problems we had with SARS. Booming
exports, stunning rise in the stock market, and spectacular
increases in property value all led to a healthy rebound in
consumer confidence. This finally brought about a steady decline
in unemployment and a reversal of the deflationary pressure
which have had such a negative impact on the economy these past
years.
This is also true for our industry.
Since our last report, we have witnessed a broad based upswing
in the Asian Private Equity market after a period of almost
zero activity during the second quarter of last year. This is
reflected in the healthy rise in activities relating to new
investments, exits, and fund raising. The industry has weathered
the problems of 2001 to 2003 well, and in the process it has
strengthened its role as a value-added investor by assisting
investee companies in business integration, management, financial
controls, communication, and marketing. Many of the companies
we have supported have achieved excellent returns and we have
seen a number of good exits during the year.
Despite recent efforts to slow down
the economy, China continues to lead growth in Asia, complimented
by a Japan whose economy seems to have finally turned the corner
for good. We are seeing larger transaction sizes and hopefully
with that an increasing inflow of new funds into Asia. We are
encouraged by the relatively pragmatic approach of China's new
generation of leaders. Their continued ability to balance stable
growth with the economic aspiration of the population will be
a key to sustaining its economic growth and development. And
Hong Kong will of course continue to be a major beneficiary
of it.
Our industry has changed. It has
grown from one asset class, which was largely development capital,
to the full range of private equity which now includes buyouts,
technology and venture funding, to mezzanine and distressed
debt. This increase in activity has been in part a result of
a long and difficult restructuring process after the Asian financial
crisis and the subsequent reforms made by theAsian economies.
Within our own industry, we have
also been working on issues relating to corporate governance
and transparency in disclosure in order to attract new funds.
We at the HKVCA represent the private equity community, and
we focus on building an environment that will be conducive to
the continued growth of the industry in Hong Kong. During the
year, your Exco put together a Road Map with the formation of
seven committees to move our initiatives forward.
We continue to put in a significant
amount of time and efforts in raising the profile of the industry
through seminars and conferences in Hong Kong and China to educate
potential investee companies, our investors as well as the public
at large.
One of the primary focus for us
this year has been on developing performance data and benchmark
for our industry. A great deal of effort has been undertaken
in this initiative and we sincerely hope all members will support
and participate fully in this effort to ensure that results
are meaningful. This is not and should not be a one-time effort
but will be a multi-year program. This is the only way we can
further develop the private equity business in Asia by attracting
genuinely long term and institutional investors.
Another issue of importance to the
industry is the question of profit tax exemption currently under
discussion with the government. During the year your Association
submitted its formal position paper to the Secretary of Financial
Services and Treasury, and deliberations are currently underway.
As always your Association welcomes
your input and participation.
The list of our activities during
the year provided to you will give you details of the work of
the Association. The Executive Committee and Sub Committees
have devoted considerable amount of time, meeting formally at
least twice or more a month, to execute the various initiatives
of the Association. We are very grateful to them for their commitment
and efforts. These are all very busy people with extensive travelling
schedules. On behalf of the HKVCA, I would like to thank them
for their service and commitment.
From my own
personal perspective, I have been involved with our Exco for ten
years, and I can say that our committee members have never been
more active. And there has never been more support from them and
from their respective institutions. This is a very positive development
for our members and for our industry. Again a huge note of thanks
to those of our Exco members who have devoted much of their time
and efforts to the HKVCA.
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HKVCA
Venture Capital/ Private Equity Partnership
Conference
13 September 2004, Hong Kong Convention
and Exhibition Centre
The year 2003/2004
is one of extraordinary recovery for Hong
Kong and Asia. It witnessed a broad based
upswing in the Asian Private Equity market,
with a healthy rise in activities relating
to exits, fund raising, new markets and new
paradigms. Its activities had increased and
it has grown from one asset class, development
capital to the full range of private equity
which now includes buyouts, technology, mezzanine
and distressed debt. The industry has not
only weathered the crisis of 2001 to 2003,
it has strengthened its value added role in
assisting companies in which they have invested
in business integration, management, financial
controls, communication, and marketing. Many
of the companies supported by private equity
have achieved excellent returns, leading to
a steady stream of exits during the year.
The Venture Capital
Partnership Conference is the major annual
event for the Association. This year the discussions
will focus on how venture capitalists and
private equity funds have invested with excellent
results and the opportunities they now seek.
An understanding of the way they support a
company and the value add they provide to
companies to achieve the next level of development.
The conference will be useful for CEOs, CFOs,
corporate executives, entrepreneurs as well
as leading industry practitioners.
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New Members Welcome
Full
Member
Celestial Asia Securities
Holdings Ltd.
Associate
Member
Hill & Associates
Ltd.
Dr. David Michael
Miller-Martini – University Researcher
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Seminar for promoting Hong Kong's R & D capabilities
and outputs to enterprises in Pearl River Delta
PRC
Hong Kong Innovation
Technology Commission, HKSAR will organize a series
of seminars for promoting Hong Kong's R & D
capabilities and outputs to enterprises in Pearl
River Delta PRC. The fist seminar will take place
at Guangzhou, details of first seminar are as follow:-
Date: 22 July 2004
Venue: China Hotel, Guangzhou
Time: 9:00am - 5:30pm
Free : Seminar,
transportation and lunch are free of Charge, participants
only pay for accommodation
For further queries, please contact
Ms. Angela Yu
TechMart, Hong Kong Productivity Council
HKPC Building, 78 Tat Chee Avenue
Kowloon Tong, Hong Kong
Tel: (852) 2788 5904
Fax: (852) 2788 5413
email: angelayu@hkpc.org
website: www.hktechmart.com
www.hkpc.org
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Public Securities Offering - Cross Border Listings
by China Firms
Organized by: IBC Asia(S)
Pte. Ltd.
5-6 August, JW Marriot, Hong Kong
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Richwap
Company Limited
Nature Business:
Enterprise Mobile Computing Software Development
Funds Required: US$ 1,000,000
Project Details:
Richwap is a leading Enterprise Mobile Computing
solution provider based in Hong Kong. Richwap
markets its award winning Mobile Facilities Management
System and Pocket Info Center solutions to organizations
seeking to gain competitive advantage and staff
productivity by extending applications to mobile
handheld devices for their sales and service teams.
The company's mobile solution architecture is
designed to dramatically reduce the time and effort
to add mobility to enterprise applications and
corporate data for their workforce and executives
on the move.
Richwap plans
to expedite its productization and sales/marketing
effort to capture the emerging mobile computing
business opportunities in Hong Kong and China.
Since its establishment in 2000, Richwap has experienced
steady growth that started with 3 founders to
15 staff today. Richwap is seeking to finance
the expansion plan that will place Richwap in
a leadership position in the mobile computing
markets in Hong Kong and China.
Contact Details:
Address: Suite 2109, 21/F, 8 Wing Hing Street,
North Point, Hong Kong
Website: www.richwap.com
Contact Person : Mr. Harold Tsang
Email: harold.tsang@richwap.com
Tel.: Off: +852 3106 8002 Cell: +852 9253 5678
Fax: +852 2887 9983
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Sycra
(Hong Kong) Group Limited
Nature Business:
Software Developer, Management and Operational
Consultants
Funds Required: The total development budget
is $HK68 million, but this is for the total suite
of software. Sales revenue would be expected after
$HK24 million with a further $HK9 million to fund
the initial launch and marketing of the package.
It is anticipated that some corporate funding,
from the lead users, would be forthcoming but
this is yet to be finalised.
Project Details:
This project's purpose is to develop, market,
and implement an Enterprise and Personal Software
Suite. It has been conceived after extensive research
into the theories and practises of business operation
and management. It integrates tried and proof
best practices into the daily work of an enterprise.
It provides full process life cycle management
and visibility, by providing the applications
that define needs, plan responses, determine and
allocate resources, initiate work, monitor progress,
and evaluate the result's quality. It enables
the changes, that impact an enterprise, to be
sensed, reported, adaptively responded too.The
project involves a cooperative develop, with major
international corporations as lead users, industry
and discipline experts who will design the best
practice templates, a team of local Hong Kong
IT experts who will define detailed requirements,
complete the design, manage the build, and test
document and package the suite, together with
software programmers from a lower cost development
location. As the project is progressively completed
a sales, marketing, consulting and support organisation
will be created to realise the multi hundred million
per annum sales revenue in three years.
Sycra-Solutions
provides a revolutionary new approach to managing
and operating any enterprise, yet it embeds the
tried and proven processes. It provides a core
generic metadata structure that enables business
users, without detailed IT competencies, to enhance
the data and information structures to meet specific
needs of their enterprise. This can also be achieved
without requiring software modifications to the
core enterprise process operational and management
engines, and other specialised functions. Sycra-Solutions
offers large corporations, SMEs, and individuals
one software environment for the whole organisation,
and using the latest web, messaging, and software
infrastructural technology, integrated with a
comprehensive life cycle process manager to provide
a new approach to management and operations, that
enables them to quickly and effective adapt to
today's fast changing environment.
Contact Details:
Address: 4a 11 La Vista, Discovery Bay.
Contact Person: Mr Ross Amer
Email: ross.amer@sycra.com
Tel.: (852) 82012360
Fax: (852) 30201526
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All
the newsletters will be sent by email. To receive
by fax, please contact Mr. Alex Tsang at
Tel: (852) 2845 6100
Fax: (852) 2526 2713
Email: enquiry@hkvca.com.hk
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