HKVCA 2010

COMING EVENT

Date:

October 22, 2010 (Friday)

Time:

12:30 – 2:00 pm

Venue:

The China Club,
14/F Old Bank of China,
1 Bank Street, Central, Hong Kong

Online:

Why invest in private assets classes?
•	Rationale and long-term returns
•	Recent trends in private investing
•	What has changed post global financial crisis?
•	Lessons learned

What is the role of private asset classes in the portfolio?
•	The spectrum of private strategies
•	Return and other objectives
•	Role of real assets

Investment philosophy and strategy
•	Determining target allocation, investment pace and commitment sizing
•	Importance of diversification, by vintage year, geography, etc.
•	Role of secondaries

Implementation: opportunities and challenges
•	Key success factors
•	Track records in Asia
•	Alignment of LP/GP interest

Q&A

Speaker:

Anouk van der Boor
Managing Director
Cambridge Associates Asia

COMING EVENT


Date:	October 28, 2010 (Thursday)

Time:	3:00 – 5:00 pm

Venue:	HKIS Learning Centre 8/F Jardine House, 1 Connaught Place, Central, Hong Kong

CPT points:	2

Outline:	Part 1 - Update on fund regulation in Europe and United States - and the consequences for Private Equity Funds in Asia! Both the European Commission and the United States Congress are issuing more stringent compliance rules and regulations for the fund industry. We will briefly discuss the consequences of these new rules for the Asian Private Equity funds. Part 2 - How to best structure your acquisition further to the tax changes in China and India? In this part, the speakers will briefly outline the opportunities to lower tax costs so to increase the fund's return by setting up intermediate holding companies. The countries which are typically considered as intermediate holding jurisdictions will be presented from a tax and practical perspective. Further, local developments (China, India etc.) which may limit the benefits of offshore holding structures will be discussed. Panel discussion: Case studies for investments into China, India, Japan

Speakers:	Nigel Hobler, Principal, KPMG Miriam Keusen, Senior Manager, Tax, KPMG Diederik Werdmölder, Regional Director, Business Development Asia, ATC Hong Kong Brian M. McDaniel, Partner, Goodwin Procter LLP

Accreditation
SFC: Licensed individuals may claim CPT points on the courses taken which their employers consider those courses as relevant to the functions to be performed by them.

COMING EVENT

An analysis of how to structure PIPE transactions in Hong Kong listed companies, including the securing of minority and financial protection rights and avoiding concert party pitfalls.


Date:	November 16, 2010 (Tue)

Time:	3:00 – 5:00 pm

Venue:	HKIS Learning Centre 8/F Jardine House, 1 Connaught Place, Central, Hong Kong

CPT points:	2

Outline:	The class will cover the following:- How to structure a PIPE investment in Hong Kong listed companies (whether old or new securities; ordinary or preference shares; convertible securities and/warrants)? Is it possible to obtain minority protection rights in the form of board representation, anti-dilution rights, veto rights, information rights etc.? How to avoid concert party pitfalls and triggering mandatory takeover obligations? Insider dealing and disclosure of interest issues. Other Listing Rule considerations. Mr Whan will speak to several precedent PIPE transactions that he and the Clifford Chance private equity team has recently advised on.

Speaker:	Mr. Andrew Whan Partner, Private Equity, Hong Kong Clifford Chance

Accreditation
SFC: Licensed individuals may claim CPT points on the courses taken which their employers consider those courses as relevant to the functions to be performed by them.

COMING EVENT

COMING EVENT


Date:	November 24-26, 2010

Venue:	Hong Kong Science Park, Shatin

Organizer:	Hong Kong Science and Technology Parks Corporation

Co-organised by HKVCA, this three-day conference focuses on technology, innovation and commercialisation in connection with developments in energy optimisation, digital living, life sciences, and telecommunications. For details, please visit: www.innoasia.net

HKVCA co-organise a VC/Angel conference on Nov 25 and an Entrepreneurial Venture Workshop on Nov 26 led by experienced practitioners from the industry. Details as follows:

Hong Kong VC/Angel Conference

Experienced international investors and local investment gurus will speak about the latest investment trends in specific technology areas and selection criteria for investment, and illustrate practical investment know-how through case studies.

Date:	25 November 2010 (Thu)
Time:	12:00 – 18:00
Venue:	Charles K Kao Auditorium, Hong Kong Science Park

:: Download Full Programme ::

Venture Workshop

Entrepreneurial Venture Workshop

The Venture Workshop is designed for investment-seeking entrepreneurs/companies wishing to refresh and enrich their knowledge of the entire investment cycle. The workshop is led by industry veterans and practitioners engaged in years of deal-making, structuring company, value-creation in companies and exits. Theories illustrated by real case studies will be shared in order to equip participants with the negotiation skills and tactics needed before, during and after the investment.

Date:	26 November 2010 (Fri)
Time:	09:00 – 18:00
Venue:	Conference Hall 07, Hong Kong Science Park
Registration:	20% off discount for HKVCA members register before Oct 28

Programme
AM Session: Nature of Entrepreneurship and Nature of a Hi-Growth Venture
0900	Registration
0930	Topic: Nature of Entrepreneurship and Nature of a Hi-Growth Venture Speakers: • Prof Kevin Au, Associate Professor, The Chinese University of Hong Kong • Dr Dominic Chan, Chief Consultant, Decisive Consulting Limited
1100	Real Case Study of a Hong Kong-Based Technology Firm Group discussion Open sharing with investor of the case
1230	Lunch Break

PM Session: An Inside Look at Venture Capital Cycle
1345	Topic: Introduction and Overview of the Investment Cycle Speaker: Mr Marvin Lai, Co-chairman, Venture Committee, Hong Kong Venture Capital and Private Equity Association
1400	Topic: Entrepreneurship: What make a Successful Entrepreneur? Speaker: Mr Jeffrey Cheung, Managing Director, Crossgate Advisors Limited
1445	Topic: How Investor Screen Deals: The Selection Process and Criteria Speaker: Mr Marvin Lai, Co-chairman, Venture Committee, Hong Kong Venture Capital and Private Equity Association
1530	Coffee Break
1545	Topic: Due Diligence and Valuation: What and How Speaker: Mr Alvin Ho, Managing Director, Chepstow Capital Advisors Limited
1630	Topic: Negotiation and Term Sheet: from "Software" to "Hardware" Speaker: Mr Basil Hwang, Partner, Dechert LLP
1715	Topic: Post Investment: Board Seat, Monitoring, Value-Adding and Exit Speaker: Mr K.O. Chia, President, Hong Kong Venture Capital & Private Equity Association
1800	Wrap-up Speaker: Mr Roger Marshall, Committee Member, Venture Committee, Hong Kong Venture Capital and Private Equity Association

For more details about the events, pls visit here.
:: Online Registration ::

ENQUIRY
Tel: 852-3605 9502 / 852-3605 9504
Fax at 852-3605 9492
Email at info@innoasia.net

COMING EVENT

HKVCA Members are invited to join the next breakfast meeting to networking and information share.

Date:

November 1

December 6

Time:

8:00 - 9:00am

Venue:

The Hong Kong Club

Seats are limited and registration is on first-come-first-serve basis.

For enquiry, please call (852) 2845 6100.

COMING EVENT

The Hong Kong Business Angel Network ("HKBAN"), a network established by the founding members HKVCA, Hong Kong Science and Technology Parks and the technology transfer offices of the major universities in Hong Kong. HKBAN is a platform for angels and entrepreneurs to facilitate the funding and development of young businesses.

HKVCA is now soliciting the registration of angels who invest in seed and early stage opportunities raising up to HK$5,000,000. Please recommend colleagues, friends and investment partners who may be appropriate as angel investors.

For registration, please send the completed form to Sam Wong at swong@hkvca.com.hk or Tel: 2845 6100.

SAVE THE DATES

RESOURCE

NEW FAQs Section
To enhance the support to members, a new FAQs section under Resource Page has been launched. Members are welcomed to raise questions related to the industry through the webpage. The questions will be vetted and answered by Resource committee in batches.

Tax authorities move to strengthen management of export VAT refund process
The Chinese State Administration of Taxation issued guidance on 30 Aug, 2010 that enhances the steps the tax authorities can take to prevent export VAT refund fraud. The Measures are effective as from 1 September, 2010.

SAT clarifies income tax treatment of losses from equity investments
The State Administration of Taxation (SAT) issued a bulletin on 28 Jul, 2010 concerning the timing of deductions for losses on equity investments for enterprise income tax purposes.