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   HKVCA Holidays Cocktail    

The HKVCA hosted its annual Holiday Cocktails on December 12, 2023. Held at the China Club, more than 100 members and friends gathered together to celebrate the season, close out the year and join their peers for what was undoubtedly very festive networking.

With generous sponsorship from Ascent Partners, those who attended enjoyed cocktails and canapés while reconnecting with their industry colleagues and fellow members. The HKVCA extends its gratitude to all members for joining us in a toast to the holidays and we wish all a wonderful new year.
   HKVCA Golf Day 2023    
The HKVCA hosted its annual Golf Day on December 1, 2023, at the Hong Kong Shek O Golf Club. This popular event saw 50 participants come together into 12 teams to compete across a range of on the course contests, including “Straightest Drive” and “Closest to the Pin”. While the day began under clouds, the skies cleared by mid-morning creating perfect conditions for golf and a great day for networking and enjoying friendships with colleagues. Following their round of golf, participants headed to a cocktail reception and awards ceremony. Prizes were presented to the tournament and contest winners.

The HKVCA recognizes our generous sponsors: Platinum Sponsor Morgan Stanley, Gold Sponsors Citi, EY and Jefferies, and Wine Sponsor Jebsen Capital. We also extend our sincere thanks to the golfers for providing another memorable HKVCA Golf Day. We look forward to seeing everyone again next year.
   HKVCA ESG Award of Excellence 2023     
The HKVCA is pleased to announce the winners of the 2023 HKVCA ESG Award of Excellence (alphabetically by company name):

Bain Capital and Kerogen (EcoCeres)
CVC Capital Partners (FineToday)
Insignia Ventures Partners (Elevarm)

PAG (AirPower)

The Association received a total of 25 ESG case study entries from a broad range of private equity and venture capital firms from across Asia. The judges were extremely impressed with both the variety and depth of the initiatives undertaken. All of the case study entries are available for review and can be found on this page. The four winners will be honored at the award ceremony during the HKVCA Gala Dinner on January 25, 2024.
    HKVCA Membership Renewal 2024  
Dear Colleagues,
Warm greetings from the Hong Kong Venture Capital and Private Equity Association (HKVCA). I am writing to personally invite you to renew your firm’s membership in the Association for the coming year, 2024.
Despite global economic uncertainty, the HKVCA continues to grow and thrive, providing tremendous value to members through our events, advocacy, educational offerings, and other initiatives undertaken throughout the year.
After three years of disruption due to pandemic restrictions, we were thrilled in 2023 to resume our in-person events. Our flagship Asia Private Equity Forum and China Private Equity Summit conferences each attracted over 700 delegates. We also held over 20 luncheons, breakfasts, cocktail receptions, and networking events, including our annual PE Leadership Forum, which welcomed over 150 senior professionals. Together with our webinars, we organized close to 40 events with more than 4,500 registrations, reflecting continued strong demand for both online and in-person events.
The HKVCA Institute for Private Capital launched in January 2023 with inaugural training programs tailored for Hong Kong Science Park and Cyberport startups. These were extremely well-received and are an effective way to promote private capital to startups. Going forward, we will continue expanding tailored content to financial communities, universities, service providers and other relevant sectors.
We of course have continued lobbying the government on behalf of our industry. We have participated in consultations and provided recommendations on facilitating cross-border investment flows, IPO reforms for innovative companies, the carried interest tax concession, and advocated for greater mainland tax clarity.
Our members are at the heart of all we do. We represent over 510 local and international firms, including the top 10 largest private equity firms in the world. The HKVCA is Asia’s largest and most influential venture capital and private equity association, and I cannot emphasize enough how much we value your continued involvement. Renewal letters, with accompanying invoices, have already been sent to all members and, accordingly, we invite you to promptly renew your membership, thereby ensuring the essential support that is needed for the work of our Association.
We look forward to seeing you in person again very soon and thank you for your continued support.
Yours sincerely,
Rebecca Xu
Chairwoman, Hong Kong Venture Capital and Private Equity Association
Co-Founder & Managing Director, Asia Alternatives
    Upcoming Events    
Members only event
We are thrilled to invite you to the HKVCA Gala Dinner 2024, our first to be held following a three-year hiatus due to the pandemic. We are excited to bring back this popular event and provide a long-awaited opportunity for attendees to network and reconnect with colleagues and peers in the private equity and venture capital industry. For 10 years, the HKVCA Gala Dinner has been one of the most highly anticipated events in the industry, and we are excited to gather together in person again for this special occasion.

The Gala Dinner will take place on the evening of January 25, 2024, at the Hong Kong Club, one day before the Asia Private Equity Forum. Please register soon to secure your spot, and join us for an evening of networking, socializing, and celebration. We look forward to seeing you at the Hong Kong Club.
Date: January 25, 2024 (Thursday)
Time: 6:30 pm - 9:30 pm
Venue: 1/F, Hong Kong Club, 1 Jackson Road, Central, Hong Kong 
Dress Code: Business smart (jeans, t-shirts, tracksuits, shorts, shoes for sports activities and flip-flops are not acceptable. No denim may be worn at any time in the Club.)
Fee: Standard Rate
HKVCA Members HK$2,500 per person
Full Table (12 persons) HK$25,000
Half Table (6 persons) HK$12,500
Highlights of Gala Dinner 2020

Asia Private Equity Forum 2024
Platinum Sponsors
Gold Sponsors
Silver Sponsors
Luncheon Sponsor
Cocktails Sponsor
Date: January 26, 2024 (Friday)
Time: 9:00 - 17:05 (followed by a cocktail reception)
Venue: Forum: N100s, Hong Kong Convention and Exhibition Centre (New Wing)
Luncheon: N201, Hong Kong Convention and Exhibition Centre (New Wing)
Language: English
CPT: 6 points*
Registration Fee* - Early Bird Rate (Payment deadline: November 30, 2023)
1 complimentary pass per company  
Additional passes per person HK$5,700
First pass at special rate per company HK$3,800
Additional passes per person HK$5,700 
HKVCA Asia Private Equity Forum 2024 + HK$12,500 per person
HKTDC Asian Financial Forum
One pass per person HK$9,700 
Members of supporting organizations (20% off) HK$7,760 
Group Discount: Register in a group of 3 or more from the same company and enjoy a 10% discount.
  • Participants are hereby reminded that they are required to attend the conference at the beginning and remain until completion of the full event if they intend to claim all CPT (SFC licence) hours the event provides.
  • Registration will be confirmed upon receipt of payment. Should you require an invoice, please contact us.
  • Registrations cancelled on or before November 30, 2023, will receive a refund, minus a HK$500 cancellation processing fee. Registrations cancelled after November 30, 2023, are nonrefundable.
  • No shows will be charged. There is limited seating for the lunch session, which will be available on a first-come-first-served basis.
  • Please inform us of any dietary requirements in advance. We cannot guarantee we can accommodate requirements requested on the day of the event. An additional charge may apply to accommodate special dietary requests.
  • Information is subject to change. The HKVCA retains the right to make changes as it deems necessary.

Date: February 29, 2024 (Thursday)
Time: 18:30 - 21:00
Venue: Aaharn, Tai Kwun
Registration Fee: HKVCA Members: $100/person
HKVCA Annual Report 2022-2023

HKVCA Institute for Private Capital
The HKVCA Institute for Private Capital was established in January 2023 with the aim of developing and providing additional training to professionals from a wide range of related industries and functions. To date, the Institute has provided training for startups from Hong Kong Science Park and Cyberport. If you are interested in learning more about our training programs, please feel free to contact Joanne Yuen, Secretary General of the HKVCA, for more details. The Institute can provide tailor-made content for financial and investment communities, startups, local and international universities, service providers, and others.

New Members
Corporate Full Members
Greater Bay Area Homeland Investments
Greater Bay Area Homeland Investments Limited (the company) was jointly established by international large-scale industrial institutions, financial institutions and new economic enterprises. The Greater Bay Area Homeland Development Fund (the fund) was set up under the company to grasp the historical opportunities created by the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and the construction of an international innovation and technology hub focused on technological innovation, industrial upgrading, quality of life, smart city and related industries. The company and the fund cover venture capital, private equity investment, listed company investment, M&A investment and so on to offer financial support for outstanding entrepreneurs and enterprises, connecting industrial and financial resources, achieving long-term returns for shareholders and investors, and contributing positively to economic and social development.
Partners Capital Asia Limited
Partners Capital is an outsourced investment office acting for distinguished endowments and foundations, senior investment professionals and prominent families across the globe. Whether working in an advisory or discretionary capacity, they work with clients in a highly integrated manner to develop a clear long term investment strategy, taking responsibility for executing that strategy, including overall portfolio asset allocation, manager selection and portfolio implementation as well as related operational aspects (including reporting). Partners Capital works with clients on either their entire portfolio or, in certain circumstances, on a subset of their portfolio, usually focused on specialist or alternative asset classes.
Blue Lake Capital
Blue Lake Capital adopts a unique investment approach driven by deep research and industry know how. Founded by Ray Hu in 2014, the fund’s investment team consists of experienced venture capital investors, successful entrepreneurs, experts with a background in industry operations and other relevant talent. Focusing on innovations in China’s digital transformation, Blue Lake largely invests in enterprise software and advanced manufacturing start-ups. Since its inception, it has invested in over 100 companies, more than 20 of which have become industry leaders, including Yiheda Automation (301029.SZ), Chaozhuo Aviation (688237.SH), Momenta, Jushuitan (JST), Moka, Zhenyun Technology and Cloud Helios.
Harvest Capital Company Limited
Harvest Capital, which was founded in 2007, is a dedicated long-term investor in China's consumer retail sector. It has been investing in leading consumer brands in China, including Eastroc Beverage (东鹏饮料), Cha Cha Food (洽洽瓜⼦), Babi Food (巴比馒头), Jiajia Food (加加酱油), and Laoxiangji (老乡鸡). Its AUM is over US$3 billion.
Corporate Associate Member
Turbo Net Zero Corporation
Turbo Net Zero is an innovative sustainability intelligence and consulting firm that specializes in delivering top-tier private market ESG solutions. Our comprehensive product suite is specifically designed to meet the needs of the most prominent private market GP/LPs and their portfolio companies.

Event Reports
HKVCA Luncheon Talk: Regulatory and tax developments for PEVC managers
December 5, 2023
The HKVCA hosted another of its popular Luncheon Talks on December 5, 2023, where the topic was how to navigate the latest regulatory and tax developments impacting private equity and venture capital fund managers in Hong Kong.

The event featured three industry experts, namely Gaven Cheong, Head of Investment Funds at Tiang & Partners; and PwC partners Helen Li, a specialist in the Asset and Wealth Management Industry Group, and Vanessa Chan, who primarily focuses on the financial services industry.

Generously sponsored by PwC, the Luncheon Talk was attended by as many as 58 people. The HKVCA extends its appreciation to the speakers and to all who participated.
HKVCA LP Luncheon Talk: How to ensure fair valuations for growth companies without subsequent rounds of financing
December 6, 2023
The HKVCA hosted a special luncheon talk exclusively for LPs on December 6, 2023. The discussion was focused on the very timely issue of valuation best practices for those growth companies that have not undergone subsequent rounds of financing and are hence lacking in data.

EY valuation experts Dennis Leung, Partner, and Christina Zhao, Senior Manager, led an interactive discussion on methodologies, common approaches, potential red flags, and how to monitor portfolio values more effectively. The speakers noted that with ongoing economic uncertainty, LPs must be well equipped and fully prepared to critically analyze reported valuations and engage constructively with GPs.

The HKVCA extends its thanks to sponsor EY, the speakers, and the 30 LPs who attended the event.

Industry News
Golub Capital continues APAC expansion with Hong Kong hire
November 30, 2023
(Press Release) – Golub Capital today announced that Amy Chiang has joined as Managing Director, Greater China and Southeast Asia and will be based in the Firm’s newly-opened Hong Kong office. In her new role, she will be dedicated to building and strengthening relationships with investors in the Greater China and Southeast Asia region...
   (view full article)
Hong Kong online travel unicorn Klook raises US$210 million in new funding after achieving first profit
December 7, 2023
(SCMP by Xinmei Shen) - Klook, a Hong Kong-based online travel booking start-up, has raised new money and turned profitable for the first time, amid...
(view full article)
Hollysys to be acquired by Ascendent Capital Partners for US$26.50 in cash per share
December 11, 2023
(Press Release) - Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today announced that it has reached an agreement...
(view full article)
PAG and Dalian Wanda Commercial Management Group announce new agreement
December 12, 2023
(Press release) - PAG, a leading Asia-focused private equity investment group, and Dalian Wanda Commercial Management Group Co. Ltd. announce that the...
(view full article)
Looking Beyond Silicon Valley: Examining Key Venture Capital Investment Terms for Start-ups Across the Globe
In this report, Morrison Foerster partners compare eight key VC investment terms from the latest US National Venture Capital Association model agreements, the UK’s British Private Equity & Venture Capital Association model documents, and Singapore’s Venture Capital Investment Model Agreements, and against their respective local market positions. In addition, this report also compares how these eight terms are differently positioned in other key markets, including Mainland China, Hong Kong, Japan, India, Israel, Germany and Latin America. Read more.

Supporting Events
BIWS Financial Modeling Training
A 15% discount on BIWS Financial Modeling Training is available for HKVCA Members. Please contact us if you would like to obtain the discount code.

InnoVenture Salon 2024
January 24, 2024

   Contact us at +852-2167-7518 or hkvca@hkvca.com.hk  
   Visit us at www.hkvca.com.hk

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