Hong Kong Venture Capital and Private Equity Association
   HKVCA 19th China Private Equity Summit 2020     
The 19th China Private Equity Summit (CPES), organized by the Hong Kong Venture Capital and Private Equity Association (HKVCA), was held on August 28, 2020. The event had been rescheduled from May to August, and when faced with yet another wave of the COVID-19 pandemic in July, the decision was made, like with the HKVCA’s Asian Venture Capital Forum before it, to of necessity stage CPES 2020 virtually. The result was an event that brought together close to 800 venture capital and private equity practitioners, leading corporates, and other industry professionals and participants from across the globe. Much of the discussion focused around the impact of COVID-19 and the continuing trade tension between China and the US on the private capital market in Greater China and the best strategies for dealing with turbulent times. There was also discussion of China’s domestic capital market and the state of various industry sectors, including healthcare, fintech, education and real estate.
Distinguished guests at the one-day event included the Hon. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong SAR Government; Robin Xing, Managing Director & Chief China Economist at Morgan Stanley; Kenneth Gaw, President & Managing Principal at Gaw Capital Partners; and Tony Zhang, Co-Chief Investment Officer, Technology & Innovation at China Resources Capital.
In addition to the many thoughtful presentations by the speakers and dynamic panel discussions, a very special session on the topic of women in the industry was for the first time added to this year’s full-day program. The panel featured five leading women in private equity and venture capital who shared their own experiences with the audience, including their views on how the pandemic has impacted the industry generally and women professionals in particular. The HKVCA is very grateful to CVC Capital Partners for sponsoring this important and popular panel.
We would also like to thank our extremely knowledgeable audience of attendees who joined us from locations around the world. Thank you also to our PRC Committee, chaired by Conrad Tsang and Rebecca Xu, and to the many supporting organizations. Finally, the HKVCA would like to express our sincere thanks to our valuable sponsors, whose contributions and support made the event not only possible, but also an unprecedented success.
Video Highlight

      HKVCA Annual General Meeting 2020      
The HKVCA’s 33rd Annual General Meeting was held via video conference on September 4, 2020. H. Chin Chou, who was re-elected Chairman, delivered his report summarizing the HKVCA’s work over the course of the last year. We would like to extend our appreciation to members of the Board of Directors and to all of our members who gave of their time to attend this important Association event.
New officers elected to serve for 2020 - 2021 term
H. Chin Chou
was re-elected Chairman of the Hong Kong Venture Capital and Private Equity Association at this year’s AGM held on September 4, 2020. He brings to the role of chairman more than 20 years of investment experience across a wide spectrum of industries.

Dear Members and Friends,

As Chairman of the HKVCA, it is both my duty and great privilege to provide this message highlighting the amazing work undertaken by the HKVCA over this past year.
Despite significant difficulties facing Hong Kong and parts of the region in late 2019, the HKVCA still ended the year in the best position it has ever been. We achieved a number of new and exciting milestones and set several Association records, including an increase in membership numbers, the number of events we held and the number of event registrations we received. The financial position of the Association at the end of 2019 was also healthy, which meant we entered 2020 in strong enough shape to weather and endure the severe downturn brought about largely by the global COVID-19 pandemic.

The first half of 2020 has been the most peculiar of times, filled with stress and concern for our communities and indeed for the world in the light of the pandemic. A significant number and variety of industries have been seriously impacted, many of which have been forced to reduce, and in some cases even suspend, their business activities. The HKVCA is of course no exception, with almost all of our events in the first half of the year either postponed or held virtually, including some of our most anticipated annual events, such as our Golf Day and the Asia Venture Capital Forum.

I would like to take this opportunity to stress that we are doing our very best to ensure that our members’ interests and benefits are, and continue to be, honored by the Association. We are adopting a range of different strategies so we can continue to deliver high-quality services to our members. With all physical events coming to a complete halt through much of 2020, we have had to rapidly shift our energies and resources toward organizing events virtually. We offered 20 webinars in the months April through September, which helped ensure that our members continued to have the opportunity to stay on top of the latest industry information and developments. Likewise, our longstanding flagship conferences, the Asia Venture Capital Forum and the China Private Equity Summit, had to be held virtually as well, both of which were concluded successfully.

Having a voice and speaking on behalf of our industry, as well as expressing our considerable concerns to the government, are paramount roles for an industry association. The HKVCA has engaged in lobbying all relevant government agencies over the past two decades, and we have been invited to conduct and participate in many consultations. The HKVCA’s Technical Committee works hard continually lobbying government entities to ensure we have input and a strong voice when it comes to shaping the ways in which the government interacts with our industry and implements policy, regulation and taxation for our industry.

While social distancing continues at this time to be an unfortunate reality that undoubtedly has upended much of our lives, we can also be buoyed by the knowledge that this pandemic will indeed pass. I sincerely hope that members of the HKVCA community continue to maintain the close bonds that we have all worked so hard to develop, and I pledge that as an organization, we will remain fully committed to supporting the whole of the private capital industry. We are here to support you.

I would be remiss were I to fail to acknowledge the many members and partners who have worked closely with the HKVCA staff to help make this year’s events a success and they deserve our sincere appreciation. Our outstanding Board of Directors has given much of its time and energy toward making the Association the invaluable asset it has become to its members, and for that I am truly grateful.
It has been an honor and privilege to serve as your Chairman. I hope that our members are proud of how our Association has grown and developed this year, and I encourage our members to join us in helping make the HKVCA the region’s leading professional association representing our industry.

H. Chin Chou
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director, Morgan Stanley Asia Limited
The AGM also saw the election of the following officers and board members:
Rebecca Xu
Asia Alternatives Advisor HK
Alain Fontaine
Beyond Traditions
John Levack
Jie Gong
Pantheon Ventures (HK)
Alvin Lam
CVC Capital Partners
Varun Bery
Latitude Capital Management
Wendy Zhu
AlpInvest Partners
Melissa Guzy
Arbor Ventures
Eric Mason
The Church Pension Fund
Judith Li
Lilly Asia Ventures
Derek Sulger
Lunar Capital Management
Bonnie Lo
NewQuest Capital Partners
Gabriel Li
Orchid Asia Group Management
Duncan Chiu
Radiant Tech Ventures
Vincent Chan
Samena Capital HK
Conrad Tsang
Strategic Year Holdings
Johnny Chan
Techpacific Capital
Leon Meng
Ascendent Capital Partners (Asia) 
Edward Huang
Alvin Li
CCB International Asset Management

K. O. Chia
Grace Financial

David Pierce
HQ Capital
Kent Chen
Neuberger Berman 

   Financial Industry Recruitment Scheme for Tomorrow (FIRST)   
The Hong Kong government is introducing a job creation scheme designed for the financial services sector. It is intended to be available to private equity firms' Hong Kong operations, but importantly only SFC-licensed firms will be eligible at present.
The FIRST scheme provides a government subsidy of HK$10,000 per month for up to a year for new hires in eligible firms. Effort has been made to make the scheme easy and simple to operate. We advise that licensed firms interested in the scheme study this presentation to determine whether they are eligible to participate.

   Upcoming Events   
Limited Registrations Available
Safeguarding performance in a downturn:
‘the rise of operational value creation’
Sponsored by
Discussion topics:
•    The polarization of fund performance.
•    The changing nature of value creation.
•    LP requirements and fund demonstration of value.
•    Practical changes to the fund model and lessons.
Josh Lewsey
John Levack
Vice Chairman
Date: September 22, 2020 (Tuesday)
Time: 11:00 - 12:00 (Hong Kong Time) 
Format: Zoom Webinar* - link will be provided upon successful registration#
Fee: HKVCA Members
1 free pass per company        
additional passes: HK$200 per person
HK$300 per person
CPT:  1 point
*Be advised that a webinar recording of this event will not be available upon its conclusion.
#To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. 
Registration deadline: September 21, 2020


Organized annually, the HKVCA’s Private Equity Fundamentals Course comprises five tailormade modules to provide participants with in-depth information and analysis of private equity and venture capital, either as industry entrants or for those seeking to refresh their skill sets. Covering the entire fund-raising process from strategy to distribution of returns, data on global funds and investment activity, current issues and fund marketing, it is particularly relevant for those practitioners keen to expand their technical ability and know-how.
Delivered by leading industry specialists and experts with experience in different fund strategies, marketing, deal making, and the pros and cons of investing in private equity as an asset class, each module will be taught relative to real case studies to show how investors finance through the different stages of a company’s lifecycle, and explain financing as financial intermediaries practice it.
 Date Time (HKT) Session CPT
Oct 6 10:00-12:35  Module 1: PE Basics 2
Oct 8 14:00-16:30 Module 2: The Investment Decision 2
Oct 13   10:00-12:30 Module 3: Valuation and Tax Issues 2
Oct 16 10:00-12:30 Module 4: Risk and Transaction Documentation 2
Oct 20 10:00-12:30 Module 5: Post Investment and Fundraising 2
Format: Zoom Webinar*
* Be advised that a webinar recording of this event will not be available upon its conclusion. To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. 
 HKVCA Member  Non-Member
  Per Module  HK$700   HK$1,500
  All 5 Sessions  HK$2,800   HK$6,000
Group discount: Register in a group of 3 or more from the same company and enjoy a 10% discount.
CPT points can be claimed after attending each sessions.
Certificate will be granted upon completion of each session.

The event will be held virtually on October 15, 2020 (Thursday).
Limited Registrations Available
Leveraging big data and AI to feed your investment pipeline
Sponsored by  
Deal origination for platform investment or buy-and-build strategies is a priority for private equity, especially when dry powder is at its highest. While the industry has over the years developed a number of channels aimed at generating opportunities, among the issues today is whether the use of data will become one of these channels. Moreover, can the industry obtain good and reliable data from private companies? And, how does AI make the data “better” and more actionable? Join us at this HKVCA Luncheon Talk to hear representatives from data and AI firm Finquest share their experiences and discuss how data can be used to support targeted deal origination.
Tanguy Lesselin 
Date: October 15, 2020 (Thursday)
Time: 11:00 - 12:00 (Hong Kong Time) 
Format: Zoom Webinar* - link will be provided upon successful registration#
Fee: HKVCA Members
1 free pass per company        
additional passes: HK$200 per person
HK$300 per person
CPT: 1 point
*Be advised that a webinar recording of this event will not be available upon its conclusion.
#To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. 
Registration deadline: October 14, 2020

The event will be held virtually on October 22, 2020 (Thursday).
Limited Registrations Available
Integrating ESG in the Private Equity Secondary Market
Sponsored by
Discussion topics:
  • How has ESG developed in the secondaries market?
  • Integrating ESG into the investment process and influencing portfolio companies. 
  • The next big challenges - climate change and diversity:
    LP views on climate change/carbon neutrality. 
    LP consensus on ESG.
    How has COVID-19 affected the priorities of LPs?
    How are firms improving diversity?
William Yea
Coller Capital
Date: October 22, 2020 (Thursday)
Time: 11:00 - 12:00 (Hong Kong Time)
Format: Zoom Webinar* - link will be provided upon successful registration#
Fee: HKVCA Members
1 free pass per company        
additional passes: HK$200 per person
HK$300 per person
CPT: 1 point
*Be advised that a webinar recording of this event will not be available upon its conclusion.
#To avoid technical problems registrants should log in to Zoom webinars using the email address they provided when registering for the event. 
Registration deadline: October 21, 2020

Business continuity planning to prepare your firm for the unexpected
Sponsored by  
When confronted with unexpected business disruptions, investment firms must react swiftly, methodically and successfully, or else risk significant financial loss. This level of response requires extensive business continuity planning to ensure all aspects of a business are evaluated and protected.
Recent protests and the outbreak of COVID-19 in the region have proven that effective business continuity planning can help minimize financial loss and the negative effects of disruptions to strategic plans, market position, operations, and reputation.
Join Michael Steinkuhl, Director of APAC at a leading global managed IT services provider to the investment sector, Eze Castle Integration, for a luncheon on Tuesday, November 24, 2020 to learn best practices around remaining connected and safe when disaster strikes.
Discussion topics:
  • Setting up a robust infrastructure to enable your employees to work remotely.
  • Building and maintaining a geographically separated disaster recovery site.
  • Procedures and staff training vital to business continuity.
Michael Steinkuhl
Director, APAC,
Eze Castle Integration
Date: November 24, 2020 (Tuesday)
Time: 12:30 - 14:00
Venue: The China Club, 14/F, The Old Bank of China Building, 1 Bank Street, Central, HK
Fee: Corporate Full Members
One free pass per company
Additional pass: HK$450 per person
Corporate Associate / Overseas Members
HK$450 per person
HK$900 per person

Asia Private Equity Forum
6 CPT points can be claimed after attending the full-day event.
Date: January 20, 2021 (Wednesday)
Time: 8:30 - 17:30 (followed by a cocktail reception)
Venue: Forum - N101, Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, HK;
Luncheon - N201, Hong Kong Convention and Exhibition Centre (New Wing), 1 Expo Drive, Wan Chai, HK
Fee: Early Bird Rate (Payment deadline: November 6, 2020)

HKVCA MEMBERS with membership 2021 renewed
One free pass per company
Additional pass per person: HK$3,600 HK$4,800
One pass at special rate: HK$3,200
Additional pass per person: HK$3,600 HK$4,800
Non-members: HK$7,000 HK$8,300 per person
Members of Supporting Organizations: HK$3,600 HK$4,800 per person
CPT: 6 points
Free LP Passes
We have a limited number of free passes for pension funds, fund of funds, endowments, foundations, family offices, DFIs and sovereign wealth funds (subject to verification and a maximum of one pass per company).
If you would like to apply, please email to hkvca@hkvca.com.hk.
Registrations cancelled on or before 1 January 2021 will receive a refund, minus a HK$500 cancellation processing fee. Registrations cancelled after 1 January 2021 are non-refundable.

      The HKVCA's New Logo  
After many months of discussion and due deliberation among the HKVCA’s Board of Directors, we would like to announce that with effect from January 1, 2020 we have amended the byline - or tagline – that appears immediately underneath the HKVCA’s logo. Specifically, the words “Hong Kong Venture Capital and Private Equity Association” have changed to “The Association for Private Capital in Asia”. The HKVCA’s new tagline is a reflection of the innovative ways in which our industry has grown and changed over the last several years, changes that can also be seen in the composition of our membership.
Our members today represent far more diverse types of asset classes than was true at the Association’s founding, and include private credit, real estate and illiquid private markets. Likewise, our membership is more diverse - in addition to our GP members, for example, we also have private capital investors from family offices, pension funds, endowments and insurance who invest in markets throughout Asia Pacific. Hence, the adoption of our new tagline was done in the sincere belief that it far more accurately reflects the nature of our industry and the aspirations of our membership. We hope all of our members are excited about this new change to our organizational identity. 

   HKVCA Official WeChat Account   

   Supporting Events   
Help For Children Asia
AVCJ China Virtual Forum
16 - 17 September, 2020

SuperReturn Asia Virtual
21 – 25 September, 2020
The Global Corporate Venturing Digital Forum
29 September, 2020

AVCJ Japan
13 - 14 October, 2020
Cyberport Venture Capital Forum (CVCF)
3 - 4 November, 2020
Hong Kong FinTech Week 2020
2 - 6 November, 2020
Discount code (10% off) for HKVCA members: HKVCA10

EdVentures Global Business Acceleration Fellowship
3 - 7 November, 2020
AVCJ Private Equity & Venture Forum
17 - 19 November, 2020

Belt and Road Summit
30 November, 2020
Business of IP Asia Forum
3 -4 December, 2020

EY Entrepreneur Of The Year 2020 China
29 July - December, 2020
New Members
Corporate Full Members
Alibaba Hong Kong Entrepreneurs Fund
The Alibaba Entrepreneurs Fund is a not-for-profit initiative of Alibaba Group that provides entrepreneurs and young people with investment capital and strategic guidance to help them better achieve their goals. We provide Hong Kong and Taiwan-based entrepreneurs with investment capital and strategic guidance to help them grow their businesses and penetrate global markets by utilizing Alibaba’s vast ecosystem.
BOA Capital Limited
BOA Capital, an affiliate of the BOA Financial Group, is managed by veterans in investment, private equity, real estate, digital assets, fintech and legal industries with a collective experience of over 150 years. We are type 9 license holders regulated by the Hong Kong Securities and Futures Commission.
Chinachem Agencies Limited
The Chinachem Group maintains a balanced investment portfolio investing in listed equity, bonds, private equity funds and hedge funds. Our PE fund portfolio has invested across different strategies, sectors and regions with different GPs, including Blackstone, Brookfield, Silver Lake, Warburg Pincus, TPG, Apollo, Goldman Sachs Asset Management, DST, Coatue Management, and MGM Capital.
CR-CP Life Science Management Limited
CR-CP Life Science Fund is a private equity fund jointly established by China Resources Group and Charoen Pokphand Group, focusing on early-/growth-stage companies in the life science universe. The two founding groups contributed US$150 million out of the total fund size of US$300 million.
Platinum Estates Ltd
We are a family office specialized in identifying prime assets and add value. Our strength is sourcing and timely execution by highly reputed professionals on the ground. In the recent past we have disinvested from prime assets in Madrid. Currently, we are focused on two luxury hotels in the south of Spain, the first being a beach front hotel and residential project in Marbella and the second a luxury, five-star hotel near a prime golf course area in Casares.
Sumitomo Mitsui Trust (Hong Kong) Limited
Our company was founded in 1978 and embarked on private equity investment in 1999. Our major clients are Japanese institutional investors, including financial companies and pension funds. We have offices in Hong Kong and Tokyo, with the former largely focused on GPs (DD, Monitoring etc.) and the latter in charge of investor relationships. We manage 10 separately managed accounts and two FoFs through the investments to over 400 partnerships globally. AUM is nearly USD18 billion as of June 2020.
Corporate Associate Members
AVISTA Valuation Advisory Limited
AVISTA Group is a leading professional valuation and corporate advisory firm with a strong presence in the Asia-Pacific region and extensive experience in performing valuation advisory, corporate advisory, risk management advisory and environmental, social and governance (ESG) advisory for various purposes.
Stepworks Company Limited
Stepworks is a global branding agency based in Hong Kong. We help businesses influence people’s perceptions with brand building. We have helped many PE and VC firms get an edge with more effective messages and design, audience-focused websites and other tools. Results include more favourable first impressions, clarity of purpose and difference, and ultimately better business.

Event Reports
Webinar - China’s QFLP Program: revived and growing
August 20, 2020
An update on China’s QFLP program was the topic of a recent HKVCA webinar held on August 20, 2020.  Richard Guo, a partner at Fangda Partners and founding member of the Association’s Technical Committee, and Flora Qian, also a partner of Fangda Partners, outlined the development and historical background to the QFLP regime as well as the requirements and qualifications for private equity fund managers. They also discussed the most recent changes to the regime and offered their own recommendations regarding application and other procedures under the upgraded program.
More than 120 participants registered for the event, which also featured HKVCA Vice Chairman John Levack acting as host.The HKVCA would like to thank Fangda Partners for both their participation and sponsorship.
Webinar - Hong Kong tax update: DIPN 61 and the LPFO
August 6, 2020
The HKVCA hosted another successful webinar on August 6, 2020 that saw Association Vice Chairman John Levack continue in his role as host of our online series. He was joined by speakers Darren Bowdern, a partner in KPMG’s Hong Kong Tax practice and Head of Alternative Investments, and Florence Yip, Asia Pacific Tax Leader of Financial Services, and Asset & Wealth Management at PwC Hong Kong, who addressed the latest tax developments in Hong Kong, especially in terms of DIPN 61 and the newly enacted Limited Partnership Fund Ordinance.
More than 70 participants registered for the event that saw the speakers update attendees on such issues as what constitutes a “fund” and the number of investors, the taxation of investment managers, the Hong Kong Certificate of Tax Resident Status and the IRD’s view on investment holding structures.  
The HKVCA would like to thank our Vice Chairman, the speakers, and all of the attendees, especially those who contributed to the discussion by submitting their comments and questions.
Webinar - Deal opportunities in a post-COVID world
July 30, 2020
July 30, 2020 saw the HKVCA host another of its increasingly popular webinar events. Association Vice Chairman John Levack, who hosted the session, was joined by David Brown, leader of PwC’s M&A deals business in Asia Pacific and Deals Strategy and Ops leader for China and Hong Kong; and James Dilley, a partner in PwC's Deals group in Hong Kong, as they discussed the topic of deal opportunities post-COVID. With more than 80 participants registered for the webinar, the speakers updated attendees on PwC’s M&A half-year review of China, as well as their strategies around investing in debt and distressed opportunities. The HKVCA would like to thank the speakers, John Levack, and all those who attended the event and contributed to the discussion via their online questions.
Webinar - Hong Kong’s new limited partnership fund regime
July 21, 2020
The latest information on Hong Kong’s new limited partnership fund regime was the focus of a popular HKVCA webinar held on July 21, 2020. With Association Vice Chairman John Levack acting as host and moderator, as many as 200 people were registered for the event. Lorna Chen, Asia Regional Managing Partner, Head of Greater China and a member of the Executive Group at international law firm Shearman & Sterling joined Anson Law, Senior Manager at the Hong Kong Monetary Authority, to discuss the background and key features of the recently gazzetted Limited Partnership Fund Ordinance (LPFO). Among the details covered by the speakers was a discussion of the legal framework set up by the Ordinance as well as a comparison with limited partnership fund regimes existing in other jurisdictions.
The HKVCA would like to thank Lorna Chen, Anson Law and John Levack for their valued contributions to a topic and area of practice that is of extreme relevance and importance to our members. The HKVCA also thanks all those who attended the event and contributed to the dialogue by submitting their questions and comments during the event.
Webinar - Cayman Private Fund Law Update
July 16, 2020
An HKVCA webinar covering the latest information on the Cayman Islands government’s recent amendment to its Private Funds Law was held on July 16, 2020. Hosted by HKVCA Vice Chairman John Levack, more than 50 participants registered for the virtual event. Anthony Webster, a partner of law firm Maples and Calders and head of its funds and investment management team for North Asia, was joined by Andrew Wood, an associate at the firm, as they discussed the recent expansion of the law’s scope to include coverage of AIVs, co-investment vehicles, master funds and aggregators. The speakers noted that practitioners will need to have completed the fund registration process by the end of the first week of August 2020. They indicated, however, that a number of gray areas remain as well as issues around non-fund arrangements. 
The HKVCA would like to thank both Anthony Webster and Andrew Wood, as well as John Levack, for updating the attendees on these latest developments in an area that is of great importance to our members. The HKVCA also thanks those who attended the event and contributed to the discussion via submission of online questions.

Industry News
TR Capital completes secondary investment in Genesis Capital I L.P.
September 3, 2020
TR Capital is pleased to announce that it has completed a secondary investment in Genesis Capital I L.P.

Genesis Capital I L.P. is a 2015 vintage private equity fund focusing on China’s TMT sector. The fund is fully invested in high quality companies with strong growth potential and clear visibility on exits (including MissFresh, Full Truck Alliance, RED and Zhangmen). TR Capital acquired an LP interest at a significant discount to the reported NAV.
Genesis Capital was founded by Richard Peng, who was previously Head of Investment and Corporate Vice President of Tencent.
The transaction marks the third investment made by TR Capital IV, L.P., TR Capital’s fourth flagship fund.
Li Xiaojia predicts HK a biotech capital-raising hub
September 1, 2020
(The Standard by staff writer) - Hong Kong should and would become the world's biggest fundraising market for biotech companies in the next five to 10 years, says Charles Li Xiaojia, chief executive of Hong Kong Exchanges and Clearing (0388).

The city has become the second-largest market so far, but that is not enough, he said at the 2020 HKEX Biotech Summit...
(link to the full article)
Hong Kong’s Citybus, New World First Bus sold for HK$3.2 billion to consortium led by private equity fund
August 22, 2020
(SCMP by Katheleen Magramo) - Infrastructure firm NWS Holdings has agreed to sell one of Hong Kong’s largest franchised bus operations – Citybus and New World First Bus – for HK$3.2 billion (US$410.2 million), saying the objective of the deal is to save jobs in a coronavirus-hit business environment...
(link to the full article)
Hong Kong-headquartered Neat extends its Series A funding by $4 Million
August 19, 2020
(Entrepreneur by Debarghya Sil) - Hong Kong-headquartered Neat, a fintech company, on Wednesday announced that it has raised $4 million, which is an extension to their $11 million Series A round closed four months ago. Existing investors MassMutual Ventures, Pacific Century Group,  were among others who participated in the Series A Extension. New investor - Vectr Fintech too participated in the extension.
(link to the full article)
Hong Kong’s City’super owner nears sale to Chinese-led group
August 3, 2020
(Bloomberg by Vinicy Chan) - A group led by China Resources Capital Management Ltd. is close to buying a majority stake in City’super, valuing the high-end Hong Kong supermarket chain at almost $300 million, people with knowledge of the matter said...
(link to the full article)
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