Farewell to John Levack   
It was with mixed feelings that we said farewell to John, who retired and returned to the UK in early May. A feeling of sadness to see him go, and yet happiness to see him entering a new phase of life.
John Levack, Vice Chairman of the HKVCA, Chairman of the Education Committee, Technical Committee and the working groups, active member of various other Committees, has served the Association for over two decades.
He has expended tremendous effort over the years lobbying the government and led the Association through many major regulatory changes, especially most recently the new onshore limited partnership regime, Unified Fund Exemption and the concessionary tax on carried interest.
His contribution to the Association as well as to the industry is simply immense. 
Please join us in wishing John the very best of luck and the greatest of success in all his future endeavors.
John's role as the Chairman of the Technical Committee will be succeeded by Bonnie Lo, Executive Director of the HKVCA and Founding Partner and COO of NewQuest. We are confident that Bonnie will continue to lead the Committee and ensure that the voice of our members is heard before governmental and other relevant bodies. We would like to sincerely thank Bonnie for taking up this role.  

   HKVCA Research Journal - Eighth Issue   

   The Guidelines for the Certification of Funds    

   HKVCA Membership Renewal 2021   
Dear Colleagues,

Warm greetings from the Hong Kong Venture Capital and Private Equity Association (HKVCA). I would like to cordially invite you to renew your firm’s membership in the Association for the coming year, 2021. This past year has been a difficult one filled with concern for Hong Kong and the world in the light of the COVID-19 pandemic. Yet against this backdrop, the HKVCA has still managed to grow, becoming bigger, better and more influential than it has ever been.

With the largest membership base among fellow industry associations in Asia, the HKVCA is a unique and singularly persuasive voice when it comes to representing the interests of the private capital markets in Hong Kong, Greater China and the Asia Pacific region. We represent close to 480 local and international firms covering a broad group of private equity and venture capital practitioners. Nine of the top 10 private equity firms in the world are members.

With the outbreak of COVID-19 in early 2020, all physical events came to a complete halt, requiring us to rapidly shift our energies and resources towards organizing events virtually. We have since offered close to 40 webinars in the months March 2020 through April 2021, a move that has gone a long way toward ensuring that our members have been able to stay on top of the latest and most important industry developments.

The HKVCA has also continued to hold regular meetings with government officials so as to give voice to our members’ interests and concerns. Indeed, the government has acceded to many of our requests and implemented a number of polices that strongly benefit the private capital industry in general, and PE professionals in particular, including:
  1. The unified fund tax exemption.
  2. HKEx’s new chapters for pre-revenue biotech companies and new economy companies.
  3. The new onshore limited partnership regime.
  4. The concessionary tax rate for carried interest.
  5. The Hong Kong Growth Portfolio.
I look forward to us working together to ensure the HKVCA remains the most influential regional body for our industry and it is in this spirit that I acknowledge how much we value your continued involvement. We are also pleased to confirm that the fee for membership in 2021 will remain at the same rate it has been for the past eight years. We so look forward to seeing you in person again very soon and thank you for your renewed commitment.

Yours sincerely,

H. Chin Chou
Chairman, Hong Kong Venture Capital and Private Equity Association
Managing Director, Morgan Stanley Asia Limited

   HKVCA Asia Private Equity Forum 2021 Highlight Video   

   Upcoming Events   
Limited registrations available
Asia Regulatory Roadmap
With a number of important new regulatory developments expected in Asia in 2021, we have invited partners from Allen & Overy's Asia Pacific Funds & Asset Management team to walk us through the key regulatory areas affecting private equity and venture capital fund managers across the region. This webinar will include a look at developments around the region's new fund and investment schemes, corporate governance, ESG/sustainability, personal data/outsourcing/cloud storage, and AML and counter-terrorist financing regulations. 
James Ford
Partner, Hong Kong,
Allen & Overy
Charlotte Robins 
Partner, Hong Kong,
Allen & Overy
Shuhui Kwok  
Partner, Singapore
Allen & Overy
Date: May 17, 2021 (Monday)
Time: 10:00 - 11:00 (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: May 16, 2021

Limited registrations available
The CSRC’s shareholder disclosure requirements for A-share listed companies
Sponsored by
Topics for discussion: 
  • Background of Guideline on Disclosure of Shareholder Information. 
  • Relevant provisions in the guidelines.  
  • Brief discussion on look-through inspection and disclosure requirements for overseas shareholders. 
  • What overseas shareholders need to be aware of in order to comply with the regulatory requirements in relation to disclosure of shareholder information. 
  • Impact on A-share IPO applications and examinations. 
  • Discussion of how the guidelines may be implemented
Tianning Ma
KWM, Beijing
Jianxue Wang
KWM, Guangzhou
Haolin Wang
Senior Associate
KWM, Beijing
Date: May 20, 2021 (Thursday)
Time: 10:00 - 11:00 (HKT) 
Format: Zoom Webinar* - link will be provided upon successful registration#
Fee: HKVCA Member
1 free pass per company        
additional passes: HK$200 per person

HK$300 per person
CPT:  1 point
Language: English
*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: May 19, 2021

Limited registrations available
HELP! There's fraud! Now what?
The lifespan of a global fraud and asset tracing claim
Sponsored by
At the onset of potential financial distress or imminent insolvency, or when a large-scale global fraud is uncovered, it is important to act quickly and often in multiple jurisdictions simultaneously. Join experts from Mourant Ozannes and Alvarez & Marsal as they discuss the stages involved in fraud and asset tracing claims, and as they detail the early steps that should be taken to identify and preserve assets; what action can be taken if assets have been dissipated; how assets can be traced and recovered around the world; and what support and relief is available offshore from the BVI and Cayman Islands courts. The speakers will also discuss real-life examples and how they were successfully resolved.
Daniel Barton
Managing Director,
Disputes and Investigations,
Alvarez & Marsal
Eddie Middleton
Managing Director of Restructuring & Insolvency,
Alvarez & Marsal
Davin Teo
Managing Director and
Head of Forensic Technology Asia,
Alvarez & Marsal
Keith Williamson
Managing Director & Head of Disputes and Investigations Asia,
Alvarez & Marsal
Justine Lau
Partner, Hong Kong,
Mourant Ozannes
Jennifer White
Senior Associate, Hong Kong,
Mourant Ozannes
Date: May 25, 2021 (Tuesday)
Time: 16:00 - 17:00 (HKT) 
Format: Zoom Webinar* - link will be provided upon successful registration#
Fee: HKVCA Member
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: May 24, 2021

This webinar will be conducted in Mandarin.
网络研讨会: 中国证监会对A股上市公司的股东披露指引
  • 股东信息披露指引的出台背景
  • 股东信息披露的相关规定
  • 对未来股东信息披露监管尺度的预测
  • 结合案例浅谈境外股东的穿透核查要求及披露要求
  • 为满足股东信息披露的监管要求,境外股东需配合事项
  • 对A股IPO申报及审核的影响
日期: 2021年5月27日(星期四)
时间 10:00 - 11:00(香港时间)
形式: Zoom网络研讨会* - 链接将于成功注册后提供#
费用: 本会会员                    
同公司其余参会者每位港币 200元

CPT:  1 分
语言: 普通话
* 活动结束后将不会提供网络研讨会录像。
截至报名日期: 2021年5月26日

Asia Venture Capital Forum 2021 (Online Forum)
Date: July 6, 2021 (Tuesday)
Time: 9:00 - 13:30 (Hong Kong Time)
Format:  Online Forum*
Fees: HKVCA Members
One free pass per company
Additional pass per person: HK$400
One pass per person: HK$800
CPT: 3.5 points#
* 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 the online platform using the email address they provided when registering for the event. 
# Participants are hereby reminded that they are required to join the AVCF virtual event at 9:00 (HKT) and remain until completion of the full event at 13:30 (HKT) if they intend to claim 3.5 CPT (SFC licence) points

China Private Equity Summit 2021
Date: August 17, 2021 (Tuesday)
Time: 9:00 - 17:10 (Hong Kong Time)
Format:  Online Forum
6 CPT points* can be claimed after attending the full-day event.
Registration Fee
HKVCA Members One free pass per company
Additional pass: HK$2,500 per person
Non-Members HK$3,500 per person
*Participants are hereby reminded that they are required to join the CPES virtual event at 9:00 (HKT) and remain until completion of the full event at 17:10 (HKT) if they intend to claim 6 CPT (SFC licence) points.

Date: November 30, 2021 (Tuesday)
Time: Registration and breakfast:   7:30 am
Shotgun start:   8:15 am
Lunch:   1:00 pm
Venue: Shek O Golf & Country Club
Address: 15 Shek O Rd, Shek O, HK
Format: Scramble
Fee*: Members: HK$2,900
Non-members: HK$3,
* Fee inclusive of light breakfast and lunch
Individual booking: Team booking:

      The HKVCA's New Logo  
Over the past year we have continued to inform our members about changes made to the HKVCA’s logo, specifically, the addition of the byline “The Association for Private Capital in Asia”, which we believe reflects the way our industry has continued to innovate and develop. At the same time, however, we recognize the importance of our position as the Hong Kong Venture Capital and Private Equity Association. Accordingly, our logo will continue to reflect both our formal name as well as the byline representing the diversity of our members. 
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   
New Members
Corporate Full Members
Epson Hong Kong Limited
We are a cross-border hybrid growth/VC fund with LPs from the Middle East investing in technology in China. Our fund invests in emerging connectivity and promotes value creation between China and the Middle East.
HashKey Group
HashKey Group is a leader in digital asset management and blockchain solutions. The Group provides a complete ecosystem across the entire digital asset landscape, ranging from capital and custody, to technologies, trading, and exchange. HashKey’s senior team has deep investment, governance, and technology expertise gained at tier-one banks, regulators, and fintech ventures. HashKey identifies high potential opportunities and deliver end-to-end solutions that operate within regulatory frameworks with high compliance standards. The Group has operations in Hong Kong, Singapore and Japan, and extensive partnerships with fintech and blockchain solution providers, academic institutions, and associations.
Mercer Alternatives is a global specialist for alternatives investments, offering advisory services, customized and pooled investment solutions for some of the world’s largest institutional investors around the world. Mercer’s flexibility to service its clients in a way that best fits their requirements is based on a modular service concept that reflects our heritage as a trusted advisor to our clients. With an operating history dating back over 25 years, Mercer Alternatives today oversees programs with an AUM of USD 22 billion, and provides advice on a further USD 179 billion. More than 200 professionals operate out of 25 offices across Europe, North America and Asia-Pacific and provide deep expertise, resources, and research capabilities covering all major sub-asset classes within private markets.
NL Capital Advisers, Ltd
NL Capital Advisers, an investment and advisory firm headquartered in Hong Kong with operations in the United States, is a global investment firm with strong conviction in the power of innovation coupled with the dynamic intersection of the US, China, and Korea with equal and balanced interest in every country.
Sterling Private Management Limited
Sun Hung Kai & Co. Limited
Sun Hung Kai & Co. Limited (SEHK: 86) is a leader in alternative investing headquartered in Hong Kong. Since its establishment in 1969, it has owned and operated market-leading platforms in financial services and invests across public markets, alternatives and real assets, with an established track record of generating long-term risk adjusted returns for its shareholders. Most recently, it has extended its strategy to incubate, accelerate and support emerging asset managers in the Asian region. It is also the major shareholder of a leading consumer finance firm, United Asia Finance Limited. It currently holds about HK$44 billion in total assets as at December 31, 2020.
Vectr Fintech Partners
Our mission is to support amazing founder’s that are shaping the future of financial technology and services. We have a specialized fintech venture fund that covers infrastructure, private capital markets and deep tech across Asia and North America.
Overseas Full Member
Guangzhou Sino-Israel Biotechnology Fund (GIBF)
The Guangzhou Sino-Israel Biotech Investment Fund (GIBF) was established in March 2016, focusing on life science investment with an initial size of 600 million RMB. The Guangzhou Elim Biotech Industry Venture Capital Management Company, controlled by a group of prominent Israeli professionals, is the management company of the Fund, having operational offices in both Guangzhou, China and Tele Aviv, Israel. This bold approach is the first taken by a major Chinese municipal government in terms of allowing a foreign group to primarily manage a government sponsored fund. The purpose of GIBF is to bring world class Israeli biotech to China to commercialize and industrialize locally and build a competitive and comprehensive life sciences industry in Guangzhou.
Corporate Associate Members
Ankura Consulting
Ankura is a business advisory and expert services firm defined by how we solve challenges. Whether a client is facing an immediate business challenge, trying to increase the value of their company or protect against future risks, Ankura designs, develops, and executes tailored solutions by assembling the right combination of expertise. We build on this experience with every case, client, and situation, collaborating to create innovative, customized solutions, and strategies designed for today’s ever-changing business environment. This gives our clients unparalleled insight and experience across a wide range of economic, governance, and regulatory challenges. At Ankura, we know that collaboration drives results.
InCloudCounsel is a legal technology company that combines highly experienced corporate attorneys with cloud-based software to offer a scalable, end-to-end solution for negotiating and managing routine legal work. We help many of the world’s leading companies effectively streamline their contract processes, free up resources, and achieve substantial cost savings. Our global network of highly experienced attorneys are specialists in specific document types in asset management, investment banking, real estate, and healthcare. The InCloudCounsel software platform is designed to maximize organization, efficiency, and insight by providing a robust set of document management and data reporting capabilities.
Innovative Directions Inc.
We are a business turnaround and senior advisory firm focused on helping family offices and private equity funds regain profitability and attain exit for Asia based assets. We generally do one to two turnarounds at a time and three to four board and operations advisory. We serve on multiple boards of directors and offer full-service business management, governance, and human development.
PJT Partners (HK) Limited
PJT Partners is a premier global advisory-focused investment bank. Our team of senior professionals delivers a wide array of strategic advisory, shareholder advisory, restructuring and special situations, as well as private fund advisory and fundraising services to corporations, financial sponsors, institutional investors and governments around the world. We offer a unique portfolio of advisory services designed to help our clients achieve their strategic objectives. We also provide, through PJT Park Hill, private fund advisory and fundraising services for alternative investment managers, including private equity funds, real estate funds and hedge funds. 
TMF Hong Kong Limited
TMF Hong Kong Limited is a fund service group providing fund administration, investor KYC, trustee, management and company secretary services along with other specialized services.

Event Reports
HKVCA Private Equity Advanced Course: Fundraising and Investor Relations
April 29, 2021
The HKVCA held its fundraising and investor relations module as part of its Advanced Private Equity Course for senior and mid-level PE and venture capital professionals on April 29, 2021. The training module, which was held online, featured two expert instructors, Alex Wilmerding, Partner at Pantheon Ventures (HK) LLP, and Kallan Resnick, Managing Director at PJT Park Hill. 
The course discussions included issues around the current fundraising market; key issues and concerns for LPs; the fundraising process; secondaries and co-investment options; the importance of due diligence; the key components in LP reporting; and the soft skills required to be successful in the industry.  
More than 50 HKVCA members attended the course with many indicating they found it extremely valuable. The Association extends a very special thanks to our instructors for their participation.
Webinar: SPACs overview and trends
April 28, 2021
April 28, 2021 saw the HKVCA hold its second in a series of webinars focused on SPACs. Hosted by Johnny Chan, President of the HKVCA and CIO of Cyberport, the event also featured speaker Rob Chan, Managing Director of the ECM team at Citigroup.  
The event kicked off with a discussion of recent examples of successful SPACs sponsored by private equity firms, with a particular focus on those in Asia. Chan also offered tips on how to successfully sponsor a SPAC as well as the "de-SPAC" process; a discussion of milestones; and comparison with traditional IPOs. 
With more than 400 people registered, and active participation in the closing Q&A session, the webinar proved a popular event. The HKVCA extends its thanks to Citi for its generous sponsorship and to the expert speakers and attendees for their participation.
Webinar – Post-pandemic issues for Asian family offices
April 8, 2021
April 8, 2021 saw the HKVCA host the first of a planned series of webinars focused on issues faced by family offices. Organized by the HKVCA’s own Family Office Committee, the series launched with a panel discussion featuring representatives from three Asian family offices: Hilton Tam from Bright Success Capital; Eric Ng from Happiness Capital; and KO Chia, formerly with Grace Financial. The panel was moderated by Harvey Coe from Ernst & Young. 
The discussion centered around how the pandemic has impacted investment strategy across the different asset classes as well as how it has affected the operation of particular businesses. The speakers also spoke of how they managed the challenges and mitigated the risks that emerged, and whether the pandemic resulted in any permanent changes to future operational and business practices. Finally, the speakers addressed whether there would be a need to further diversify investments across more sectors in the post-COVID era. 
With more than 90 registrants, the event came to a close following an active Q&A session. The HKVCA extends its thanks to Ernst & Young for their generous sponsorship and to each of the expert speakers and attendees for their participation.
Webinar – Private capital in China: Evolving investor requirements on data transparency
March 31, 2021
The evolving investor requirements on data transparency in China was the topic of a recent HKVCA webinar held on March 31, 2021. Five expert speakers, namely James Donnan, Regional Managing Director - Asia Pacific, Intertrust Group; Fang Ling Khor, Head of Fund Services - North Asia, Intertrust Group; Cliff Chau, Partner, HOPU Investments; PV Wang, Managing Director, Legend Capital; and Marcos Chow, Partner - IT Advisory and Head of Technology Enablement, KPMG China/Hong Kong, joined the event. More than 70 people registered to attend, with a significant number actively participating in the virtual discussion by submitting their questions and comments. 
The speakers covered a wide range of issues, including the rise in demand for transparency, changing investor expectations and the response of CFOs. Intertrust also revealed the results of its latest survey, which showed that increased demand for reporting around cybersecurity and ESG is a major factor going forward and that CFOs preferred to allocate resources to expanding their technology framework and in-house finance team to deal with the new reporting requirements. 
The HKVCA extends its sincere thanks to the Intertrust Group for their generous sponsorship, and to all of the speakers and attendees for their participation. 
Webinar – US-Asia relations in the Biden era
March 9, 2021
The HKVCA and Singapore Venture Capital and Private Equity Association (SVCA) co-hosted a webinar on the topic of US-Asia relations in the Biden era, the first time the associations had come together to host a webinar event. 
Discussions began with a highlight of the difficulties faced by private equity firms during four years of the Trump administration, including its increased focus on China at the expense of South East Asia, its greater use of trade tariffs, and increased scrutiny of M&A deals. After providing an overview of the current relations between US and Asia, Dane Chamorro, a partner at Control Risks, posited that while there will likely be less fireworks under Biden, friction between the US and China can be expected to continue, especially when it comes to technology, territory, and trade and investment. 
Angela Mancini, Partner and Head of Asia Pacific Markets at Control Risks, noted that there is considerable dry powder in Asia, and a notable industry trend toward an investment strategy that is more sector focused than regionally focused. She also identified a number of potential risks investors can expect in different regions of Asia in the coming year, emphasizing the importance of knowing the risks and being prepared to deal with them. 
As many as 60 industry practitioners registered for the webinar. Our thanks to all the participants, especially to our speakers from Control Risks, and to the SVCA for working with us to deliver this timely and important event. 
Webinar – Regulatory developments and trends under a new US administration
March 4, 2021
On March 4, 2021, the HKVCA held another in its series of webinars, this time on the topical subject of US regulatory developments and trends under recently elected President Biden. More than 140 people registered for the much-anticipated event.
HKVCA Vice Chairman John Levack delivered opening remarks, while the event was moderated by Lorna Chen, Asia Regional Managing Partner and Head of Greater China at international law firm Shearman & Sterling. She was joined by three partners from the firm, Brian Burke, John Beahn and Philip Urofsky.
Among the several issues discussed were the trends around the US use of sanctions laws and how they, along with reciprocal Chinese sanctions, reflect the current state of trade and diplomatic tensions. How different types of sanctions are applied in order to meet different needs and goals was also addressed, as was the speakers’ views related to digital surveillance and Huawei, Tiktok and WeChat.
After providing a general update on current US regulations, the speakers then discussed recent developments related to CFIUS, SEC securities law enforcement, a likely renewed focus on insider trading, the potential strengthening of whistle blower protections as well as general considerations for private equity and venture capital investors.
The HKVCA extends its sincere thanks to all the attendees and to Shearman & Sterling for their generous sponsorship. Special thanks also to John Levack and to each of the expert speakers for their valued participation.
Webinar – A practical SPAC case study for private equity investors
February 4, 2021
The recent and increasingly popular trend of utilizing SPACs in the private equity world was the topic of an HKVCA webinar held on February 4, 2021. The Association was extremely fortunate to have as speaker Denis Tse, CEO of ACE Equity Partners International and President of ACE Convergence Acquisition LLC, who was able to share his own recent practical experience leveraging a SPAC vehicle with the audience. Over 100 people registered to attend the event, many of whom actively participated in the virtual discussion by submitting questions and thought-filled comments.
With ACE Convergence Acquisition Corp announcing on January 7, 2021 that it had signed a merger agreement with Achronix Semiconductor Corp, Tse, as the deal maker, directly addressed the advantages of using SPACs in private equity transactions. He also provided a series of practical tips around the SPAC lifecycle, from setting strategy and formation to post-merger management. However, he also urged caution and awareness of CIFUS-sensitive issues as well as timing of IPOs in the US.

Industry News
Rebranded Hutchmed secures $100 million investment
April 8, 2021
(The Pharma Letter) - Hutchison China MediTech (Nasdaq: HCM), also known as Hutchmed, has announced a private placement of $100 million in funds from Baring Private Equity Asia (BPEA)...
(link to the full article)
KKR closes US$15b Asian Fund
April 7, 2021
(Money Management by Oksana Patron) - KKR, a global investment firm, is closing its US$15 billion Asian Fund IV, focused on investment in private equity transactions across the region...
(link to the full article)
Hong Kong property startups seek capital boost in anticipation of post-Covid-19 market rebound
April 6, 2021
(SCMP by Cheryl Arcibal) - Some Hong Kong property-related startups are on the hunt for fresh capital as they ramp up expansion plans, suggesting an imminent rebound in market confidence as the coronavirus pandemic comes under control...
(link to the full article)
Airwallex’s value swells to US$2.6 billion as Greenoaks leads investors to add US$100 million to fintech startup’s Series D round
March 24, 2021
(SCMP by Alison Tudor-Ackroyd) - Airwallex, a fintech startup that aims to rewire clunky financial infrastructure, has swollen to US$2.6 billion in valuation as a group of global money managers joined its latest fundraising round...
(link to the full article)
TPG and NewQuest Capital Partners announce expansion of strategic partnership
February 24, 2021
SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG, a global alternative asset firm, announced today it has signed a definitive agreement to acquire a majority interest in NewQuest Capital Partners, a leading secondary private equity platform focused on the Asia Pacific region. The investment will further align the two organizations and build upon the successful strategic partnership that began with TPG’s minority investment in NewQuest in 2018. The transaction is expected to close in the second quarter and is subject to regulatory approvals and other third-party consents...
(link to the full article)
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