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Press Release

The 13th China Private Equity Summit & the 1st Hong Kong Venture Capital Forum Successfully Held
June 13, 2014

Hong Kong, 13 June 2014 – The 13th China Private Equity Summit and the 1st Hong Kong Venture Capital Forum, organized by the Hong Kong Venture Capital and Private Equity Association (“HKVCA”), took place today. Attracting more than 450 venture capital and private equity practitioners, leading corporations, and other industry professionals and participants from across the region, the summit discussion focused on the latest developments and trends in the private equity market in China.

Held at the Hong Kong Convention and Exhibition Centre, distinguished guests at this one-day event included: Professor K C Chan, Secretary for Financial Services and the Treasury of Hong Kong SAR Government; Antony Leung, Chief Executive Officer of Nan Fung Group; Bryan Chan, Managing Director and Co-Head of the Equities and FIC Business, Global Market Division of Hong Kong Exchange & Clearing, and Chief Executive of China Exchanges Services; Fred Hu, Chairman of Primavera Capital Group; Hans Tung, Managing Partner of GGV Capital and Gavin Ni, Founder, Chairman and Chief Executive Officer of Zero2IPO Group.

The China Private Equity Summit explored GP and LP perspectives on the China private equity environment, regulatory developments, as well as due diligence and risk management in China. Other topics included value creation within portfolio companies, RMB funds, Chinese overseas investments, and exit channels for Chinese portfolio investments.

During the Hong Kong Venture Capital Forum, experts from the VC industry, NGOs, and the private sector explored three key topics: mobile internet, opportunities and challenges for venture capital in Hong Kong, and opportunities in Asia beyond China.

Conrad Tsang, Chairman of HKVCA, said: “The event has once again brought together distinguished guests and industry experts to discuss the multiple challenges and opportunities for private equity and venture capital firms in Asia today. As the industry matures in the region, and as one of the largest associations of our kind, we will continue to represent the opinions of our members, in order to embrace the economic and regulatory challenges that lie ahead.”

Media Coverage can can be viewed here.

Photo Highlights can can be viewed here.


Discussion Highlights

Technical Update – Feedback on the current ‘Challenges’ to PE firms from a tax, legal and regulatory perspective
April 30, 2014

In a brownbag luncheon presentation titled “Two-way Communication” held on Wednesday 30 April, Technical Committee Chairman John Levack gave members feedback on the issues being discussed in the committee and addressed some of the current challenges to PE firms from a tax, legal and regulatory perspective.

Launched in April 2012, the technical committee has three key objectives:

  • Communicating with HKVCA members on legal and technical matters which affect them, their investors and their portfolio companies;
  • Shaping policy and the implementation of policy to ensure that it accommodates the needs of Hong Kong’s venture capital and private equity community; and
  • Raising the profile of the industry and its concerns with regulators, influencers and other key industry bodies.

Levack outlined the major projects the committee is currently involved in, namely: liaising with the Hong Kong Government on a roadmap for bringing funds and GPs onshore in Hong Kong; establishing a working group with the SFC to improve the regulatory framework for PE firms in Hong Kong; a study with Hong Kong University of Science & Technology of indirect job creation resulting from PE and hedge funds, and a survey of PRC fund strategies; and sub-committee work related to redrafting the Limited Partnership law in Hong Kong and the carried interest taxation working group.

To make progress on these issues, the technical committee is working with government, regulators and the private sector. Specifically, issues discussed with the Securities and Futures Commission (SFC) include: whether the SFC should regulate private equity; the variable application of Type 1, Type 4 and Type 9 licenses; the monitoring of PE activity - FRR and inspections; and registration for offshore funds tax exemption.

With the Inland Revenue Department, Levack said that the technical committee is discussing several issues, including: the implementation of offshore funds tax exemption and the inclusion of HK SPVs; benefit of China-Hong Kong double tax treaty to Hong Kong-based investment vehicles; onshore funds – central management and control; and Singapore structures.

As a fund hub, Levack noted that for Hong Kong to be successful, it must have all the essentials – tax transparency of Hong Kong funds; clarity, certainty and consistency of tax for manager (Hong Kong) and team members; and double taxation agreements with key investment destinations. But it faces issues: regulation; the limited partnership law needs upgrading; and tax specifically with regards to carried interest and the profits tax of the manager.

In summary, Levack noted that the technical committee comprised a pooled resource of industry and professional advisers who are creating an awareness of new technical issues, formulating responses and proposals for change, and communicating with members and external parties. He concluded by emphasizing the importance of a two-way flow of information between the technical committee and HKVCA members.

Please download the presentation here.


HKVCA Publishes 2014 Report on Hong Kong’s Venture Capital and Private Equity Space
June 13, 2014

Directly on the heels of the China Private Equity Summit and Hong Kong Venture Capital Forum, which was held on June 13th, the HKVCA released data on how the venture capital and private equity industry has changed in Hong Kong, especially after the Global Financial Crisis 2008.

The HKVCA report examines the local venture capital industry, listing the most active VCs in Hong Kong by number of deals and in particular takes note of the re-emergence of home-grown venture firms. Red Chapel Advisors tops this list.

Hong Kong ecosystem directory, StartBase.HK, was also mentioned in the report as an important example of a grassroots, open source, startup profiling database that has helped reduce search costs and improved deal information flow.

The report also provided data on private equity deal value in Hong Kong through 2014, though cautions that the deal value reported will be skewed by Temasek’s US$5.7 billion privately-negotiated investment in AS Watson earlier this year.

Deal value over the past three years has hovered between US$1.2 billion and US$1.8 billion. Indeed venture deals within Hong Kong are expected to experience an upswing in 2014, despite the fact that the data will not include those projects receiving incubation funding by the Government.


Upcoming Event


Members Only Event

Date: July 4, 2014 (Fri) 
Time: 08:00  - 09:00
Venue: Hong Kong Club, 1 Jackson Road, Central, HK
Fee: Full Member (Corporate): One free pass per company
                  Associate Member/ Full Member (Additional pass): HK$250

   Sponsored by:



Members Only Event

An on-the-ground view of the current state of the Chinese real estate industry

The real estate industry is an integral part of the economy in China and a significant contributor to the GDP. Its development has broad ramifications on many other industries in China, such as banking, retail, and other sectors which have a land component in their business models. Therefore, an understanding of the current state and future outlook of the real estate industry is indispensable in forming a view on the Chinese economy.

The real estate industry is broadly seen to be going through a period of transition. This session, an interview of Christina Gaw (Managing Principal of Gaw Capital) by Jie Gong (Partner of Pantheon Ventures), seeks to capture an on-the-ground picture of the current state of the Chinese real estate markets across residential and commercial sub-sectors, the forces that are shaping the future development, and the likely direction going forward.

Gaw Capital is a leading Asian real estate private equity company with US$7.5 billion of assets under management as of October 2013. Pantheon Ventures is one of the largest global private equity fund of funds with US$28.8 billion in assets under management as of December 2013.

Interviewee: Christina Gaw, Managing Principal, Gaw Capital Partners
Interviewer: Jie Gong, Partner, Pantheon Ventures (HK) LLP

Full Bio can be downloaded here.

Date: September 15, 2014 (Mon) 
Time: 12:30 - 14:00
The China Club, 14/F Old Bank of China,
1 Bank Street, Central, Hong Kong
Fee: Full Member (Corporate): One free pass per company
Associate Member/ Full Member (Additional pass): HK$400




Co-hosted with:



Early Stage Investment
September 17 (Wed)   2pm - 5:15pm
The HKU Town Centre, B2, 3/F, Admiralty Centre, HK

- Introduction and Overview
- How Investor Screen Deals
- Entrepreneurship: What make a Successful Entrepreneur
- Negotiation and Term Sheet
- Post Investment & Exit

Module 1: PE Basics
September 18 (Thu)   9:30am - 12:45pm
The Auditorium, HK Exchanges and Clearing, Exchange Square 1&2, Central

- Introduction to Private Equity
- Private Equity in Asia
- Established PE Funds
- Principal China Regulatory Issues

Module 2: The Investment Decision 
September 18 (Thu)   2:00pm - 5:10pm
The Auditorium, HK Exchanges and Clearing, Exchange Square 1&2, Central

- Deal Sourcing
- Investment Committee Proposal
- Due Dilligence
- Valuation issues
- Deal Financing
- "High Level" Tax Issues

Module 3: Transaction Documentation
October 8 (Wed)   9:30am - 12:40pm
The HKU Town Centre, B2, 3/F, Admiralty Centre, HK

- Deal Protection and Risk Allocation Issues
- Non-leveraged Transaction/VC Transactions
- Buyouts

Module 4: Post Investment
October 8 (Wed)   2:00pm – 5:10 pm
The HKU Town Centre, B2, 3/F, Admiralty Centre, HK

- Management of Portfolio Companies
- Exit Strategies

Module 5: LP Universe and Fund Raising
October 10 (Fri)   11:00am - 12:30pm
HKUST Business School Central, 15/F, HK Club Building, Central, HK

- Understanding LPs

Case Study: Pacific Coffee
October 30 or 31 (Fri), TBC
HKUST Business School Central, 15/F, HK Club Building, Central, HK

Case Study: GE Equity
October 30 or 31 (Fri), TBC
HKUST Business School Central, 15/F, HK Club Building, Central, HK

CPT:          3 points per module, 1.5 points per case study

For more details, please visit here

*The above information is subject to change until final confirmation.


Save the Date

Date: January 20, 2015 (Tue) 
Time: 19:00  - 21:00
Venue:           The Hong Kong Country Club, 188 Wong Chuk Hang Road, Deep Water Bay, Hong Kong


Save the Date

Date: January 21, 2015 (Wed) 
Time: 08:00  - 17:30
Venue:       S421, Hong Kong Convention and Exhibition Centre (Old Wing)

  Platinum Sponsors


Gold Sponsor                     Silver Sponsor



View APEF 2014 highlight


Other Supported Events:

BRICS TSE Special Portfolio∙International Capita Union—Alliance Abutment
27 June 2014

BVCA Summit
8 October 2014




Harald Quandt Capital (“HQ Capital), a private investment group owned by the Harald Quandt Family of Germany, is pleased to announce the appointment of David Pierce as a Managing Director and Head of Asia.

Click here to access full press release  


H. Chin Chou, Chief Executive Officer of Morgan Stanley Private Equity Asia, joins the HKVCA Board

Click here to access full bio of Mr. H. Chin Chou


HKVCA Consultation on Open-ended Fund Companies

The Hong Kong Venture Capital and Private Equity Association (“HKVCA”) welcomes the opportunity to submit comments on the Open-Ended Fund Companies Consultation Paper.

Hong Kong is the largest centre for Private Equity in Asia even though Hong Kong’s tax structure has forced most investment vehicles (“funds”) to be based offshore. HKVCA strongly supports the updating of tax, legal and regulatory structures in Hong Kong that will allow funds to come onshore.

Full paper can be viewed here


New Members Welcome

Full Member

Bright Success Capital

Bright Success aim to provide seed financing, hands-on leadership, market strategy and operational guidance to early-stage technology companies with a focus on Internet of things, internet security, consumer products and services and technology enablers.

HAO Capital

Harald Quandt Capital

HQ Capital is part of the Harald Quandt Family’s holding of financial services companies, which has approximately US$16 billion assets under management and is one of the leading independent providers of alternative investments, asset management and administration services. HQ Capital represents three financial services businesses – Auda International, Equita Management and Real Estate Capital Partners -- focused on investments in private equity and real estate. The businesses represented by HQ Capital together have approximately US$12 billion in assets under management.

Richfields Capital Partner Limited

RCP is a private equity fund management company whose management team consists of former Chinese government officials, investment professionals and CEO/CFO of listed and private companies. The management team possesses strong Asian connections (China in particular), and has extensive operational and capital market experiences in relevant industries.

Standard Perpetual Asset Management Ltd

Standard Perpetual Asset management is established at 2012. Now, there are three funds under management: two PE funds and one hedge fund. The main investment themes for the PE funds are distress leverage buy-out and pre-IPO venture capital. The hedge fund is macro strategy fund focus on world-wide financial markets.


Overseas Full Member

Tokio Marine Capital Co., Ltd

Founded in 1991 and launching its pioneering buyout fund management business in Japan in 1998, TMCap has managed four funds with a successful track recors. TMCap has consistently focused on Japan's small to mid-cap investments by taking advantage of its respected brand and unique network throughout Japan.


Associate Member

Ashurst Hong Kong

Ashurst is a leading international law firm advising corporates and financial institutions, with core businesses in M&A, corporate and structured finance. Our private equity practice has a 30 year track record of advising deal leaders, investors and management on mid-sized and large-scale private equity transactions throughout Europe, Asia and Australia.

Bird & Bird

Bird & Bird is a leading international law firm with over 1,100 lawyers and a network of 26 offices worldwide. Our offices in Hong Kong, Shanghai, Beijing and Singapore cover all areas of commercial and business law, with specialists in a broad range of industry sectors particularly where technology, regulation and intellectual property have a significant impact.

DMS Management (Hong Kong) Limited

DMS Offshore Investment Services (DMS) is the worldwide leader in fund governance with more than 200 professionals representing leading investment funds with assets under management exceeding $330 billion. DMS provides trusted and comprehensive Fund Governance, FATCA, AIFMD, Banking + Custody, Trust, Corporate and Outsourcing solutions that support investments across a range of structures, and diverse investment strategies.

Emerging Markets Private Equity Association (EMPEA)

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer is a global law firm with a long-standing track record of representing the full range of global financial investors, including private equity firms, sovereign wealth funds, alternative capital providers, infrastructure and pension funds on ground-breaking and business-critical mandates throughout Asia.

Gerson Lehrman Group (Asia) Ltd.

GLG’s mission is to transform the way top professionals share expertise and learn. We curate custom learning experiences with professionals. GLG organizes conversations, small group meetings, mentorships, surveys, and other interactions with a membership of more than 375,000 experts. Technology-driven, our 900 employees work in 21 offices around the globe.

Korn / Ferry International (HK) Limited

At Korn / Ferry, we design, build, attract and ignite talent. Since our inception, clients have trusted us to help recruit world-class leadership. Today, we are a single source for leadership and talent consulting services to empower businesses and leaders to reach their goals. Our solutions range from executive recruitment and leadership development programs, to enterprise learning, succession planning and recruitment process outsourcing (RPO).

RedBridge Grant Samuel

RedBridge Grant Samuel is an Asia-Pacific focused advisory firm with offices in Hong Kong, Singapore, Sydney, Melbourne and Auckland. A particular focus is providing independent and focused advice to Asian financial sponsors who are buying or selling businesses in Australia or New Zealand.

STJ Advisors (Asia) Limited

STJ is a leading independent capital markets advisory firm, offering unconflicted advice on capital raising to issuers and shareholders. We have more senior capital markets expertise than any of our competitors, and aim to introduce transparency to the fundraising process, which in turn enables the issuers to take back control of the outcome. We have recently significantly increased our team in Asia, to reflect burgeoning interest in our proposition.


Overseas Associate Member



Industry News

Google Acquires Enterprise-Friendly Device Manager Divide
May 20 Tue, 2014

(Forbes by Amit Chowdhry) - Google has acquired Divide, a New York-based company that offers a bring-your-own-device (BYOD) solution for corporate environments. Following the acquisition, Divide’s team will likely focus on making Android devices more enterprise-friendly. Divide sets up an encrypted workspace so users do not have to worry about privacy or about the company wiping the device. The amount that Google paid for Divide was undisclosed.


AfterShip Lands $1M From IDG-Accel To Make Tracking Packages Less Nightmarish
May 20 Tue, 2014

(TechCrunch by Catherine Shu) - Tracking packages is a huge hassle for online vendors, especially for international shipments made with local post services. Once an item goes abroad, tracking often stops, and sellers and customers are left in suspense until the item (hopefully) reappears and is safely delivered.

Headland exits Asian serviced office operator Executive Centre to CVC
May 21 Wed, 2014

(AltAsset) - UK-headquartered private equity firm CVC Capital Partners has agreed to acquire a majority stake in Asian serviced office provider The Executive Centre from Headland Capital Partners.

VC-backed Cheetah Mobile buys HK mobile advertising firm
Jun 13 Fri, 2014

(AVCJ - Winnie Liu) - Cheetah Mobile, the US-listed internet security software backed by Matrix Partners and Tencent Holdings, has acquired mobile advertising firm HongKong Zoom Interactive Network Marketing Technology in a deal worth around $30 million.

Start-Up WeLab Raises $14 Million From Sequoia Capital and Hong Kong Tycoon
Jun 16 Mon, 2014

(The New York Times by Neil Gough) - WeLab Holdings, an Internet finance start-up in Hong Kong, said on Monday that it had raised $14 million from Li Ka-shing, Asia’s richest man, and Sequoia Capital, a stalwart of Silicon Valley.


TA-owned SpeedCast buys PNG communications specialist
June 18 Wed, 2014

(AVCJ - Tim Burroughs) - SpeedCast, a satellite telecom provider owned by TA Associates, has acquired of wireless and broadband specialist Oceanic Broadband in order to boost its coverage of the natural resources sector.



Recent Events Report

HKVCA Wine Tasting Event
April 9, 2014

Our extremely popular wine tasting event once again as well as a long waiting list of those wishing to attend. Special thanks to our sponsors Alter Domus, Clifford Chance and Poseidon. The star of the evening was “Master of Wine” Debra Meiburg who took us through a journey of French Reds. As always the talk was both entertaining and instructive. Thanks also to our organizing committee and especially Anthony Chan, Alain Fontaine and Marcus Thompson for another very successful event.

Brownbag luncheon - Structuring GP Arrangements: Carried Interest, Governance and Pitfalls
May 13, 2014

On May 13, 2014, a luncheon talk was held at the offices of Proskauer's Office which was attended by an audience of 25 dedicated members. Speakers Lynn Chan, Consultant of Proskauer shared her expertise on structuring a proper GP Arrangements.

Masterclass - Conducting Effective Due Diligence in Asia: A Practical Guide
May 27, 2014

Nick Gronow and Stuart Witchell, both Senior Managing Director at FTI Consulting Director, and Ning Zhang, Counsel at O'Melveny & Myers LLP, reviewed major events and trends, and offered guidance on how investors can protect themselves from risks that may or may not be apparent from financial records. The talk, which drew an audience of 35 participants, also addressed issues from investigative, financial and legal perspectives, as well as key case studies from around the region

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