A 30th Anniversary Night to Remember     
The HKVCA held its 30th anniversary dinner on the evening of Friday, 20th October, 2017. This very special event was hugely successful with attendees going as far as to say that the night could be described as nothing short of spectacular. More than 280 people gathered at the elegant Aberdeen Marina Club, where they were treated to an evening of fabulous food and drink and warm friendship.

Before dinner commenced, guests were treated to a cocktail reception in the stately Marina Suite. Among those present were 13 former chairmen, 19 current HKVCA board directors, and many partners and friends of the Association. As guests moved into the Grand Ballroom to be seated for dinner, they had the opportunity to pause and greet old friends as well as new at the many tables, adding to the fun and strong sense of nostalgia shared by most as they were seated for dinner.
Eric Mason, Chairman of the HKVCA, officially opened the festivities by welcoming all present and took the opportunity to report on the Association's tremendous results over the past few years. Dr. Victor Fung, Founding Chairman of the HKVCA, then spoke and was able to share his reminiscences in a speech filled with personal and proud memories of the HKVCAs contribution to the private equity and venture capital community during its three decades of activity. He noted that he was especially pleased with the setting up of the LP and recently created Family Office Committees, as well as the launch this year of the ESG Award for Excellence, the first in Asia to recognize significant environmental, social and governance-related initiatives and achievements in Asian PE/VC-backed companies.
Involving LPs and family offices in the Associations activities is a mission dear to my heart and it has been a great pleasure to see significant LP representatives like Eric become our chairman, Dr Fung said. The endorsement by the HKVCA of environmental, social and governance investing through its inaugural ESG Award for Excellence is a big step forward in the industrys embrace of impact investments, he added.
The Associations key role, Dr. Fung stated, is to provide professional training in the fast-moving private equity and private investment industries, and never has this been more important than now, as the region evolves under the Big Bay Area and Belt and Road initiatives. Bringing knowledgeable talent in specific industries into private equity is key to our future growth as an industry. Whether that is people operating in specific units, divisions or sector funds, their management of those investments is critical both to due diligence and portfolio management, he said.

Dr Fung and Eric Mason then together invited everyone present to stand and join in a hearty toast to witness the HKVCAs milestone 30th anniversary and wish the Association every continued success in the future. 
As the main course was served, Johnny Chan delivered a special presentation outlining the HKVCAs work and its outstanding achievements over the previous 30 years.
The HKVCA would like to extend our special thanks to our diamond sponsors, including the Fung Group, Ernst & Young, Hong Kong Exchanges and Clearing, King & Wood Mallesons, Shearman & Sterling and SS&C GlobeOp. The dinner would not have been possible without their most generous support.
Our thanks also to all participants who helped to make our annual dinner a most unforgettable and wonderful night. It was, indeed, an honor to host everyone at this, our annual dinner, made especially significant with the celebration of our 30th anniversary.
View more photos here.
View video highlight here.
     On a Leadership Mission     
   Lei Cai, Chairman, JD Capital

By turning emerging industry leaders into industry leaders, JD Capital hopes to help shape China’s future.
As one of mainland China’s principal private equity professionals, Lei Cai, the founder and chairman of JD Capital, has lead its development in the past decade into a billion-plus dollar asset management firm.
Cai obtained an eMBA degree from PBC School of Finance at Tsinghua University and a master’s degree from Sichuan University, working for local government and China Railway Trust Co Ltd before co-founding JD Capital in 2007. In his role as chairman of JD, Cai has led and completed many flagship transactions, as well as being honored as one of China’s top private equity investors almost every year since 2009.
As of 31 October 2013, JD Capital has RMB26.4 billion in assets under management (including US$120 million) and has invested in over 200 portfolio companies of which more than 30 have been listed and over 30 have filed for their initial public offering. Headquartered in Beijing, JD Capital has 100 branches in China, and branches in Europe and North America.
In April 2014, the parent company of JD Capital, Beijing Tongchuang Jiuding Investment Management Co Ltd, went public on the NEEQ (National Equities Exchange and Quotations), China’s over-the-counter system for trading shares of publicly listed companies not listed on its stock exchanges in Shenzhen and Shanghai. This made JD Capital the first listed private equity company in China, with total capitalization of over RMB20 billion.
Speaking at the HKVCA’s China Private Equity Summit 2017 (CPES) in June, Cai was keen to highlight the advances in the mainland’s private equity market since JD Capital first opened its doors in 2007. He noted that it has abandoned models featuring growth-oriented and pre-IPO investments, and entered a new stage dominated by consolidation-oriented investment. This is marked by a “1+N” consolidation-oriented investment model, which means that investors will choose leaders or quasi-leaders (i.e. “1”) with potential in subsectors as investment targets, enhance their organic growth, and help them continuously consolidate by acquiring enterprises (i.e. “N”) in the industry, along the industry chain, and in and around China. 
JD Capital is systematically carrying out this model of consolidation-oriented investment. According to Cai’s analysis, the development of enterprises can be broken down into three stages: potential industry leaders (with a market value/valuation of US$100 million-$1 billion), emerging industry leaders (with a market value/valuation of US$1-10 billion), and industry leaders (with a market value/valuation of more than US$10 billion). He estimates that there are only 120 industry leaders with a market value of more than US$10 billion in China, and 515 in the US.
“In the next five to ten years, it is expected that there will be 200-400 more industry leaders in China. Our mission at JD Capital is to help at least 100 emerging industry leaders in China to grow into industry leaders, so that they can become a pivotal force in the industrial transformation and upgrading of China. JD Capital’s investment in them will be a significant boost for the development of China’s real economy,” Cai said.
JD’s core business is its management of RMB-denominated private equity funds, but it is not shying away from raising US dollar funds, particularly given that there is no significant difference in terms of principle structure between the two. There is a difference, however, in the definitions of limited partners (LPs) in US and RMB finds, with most LPs in the former being institutional investors such as pension and endowment funds, whereas LPs in RMB funds are more often emerging asset owners rather than institutional investors. One other difference is in expectations of returns, Cai noted.
“US dollar fund LPs are seeking both multiple and internal rate of return (IRR) achievements, while RMB fund investors are emphasizing IRR over multiple returns,” he said. “As JD serves both international and local LPs, our team focuses on both return measurements as well as LPs’ requirements.”
     Upcoming Events     
HKVCA Seminar with Cocktails:
Private Equity Transformation Enabled by
Robotic Process Automation (RPA) and other Recent Developments
Sponsored by      
Speakers: David Chan, Managing Partner, Tax Hong Kong and Macau, EY
Henry Lacey, Partner, Transaction Advisory Services, EY
Karen Ko, Director, Transaction Advisory Services, EY
Anish Benara, Director, Financial Services Tax, EY
View speakers' bios here.
Date: 9 November, 2017 (Thur)
Time: 16:00 - 17:30 (followed by a cocktail reception)
Venue:    EY Office, 22/F CITIC Tower, 1 Tim Mei Avenue Central, Hong Kong
Corporate Full Member
Non Member
One FREE pass per company
HK$200 per additional person
HK$400 per person
Corporate Associate/Overseas (Full/Assoc) Member
HK$200 per person
CPT: 1.5 points

HKVCA ESG Award of Excellence 2017
The deadline for your entry is 5:00p.m. on Friday, November 17, 2017.
The HKVCA is launching its inaugural ESG Award of Excellence, the first in Asia, to recognize significant environmental, social and governance (ESG) related initiatives and achievements in Asian PE/VC-backed companies. 
ESG improvement encompasses a wide range of areas, including but not limited to energy efficiency, pollution reduction, waste management, preservation and recycling of natural material, green initiatives, waste reduction, employee safety and welfare, supply chain quality control, customer protection, cybersecurity, community relations, governance structure, board effectiveness, accounting and reporting standards. ESG initiatives are often taken to address an existing problem or weakness. At other times, such initiatives are designed to create brand differentiation, or go hand-in-hand with a productivity or efficiency improvement projects.  ESG work is part and parcel of the risk management and value creation activities brought by the PE/VC’s hands-on investment model.
Who are eligible?

If you are
  • an Asian PE or VC firm, or the Asian arm of a U.S. or European firm, and
  • you have an Asia-based investee company currently in the portfolio or exited during 2017, where the ESG work that you have initiated makes a compelling case study,
then you are eligible to submit an entry. 
How to Enter
Please submit a one-page document on one portfolio company where a critical ESG upgrade or upgrades has taken place as a result of your initiative. Please provide:
  • Background information on the company, including nature of the business, size, geographical scale and location, and in which year you invested in the company. 
  • As many details as possible on the specific ESG initiatives and changes that you have introduced.
  • If there has been sufficient time for these initiatives and changes to bear fruit, their impact on the company and its stakeholders. 
  • Focus only on the two or three changes that have been most instrumental in addressing existing weaknesses and/or in creating value for the business. 
  • Any supporting evidence, such as photos, that contribute to the narrative and quantifiable results or milestones achieved (whether financial, operational or social), will be valuable.

All entries should be emailed to the HKVCA at kamy@hkvca.com.hk. The deadline for your entry is 5:00p.m. on Friday, December 1, 2017.
A panel of judges consisting of LP members from the HKVCA’s ESG Committee will select two winners from all entries. The winners will be announced in December, 2017 and the decision of the panel of judges will be final. The HKVCA anticipates the award will be granted once every two years, which provides sufficient time for new ESG initiatives to develop within Asian PE/VC portfolio companies. The next submission period is therefore anticipated to be the second half of 2019.
The HKVCA may use some or all of the entries on its website, publications (online and offline) and/or in its training materials. Please do not include any confidential information in your entry documents. By submitting an entry, you give your consent to the HKVCA to use your entry documents on its website, publications and/or training materials, and acknowledge that there is no confidential information in your entry documents.


By Invitation Only
HKVCA Luncheon Talk: Driving Transformational Change in PE Portfolio Businesses through Different Stages in the Growth Cycle
Sponsored by      
Speakers: Eric Wang, Managing Director, Alvarez & Marsal
Oliver Stratton, Managing Director, Alvarez & Marsal
View speakers' bios here.
Date: 1 December, 2017 (Fri)
Time: 12:30 - 14:00 
Venue:    The China Club, 15/F, The Old Bank of China Building, 
1 Bank Street, Central, Hong Kong
Corporate Full Member
Non Member
One FREE pass per company
HK$450 per additional person
HK$800 per person
Corporate Associate/Overseas (Full/Assoc) Member
HK$450 per person
CPT: 1 point

Limited seats available
HKVCA Seminar with Cocktails:
Opportunities for Private Equity in Fintech Investment
Sponsored by      
Speakers: Henri Arslanian, PwC FinTech & RegTech Lead, China/HK
Vivian Ma, FS Partner, PwC China
View speakers' bios here.
Date: 5 December, 2017 (Tue)
Time: 16:00 - 17:30 (followed by a cocktail reception)
Venue:    PwC Executive Conference Centre, 21/F Edinburgh Tower,
The Landmark, 15 Queen's Road Central, Hong Kong
Corporate Full Member
Non Member
One FREE pass per company
HK$200 per additional person
HK$400 per person
Corporate Associate/Overseas (Full/Assoc) Member
HK$200 per person
CPT: 1.5 points

HKVCA Christmas Cocktails 2017
           Sponsored by            
The event offers an excellent opportunity for networking with fellow professionals and for celebrating the holiday festivities with both colleagues and friends. We are also honored to have our Vice Chairman Chin Chou, of Morgan Stanley Asia, joining us for the evening.
Date: 7 December, 2017 (Thur)
Time: 18:00 - 20:00
Venue:    The China Club, 15/F, The Old Bank of China Building, 
Bank Street, Central, Hong Kong
Member: HK$350 per person
Non-member: HK$700 per person
Priority is given to HKVCA members
Canapés and unlimited drinks including house wines, spirits, beers, fresh orange juice, soft drinks and water (mineral or sparkling)

Members Only Event
Sponsored by    
Date: 16 January, 2018 (Tue)
Time: 18:30 - 21:30
Venue:    The Hong Kong Country Club, 188 Wong Chuk Hang Road, 
Deep Water Bay, HK
Early-bird Rate
(Payment on or before 30 Nov 2017)
Standard Rate
Table Booking Table Booking
Full Table (12 persons)
Half Table (6 persons)
Full Table (12 persons)
Half Table (6 persons)
Individual Booking Individual Booking
HKVCA Member HK$1,980 HKVCA Member HK$2,180
HKVCA Asia Private Equity Forum 2018

The Asia Private Equity Forum (APEF), a major industry event with a global footprint, is organized annually by the Hong Kong Venture Capital and Private Equity Association (HKVCA), Asia's oldest and largest private equity industry association. APEF 2018, as in previous years, will form part of the Hong Kong Government's international financial week, which includes the Asian Financial Forum to be held on the 15th and 16th of January, 2018 and will be held at the same venue.
APEF 2018 will feature more than 80 speakers and panelists representing limited partners, investors, advisors and consultants. Leading industry practitioners will address key issues facing investors in Asia's high-performing private markets, including those of China, India, Southeast Asia, Japan and Korea. Discussions will cover such topics as co-investments, fundraising and investor relations, private debt, private equity real estate, secondaries, value creation and venture capital.
As many as 700 persons attended APEF 2017, more than half of whom were partners and C-suite executives. And with the dynamism that continues to be a hallmark of the industry, it is expected APEF 2018 will attract an even greater audience. Speakers from the limited partner sector will include leading figures from Asia Alternative, CPPIB, Ontario Teachers’ Pension Fund, Public Officials Benefit Association of Korea, and The Church Pension Fund. General partner professionals representing Advent International, Bain Capital, Baring Private Equity Asia, Blackstone, KKR and Morgan Stanley, as well as representatives from APAC Advisors, First Bridge Strategy and Shearman & Sterling, will also be speaking.

The HKVCA will provide regular updates on the agenda for APEF 2018 on the website at apef.hkvca.com.hk. Alternatively, please feel free to contact the HKVCA by email at apef@hkvca.com.hk.
Date: 17 January, 2018 (Wed)
Time: 8:30 - 17:30 (followed by cocktail reception)
Venue:  S421, Hong Kong Convention and Exhibition Centre (Old Wing), 1 Expo Drive, Wan Chai, Hong Kong
Fee: Early Bird Rate (Payment deadline: 30 November 2017)
Corporate Full Member Non-Member
One free pass per company HK$6,800 per person
Addtional pass: HK$3,300 per person
Corporate Associate Members / Overseas (Full / Assoc) Members
HK$3,300 per person
CPT: 6.5 points

Supporting Events:
The AVCJ ESG Forum 2017
13 November 2017
The 30th Annual AVCJ Private Equity & Venture Forum
14-16 November 2017

2017 TMA Asia Pacific Conference
15-17 November 2017
Asia Society India Startup Programs
21 & 22 November 2017
HKTDC SmartBiz Expo
6-8 December 2017

Business of IP Asia Forum
7-8 December 2017

New Members
Corporate Full Members 
CRE Alliance (Hong Kong) Company Limited
CRE Alliance is a USD mid-market growth capital fund sponsored by China Resources Enterprise (CRE). CRE is one of the biggest operators in China’s consumer and retail markets and its parent company, China Resources Group (CR Group), is one of the largest SOEs in the PRC. With an investment size of between US$30 and 150 million per deal, the fund’s investment focus is on FMCG, retail, consumer services and the overall consumption upgrade of PRC consumers. The fund seeks to invest in domestic companies with strong core competencies and in well-known foreign brands that intend to enter China’s consumption market by leveraging CR Group and CRE’s business network in China and our team’s proactive post investment value creation capabilities. The principals of the team have extensive private equity investment experience, as well as consulting and operating experience in the consumer and retail industries.
GP Bullhound Hong Kong

GP Bullhound is a technology merchant bank providing independent strategic advice on mergers and acquisitions and capital raising to leading technology entrepreneurs, companies and investors across the globe. GP Bullhound's independent investment arm invests in high-potential and fast-growing European technology businesses, from early stage to pre-IPO.
ICBC International
Morningside Venture Capital Limited
Morningside Venture Capital is one of China’s original early-stage venture investors with around US$1.7 billion under management, including four US dollar funds and one RMB fund, from commitments that include sovereign wealth funds, family offices, fund of funds, university endowment, etc. With a team who have worked together for nearly 20 years, Morningside continues to discover, support and encourage entrepreneurs with whom they share a vision, providing insight, industry experience and mental and operational support. Its successful investments include Sohu.com, Ctrip.com, the 9, China Distance Education, Xunlei, Phoenix New Media, UCWeb, YY, and Xiaomi. Morningside has offices in Shanghai, Beijing and Hong Kong.
Overseas Full Members
Caledonia Investments plc
Shell Technology Ventures
Shell Technology Ventures (STV) is the corporate venture capital arm of Royal Dutch Shell.
Corporate Associate Members
Maples Fund Services (Asia) Limited
Maples Fund Services, a division of MaplesFS, is a leading independent global fund services provider operating in key onshore and offshore financial centers across the Americas, Europe, Asia and the Middle East. Maples Fund Services offers a wide range of services, including accounting, middle office, risk reporting and administration services to onshore and offshore hedge funds, fund of funds, private equity and real estate funds, marketplace lending funds, family offices and managed account platforms. Its clients include investment management firms, institutional investors, pension plans and global financial institutions. Maples Fund Services’ expert teams and innovative technology provide clients with high quality services, consistent and timely reporting and adaptable solutions to address their ever-changing needs.
Miao & Co.
Established in Hong Kong in January 2016, Miao & Co. is in association with Han Kun Law Offices and offers clients a comprehensive platform of legal services, including extensive capabilities in the areas of corporate finance, finance and banking, mergers and acquisitions, regulatory compliance, intellectual property and dispute resolution. Through its integrated platform, Miao & Co. provides a high-quality, first-class legal service to its clients, and is the first choice for leading firms involved in technology, finance and banking, telecommunications, the internet, media, life sciences and healthcare in Greater China. Clients rely on Miao & Co. for innovative and business-minded solutions.
Overseas Associate Member
Anjie Law Firm
AnJie Law Firm is a PRC law firm offering a full range of legal services for businesses in China. Its highly experienced lawyers have substantive skills and serve a broad base of practice areas, including insurance and reinsurance, intellectual property, antitrust and competition, private equity, dispute resolution, mergers and acquisitions, capital markets, banking and finance, energy and natural resources and real estate. The firm is deeply passionate about sustaining a uniform standard of legal service and implementing a sound client service system. It offers clients effective, efficient and tailored solutions.

Recent Events Report
HKVCA Members Breakfast Meeting
3 November, 2017
The HKVCA's monthly breakfast meeting was held at the Hong Kong Club on Friday, 3 November, 2017. The event attracted over 80 members taking full advantage of the opportunity to network and reconnect with their fellow industry practitioners. This month's breakfast would not have been possible without the support of KPMG to whom we would like to extend our sincere thanks for their sponsorship and help in making this terrific networking event possible.
HKVCA Brownbag Luncheon Talk
2 November, 2017
At a brownbag luncheon on Thursday, November 2nd, Darren Bowdern, partner in KPMG’s Hong Kong tax practice; Gareth Bryan, tax partner with KPMG in Ireland, and Tony Mancini, head of tax at KPMG in Guernsey, gave a comprehensive presentation to 50 attendees about the overview of establishing PE funds in Cayman Islands, Guernsey and Ireland. The speakers addressed the benefits when used as a fund or feeder vehicle, and comparing and contrasting different jurisdictions. We would like to thank all the participants, and especially our co-organizer, KPMG, whose support made this event possible. 
HKVCA Luncheon Talk: Regulation of Hong Kong-based PE managers under the Security and Futures Ordinance
31 October, 2017
The HKVCA hosted a luncheon seminar on Hong Kong’s licensing regime on 31 October, 2017 at the China Club. Anne-Marie Godfrey, Partner at Akin Gump Strauss Hauer & Feld, offered an outline of the typical unlicensed structure for private equity funds. She then discussed the requirements for type 1, 4 and 7 licenses; the various options for licensing private equity fund managers and or advisors, and the implications once licensed; and the tax issues that may be raised. She also referenced a number of recently updated rulings in Hong Kong.
With close to 70 HKVCA members attending the event, we would like to thank all the participants, and especially our sponsor, Akin Gump Strauss Hauer & Feld, for their generous support.
HKVCA Private Equity Fundamentals Course 2017
September - October, 2017

The HKVCA’s Private Equity Fundamentals Course, our comprehensive training program aimed at enhancing knowledge of the core fundamentals of private equity and venture capital, was held over six separate days, beginning in September and ending in late October. We were pleased this year to have had the support of the Hong Kong Exchanges and Clearing Limited, Hong Kong University’s MBA program, as well as the MBA program at the Hong Kong University of Science and Technology. The course was well attended with more than 80 registrants.
Two of the sessions, dealing with early stage investment and private equity basics, were completed on September 5th. Additional modules, on investment decisions, valuation issues and ESG, transaction documentation and post investment matters, were completed on September 12th, 19th, 21st and 27th respectively. A tax and fundraising module, which was sponsored by KPMG, was completed on the 11th of October. The final module, a session dedicated to examining case studies, was held on October 25th. 
The Association would like to extend a special thank you to our speakers:
  • John Levack, from the HKVCA and Electra Partners Asia, who delivered the opening remarks at the private equity and management of portfolio companies sessions.
  • K O Chia, from the HKVCA and Grace Financial, who discussed early stage post investment, exits, and provided an introduction to private equity.
  • Pratima Divgi, of Aberdeen Asset Management, who delivered an overview of private equity in Asia.
  • Lorna Chen and Anil Motwani, from Shearman & Sterling, who discussed the relevant legal issues relevant to private equity funds.
  • Jinghua Zhou, of Morrison & Foerster, who took attendees through the latest regulatory issues in China.
  • Marvin Lai, from the HKVCA and iTM Ventures c/o Burgeon Group Consulting, who provided an introduction to the subject of early stage investment, the screening process and valuation.
  • Chris Knight, from Akin Gump Strauss Hauer & Feld, who spoke on negotiations and term sheets.
  • Vincent Warner, of Chepstow Capital, who spoke about deal sourcing and due diligence.
  • William Ho, who highlighted the differences between equity and debt financing.
  • Robert Kwok, of Ernst & Young, who discussed valuation issues.
  • Alvin Lam, from CVC Capital Partners, who discussed ESG and shared his experience with Hong Kong Broadband Network Limited.
  • Patrick Yip, Roy Phan and William Lee of Deloitte, who discussed complex tax issues.
  • Simon Cooke, Frank Sun and Amy Beckingham, from Latham & Watkins, who spoke on deal protection and risk allocation issues.
  • Rocky Lee, of Cadwalader, Wickersham & Taft LLP, who discussed non-leveraged and venture capital transactions.
  • Andew Whan and Neeraj Budhwani, from Clifford Chance, who spoke on buyouts.
  • Miranda Tang and Michael Chan, from CLSA Capital Partners and Hong Kong Exchange and Clearing, who discussed exit strategies.
  • Arion Yiu of KPMG, who spoke on the accounting of private equity funds.
  • Dennis Kwan and Jonathan Lee, from MVision, who discussed GP fundraising.
  • Malcolm Prebble, from KPMG China, who spoke on tax considerations in structuring private equity funds.
  • Professors Roger King and Winne Peng from HKUST, Oscar Chow from Polaris Holdings, and NiQ Lai from Hong Kong Broadband Network Limited, who presented and delivered the case studies.

Industry News
Genetic testing startup Prenetics gets $40M from investors, including Alibaba’s Hong Kong fund
October 17, 2017
(Techcrunch by Catherine Shu) - Prenetics, a genetic testing startup, plans to expand into more Asian countries after raising a $40 million Series B led by Beyond Ventures and Alibaba Hong Kong Entrepreneurs Fund.
The round also includes capital from Yuantai Investment Partners, mFund and eGarden Ventures, and brings Prenetics’ total raised so far to $50 million. The capital will be spent on product development, hiring more engineers and scientists, mergers and acquisitions and expanding in China and Southeast Asia.
Alibaba Hong Kong Entrepreneurs Fund was launched as a nonprofit in 2015 to support companies that can potentially contribute to Alibaba’s ecosystem. While Alibaba is best known for e-commerce, the tech giant also runs a healthcare subsidiary called Alibaba Health Information Technology (known as Ali Health).
(link to the full article)
Li Ka-shing shows strong backing for Hong Kong’s fintech sector with MioTech funding
October 16, 2017
(SCMP by Bien Perez) - Horizons Ventures, Li’s private investment arm, leads US$7m initial funding round for MioTech, a provider of artificial intelligence to asset management firms.
Li Ka-shing, Hong Kong’s richest man, has given his strong backing to the city’s fast-growing financial technology startup sector by investing in MioTech, a specialist provider of artificial intelligence (AI) for investors.
Horizons Ventures, Li’s private investment arm, led a US$7 million Series A funding round for MioTech, one of just a few Chinese tech companies in the firm’s portfolio.
(link to the full article)
Lalamove scores $100M investment from China: Is this Hong Kong's next unicorn?
October 10, 2017
(Forbes by Hannah Leung) - Pulling in close to news of Hong Kong startup GoGoVan’s merger with 58 Suyun – a deal that reportedly makes the combined group worth $1 billion – another Hong Kong-based startup, Lalamove, announced its Series C funding of $100 million, led by mainland's ShunWei Capital. The VC firm is cofounded by Xiaomi’s chief executive Lei Jun.
It’s easy to draw comparisons with GoGoVan, another on-demand delivery startup that calls Hong Kong home. Lalamove was founded in late 2013 by Chow Shing Yuk, a former professional poker player; GoGoVan was started the same year by a trio of young Hong Kong entrepreneurs (featured on Asia's 2016 30 Under 30), now the wunderkinds of the local tech startup scene. Both logistic firms found success by branching out of home base Hong Kong and into Southeast Asia and China, before getting eyed by big mainland China investors.
(link to the full article)

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