‧ International Private Equity and Venture Capital Valuation Guidelines:
Endorsed by 37 associations of venture capital and private equity industry around the world, the guidelines represent the current best practices on the valuation of VC/PE investments
‧ EU and US regulatory changes from the Asian Perspective:
An overview of proposed legislations in US and EU and their impact on Asian private equity and hedge funds managers.
‧ China Update: GAPP Regulations
GAPP Issues Notice Further Restricting Foreign Participation in China’s Internet Gaming Industry.
‧ Chinese Regulators Dismantle Major Barrier for Foreign-Sponsored RMB Funds
Chinese regulators in the last few days have reached an agreement to permit general partners organized in Shanghai Pudong to convert foreign currency into Chinese currency (“RMB”) for investment in their own RMB-denominated Funds.

Resources on website
The new "Resource Page" on HKVCA's website provides the latest industry updates from various angles covering market trends, legal, accounting, HR…etc. If you or your firm would like to contribute articles or industry/research reports, please email Savio Tang at stang@hkvca.com.hk


Date: 10 December 2009 (Thu)

Time: 4:00 – 6:00 pm

Venue: McKinley Room, Pacific Place Conference Centre Level 5, One Pacific Place, 88 Queensway, Hong Kong

CPT Points: 2

Following Dr. Cindy Ma's workshop held in October, we continue with a Workshop II to give a practical and useful overview of fair valuation within GAAP, and how it is applied in practice by the industry, including walk through examples of applying valuation techniques, and key issues seen in the Asian region.

Valuations reported in the financial statements of private equity funds are inherently very subjective. With also the volume of "fair value accounting guidance" being released, it is still difficult for the industry to apply consistent fair value procedures, whilst complying with GAAP. There also remain significant differences in market practice in fair value approach, and in terms of documentation to satisfy both auditors and corporate governance standards expected by investors. 

A leading local funds of private equity funds manager, will bring to the seminar the perspective of the PE Fund investor. This will focus on their perception of the methodology and controls seen over the process in their portfolio funds, and what they would expect from the underlying general partners.  
The Workshop is designed to cover a wide spread of experience, from novices new to the industry, to experienced deal professionals involved with valuation.

From the auditor's perspective
- Overview and definitions of Fair Value under US GAAP, IFRS and IPEVCVG, and use in Asia
- Some practical and best practices of the control over the valuation process from an audit perspective

From the LP's perspective
- Definition of fair value and examples of valuation methodologies
- valuation process and challenges
- issues facing by fund managers in the current environment

From the valuer's perspective
- Fundamental Valuation Concepts and Approaches
- Choosing Appropriate Valuation Techniques
- Walk-through practical examples of most common valuation techniques
- Common pitfalls and practical challenges in Asian PE Fund portfolio valuations

Paul Walters, Partner, Asset Management Industry Group, PricewaterhouseCoopers
Joyce Chiong, CFO, Squadron Capital Advisors Ltd
Phoebe Lee, Director, Corporate Finance Valuations Group, PricewaterhouseCoopers

:: Download Registration Form ::

SFC: Licensed individuals may claim CPT points on the courses taken which their employers consider those courses as relevant to the functions to be performed by them.



Date: 28 January 2010 (Thu)

Time: 12:00 – 2:00 pm

Venue: The China Club, 14/F Old Bank of China, Bank Street, Central, Hong Kong




HKVCA Membership Renewal 2010

Working on your behalf......
Renew before February 2010 and receive credits worth HK$2,000!

Since 1987, HKVCA has worked on behalf of all Venture Capital and Private Equity firms to promote private equity as high value-add partners to businesses and for its recognition as a strong driver for growth in enterprises and economies.

HKVCA's mission is to stimulate a vibrant venture capital and private equity industry in Asia while promoting the role of member firms in value creation, innovation and economic development. HKVCA provides a forum for networking and experience sharing for its members; promotes industry professional ethics, international best practices and standards; and represents the views of its members before governmental and other relevant bodies.

Your participation and support is of utmost importance in helping the Association fulfill its role. We urge your active involvement and contribution to the community.

For members renewing your membership for the year 2010 before end of February 2010, we offer a special credit of HK$2,000 which is redeemable at our events throughout the year. This special is applicable when we have received your renewal fees. Renew early and start taking advantage of the savings!

If you wish to help us in any way, please contact Patricia Chiu at patchiu@hkvca.com.hk or Savio Tang at stang@hkvca.com.hk. Invoices have been sent for renewal. We very much hope you would continue to support our work and we look forward to your continued membership in the Association.

If there is a change of the representative/s of your firm, kindly update your firm's record by completing the attached form
Membership Record Updates Form

• Full Member Update Form
• Associate Member Update Form

Asian Financial Forum
Date: 20-21 January 2010
Place: Hong Kong Convention and Exhibition Centre
The Government of the Hong Kong Special Administrative Region
Hong Kong Trade Development Council

As the global economic crisis gives way to a new financial landscape, the Asian Financial Forum (AFF) gathers some of the world's most influential monetary experts and most dynamic business leaders for groundbreaking discussions about the opportunities and challenges now facing Asia.

AFF 2010 will address questions about financial recovery, Asia's role in a new economic order, the region's response to financial crisis and the impact of financial reform and regulatory change. China-focused discussions will look at the global impact of changes in the nation’s domestic market and internationalisation of the renminbi. Topics such as energy, food, natural resources and carbon finance are also on the agenda.

AFF is the place for bankers, institutional investors, fund managers, business leaders, senior executives of high-growth corporations and other key financial players to build new contacts and gather the latest intelligence, as well as explore business opportunities with a focus on China and the rest of Asia.

A discount of 30% (original fee: USD800) is offered to applicants who register on or before 30 November 2009. For more details, please visit http://www.asianfinancialforum.com/eng/. For any queries, please call (852) 1830 668

Seats are limited and registration is on first-come-first-serve basis.
Download Registration Form
For enquiry, please call (852) 2845 6100.

2010 International LP & GP Summit (Shanghai)
Date: 15-16 January 2010
Venue: Shanghai International Convention Center
Host: Shanghai Pudong New Area People's Government
Organizer: China Venture Capital Research Institute


2010 International LP & GP Summit provides a platform for Limited Partners to network with General Partners in China. Hot topics discussion, networking chances and matchmaking road-shows will be wonderfully provided. The Summit will draw attendance from China national LPs, such as National Social Security Fund, China Development Bank, and notable International LPs from Pension funds, Fund of Funds, Family Offices from Europe, America, Australia and Asia, as well as prominent local GP professionals.

For registration, HKVCA members will enjoy a discount of 30% off on registration. For more information, please refer to http://www.cvcri.com/forum/2010/sh/english/index.asp

Sippl Investments LLC
Mr. Michael Koo

Sippl Investments, LLC is a private venture capital partnership providing investment and management support to early stage and emerging software companies. Sippl Investments has been doing "Angel" level investing for 25 years, primarily in Silicon Valley based companies. Sippl Investments also is now managing the few investments that remain from Sippl Macdonald Ventures funds I, II and III that have not been distributed or resolved in some other way.

HKVCA Wine Tasting Event
23 Nov 2009

With the generous sponsorship of Thomson Reuters and supported by Alternative Investment Management Association, HKVCA 6th Wine Tasting was a great success. The annual event gets better each year and has gained a reputation for being a most enjoyable way of learning and tasting some very fine wines under the guidance of the leading wine expert, Simon Tam. This year’s theme is "Blend your own Bordeaux".

The greatest red wines come from Bordeaux. Little known is that many classic wines are a blend of 3 grape varieties, Cabernet Sauvignon, Merlot and Cabernet France. The blending workshop demonstrated the relative importance of these three principle grapes. Participants made their own blend and challenged against a real Bordeaux as well as teams-finished blends.

All participants had a fun evening mixing wine, and networking.

HKVCA Member Monthly Breakfast Meeting - 2 Nov 2009

The HKVCA Member Monthly Breakfast is scheduled on the first Monday of each month. It provides an excellent opportunity for our members to network and to meet our Executive Committee.

Job Corner on HKVCA website

Attracting and retaining talent has always been the key to long-term success of any great company. HKVCA welcomes member firms to advertise their openings on HKVCA website. If there are vacancies at your firm that you would like to advertise on HKVCA’s website, please fill in the attached form and email to enquiry@hkvca.com.hk

Each opening will be posted on HKVCA’s website for one month. The service is free of charge.

:: Job Placement Form ::

Status as a Recognised Institution for Providing CPT
(Continuous Professional Training)
The Hong Kong Securities and Futures Commission (HKSFC) has approved HKVCA as a Recognised Institution for Providing CPT (Continuous Professional Training). HKVCA's training courses, seminars, summits, conferences and forums may be applicable for claiming CPT points. For more details, please refer to "Education" section of our website.

HKVCA Speakers

HKVCA receives regular requests from various trade bodies and associations for speaker roles.  Would you like to get involved and speak on behalf of HKVCA and promote our association and industry?  Please contact Savio Tang at Tel: (852) 2845 6100 or stang@hkvca.com.hk to enroll on our speakers list.

Hong Kong Venture Capital and Private Equity Association
Tel: (852) 2845 6100
Fax: (852) 2537 0086
Email: enquiry@hkvca.com.hk
Website: upload/