YEAR 2008-2009 IN REVIEW
Chairman Johnny Chan

When I was talking here the same time last year, everything looked seemingly bright and positive. Very few of us (certainly I for one) would have imagined the massive fallout of the financial market and the extent of effect on the economies around the world. The PE industry is not immune to this. Performance has been affected and fund raising became much more difficult, and some came to a halt. Given the severity of the situation, and despite some greenshoots we saw in the stock markets until recently, the recovery may take some time. The effect of that may mean we will see some changes in the ways our industry operates and even greater differentiation of the players.

Governments around the world are making unprecedented moves to re-ignite their economies. In China, as you all know, the government is pointing the way to opportunities in infrastructure, environment, health care, consumer sectors. Indeed, Asia still holds the most promise (and in particular, China) amidst the turmoil and is an area where few can afford not to be engaged.

We see new and global funds setting up in Hong Kong to look into Asia and China and many of them have joined our association for the first time. This bodes well for our industry and for Hong Kong as a base too.

I would like to report on our various activities in the past year:

At HKVCA we are seeing an increase in membership with the entry of many new funds and global funds in the market. Some join the Association to seek market knowledge, intelligence and the benefit of sharing information in a still uncertain market. It is gratifying to see that another group gaining prominence is the Fund of funds and family offices.

Membership now stands at 173 as compared to 141 last year, an increase of 32 members, this was done in the midst of a financial crisis! If you were to put it in context, our membership increased from 129 in 2006 to what it is today. I take this opportunity to thank our Membership committee for an excellent job done.

Committee members: Johnny Chan, William Kerins, Michael Scown, Boris Bong, Yoshiaki Hasegawa, Alex Mong

With reorganizations, active funds and personnel movements within the industry, the need of knowledge share and to learn from fellow practitioners experts how to handle difficult situations created by the crisis, we heard the calls for a structured education course on VC/PE.

The Education Committee is commended for starting HKVCA's first Fundamental Education Program in February. It met with such overwhelming response that we had to repeat the course. Total attendance was 115. The instructors were all top PE practitioners who are well heeled with a wealth of experience. It was therefore not surprising that the feedback from participants was excellent.

We thank the Committee here for their work in designing the program, identifying outstanding speakers for a most useful program from which members can derive great insights. We also specially thank the instructors for doing their presentations. Following its success, the committee is working to improve the program as well as to introduce other 'master classes' in the future. It should also be mentioned that the Association had obtained SFC accreditation for its programs which will be useful to members as more are becoming registered under SFC.

Committee members: Johnny Chan, John Levack, Stephen Wozencroft, Adrian Bradbury,
Edward Yum, Victor Huang

The China story appears to be the dominant theme in the context of the economic crisis and interests in China is stronger than ever. This makes our China Summit a 'must attend' event. Members look to the Summit, in its 8th year as an essential forum to learn, share and find solutions in their investments in China. Despite our rather subdue projection at the time of planning, Attendance at the China Summit was at a record 270. A great deal of thought and hard work goes into the planning and organizing of the Summit. The China Committee is congratulated for a very successful event.

Besides the conference, the Committee also undertakes other functions in relations building with governmental bodies and associations of various provinces and cities of China and in taking speaker roles and engagements in China. We signed an MOU with the BJ VCA, we attended some of the conferences organized by the Shenzhen VCA and we planned to have more engagement with the CVCA in the many activities we each organize. etc etc. I thank them for contributing their time in promoting HKVCA.

Committee members: Johannes Schoeter, Conrad Tsang, Alvin Ho, Gordon Lam, Petrina Tam,
S C Mak, Vincent Chan, Alice Chow, Robert Xie, Philip Zhai, Peter Chen, Teoh Chin Chin

In Hong Kong, our mission is to promote the PE industry as an integral and important asset class on Hong Kong's financial services platform. Our representatives have joined FSTB missions to China, Russia. In addition to dialogues with the FSTB, we have also forged strong ties with HKTDC, HK Stock Exchange, Cyberport, HK Science and Technology Park, the many of the Universities. In the past year we have had close working relationships with other professional bodies such as the Alternative Investment Management Association (AIMA), Association for Sustainable & Responsible Investment in Asia (ASrIA), Chamber of Hong Kong Listed Companies (CHKLC), Hong Kong Institute of Certified Public Accountants (HKICPA). Through several joint events with these associations we provided networking opportunities for members and to work on issues of common interest in promoting Hong Kong as the centre of financial services in Asia. In this area of work we thank in particular Conrad Tsang, K O Chia and Vincent Chan.

Committee members: Johnny Chan, K O Chia, Vincent Chan, Varun Bery, Conrad Tsang,
Hanson Cheah, Jamie Paton

VENTURE (Formerly SME)
Our Venture Committee takes an active role in connecting with the entrepreneurial community. The social mixers of VCs and entrepreneurs draw a large crowd and continue to be a successful formula. The Committee is undertaking an initiative to build an Angel/VC platform and is planning 'meet the entrepreneurs' sessions to help angel investors identify the next great innovation. We recognise and thank them for their work and commitment.

Committee members: Jeffrey Cheung, Marvin Lai, Simon Mak, Patrick Lim, Roger Marshall,
Michael Scown

Networking amongst members is an essential part of our platform. We introduced for the first time breakfast meeting this year where we would meet new members. The purpose is also to have a regular venue for all members to come together informally. The breakfasts are held usually on the first Monday of the month (except for August when many of us are away) and we welcome all of you to join us. This is also where we would like to obtain feedback and suggestions from you. In addition we continue our tradition of luncheon meeting whenever we have interesting speakers.

All work and no play is not what we are about. Our interest groups - Golf and Wine have a popular following. The Annual Golf Day is into its 6th year, held as usual at Fanling HK Golf Club. Wine lovers look forward to learning something new each year as the committee looks for interesting themes in this continuing education. At this juncture, I would like to thank Varun Berry, Stephen King and team for their continuing interest in Golf, and Marcus Thompson and Monica Tsui in Wine Tasting.

All these were achieved, with your participation, in the midst of an economic crisis!


HK Funds Hub
Going forward in the next year, the Executive Committee will be moving forward with the key initiatives that have been framed. HKVCA is preparing to take the lead in promoting Hong Kong as the Fund Hub Centre and a centre for Fund Raising for Asia. Hong Kong has natural advantages to be a base for Fund raising. As more and more Fund of funds, placement firms establish themselves in HK, family offices becoming increasingly professionally managed, Hong Kong will be able to carve a niche as the centre for sourcing funds in the region. We are proposing that the government can also play a more active role and potentially to initiate the idea of a sovereign fund to encourage this development.

Special Projects
As an essential part of this goal, the industry in Asia needs to develop creditable performance data and transparency in line with that in US and Europe. HKVCA has been working for a number of years in encouraging PE funds to participate in a survey with Thomson Reuters that would help create a accurate information base for Hong Kong and Asia. Thomson Reuter's figures are relied upon by the industry in both US and Europe. Our Committee had spent a great deal of time in working on the format and procedures to ensure utmost confidentiality for participating firms. Developing these figures call for all participants to cooperate in the interest of the industry to which we all belong and they will benefit all funds in the long term. Marcus Thompson has been leading this effort for many years and our heartfelt thanks to him for not giving up!.

With the growing participation of LPs in our association, we plan to set up a new LP sub committee and integrate the performance survey into its mandate.

Committee members: Marcus Thompson, Richard Tan, Markus Ableitinger

Our objective is to build closer links with other venture capital associations in China and Asia. This year we signed an MOU with the Beijing Venture Capital Association and have worked closely with the Taiwan Venture Capital Association as well as China Venture Capital Association. We also co-operated with other associations such as the Alternative Investment Management Association (AIMA), Association for Sustainable & Responsible Investment in Asia (ASrIA), Chamber of Hong Kong Listed Companies (CHKLC), Hong Kong Institute of Certified Public Accountants (HKICPA).

In closing, I would like to thank all my fellow Committee members for undertaking leadership of the Association and for the commitment of serious time and effort in working for the interest of the community. You all know how busy and how much travelling everyone has to do in this field. So to take time for our many meetings on the Executive Committee, Subcommittees, plus the many follow-ups, is indeed an extra burden. We owe our appreciation to a most responsible and hard working team. Thank you all again.

I would like to urge all members to participate in our activities. For those who have the interests and can spare their time and hear my calling, please offer yourself to be involved in one of the Sub-Committees. Above all, the association is here to work for you and to serve you and to represent your interests, so your feedback and comments are not just welcome but is necessary and very much encouraged. Thank you very much!

Seats are limited and registration is on first-come-first-serve basis.
Download Registration Form


China Competitive VC and Growth Enterprise 100 Contest
Co-organized by Shenzhen Secutimes and HKVCA
HKVCA and the Shenzhen Secutimes ( are co-organizing a contest titled "China Competitive VC & Growth Enterprise 100" to complement the launch of the Shenzhen Stock Exchange's Growth Enterprise Board. The contest aims to highlight the venture capital or private equity firms and successful entrepreneurs from the Great China Region. The contest consists of roundtable discussions, seminars and an award ceremony to be held in August. Details of the award ceremony will be available soon.

Hong Kong Investment and Financing Roadshow in HuiZhou
Date: 29 July 2009
Place: HuiZhou, China
Organizer: Hong Kong Productivity Council

Hong Kong Productivity Council will organize the captioned roadshow to HuiZhou on coming 29 July 2009. The roadshow will include a half-day forum and a half-day roundtable meeting for HK particants who are interested in investment and explore business opportunities in HuiZhou.

For more details or registration, please click here.
For queries, please contact Brenda Lee at Tel: (852) 2788 5912 or Email:

SuperReturn Asia 2009
Date: 21-24 September 2009
Place: JW Marriott, Hong Kong
Organizer: ICBI
15% discount for HKVCA members

The 4th annual SuperReturn Asia conference, with 150 speakers including 50 influential LPs such as Stanford Management Company, Cornell University, CPP Investment Board and Teachers Private Capital; and local & international private equity heavy-weights such as Tim Draper, Draper Fisher Jurvetson; Joe Skrzynski, Champ Group; Wu Shang Zhi, CDH Investments; and Ajay Relan, CX Partners.

In addition to the thought-leadership side, the social agenda and networking facilities - including the SpotMe Meeting Planner, Speed Networking & Quickfire Showcase - makes this a must-attend event for meeting over 800 global industry players (215 LPs attended in 2008).

The special focus China Summit on 21 September covers the latest developments in the Chinese market. Leading executives from Capital Today, SAIF Partners, Hony Capital, Matrix Partners are some of the speakers, with LP view on China from PSP Investments, LGT Capital Partners, Squadron Capital.

New LP/GP Relations Summit also on 21 September – A whole day dedicated to discussing the current areas of concern and outlook for the future, hear from top LPs such as Sony Life Insurance, British Columbia Investment Management & Harbourvest Partners to name a few.

For more details and registrations: or email

15% discount – quote VIP: KN2212HKVCA when you register.

Nature of Business:
Software services
Funds Required:
HK$5.62 million Angel Investment Project
Project Details:
Kanchoo is a Hong Kong-based "Software-as-a-Service" (SaaS) business. We help media companies, businesses and organizations to quickly develop and deploy native mobile applications for platforms such as the iPhone.

Developing for the iPhone can be expensive - as much as US$20,000 per project. But Kanchoo significantly lowers the barriers to entry and opens the iPhone platform to a wider number of media publishers. Companies use the Kanchoo publishing system because it's easy to get started and we significantly reduce development time and costs for publishers wanting to access the mobile audience. Our users have described Kanchoo as a "WordPress for iPhone publishing".

Kanchoo launched its beta product and Content Management System in March 2009 and is presently working with newspaper publishers in the United States and the UK. A second version of the Content Management System is scheduled to be released in May, along with iPhone apps for several high-profile clients.

We're looking for an experienced angel investor and business partner to accelerate further development of the Kanchoo publishing system and solidify our lead in the mobile-phone publishing space.
Contact Details:
Michael Logan
Tel: 852-9325-6644
Clearbridge Partners Ltd
Mr. Johnson Chen
Mrs. Clarisa Kwan

Clearbridge Partners was founded in 2003, and has offices in Hong Kong and London. Their VC Fund specializes in early stage technology investments. They also manage a Corporate Strategic Fund that looks mainly into opportunistic investments in Europe. Their team members are all mainly “technopreneurs” and focus on key emerging technologies that they believe will make a dramatic impact in tomorrow’s world.

Jardine Rothschild Asia Capital (Hong Kong) Ltd
Ms. Clara Chak
Ms. Priscilla Wu

Jardine Rothschild Asia Capital(JRAC) was founded in 2007 as a joint-venture between Jardines and Rothschild to build a private equity fund management business in Asia. JRAC targets markets in Greater China, India and Southeast Asia. They focus primarily on growth capital opportunities in unlisted businesses.

Riverside Asia Partners Ltd
Mr. Brian Bunker

The Riverside Company was founded in 1988. They are a private equity firm focused on the small end of the middle market (SEMM). Riverside manages US$2.7 Billion across four fund families with 18 offices worldwide and more than 180 employees. They have a track record of over 50% IRR on 45 realizations as of Feb 2009.

Goodwin Procter LLP
Mr. Yash Rana

Goodwin Procter has a team of 900 attorneys serving clients through offices in Boston, Hong Kong, London, Los Angeles, New York, San Diego, San Francisco, Silicon Valley and Washington, D.C. Their practice includes corporate, financial services, IP, litigation, private equity, products liability, real estate and technology/life sciences.

The 22nd HKVCA Annual General Meeting and Luncheon Talk
25 June 2009

HKVCA's 22nd Annual General Meeting was held on Thursday, June 25 at the China Club. 60 members and committee members attended the AGM. HKVCA Chairman Mr. Johnny Chan gave a detailed report of the activities and achievements of the association for the past year. The new Executive Committee of 2009-2010 was elected and they will work with members to implement new initiatives for the association. The AGM was followed by a luncheon talk by Mr. James Walker, Partner Hong Kong Office of Clifford Chance LLP on the proposed US and EU regulations on private funds. Given the impact of the proposed regulations on the industry, participants found the topic most informative and helpful as many firms may be impacted by the proposed regulation.

The 8th HKVCA China Private Equity Summit
1 June 2009

Since the first Summit in 2002, the annual event has grown in attendance and recognition. Despite the uncertain economic conditions, the Summit saw a strong turnout of 270 participants consisting of private equity practitioners, CEOs/CFOs and professionals from banking, legal and accounting industries. The Summit has the reputation of high quality contents and unique insights presented by seasoned practitioners. It is recognized as an essential annual event for the upgrading of knowledge and skills in China investments. The Summit is unique in that it is organized by practitioners in the private equity industry themselves who have come together to share their invaluable experiences and insights in private equity investments in China.

The Summit topics covered the latest trends in fund-raising, RMB funds, A-share exits, acquisition of overseas assets and clean-tech investments. In addition, expert speakers shared their experiences on tax and regulatory issues, HR challenges, fund structures, portfolio risk management, the role of RMB internationally and economic recovery.

The audience learned a great deal on the latest industry trends and their feedback was excellent.

HKVCA Member Monthly Breakfast Meeting
8 June 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. The next breakfast will be held on July 6, 8:00 – 9:00am at Hong Kong Club.

HKVCA Annual Report Advertisement (2008-2009)
If you are interested in placing an advertisement, please contact Lilia Chin at Tel: (852) 2845 6100 or Email: by July 31 (Fri)

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 gets 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 to enroll on our speakers list.

Hong Kong Venture Capital and Private Equity Association
Tel: (852) 2845 6100
Fax: (852) 2537 0086