Date: October 22, 2010 (Friday)

Time: 12:30 – 2:00 pm

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

Why invest in private assets classes?
Rationale and long-term returns
Recent trends in private investing
What has changed post global financial crisis?
Lessons learned
What is the role of private asset classes in the portfolio?
The spectrum of private strategies
Return and other objectives
Role of real assets
Investment philosophy and strategy
Determining target allocation, investment pace and commitment sizing
Importance of diversification, by vintage year, geography, etc.
Role of secondaries
Implementation: opportunities and challenges
Key success factors
Track records in Asia
Alignment of LP/GP interest

Speaker: Anouk van der Boor
Managing Director
Cambridge Associates Asia


Date: October 28, 2010 (Thursday)  

Time: 3:00 – 5:00 pm

Venue: HKIS Learning Centre
8/F Jardine House, 1 Connaught Place, Central, Hong Kong

CPT points: 2

Outline: Part 1 - Update on fund regulation in Europe and United States - and the consequences for Private Equity Funds in Asia!
Both the European Commission and the United States Congress are issuing more stringent compliance rules and regulations for the fund industry. We will briefly discuss the consequences of these new rules for the Asian Private Equity funds.

Part 2 - How to best structure your acquisition further to the tax changes in China and India?
In this part, the speakers will briefly outline the opportunities to lower tax costs so to increase the fund's return by setting up intermediate holding companies. The countries which are typically considered as intermediate holding jurisdictions will be presented from a tax and practical perspective. Further, local developments (China, India etc.) which may limit the benefits of offshore holding structures will be discussed.

Panel discussion: Case studies for investments into China, India, Japan

Speakers: Nigel Hobler, Principal, KPMG
Miriam Keusen, Senior Manager, Tax, KPMG
Diederik Werdmölder, Regional Director, Business Development Asia, ATC Hong Kong
Brian M. McDaniel, Partner, Goodwin Procter LLP

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.
An analysis of how to structure PIPE transactions in Hong Kong listed companies, including the securing of minority and financial protection rights and avoiding concert party pitfalls.

Date: November 16, 2010 (Tue)

Time: 3:00 – 5:00 pm

Venue: HKIS Learning Centre
8/F Jardine House, 1 Connaught Place, Central, Hong Kong

CPT points: 2

Outline: The class will cover the following:-
  • How to structure a PIPE investment in Hong Kong listed companies (whether old or new securities; ordinary or preference shares; convertible securities and/warrants)?
  • Is it possible to obtain minority protection rights in the form of board representation, anti-dilution rights, veto rights, information rights etc.?
  • How to avoid concert party pitfalls and triggering mandatory takeover obligations?
  • Insider dealing and disclosure of interest issues.
  • Other Listing Rule considerations.

Mr Whan will speak to several precedent PIPE transactions that he and the Clifford Chance private equity team has recently advised on.

Speaker: Mr. Andrew Whan
Partner, Private Equity, Hong Kong
Clifford Chance

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: November 24-26, 2010

Venue: Hong Kong Science Park, Shatin

Organizer: Hong Kong Science and Technology Parks Corporation

Co-organised by HKVCA, this three-day conference focuses on technology, innovation and commercialisation in connection with developments in energy optimisation, digital living, life sciences, and telecommunications. For details, please visit:

HKVCA co-organise a VC/Angel conference on Nov 25 and an Entrepreneurial Venture Workshop on Nov 26 led by experienced practitioners from the industry. Details as follows:

Hong Kong VC/Angel Conference

Experienced international investors and local investment gurus will speak about the latest investment trends in specific technology areas and selection criteria for investment, and illustrate practical investment know-how through case studies.

Date: 25 November 2010 (Thu)
Time: 12:00 – 18:00
Venue: Charles K Kao Auditorium, Hong Kong Science Park

:: Download Full Programme ::

Venture Workshop

Entrepreneurial Venture Workshop

The Venture Workshop is designed for investment-seeking entrepreneurs/companies wishing to refresh and enrich their knowledge of the entire investment cycle. The workshop is led by industry veterans and practitioners engaged in years of deal-making, structuring company, value-creation in companies and exits. Theories illustrated by real case studies will be shared in order to equip participants with the negotiation skills and tactics needed before, during and after the investment.

Date: 26 November 2010 (Fri)
Time: 09:00 – 18:00
Venue: Conference Hall 07, Hong Kong Science Park
Registration: 20% off discount for HKVCA members register before Oct 28

AM Session: Nature of Entrepreneurship and Nature of a Hi-Growth Venture
0900 Registration
0930 Topic: Nature of Entrepreneurship and Nature of a Hi-Growth Venture
• Prof Kevin Au, Associate Professor, The Chinese University of Hong Kong
• Dr Dominic Chan, Chief Consultant, Decisive Consulting Limited
1100 Real Case Study of a Hong Kong-Based Technology Firm
Group discussion
Open sharing with investor of the case
1230 Lunch Break
PM Session: An Inside Look at Venture Capital Cycle
1345 Topic: Introduction and Overview of the Investment Cycle
Speaker: Mr Marvin Lai, Co-chairman, Venture Committee, Hong Kong Venture Capital and Private Equity Association
1400 Topic: Entrepreneurship: What make a Successful Entrepreneur?
Speaker: Mr Jeffrey Cheung, Managing Director, Crossgate Advisors Limited
1445 Topic: How Investor Screen Deals: The Selection Process and Criteria
Speaker: Mr Marvin Lai, Co-chairman, Venture Committee, Hong Kong Venture Capital and Private Equity Association
1530 Coffee Break
1545 Topic: Due Diligence and Valuation: What and How
Speaker: Mr Alvin Ho, Managing Director, Chepstow Capital Advisors Limited
1630 Topic: Negotiation and Term Sheet: from "Software" to "Hardware"
Speaker: Mr Basil Hwang, Partner, Dechert LLP
1715 Topic: Post Investment: Board Seat, Monitoring, Value-Adding and Exit
Speaker: Mr K.O. Chia, President, Hong Kong Venture Capital & Private Equity Association
1800 Wrap-up
Speaker: Mr Roger Marshall, Committee Member, Venture Committee, Hong Kong Venture Capital and Private Equity Association

For more details about the events, pls visit here.
:: Online Registration ::

852-3605 9502 / 852-3605 9504
Fax at 852-3605 9492
Email at

HKVCA Members are invited to join the next breakfast meeting to networking and information share.

 November 1
 December 6

Time: 8:00 - 9:00am

Venue: The Hong Kong Club

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

For enquiry, please call (852) 2845 6100.
The Hong Kong Business Angel Network ("HKBAN"), a network established by the founding members HKVCA, Hong Kong Science and Technology Parks and the technology transfer offices of the major universities in Hong Kong.  HKBAN is a platform for angels and entrepreneurs to facilitate the funding and development of young businesses.

HKVCA is now soliciting the registration of angels who invest in seed and early stage opportunities raising up to HK$5,000,000. Please recommend colleagues, friends and investment partners who may be appropriate as angel investors.

For registration, please send the completed form to Sam Wong at or Tel: 2845 6100.

NEW FAQs Section
To enhance the support to members, a new FAQs section under Resource Page has been launched.  Members are welcomed to raise questions related to the industry through the webpage. The questions will be vetted and answered by Resource committee in batches.

Tax authorities move to strengthen management of export VAT refund process
The Chinese State Administration of Taxation issued guidance on 30 Aug, 2010 that enhances the steps the tax authorities can take to prevent export VAT refund fraud. The Measures are effective as from 1 September, 2010.

SAT clarifies income tax treatment of losses from equity investments
The State Administration of Taxation (SAT) issued a bulletin on 28 Jul, 2010 concerning the timing of deductions for losses on equity investments for enterprise income tax purposes.


2010 Global PE Beijing Forum

Date: November 13-14, 2010
Venue: China World Summit Wing, Beijing
Language: Mandarin, English
Organizer: China Private Equity Association, Beijing Private Equity Association
Registration: 20% discount for HKVCA members

The Global PE Beijing Forum has hosted twice on last two years, and had invited well-know GPs and LPs worldwide, e.g. KKR, Carlyle, The California Public Employees' Retirement System etc. For this year, we are inviting more than 10 national PE/VC associations, senior officials of Chinese government, leading foreign and Chinese GPs and LPs, and well-know institutional investors of PE/VC industry in China and abroad to join this forum, to discuss relevant PE/VC hot topics, such as financial regulatory reform, LPs and GPs experience sharing etc. For more details, please visit here.

HKVCA members can enjoy 20% discount off on registration. Pls contact Kevin Bian at Tel: 2845 6100 / Email:

Taiwan Venture Capital Association Investment Matching Activity

Date: Oct 20-21(Wed-Thu), 2010
Time: 14:00-17:00
Venue: Grand Hyatt Hong Kong/Chief Executive Suites 1
(1 Harbor Road Hong Kong)
Organizer: Taiwan Venture Capital Association (TVCA)

Taiwan Venture Capital Association will be taking four or more selected Taiwanese start-ups (See attachment) to Hong Kong seeking for overseas fundraising opportunities from October 20 to October 21. TVCA would like to arrange individual meetings with investors who might be interested in. If you are interested in the above firms and would like to schedule a meeting with them, Pls contact Ms. Minmin Liao, Tel: 886-2545 0075 Ext 22, Email:, thanks.

2010 China Entrepreneurs Summit

Date: October 26, 2010
Time: 8:00 am – 5:30 pm
Venue: Gran Melia, Shanghai Pudong
Language: English
Organizer: Shanghai Business Review (Middle Kingdom Media Ltd)
Registration: 30% discount for HKVCA members

The Event for international entrepreneurs and their service providers wishing to meet, and learn how to start, build and sell successful business in China. Delegates will have an excellent opportunity to learn, explore and discuss not only how to effectively start and grow new businesses in China, but also how to optimize these ventures and successfully sell them. HKVCA members receive a 30% discount. For more details, pls visit here.

Korea Private Equity & Venture Capital Forum

Date: November 2-3, 2010
Place: Grand Intercontinental Hotel, Seoul
Organizer: KOTRA - Invest Korea
Registration: Free of charge

This Korean government organized forum will be a great opportunity for Hong Kong-based investors to learn about investment opportunities in Korea, and also the asset allocation and GP selection criteria of major Korean limited partners including the National Pension Service, and the Korea Venture Investment Corporation.

Up to 3 nights' accommodation can be provided for attending HKVCA members. Korea Private Equity & Venture Capital Forum Brochure.
Please contact Ms. Janet Yeung by email or on (852) 2545-9500 for more information.

Knowledge Transfer Conference
Partnering for Success: Mastering Innovation, Leveraging Opportunities, Engaging Community

Date: November 8-9, 2010 (Mon)
Venue: Meeting Rooms S221-S227,
Hong Kong Convention and Exhibition Centre
Organizer: Jointly organized by the eight tertiary institutions in Hong Kong and the HK Science and Technology Park

With a theme of "Partnering for Success: Mastering Innovation, Leveraging Opportunities, Engaging Community", the Conference aims to highlight the role of knowledge transfer and its impact on the economy through the sharing of knowledge and best practices. The various forums at the conference will explore the dynamic and complex issues involved in knowledge transfer activities. We expect to have an audience of over four hundred at the Conference, including business executives, university policy makers, licensing professionals, academics and researchers.  In terms of geographical coverage, participants are expected from Hong Kong, the Chinese Mainland, countries in the region, Europe and the US. For more details, please visit

A business matching forum will be scheduled in Day 2, where all the universities and R & D centres in HK as well as our overseas counterparts will present their ready to market technology outputs. HKVCA's members are free to attend the business matching forum by filling out the form.

Asian VC Network Forum 2010

Date: November 24-25, 2010
Venue: Plaza Heisei" at Tokyo International Exchange Center
Organizer: Japan Venture Capital Association (JVCA)

Today, Asia is perceived as a region that holds a critical key to maintaining sustainable development of the global economy, thus faces heightened expectations to become a new "Innovation Center". In promoting venture companies – primary drivers of innovation activities – to develop their businesses across the Asian region, venture capital (VC) firms with global perspectives play an critical role, by providing a wide breadth of assistances venture companies need; from supplying risk money to mentoring over corporate management issues.

Based upon such recognition of Asia's role, an international forum titled "Asian VC Network" will be held in Tokyo, with a view to promoting cross-border investment activities of VC firms across the region. A number of Japanese venture companies with leading-edge technologies will also be invited to participate in the forum, in order to promote their networking opportunities with other Asian VC/VBs.

For more details, pls download the flyer here.
October 22
Luncheon Talk:
The Role of Private Equity in the Portfolio

October 28  
Private Equity Holding Jurisdictions:
Regulatory and Tax Changes in China, India, US and Europe – How do they impact the Asian Private Equity industry?

November 16
Current Regulatory Environment for Practitioners of PIPE Deals
November 22
HKVCA 7th Wine Tasting Event
November 25-26
InnoAsia 2010:
HK VC / Angel Conference & Venture Workshop
December 6
HKVCA Cocktail Mixer
January 18, 2011
HKVCA Annual Dinner
January 19, 2011
HKVCA-EMPEA Asia Private Equity Forum
February 2011
HKVCA Private Equity Fundamental Course
EU Directives
Please join HKVCA in presenting the case of Asian Private Equity to the European Union authorities on EU Directives on regulations related to Asian Private Equity funds.
Our letter to HK Government
EVCA – "Third Country Treatment under Alternative Investment Fund Manager (AIFM) Directive"

Full Member

China Merchants Technology Holdings Co. Ltd.
Represented by
Mr. Owen Tu

Established in Hong Kong on Jan 1999, China Merchants Technology Holdings Co., Ltd (CMT) is China Merchants Holdings Co., Ltd's sole professional company that engages in venture capital investment, start up incubation and hi-tech park management. As a leading Chinese VC firm, CMT has done over 100 deals mainly in the industries of IT, telecommunication, semi-conductor, bioengineering, new material.

Church Pension Fund
Represented by
Mr. Eric Mason

The Church Pension Fund provides retirement benefits for the employees of the Episcopal Church. The Fund, which manages $8.5B in assets, operates as a private, tax-exempt organization. While headquartered in New York City, where 14 investment professionals reside, the Fund opened its Asia office in Hong Kong in 2009 to monitor existing investments and search for new opportunities.

Northern Light Venture Capital
Represented by
Mr. Jeffrey Lee

Northern Light Venture Capital is a venture capital partnership targeting early and early growth stage opportunities in China. NLVC's mission is "to partner with world-class entrepreneurs to build world-class companies." Founded in 2005, NLVC manages approximately US$500 million in committed capital with 2 US$ funds and 2 RMB funds from leading global institutional investors.

Associate Member

Offshore Incorporations
Represented by
Mr. Martin Crawford
Mr. Jonathan Clifton

Established in 1986, the Offshore Incorporations Group (OIL) specialises in company formation in the premier jurisdictions of Anguilla, Bahamas, British Virgin Islands, Cayman Islands, Delaware, Hong Kong, Mauritius, Samoa, Seychelles and Singapore. With its principal offices in Hong Kong, China, Singapore and Taiwan, OIL is Asia's leading company formation specialist.



HKVCA Luncheon: Access North American Capital through a TSX Listing and Trading
September 30, 2010

TMX Group gave members an overview on the listing and trading of Toronto Stock Exchange at the China Club.

HKVCA Lunch with Economist Mr. Marshall Mays on Investment Strategies
September 10, 2010

Mr. Marshall Mays, Director of Emerging Alpha Advisors Ltd, shared his views on the current regional economy and investment strategies.

HKVCA Member Monthly Breakfast
September 6, 2010

The HKVCA Member Monthly Breakfast is generally scheduled on the first Monday of each month. It provides an excellent opportunity for our members to network and to meet our Executive Committee.
Mr. Vincent Chan and Ms. Alice Chow spoke at "2010 China RMB VC/PE Fund Forum" in Beijing
September 3, 2010

Mr. Vincent Chan, Co-President of HKVCA and Ms. Alice Chow, PRC Committee Member were invited as Guest Speakers at "2010 China RMB VC/PE Fund Forum" in Beijing sharing their views on setup of RMB funds verses USD Funds.

Mr. Vincent Chan, Mr. Alvin Ho and Mr. SC Mak spoke at "SME Equity Financing Forum of the 7th CISMEF" in Guangzhou
September 16, 2010

Mr. Vincent Chan, Co-President of HKVCA, Mr. Alvin Ho and Mr. SC Mak, PRC Committee Member were invited as Guest Speakers at "SME Equity Financing Forum of the 7th CISMEF" in Guangzhou. Mr. Vincent Chan gave a keynote speech on the Hong Kong financial market, Mr. Alvin Ho and Mr. SC Mak shared their views on equity financing in the panel discussion.


Date : 15, 17, 22 & 24 February 2011
Time : 3:00 – 6:00 pm
Venue : HKUST Business School,
15/F HK Club Building, 3A Chater Road, Central

Drucker 100 Management Forum II
October 15, 2010

The China Mega-Forum for Entrepreneurship and Innovation
October 25-26, 2010

2010 China International LP Summit
November 7, 2010

The 23rd Annual AVCJ Forum
Asia’s Private Equity Week

November 9-12, 2010

2010 CVCA AGM & Summit
November 17-18, 2010

Member Notice
HKVCA is pleased to announce that members can enjoy 10% discount off the standard rate on subscription to the weekly AVCJ magazine and Asian Private Equity Directories

Please contact Ms. Sally Yip ( for the magazine and directories subscription.

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 in your firm, please fill in the attached form and email to

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

:: Job Placement Form ::

See Job Opening
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 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 Patricia Chiu at Tel: (852) 2845 6100 or to enroll on our speakers list.

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