Date: September 5, 2011 (Monday)

Time: 2:30 – 4:30 pm

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

CPT points: 2

  1. Typical types of illiquid/hard-to-value investments.
  2. Factors to be considered in valuing different types of illiquid/ hard-to-value investments.
  3. Types of valuation methods and models used to value different illiquid/hard-to-value investments.
  4. Definition and examples of observable and unobservable inputs to models.
  5. Key factors affecting the judgement in picking the valuation model used, such as:
    • a. When a readily available market price should/should not be used;
    • b. Impact of the last trade price and transaction volume;
    • c. Reliability of the quoted prices from various sources;
    • d. Advantages/disadvantages of various models.
  6. How to assess the reliability of the inputs and parameters used in the models.
  7. Are there any trends noted in the use of valuation advisors? How to assess the reliability of the prices used by the valuation advisors.
  8. Who has the final say if the manager and the valuation advisor come up with different prices on an illiquid/hard-to-value asset?
  9. Estimated market share of major valuation advisors. Any specialisation among the valuation agents?
  10. Common deficiencies and malpractices in relation to valuation of hedge fund assets, and how to identify them.
  11. Are there any particular valuation-related issues that regulators should pay attention to?
  12. Industry trends, both in general and in relation to valuation.

Speaker: Dr. Cindy Ma
Managing Director,
Houlihan Lokey’s NY Office

2 CPT Points can be claimed for full attendance. Licensed individuals may claim SFC CPT Points on the courses taken which their employers consider as relevant to the functions performed by them.


Date: September 8, 2011 (Thursday)

Time: 12:30 – 2:00 pm

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

CPT points: 0.5

  • Future mining company and commodity market development trends and investment highlights
  • Hong Kong mining company fund raising and investment market development situation and future potential
  • Investment strategy and technical discussion

Speaker: Ms. Amy Cheng
Managing Director, BOC International

0.5 CPT Points can be claimed for full attendance. Licensed individuals may claim SFC CPT Points on the courses taken which their employers consider as relevant to the functions performed by them.

Date: October 17, 2011 (Monday)

Time: 12:30 – 2:00 pm

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

CPT points: 0.5

Speaker: Mr. Eric Landheer
Senior Vice President and Head of Issuer Marketing,
Hong Kong Exchanges and Clearing Limited (“HKEx”)

0.5 CPT Points can be claimed for full attendance. Licensed individuals may claim SFC CPT Points on the courses taken which their employers consider as relevant to the functions performed by them.

Date: September 26 (Monday), 2011

Time: 3:00 – 5:00 pm Venture Showcase
5:30 pm Reception and Networking

Venue: 23/F One Pacific Place, 88 Queensway, Hong Kong

Organizer: Hawaii Business Entrepreneur Acceleration Mentors (HiBEAM)

Co-organizer: Hong Kong Business Angels Network (HKBAN)
Hong Kong Venture Capital and Private Equity Association (HKVCA)

Registration: 30 Free Passes on First come First serve base

HiBEAM is pleased to present Hawaii Tech Asia (HTA), a forum that aims to bring Hawaii and US technology entrepreneurs to Hong Kong and Shenzhen to gain on-the-ground China and Asia market exposure and to initiate connections with potential investors, distributors, suppliers, partners, and customers. Hawaii Tech Asia will introduce participating companies to the venture capital, private equity, and angel investor communities in Beijing and Hong Kong. Expected outcomes are rich collaborations, deal flows, joint ventures, or partnerships with China and Hong Kong firms.

For more details, Please contact Dr. Bee-Leng Chua, Executive Director of HiBEAM
Tel: +1 808-722-6289, Email:
For more information, please visit:





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

 October 7, 2011 (Friday)
 November 4, 2011 (Friday)

Time: 8:00 - 9:00am

Venue: The Hong Kong Club

Seats are limited and priority to members


SEC Adopts Final Dodd-Frank Adviser Registration Rules: Many Asian Advisers Will Need to File Reports with the SEC
On June 22, 2011, the U.S. SEC adopted final rules and rule amendments interpreting, among other things, exemptions from registration under the U.S. Investment Advisers Act of 1940, as amended introduced by theDodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”).

Statistics of M&A Deals
Statistics includes Annual Private Equity-backed M&A deals involving Asia ex Japan companies, Asia ex Japan as the acquirer for companies in the target nations PE-backed M&A, Asia ex Japan as the target for other nation PE-backed M&A, Acquisition Techniques for Asia ex Japan PE-backed M&A and PE-backed M&A by Target industry.

China Outlaws Bribery Overseas
China has joined a growing number of countries that are implementing new criminal laws to prohibit payment of bribes to foreign officials. In doing so, China is seeking to encourage good behavior among the growing number of Chinese companies doing business overseas.

Corporate Income Tax incentives for western regions extended by ten more years
The Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly issued Cai Shui [2011] No. 58 (Circular 58) on 27 July 2011, setting out the Corporate Income Tax (CIT) and import duty incentives available for enterprises in the western regions.

Hong Kong’s Relief Under Double Tax Agreements (Update)
Since 2010, Hong Kong’s comprehensive Double Tax Agreements (“DTAs”) have adopted the 2004 Organisation of Economic Corporation and Development Model Exchange of Information article. This Tax Flash provides a brief update on the existing DTAs between Hong Kong and its international treaty partners.

Further clarification on tax residency status of China-controlled foreign enterprises
The State Administration of Taxation (SAT) issued the announcement [2011] No. 45 (Announcement 45) on 27 July 2011 to deal with various issues concerning China-controlled overseas-registered resident enterprises, such as the tax residency identification and Corporate Income Tax (CIT) administration matters.

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.

Taiwan Private Equity Industry and
Regulatory Environment Questionnaire
Taiwan Mergers & Acquisitions and Private Equity Council (MAPECT) initializes the project research regarding to Taiwan private equity industry and regulatory environment in order to understand the difficulty of regulatory problem that foreign investors are facing, Information collected from this questionnaire survey will be advised Taiwan government on revision and improvement of the regulations.

Questionnaire invitation Questionnaire for Institutional Investors

Please reply by email or fax to: Doris Huang
Tel: +886-2-2717-6892 ext. 15 / Fax: + 886-2-2547-4682

Position Membership and Development Manager
  • Develop strategy and execute plan to retain and expand membership.
  • Active engagement and interaction with the current membership and wider community to ensure effective monitoring and enhancement of existing member relationships, design and implementation of evaluation programs for different categories of the membership, and membership services.
  • Effective administration of all membership activities, including data base development and maintenance, member communications and development and achievement of budgets. 
  • Continuous collaboration with Committees to ensure programs are responsive to member interests and to assist in building audience for planned programs.
  • Development of communications vehicles, including membership brochures, newsletter, website to communicate regularly the programs and purposes of the Association.
  • Assist in the identification and development of potential donors/sponsors, with the ability to cultivate relationships with them, write and edit proposals and the ability to make effective presentations to donors.
  • Assist in the development and implementation of a strategy for fundraising.
  • Bachelors degree required
  • Creative, have high level of initiative and be able to manage multiple projects independently
  • Interpersonal, organizational, writing, verbal and computer skills.
  • Work independently and as part of a team, to meet deadlines and to follow through on details
  • Familiar with financial services in Hong Kong
  • Strong English and Chinese language skills, with fluency in Mandarin
  • Experience in fundraising/membership development an advantage 
Contact Details Please send your CV and cover letter (in English) to:
Executive Director
Hong Kong Venture Capital And Private Equity Association
Room 801 Dina House, Ruttonjee Centre
11 Duddell Street
Central, Hong Kong

Korea Investment Forum: Opportunities for Real Estate & Financial Investors

Date: September 6, 2011 (Hong Kong)
Venue: The Ritz-Carlton, , Hong Kong
Organizer: Ministry of Knowledge Economy, Invest Korea, Kotra

The Korea Investment Forum, which is to be held in Hong Kong on September 6 and in Singapore on September 7.

The purpose of this forum is to inform financial investors of opportunities in the Korean private equity, venture capital and real estate markets, and to strengthen regional cooperation in the finance industry. The program will consist of presentations, panels and one-on-one meetings. Two separate tracks, one focusing on private equity and venture capital and the other on real estate, will run concurrently. Both tracks will include presentations and discussions by leading private sector experts on market trends and opportunities.

For more details, pls visit

For enquiries, pls contact MS Hyuna Kim at Tel: 852 2545 9500 (ext. 13) / Email:


SuperReturn Asia 2011

Date: September 19 – 22, 2011
Venue: JW Marriott HK, Pacific Place, 88 Queensway, HK
Organizer: ICBI
Registration: 15% Discount For HKVCA Members – Quote VIP code: FKR3A4BHKEM2

SuperReturn Asia is Asia's leading private equity event which brings together 800 attendees over 4 days. With 150 speakers already confirmed including over 60 LPs, the programme is an unmissable line-up of the top LP and GPs in the region.

Over 150 LPs already confirmed to attend including:
China Investment Corporation * CalPERS * Employees' Provident Fund of Malaysia * GIC Special Investments * Ontario Teachers' Pension Plan * Bahrain Mumtalakat Holding Co * Great Eastern Life Assurance Co Ltd * Gordon & Betty Moore Foundation * PGGM Investments * The Hewlett Foundation and many more...

Plus choice of 2 pre-conference China or LP/GP Relations summit days.
15% Discount For HKVCA Members – Quote VIP code: FKR3A4BHKEM2
Call ICBI on +44 (0) 20 7017 7200


The 8th China International SME Fair & Business Matching Session

Date: September 23, 2011
Venue: Guangzhou International Convention and Exhibition Center, China
Organizer: The Bureau of China International SME Fair

The Bureau of China International SME Fair is the executive organizer of China International SME Fair (CISMEF), under the supervision of the Secretariat of CISMEF Organizing Committee. It is also responsible for organizing the Pan-Pearl River Delta Regional Economic and Trade Fair, the Economic and Technological Cooperation Talks of the Pearl River Delta and the Mountainous Regions, and other economic and trade events, in an effort to promote trade, investment cooperation and exchanges.

In accordance with the operation mode of combining Government propelling with market operation, the Bureau devotes itself to rendering the exhibitions more international, standardized and professional and providing customers with services like event planning, promotion, exhibitor recruitment, professional training, business tours, international exchanges and cooperation.

Please contact: Mr. Felipe Chen, Tel: +86-20-83137660, Email:
For more information, please visit:


Kuala Lumpur International Venture Capital Symposium 2011

Date: October 9-12, 2011
Place: Kuala Lumpur Convention Centre
Organizer: Malaysian Venture Capital & Private Equity Association (MVCA)
Malaysian Technology Development Corporation Sdn. Bhd.
Registration: 30% registration rate discount for HKVCA members

The Kuala Lumpur International Venture Capital Symposium 2011 will bring together leading figures in global venture capital, technology innovation experts, entrepreneurs, business and government leaders to share their insights on the role and prospects of the venture capital industry in building sustainable innovation-led economic growth whilst inculcating the culture of risk taking and openness to new ideas. The main symposium along with the 2-day pre-symposium boot camps will specifically cater for both new start-ups and entrepreneurs. The boot camps will help the participants who may not have the luxury of resources to better understand and calculate risks in order to compete and survive in a highly dynamic, competitive and rapidly evolving environment.

For more details, pls visit

For enquiries, pls contact KLVCSymp 2011 Secretariat at Email: / Tel: +6 03 2172-6000 / 6038 / 6044

The 1st China Venture Capital & Private Equity Forum @ Hong Kong

Date: October 13, 2011
Time: 8:30 am - 5:30 pm
Place: Sheraton Hong Kong
Organizer: Zero2IPO Group
Registration: 20% registration rate discount for HKVCA members

The first Zero2IPO Hong Kong Forum will inherit the essence of its CVCF brand series, bring high-quality and high-gain meetings to Hong Kong, and establish a new platform for mainland China and investment areas of Hong Kong. Forge ahead in opportunities and challenges, and seek mutual benefits in development and changes.

More than 150 leading global VC&PEs are projected to attend this forum. Confirmed speakers include Vincent Huang of Pantheon, Ching Tan of Siguler Guff & Company LLC, Brandon H.P. Lin of SAIF Partners, Xiaodong Jiang of NEA. Most of the hot topics on investment market, such as RMB Fund, the IPO Choice of China Entrepreneurs, will be discussed in depth.

Contact: Jesmine Zhao, Tel: 8610-84580476-8058, Email:

Please visit for more information.

AVPN Hong Kong launch event: Venture Philanthropy in Practice

Date: October 14, 2011 (Friday)
Place: HK Council of Social Services,
2/F Duke of Windsor Building, 15 Hennessy Road, Hong Kong
Organizer: Asian Venture Philanthropy Network
Registration: Free of charge but numbers are limited (first come first served basis)

Join leading venture philanthropy practitioners from the US, Europe and Asia at a special seminar to mark the launch of the Asian Venture Philanthropy Network. Nat Sloane from Impetus Trust and Shruti Sehra from New Profit will present the latest developments in their markets followed by a panel session and Q&A with Asian based VP leaders.

The seminar is followed by a networking drinks reception for the diverse groups that make up the VP community – to include private equity funds, foundations, family offices, high net worth individuals, the broader financial community, professional service firms and Universities. All will have a chance to meet their peers similarly interested in VP in the Asian context

To register, pls visit: 
If you have any questions please contact Kevin Teo at

12th Annual AVCJ Forum - Japan 2011

Date: October 18-19, 2011
Place: Conrad, Tokyo
Organizer: Incisive Media
Registration: HKVCA members can enjoy 10% off discount on registration

The top Japan-focused private equity and venture capital professionals will gather in Tokyo from 18-19 October at the 12th AVCJ's Private Equity & Venture Forum - Japan 2011. Sign up now to secure your place among Private equity’s elite.

Leading our faculty of the best and brightest in Private Equity are renowned

  • Jesper Koll Managing Director and Head of Research, JP MORGAN SECURITIES JAPAN
  • Tatsuya Kubo Managing Director, HARBOURVEST PARTNERS (JAPAN) LIMITED
  • Jun Tsusaka Partner, Managing Director and Representative, TPG CAPITAL - JAPAN, LTD.

Visit for the latest programme and line-up of confirmed speakers. Registration is simple:

PHONE Anil Nathani +852 3411 4938
Register online at

Mongolia Investment Summit

Date: October 25-27, 2011
Place: Conrad Hotel, Hong Kong

Beacon Events, Mining Journal and FIFTA


15% registration rate discount for HKVCA members
Quote VIP code – BH605ZEN and tick the association discount box

Building on the success of Hong Kong’s first annual Mongolia Investment Summit in 2010 and brought to you by the team behind Mines and Money Hong Kong, the Mongolia Investment Summit returns in 2011, doubling in size and bringing together even more foreign investors and Mongolian-based project and companies.

For more details, pls visit http://


Drucker Management Forum III

Date: October 21, 2011
Venue: Jockey Club Auditorium, HKPU

Peter F. Drucker Academy

Corporate sustainability has gained much momentum in the past few years. The underlying idea in sustainability is the triple-bottom line: the economic, social and environmental dimensions of operating a business. This awareness is spreading and has attracted thought-leaders and practitioners working together. Dr. Peter Senge is one who calls for collaborations to drive the necessary revolution.

Based on this trend and a timely theme "From Continuity to Sustainability," for the Drucker Management Forum 2011, Peter F. Drucker Academy has the privilege to invite Dr. Peter Senge, Dr. Elizabeth Edersheim, distinguished guests, scholars and local dignitaries to speak and to share their invaluable experiences and insights with approximately 1,000 audiences from government, business and non-business sectors.

Please visit for more details.

24th Annual AVCJ Forum 2011

Date: November 7 – 11, 2011
Place: Grand Hyatt, Hong Kong
Organizer: Incisive Media
Registration: HKVCA members can enjoy 10% off discount on registration

The world’s top private equity and venture capital professionals will gather in Hong Kong from 7 - 11 November at the 24th Annual AVCJ HK Forum. Sign up now to secure your place among Private Equity’s elite.
Leading our faculty of the best and brightest in Private Equity are renowned keynote speakers:

  • John Connaughton, Managing Director, BAIN CAPITAL
  • David Rubenstein, Co-Founder & Managing Director, CARLYLE GROUP
  • Christopher Flowers, Chairman and Chief Executive Officer, J. C. FLOWERS & CO. LLC
  • Howard Marks, Chairman, OAKTREE CAPITAL MANAGEMENT
  • David Bonderman, Founding Partner, TPG CAPITAL

Visit for the latest programme and line-up of confirmed speakers.
Last year’s Forum attracted over 1,000 participants from 33 countries, including more than 250 LPs representing over $3,500 billion in assets under management and more than $550 billion of capital allocated I private equity.



Date: November 28, December 1, 2011
Place: SkyCity Auckland Convention Centre, Auckland
Organizer: The Technopolicy Network
Registration: Early bird discount of €100 until Sep 15

Incubators are engines of the local and regional economy. This economy is not isolated, it is embedded in the global world of business. International competence and interaction are essential ingredients for economic success and survival.  Incubators are created to be international connectors, supporting the internationalisation of their tenants and partners, by providing excellent „sending‟ and „receiving‟ services that make tenants “jump high and land softly”. How to do that? Join us for an exciting conference and find the answers in Auckland this November!

Register online:

For enquiries, pls contact Drs. Ewout Meijer at Email: or Tel: +31 70 360 7155

Year 2011

September 5 [ full ]
Masterclass on Valuation
September 8
Luncheon Talk on Mining
September 26
Hawaii Tech Asia – Venture Showcase 2011
October 7
Members Breakfast
October 17
Luncheon Talk on HK Stock Exchange
November 4
Members Breakfast
November 21
The 8th Wine Tasting Event

Year 2012

January 17, 2012
Gala Dinner
January 18, 2012
The 2nd Asia Private Equity Forum
February 2012
Private Equity Fundamentals Course
March 16, 2012
The 9th Annual Golf Day
The above is subject to change

Full Member

Evercore Asia Limited, Private Funds Group
Represented by
Mr William Lee

Evercore Partners is an independent investment banking firm providing advisory, asset management, research and sales & trading capabilities to a globally diverse set of clients. Our offices are located across the US, headquartered in New York, with further offices in London, Mexico City, Monterrey and Hong Kong, and strategic alliances across Japan, Brazil and China.

KKR Asia
Represented by
Mr Steve Okun and Mr Clifford Chiu

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm. With offices around the world, and its Asia operations headquartered in Hong Kong, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies.

Talk on 'Performance Persistence in Private Equity Funds'
August 18, 2011

Dr. Ji-Woong Chung, Assistant Professor in Finance of CUHK, is the inaugural winner of the PhD prize of Coller Institute of Private Equity at London Business School in 2010, and he has recently received the Wharton WRDS Award from the 2011 Western Finance Association.

His paper on 'Performance Persistence in Private Equity Funds' holds interesting implications for investors in the private equity industry in their capital allocation decision.

HKVCA organized a small group lunch talk where Dr. Chung presented his findings.

PE Young Professionals Networking Cocktail
August 25, 2011

The YP cocktails are now regularly held to encourage informal interaction within the community at all levels. 80 young professionals made it after work to enjoy a drink with their counterparts in the industry.
HKVCA Luncheon Meetings

HKVCA Masterclasses

Wine Tasting Events

For more information about recruiting from HKUST MBA, please contact MBA Career Services at
HKVCA Representative Office in Beijing
For more information about HKVCA Beijing Representative Office, Please contact Mr. Kelvin Bian, Tel: 010-88087035.
Partnership with Beijing PEA.

有关香港创业及私募投资协会 北京代表处的详情,请邮件联系边先生或致电010-88087035 , 与北京股权投资基金协会互为合作伙伴。
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.

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.
HKVCA Corporate rate is available

at Hong Kong:
• Conrad Hotel HK,
• Fleming Hotel HK

at Shanghai:
• L'otel Shanghai

Contact Ms. Lilia Chin at for more details.

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