YEAR 2010-2011 IN REVIEW
Chairman Johnny Chan

This is HKVCA's 24th AGM and next year we will celebrate its 25th birthday. VCPE has come a long way from its early days of "Direct Investments".  It has since become a US$280 billion (2010) industry, playing an important role in fuelling the growth of China and Asia, which now stands at the economic center stage of the world.  We have witnessed many waves of changes. The financial crisis in US and Europe in 2008 brought another new order in the global economy with a strong focus on Asia. The increasing number of both foreign and domestic players into the arena makes for very exciting times in Asia.

HKVCA is mindful of its mission of supporting its members to take full advantage of opportunities that arises from these developments. It is necessary for the Association to be in step with the new developments in the markets and to respond accordingly. The HK University and Science and Technology was commissioned last year to undertake a survey in order for us to better understand the needs of our members.  The key results of the survey called for more regular and content- based events for knowledge sharing, and also for a deeper reach of professionals within our member firms. Since then we have expanded our program in education, seminars, talks and added a major Asian conference event to the calendar.  As recommended by the membership survey, a new committee, the Young Professionals Committee was set up during the year.

The Executive Committee is very pleased with its strong and fully committed team.  Despite the heavy workloads and travel schedule especially in these past few years of hectic PE activities, each of the committee members has devoted time in helping the Association in furthering its objectives.

We have 9 subcommittees each headed by Executive Committee members to develop strategy and programs in each of their areas.  

The Association adopted a higher public profile with the assistance of key members of the Executive Committee.

On a government level, HKVCA coordinated with Financial Services and the Treasury Bureau (‘FSTB’) in representing the views of the HK PE industry to the European Commission on the European Directives on Alternative Investments. We are also consulted by the Innovation and Technology Commission (‘ITC’) in identifying barriers to globalization of HK companies and are conducting surveys to assess some of the relevant factors.

Of particular importance, the HK PE sector was represented in highly important FSTB and Trade Development (TDC) missions to United Kingdom, South America, Russia and Tokyo to promote HK's financial services. These not only buttressed our relations with government entities but also helped promote Asia’s VC and PE and to ignite interest in these countries, establishing HKVCA as the first port of call when firms visit HK.

HKVCA also held discussions on the proposed US regulations for Foreign Private Equity advisors and added its endorsement to a letter to Securities and Exchange Commission (SEC).


10 associations around the region were invited to the China Summit held in Hong Kong in June 2010. The gathering of the local associations provided an excellent occasion to host a Roundtable meeting to make useful introductions and to discuss issues of common interests. In addition to the participation of the Asian VC and PE associations, and British Venture Capital Association (in person), European Venture Capital Association (via teleconference), also joined the meeting to advise the group on developments in European Union.

The Roundtable was held again this year 2011, with the addition of the India VCA and China PE Association. The CEO of and British Venture Capital Association (BVCA) Mark Florman also made a special trip to Hong Kong, while Dörte Höppner, Secretary General of EVCA called in from Brussels to provide a detailed update of the second phase of consultation on the EU regulations and its impact on Asian PE. At the meeting of the 12 Associations, it was agreed that an effort should be made to formalize the Roundtable into a more effective and coordinated body in order to produce real benefits to the Asian PE industry as a whole.

The PE Fundamentals Course that started in 2009 was further streamlined and formalized.  This year a VC model was added for the entrepreneurs and angel investors.  In addition, a series of Masterclasses - on PE Holding Jurisdictions, PIPE deals - were very well received.  Others are being planned such as the Formation of RMB Funds.  A major step to enhance the curriculum is the development of Asian PE case studies by HK University of Science and Technology (‘HKUST’).  It is expected that 3 cases can be completed this year.

Our education programs boast top practitioners at senior or partner level as course instructors, with real life practical experience to share.

The Committee is always in search of interesting topics and speakers.  The popularity of the luncheon talks attests to excellent choices such as “Alternative Energy Investing”, “The Role of PE in a Portfolio”, “Gas Pipeline”.

It was a very full year for the Venture committee. Closer relation was forged with the Innovation and Technology Commission (‘ITC’). At the same time, links were actively maintained with the HK Science & Technology Parks (‘HKSTP’), Cyberport and the Universities in the effort to better coordinate similar objectives to help entrepreneurs grow their companies.

-There was much enthusiasm in contributing to the building of an angel platform, HK Business Angel Network (‘HKBAN’) with HK Science and Technology Parks and the Universities. Since it’s setting up in 2009, several 'pitching ' sessions of pre-screened projects had been made to the group of 'angels'.

-HKVCA organized the InnoAsia 2010 Venture Workshop, combining theories and real case studies to enrich participants’ knowledge of the entire investment cycle and their negotiation skills.

-A number of meetings with the Innovation and Technology (‘ITC’) took place, with HKVCA providing input on the building of innovative companies.  As a follow on, a survey is being conducted in an attempt to understand the problems and barriers facing entrepreneurs and VCs.

-Members of the committee also participated fully on the Admission Panel of the HKSTP Incu-Tech Program. They also represented the Association in many events and fairs during the year.

-Two social Mixers with the themes of "Movie Financing" and “Risk Management for China Enterprises” organized by the committee were highly successful, each with attendance of approximately 100.

As the China Market continues to hot up with a huge proliferation of activities and players, there was an enormous call on the Association to provide additional resources in this area.  A new position of a China Coordinator was created to deal with the numerous cities, provinces and business bodies of China.  Our Committee members, notably Conrad Tsang, Vincent Chan, Alvin Ho and Alvin Li, Athene Li are kept busy all year round in representing HKVCA to promote the industry's interests in numerous events in Hong Kong and China.

The China PE Summit becomes stronger by the year, with the deep commitment on the part of the committee for it to be the best practitioner conference on PE investments in China.  The Summit stands out for its important updates on the key trends and developments, issues and challenges, solutions and initiatives, shared and fully discussed by top practitioners and leaders of the industry.  The Summit has become a 'must-attend' forum on the calendar of members and players, and this year at the 9th China Summit, participation by practitioners, corporates and entrepreneurs reached 320.

There was active collaboration with various entities in China.  HKVCA organized an investment seminar with the Taizhou Government on “China Medical City”.  A Memorandum of Understanding with the Hong Kong China Chamber of Commerce was also signed.

An important step was in the establishment of a HKVCA Representative Office in Beijing.

The charter of the committee is to bring together and leverage the resources of member firms to enrich the services provided by HKVCA. The Committee taps and vets through important information and intelligence for the members in areas as Legal, Accounting, Portfolio management, HR, Fund services, Insurance.

The Resource page on the website is becoming a very useful tool and is increasingly frequented by members. Another popular service is the “Job Opening” corner. 

The Committee interacts with the Education Committee in identifying new changes on market, rules and on other matters that are deem important for members to know.

Hong Kong’s position as the Private Equity hub is enhanced by the increasing number of Limited Partners (LPs) using Hong Kong as its regional base, bringing the source of funds closer to the where the General Partners and the action is. This development has led to the establishment of the LP Committee to play their vital part in the industry. 

The LPs took an active role at HKVCA’s flagship conference, the China Summit and the Asian Private Equity Forum, in sharing their perspectives with other market players.    


For the first time, the Hong Kong Venture Capital and Private Equity Association with co-organizer Hong Kong Trade Development Council and global strategic partner, Emerging Capital Markets Association (EMPEA), held its inaugural Asia Private Equity Forum on January 19, 2011, in conjunction with the Hong Kong's major financial flagship event, the Asian Financial Forum. More than 30 distinguished speakers who are leading practitioners in Asia gathered to share knowledge of their markets in China, India, South East Asia and Central Asia. The audience of 240 came from across the continents from China, US, Canada, India, Europe, Russia, Australia, Japan, Korea, Taiwan and South East Asia.

After several years’ absence, the Gala Dinner was held following the Asian Private Equity Forum in January 2011.  It was a complete sell out with 200 members enjoying the opportunity to network and catch up.  Entertainment was provided by the Society of Boys Center’s talented youth.
Golf and Wine remain popular events on our social calendar, with a good following of loyal sponsors and supporters.  Not only are they fun, they are great occasions to build camaraderie and relationships.  Special thanks go to the Golf team and Wine teams.

The 8th Golf Day held at the new venue at Shek O was a hit with the 60 players.  Everyone enjoyed the game under perfect weather conditions followed by a sumptuous barbeque lunch at the lawn and lots of laughs and quite a few good deals at the auction of hotel, dining coupons.

Simon Tam the foremost international wine consultant entertained and educated a packed house of 60 participants again at The 7th Wine Tasting.  The pairing of 6 superb wines with the choice of Western and Chinese food was a real gastronomic experience. 

To deepen the reach of members, a group of young and energetic members were drawn to form the Young Professionals Committee in October 2010.  The committee was successfully launched “Young Professionals in Private Equity” with a cocktail in December 2010, attended by almost 100 members enjoying the opportunity to get to know their peers in the industry. A second equally successful networking cocktail was held on March 24, 2011 in Lan Kwai Fong.

The inflow of funds to Hong Kong and the establishment of new funds, together with greater benefits and value HKVCA now brings to members were all factors that contributed to the growth of membership from 173 members at the end of 2009 to 205 as of today.

An important initiative this year was the launch of the HKVCA e-Platform to facilitate the delivery of services to our members with memberships search, online membership resources, management of staff accounts and corporate profiles and events registrations.

Download a List of Activities for the Year 2010-2011

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

Speaker: Ms. Amy Cheng
Managing Director, BOC International



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

No breakfast meeting in July
 August 5, 2011 (Friday)
 September 2, 2011 (Friday)

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.

Government further clarifies registration requirements for Equity Investment Enterprises
On 21 Mach 2011, the National Development and Reform Commission published on its website documentation requirements for the registration of Equity Investment Enterprises, as well as standard templates/forms to be used in the registration process.

New SAFE Rule Circular 19 Reigniting Round-trip Investment in PRC
On May 27, 2011, the State Administration of Foreign Exchange of PRC (SAFE) issued Operating Instructions on Foreign Exchange Administration for Domestic Residents Engaging in Financing and Round-tripping Investment via Overseas Special Purpose Vehicles (“Circular 19”), which goes into effect on July 1, 2011.

Clarifications on circular guoshuihan [2009] 698 and other matters related to non-residents
On 29 March 2011, the PRC State Administration of Taxation ("SAT") issued Public Notice [2011]24 (“Notice 24”) to provide clarifications for certain unclear issues in relation to the reporting of indirect equity transfer stipulated under Circular Guoshuihan [2009]698 as well as other matters related to non-residents. In this Tax Flash, we will highlight the salient points of Notice 24.

Asia ex-Japan Private Equity Snapshot
Asia Pacific PE reaches USD 9.5 billion, China ranks 1st for PE in Asia Pacific and VC deals account for 50%.

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.


Seminar on Harbin Municipal - Hong Kong Financial Services Cooperation (香港 - 哈爾濱金融合作懇談會)

Date: July 11, 2011 (Monday)
Venue: Lushan & Tianshan Room, Level 5 Island Shangri-la, Hong Kong
Organizer: The Harbin Municipal Government and the Hong Kong Trade Development Council (HKTDC),
Language: Putonghua
Registration: Free but pre-registration is required

Jointly organised by the Harbin Municipal Government and the Hong Kong Trade Development Council (HKTDC), “Seminar on Harbin – Hong Kong Financial Services Cooperation” will take place on 11 July 2011 at Island Shangri-la, Hong Kong. A delegation group of about 13 enterprises from Harbin will attend this seminar to explore fund-raising opportunities. The enterprises in the industry of infrastructure, innovation, water supplies, etc, will attend the seminar. Further information (only available in Chinese) can be found here (

For registration and enquiries, please contact Ms Sammi Ng at 2584 4355 email

Symposium and Study Mission: Strengthening Mainland-Hong Kong/Macau Financial Cooperation under CEPA

Date: July 13-14, 2011
Venue: The InterContinental Hotel in Foshan
Organizer: the Ministry of Commerce and the People’s Government of Guangdong Province and the Hong Kong Trade Development Council (HKTDC),
Language: Putonghua

The purpose of this symposium is to further promote mainland-Hong Kong/Macau financial cooperation under the CEPA framework. Some 400 participants are expected to attend this event, including Mr Jiang Yaoping, Vice Minister of Commerce(蔣耀平先生,國家商務部副部長), senior officials from Guangdong Government, China Banking Regulatory Commission and China Securities Regulatory Commission,  business representatives from the 13 CEPA Model Cities, Hong Kong and Macau.

This should be a great opportunity for Hong Kong industry players to network and expand their business into the Pearl River Delta region and other parts of Guangdong, while fully capitalising on the “early and pilot implementation” opportunities offered by the province.

For registration or queries, pls contact Ms Joyce Cheung of HKTDC at 2584-4118.

AVCJ Private Equity & Venture Forum – USA 2011

Date: July 12, 2011
Place: The University Club of New York
Organizer: Incisive Media
Registration: HKVCA members are entitled to 10% discount off the ticket price by quoting ‘AVCJUSA02’ when registering.

Asia's booming private equity markets: Global leaders in performance and growth
Hear seasoned US- and overseas-based LPs active in Asia discuss and debate the risks and returns of investing in the region at AVCJ’s 6th Annual Private Equity and Venture Forum – USA.
The forum will shed insight on the PE developments and opportunities in the key Asian markets of China, India, Japan, SE Asia and Australia. Do not miss the opportunity to hear experienced LPs debate the lessons they have learnt from investing in Asia including:

  • How does emerging Asia versus industrialised Asia compare in regards of returns, risks and strategies required?
  • What are the LPs' appetite and expectations when participating in renminbi funds?
  • Where do LPs place Asia on the roadmap for investment compared with the rest of the world?
  • What are the expected returns for 2010-12 Asian PE investments compared to those for the US market?

AVCJ Private Equity & Venture Forum – Singapore 2011

Date: July 21 – 22, 2011
Place: Grand Hyatt, Singapore
Organizer: Incisive Media
Registration: HKVCA members are entitled to 10% discount off the ticket price by quoting ‘AVCJSP02’ when registering.

Asian Private Equity: Growth opportunities from regional integration
Following in the track of AVCJ's hugely successful annual Hong Kong conference,
AVCJ Singapore will take a look at Private Equity across Asia, and examine SE Asia's role in the mega-economies of China, India and beyond.
With this edition of AVCJ's Singapore Forum, we explore how private equity is helping Indian and Chinese companies achieve their strategic goals in South-East Asia; how Singapore is adapting to become the fulcrum for this activity, and what regional integration means for growth - and LPs' investments - when we ask:
  • Which countries are set to benefit from the growing commodities boom, and how can PE play its part?
  • Will labour rate arbitrage see Chinese and Indian companies moving manufacturing to SE Asia?
  • Are regional Free-Trade Agreements making SE Asia easier to tackle for the region's companies?
  • How should LPs be thinking about - and investing in - the region?
Visit for the latest speaker and programme updates.

Techventure 2011

Date: October 12-14, 2011
Venue: Singapore
Organizer: Singapore Venture Capital and Private Equity Association (SVCA) and the National Research Foundation (NRF) of the Singapore Prime Minister’s Office
Registration: Special price of SGD950/pax for HKVCA members. Quote VIP Code: 8681

Techventure is a summit event for the Venture Capital and Private Equity industry. Launched in 1997, it has grown into a lead event in Singapore for innovators, entrepreneurs, angel/VC/PE investors, from all over the world, to network, interact and transact.

The Guest of Honour for Techventure’s 15th Anniversary is Deputy Prime Minister Teo Chee Hean .The event is expected to attract more than 600 top investors and innovators, captains of industry and VIP guests. They represent some of the world’s most influential investors and iconic innovators. It is indeed a rare opportunity to hear such luminaries share in sights about Asia’s opportunities.
Registration online: please click

For more information, please visit:

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.

Year 2011

September 8
Luncheon Talk on Mining
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

Key Step Capital
Represented by
Mr. Gordon Chan

Key Step Capital is a private equity with a non-conforming approach of working through our business consulting company to develop a rapport and deeper understanding of the client’s requirements for next stage growth. We target growth companies in Greater China with focus in the sustainable sectors of agriculture, resources, consumer consumption, consumer branding, and technology. Key Step Capital usually takes a minority stake, and works with our vast network of partners in investing across the capital structure. With one particular partner managing a US$9B portfolio that we work deals through on regular basis.

Tianjin Tianjin Public Utilities Co. Ltd
Represented by
Mr. Kwok Shun Tim

The principal activities of the Company are the operation and management of gas pipeline infrastructure and the sale and distribution of piped gas. Other business including gas supple project investment.

Morgan Stanley Asia Ltd
Represented by
Ms. Jie Gong

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries. For further information about Morgan Stanley, please visit

Associate Member

Daishin Securities
Represented by
Mr. JOH Ju Youn

With more than 50 years of successful history in Korea, Daishin Securities has provided its quality financial service to customers and satisfied the various needs of investors. Utilizing its strong presence in retail market and its years of experience in local investment banking, Daishin securities is currently expanding its business globally.

The 10th China Private Equity Summit
June 13, 2011

Celebrating its 10th year, China PE Summit was the most successful to date with more than 320 participants. The Summit has earned a reputation for its excellence in addressing the important issues which are of interest to practitioners and professionals investing in China, its rich contents and bringing in the best industry experts on the topics. The audience took away much from active discussions on the new PE Ecosystem forming in China, the challenges of RMB and US dollars funds, legal and accounting updates and operational issues.

Asian VC/PE Associations Roundtable
June 14, 2011

Hong Kong hosted the Roundtable of Asian VC and PE Associations for the second year, with the addition of the India VCA and China PE Association. The CEO of BVCA Mark Florman also made a special trip to join the meeting, while Dörte Höppner, Secretary General of EVCA called in from Brussels to provide a detailed update of the second phase of consultation on the EU regulations and its impact on Asian PE. At the meeting of the 12 Associations, it was agreed that effort should be made to coordinate more closely in order to achieve practical goals of a common nature.

The 24th Annual General Meeting
June 15, 2011

The 24th Annual General Meeting on June 15, 2011 was well attended by 40 members at the China Club. The Chairman reported the activities and achievements of the association for the past year, followed by election of the new Executive Committee which expanded to 18. The addition of committee members will bring new ideas and initiatives to the association. HKVCA Executive Committee 2011-2012 will be led by the new Chairman David Pierce and three Vice Chairmen Conrad Tsang, John Levack and William Kerins.

Luncheon talk "A Look at China Business Dynasties"
June 15, 2011

The AGM was followed by a luncheon talk with the topic on “A Look at China’s Business Dynasties” by Mr. Jasper Becker, who is the author of the seven books including “Hungry Ghosts”, “The Chinese and City of Heavenly Tranquillity”. He is also the CEO of Legend Strategic Consultancy Ltd. Mr Becker gave an interesting talk on the reasons why many of the families who made fortune after building their first factories in China after 1895 are still around and flourishing, and how they have prospered.

HKVCA Member Monthly Breakfast
June 3, 2011

The HKVCA Member Monthly Breakfast provides an excellent opportunity for our members to network and to meet our Executive Committee.
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: