Complimentary pass for Full Members
Early renewal of membership 2012 will ensure that you get one complimentary pass to the Forum.
OTHER EVENT (Co-organized by HKVCA)

HKVCA is the co-organizer of the AFF Deal Flow on the 2nd day of the forum. This is the 4th year we are co-organizing the AFF Deal Flow with the Hong Kong Trade Development Council (HKTDC).

AFF Deal Flow is one of the key AFF 2012 networking opportunities which will enable participants to meet with potential business partners from different parts of the world. The 3-hour deal-making session will comprise one-on-one meetings between private equity and venture capital firms, intermediaries, funds and transaction support professionals, according to shared areas of interest.

HKVCA Full members are urged to participated. Free addmission.
Register now at here.

For enquiries, please contact Matthew Ip (HKTDC)
Tel: (852) 2584 4266 / Email:

Date: January 16 -17, 2012
Place: Hong Kong Convention & Exhibition Centre
Organizer: The Government of the Hong Kong Special Administrative Region
Hong Kong Trade Development Council
Registration: HKVCA members attending AFF + APEF enjoys a Special Package at HK$7,000.

Against the backdrop of uncertainties rooted in the sovereign debt crisis, now is the time to take a closer look at the possible impacts on Asia and its economy.

The Asian Financial Forum (AFF) brings together influential members of the global financial and business community to discuss Asia's role in driving sustainable growth for the world. This is your opportunity to build up contacts, gather the latest market intelligence, and explore business opportunities in Chinese mainland and the rest of Asia.

Distinguished speakers include Michel Barnier of European Commissioner for Internal Market and Services, Jong-Ku Choi of Ministry of Strategy and Finance of Korea, Richard Samuel Elman of Noble Group Limited, Douglas Flint of HSBC (invited), Tshepo Kgadima of LontohCoal, K K Modi of Modi Enterprises, Michele Norsa of Salvatore Ferragamo (invited), John G Rice of GE, U.K. Sinha of Securities and Exchange Board of India, Professor Joseph Stiglitz of Columbia University, John Zhao of Hony Capital and many more renowned speakers from around the world …

Register online at now!


List of instructors:
David Bussmann, Partner, Asia Mezzanine Capital Group
Josephine Price, Managing Director and Chief Investment Advisor, Chepstow Capital Advisors Ltd
Mark Chen, Senior Managing Director, GE Equity Asia
Sid Sharma, Chief Investment Officer, GE International
Marvin Lai, Co-Chairman, Venture Committee, HKVCA
K. O. Chia, President, HKVCA
Winnie Peng, Associate Director of the Center for Business Case Studies, HKUST
Roger King, Adjunct Professor of Finance, Director of the Center for Asian Family Business and Entrepreneurship Studies, Director of the Center for Business Case Studies, HKUST
Stephen Wozencroft, Partner, Jun He Law Offices
John Lo, Partner, Lister Lo Lui & Choy is in association with Edwards Wildman Palmer LLP
Greg James, Associate Director PricewaterhouseCoopers
Boris Bong, Managing Director, Squadron Capital Advisors Ltd

1) Licensed individuals may claim SFC CPT Points on the courses taken which their employers consider as relevant to the functions performed by them.
2) The Law Society accreditation applied for.
HKVCA retains the right to make changes as it deems necessary.

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

 February 3, 2012 (Friday)
 March 2, 2012 (Friday)

Time: 8:00 - 9:00am

Venue: The Hong Kong Club

Seats are limited and priority to members


If you are interested in sponsoring the event, please contact Patricia Chiu at Email: or Tel: 852 2845 6100.


Date: April 2 – 3, 2012 (Monday – Tuesday)

Time: 9:30 am – 5:30 pm

Venue: To be confirmed

Outline: Revenue Modeling: Segment Build-up & Sensitivity Modeling
  • Enhance projection model beyond simple revenue growth rate and expense margin assumptions
  • Build detailed revenue & segment build-up and sensitivity analysis into your model
  • Account by account build-up and sensitivity analysis incorporating cases and scenarios
  • New business: quantify future, as-yet-unachieved growth initiatives based on concrete assumptions

Expense Modeling: Private Company Pro Forma Modeling
  • Recast financial results to be more representative of future performance and adjust for effects of private ownership
  • Understand types of adjustments required, ranging from discretionary to non-recurring to standalone corporate entity
  • Plow through all expense line items, focusing on SG&A expenses

M&A Earnout Modeling
  • Reconcile differences that arise in private transactions in which a buyer wants to be rewarded for future growth and a seller is only willing to pay for growth that has been achieved
  • Create a two-tiered earnout structure that is dependent on achieving management projections
  • Structure earnout based on both Revenue and EBITDA targets

Valuation: DCF Modeling & Sensitivity Analysis
  • Comprehend importance of focusing on Enterprise Value and capital structure
  • Understand the complex nuances associated with analyzing and valuing private companies
  • Learn nuances of adjusting for DCF valuation, WACC & CAPM analysis when no data exists

VC Investing: Participating Preference Securities
  • Balance various needs and incentives of newest round of investors while motivating management and aligning economic interests with older investors
  • Structure investment securities to provide downside protection with equity upside
  • Structure and model out such hybrid securities commonly used in VC and earlier stage investing with extensive waterfalls and priority of liquidation

Speaker: Hamilton Lin
CFA, President and Founder
Wall St. Training

Fee: Early Bird Discount
Member @ HK$5,000 / Non-member @ HK$7,500
(payment deadline: March 1)

Standard Fee
Member @ HK$6,000 / Non-member @ HK$9,000

HKVCA Membership Renewal 2012
Working on your behalf......
The past year was a very busy one for HKVCA.  We held a large number of events, including the ever-popular China Summit as well as our inaugural Asia Private Equity Forum, and were gratified to see attendance increase at the more than 40 activities organized by your Association.  The year ahead will be even more active and we are confident you and your colleagues will find much of interest and value in the programs on offer during 2012.

As you know, the Association seeks to provide members with an increasingly wide range of educational and training programs and conferences to enhance the knowledge and standards of professionals and staff.  Our events are important networking opportunities for practitioners, investors, service providers and others here in Hong Kong and across the Asia region.

In addition, the HKVCA works closely with government agencies and officials to promote and protect the interests of our industry.  Private capital markets are increasingly a focus of political attention and we need to be vigilant and proactive in making policy makers aware of the role of our industry in economic growth, helping them to craft regulatory and taxation policies that are appropriate and fair.

In 2011, our membership grew by 20% and we were delighted to welcome to membership a number of the world’s largest private equity firms, reflecting Hong Kong’s unique role as a base not just for the local market and for China but for the Asia region as a whole.  We aim to increase membership still further in the year ahead, in order that we may more effectively represent our industry and further develop our programs for members.

Please act now to renew your membership.  Please also consider ways in which the Association can help you and let us know.  The HKVCA is here to serve the industry and we are committed to continual improvement in everything we do.

Thank you for your prompt attention and your continued support.

Subscription fee 2012

FULL Member: HK$15,000 per Annum
HK$4,000 Entry fees for new members
1 complimentary pass to each event in 2012 (except certain events as Gala Dinner, Wine Tasting, Golf, Cocktail and others as determined by the Executive Committee)
ASSOCIATE Member:   HK$18,000 per Annum
HK$4,000 Entry fees for new members
Membership Record Updates Form

NDRC Strengthens Regulation on Equity Investment Enterprises Nationwide
On December 8, 2011, the General Office of the PRC National Development and Reform Commission issued the Circular on Promoting the Compliant Development of Equity Investment Enterprises, which is the first nationwide rule that comprehensively regulates Equity Investment Enterprises established in the PRC.

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.


The 4th Global PE Beijing Forum

Date: 26 February  2012
Venue: Shangri-La Hotel, Beijing
Organizer: Beijing Private Equity Association(BPEA)
Registration: 20% discount for HKVCA members

The Fourth Global PE Beijing Forum, co-hosted by the China Association of Private Equity (CAPE), Beijing Municipal Bureau of Financial Work and Beijing Private Equity Association (BPEA) will be held at The Shangri-La Hotel, Beijing, February 26, 2012.

As one of our flagship annual events, the Global Private Equity Beijing Forum will feature leading industry players from China and abroad, as well as some of the senior-most officials from Chinese regulatory agencies responsible for the development of China's PE industry. This year’s Forum will once again promote a meaningful and open dialogue among the leading foreign and Chinese fund managers, government leaders, and institutional investors on the development of China’s private equity industry.

For more information, please visit:
For registration enquiry, Please contact Ms. Jenny Chen, email: / Ms. Qiao Liang, email:

Note: free for public pension funds, endowments, sovereign wealth funds

Mines and Money Hong Kong

Date: 19-23 March 2012
Venue: Hong Kong Convention & Exhibition Centre
Organizer: Beacon Events
Registration: 15% discount for members – register via website

Asia-Pacific’s largest mining investment event returns in March and will welcome 250 mining companies exhibiting and over 2500 attendees from the mining and investment communities.  If you are looking for your next big investment opportunity then there is no better place than Mines and Money Hong Kong.  For more information visit or contact Charlie Hastings on


The 2nd Annual SuperReturn China 2012

Date: 26-29 March, 2012
Venue: Shangri-La Hotel, Beijing
Organizer: ICBI
Registration: 15% Discount For HKVCA Members

After the phenomenal success of the 2011 event, with over 400 delegates including 100 LPs, we will bring even more in-depth discussion and event more local and international LPs to Beijing in 2012.

The 2012 conference will feature the most pressing issues in the industry as well as only the very best LP & GP speakers. With the increasing focus on China as THE country for private equity and venture capital opportunities, there has never been a more important time to attend.

15% Discount For HKVCA Members – Quote VIP code: FKR2325HKEM 
Call ICBI on +44 (0) 20 7017 7200, Email:

January 6, 2012
Members Breakfast
January 17, 2012
Gala Dinner
January 18, 2012
The 2nd Asia Private Equity Forum
February 3, 2012
Members Breakfast
February 2012
Private Equity Fundamentals Course
March 16, 2012
The 9th Annual Golf Day
The above is subject to change
Membership Renewals
Full member Complimentary passes to HKVCA events in 2012

Renew before January 16 to enjoy a complimentary pass to Asia Private Equity Forum on January 18, 2012!

Full Member

Jifa (HK) Holdings Limited
Represented by
Ms. Zheng Qunying

Founded in April 2011 by Hebei provincial government with an aim of boosting development of medium and small businesses and the local economy through integrating, accommodating and guiding social and financial capital, Hebei Financing Investment Holding Group Co. Ltd. (hereafter as “the Group”) is an exclusively state-invested business built upon Hebei State Holding Guaranty Group as a core subsidiary and under direct supervision of State-owned Assets Supervision and Administration Commission of Hebei Province. The Group has six subsidiaries whose business focuses on guaranty and reinsurance and includes venture Capital, financial leasing, investment and finance consulting, and estate development. The above business sectors complement each other and make the Group a modern business complex and financial service provider servicing medium, small and private businesses with a capital scale of RMB ¥2.15 billion.

Associate Member

Cambridge Associates Asia Pte Ltd
Represented by
Mr. Alvin Tay and Mr Eugene Snyman

Cambridge Associates is a privately held independent consulting and investment firm. We help both institutional and private clients meet or exceed their investment objectives by offering proactive, unbiased advice grounded with intensive research. Our philosophy focuses on identifying the individual objectives of each client and applying investment best practices.

HKVCA Christmas Cocktail
December 5, 2011

More than 130 members joined the Christmas cocktail at the American Club. The event was co-organized by the HKVCA Young Professionals in Asian Private Equity Committee. It was sponsored by the Asia Innovation Society.
InnoAsia 2011
November 17, 2011

HKVCA co-organized the Workshop and Investment Matching Event on November 17, 2011. Mr Marvin Lai, Co-Chairman of HKVCA Venture Committee and Mr Alvin Ho, Committee Member of PRC Committee shared their insights with audience. Mr Roger Marshall, Committee Member of Venture Committee and Mr Johnny Chan, President of HKVCA spoke at the HK Venture Capital / Angel Conference.

Speaking Engagements
HKVCA representatives spoke at the following events:

"Cloud Computing, Opportunities for Entrepreneurs" Conference
November 21, 2011

HKMA 2011 Annual Conference
November 22, 2011

Asia Private Equity Forum 2011

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 at the Asia Private Equity Forum 2011. For the 240 participants from across the continents from China, US, Canada, India, Europe, Russia, Australia, Japan, Korea, Taiwan and South East Asia, it proved to be a worthwhile day in understanding the opportunities and challenges in each of the markets, and in very useful networking.
The next Asia Private Equity Forum will be held on January 18, 2012.

HKVCA Gala Dinner 2011

The Gala Dinner 2011 was a complete sell out with over 200 guests! It was a great way to kick off the New Year and to celebrate with colleagues and friends in the industry.
The next Gala Dinner will be held on January 17, 2012. Register early for the best tables.

Private Equity Fundamentals Course

Private Equity Fundamentals Course 2011 was attended by more than 80 participants. A new module was added this year covering the whole process of Early Stage Investment, Deal Sourcing and Structuring, Valuation and Deal Protection, Management of Portfolio Company and Exit Strategies. The course is highly rated by the participants.
The next Private Equity Fundamentals Course will be held in February 2012
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: