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List of instructors:
David Bussmann, Partner, Asia Mezzanine Capital Group
Conrad Tsang, Managing Director, Baring Private Equity Asia Ltd
Josephine Price, Director and Senior Investment Advisor, Chepstow Capital Advisors Ltd
Jeffrey Cheung, Director, Crossgate Advisors Ltd
Edwina Tam, CA, CFP, CBV, ASA, Deloitte & Touche Financial Advisory Services Limited
John Levack, Managing Director, Electra Partners Asia 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
John E. Lange, Partner, Paul, Weiss, Rifkind, Wharton & Garrison
Nick Dignan, Partner, PricewaterhouseCoopers
Boris Bong, Managing Director, Squadron Capital Advisors Ltd |
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Accreditation
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. |
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January 18, 2012
The 2nd Asia Private Equity Forum was successfully held again this year on January 18, 2012, in conjunction with the Asia Financial Forum 2012. More than 310 participants gathered, coming from across the continents from China, US, UK, Canada, India, Europe, Russia, Thailand, Japan, Korea, Singapore and Taiwan, including some sovereign funds and HK Monetary Authority. 35 top PE practitioners in Asia gathered to share knowledge of their markets in China, India, Southeast Asia and Northeast Asia. The audience took away much from active discussions on the role of PE in China, India, future of PE in Asia, global industry issues impacting Asian PE and in very useful networking.
Sponsors at the event were:
Platinum Sponsors – Factset, Headland Capital Partners, International Administration Group and Ropes & Gray
Gold Sponsor – Deloitte
Cocktail Sponsor – Blank Rome
Highlights of some discussions, pls visit here.
January 17, 2012
Gala Dinner 2012 was held at the Hong Kong Country Club on January 17, following the Asia Private Equity Forum. It was attended by 200 members as well as many guests from Russia, China, Japan, Korea, and many other countries. Everyone had an enjoyable evening, entertained by popular Broadway musicals, and catching up with friends and network with new contacts. |
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| Date: |
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| Time: |
8:00 - 9:00am |
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| Venue: |
The Hong Kong Club |
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Seats are limited and for members only
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| Date: |
April 2 – 3, 2012 (Monday – Tuesday) |
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| Time: |
9:30 am – 5:30 pm |
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| Venue: |
CUHK MBA Town Centre, Unit B, 1/F,
Bank of America Tower, 12 Harcourt Road,
Central, Hong Kong
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| 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
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| Speaker: |
 Hamilton Lin
CFA, President and Founder
Wall St. Training
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| 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 |
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| 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 our 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 designated event in 2012 (except certain events as Gala Dinner, Wine Tasting, Golf, Cocktail and others as determined by the Executive Committee) |
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| ASSOCIATE Member: |
HK$18,000 per Annum
HK$4,000 Entry fees for new members |
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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. |
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| Date: |
February 21, 2012 (Tue) |
| Time: |
8:30am-5:30pm |
| Venue: |
Hong Kong Convention and Exhibition Centre (HKCEC) |
| Organizer: |
HKTDC |
| Fee: |
HK$500 per person (early bird discount HK$400 until Feb 10) |
Under the theme “Entrepreneurship”, the 2012 APEC SME Summit will feature leaders from across the region, including Cher Wang, Chairman of HTC; Wang Shi, Chairman of China Vanke Company Ltd and William Fung, Executive Deputy Chairman of Li & Fung Ltd.
For enquiries, pls contact Ms Cassandra Ng of HKTDC at Tel: (852) 2584 4523 / Email: apec-smesummit2012@hktdc.org / Website: www.apecsmesummit2012.com |
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| 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: http://forum.bpea.net.cn/2012/index.asp
For registration enquiry, Please contact Ms. Jenny Chen, email: kmchen@bpea.net.cn / Ms. Qiao Liang, email: lqiao@bpea.net.cn
Note: free for public pension funds, endowments, sovereign wealth funds |
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| Date: |
7-9 March, 2012 |
| Venue: |
The Westin, Sydney |
| Organizer: |
AVCJ |
| Registration: |
10% Discount for HKVCA Members |
Australasian PE: Driving returns for future growth
Benefits of attending the AVCJ Forum:
- Hear 45+ elite speakers from leading firms across the globe identify the most attractive investment opportunities
- Find out how to increase your exposure in Asia, secure allocations from domestic limited partners and attract new investors from the region
- Examine implications of the latest trends in Australian and International private equity
- Network with over 250 industry professionals as well as global and regional investors
Call Anil Nathani at +852 3411 4938, e-mail anil.nathani@incisivemedia.com or register at http://www.avcjausnz.com/static/book-now
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| Date: |
19-23 March 2012 |
| Venue: |
Hong Kong Convention & Exhibition Centre |
| Organizer: |
Beacon Events |
| Registration: |
15% discount for members – register via website |
| Website: |
www.minesandmoney.com/hongkong |
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 www.minesandmoney.com/hongkong or contact Charlie Hastings on chastings@beaconevents.com.
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| 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.
Call ICBI on +44 (0) 20 7017 7200, Email: info@icbi.co.uk
Website: http://www.informaglobalevents.com/FKR2325HKW
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■ February 2012
Private Equity Fundamentals Course
■ March 2
Members Breakfast
■ March 16
The 9th Annual Golf Day
■ April 13
Members Breakfast
■ May 4
Members Breakfast
■ June 7
The 11th China Private Equity Summit
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The above is subject to change |
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Represented by
Mr Keith Wong
EastBridge is a VC firm, based in Phoenix, Arizona and with representative office in Beijing, specializes in high growth Asian and US companies that are already net income positive. We require our clients to be US listing ready in two years. We and our partner investors exit on the US stock market. Our core competence is that of cross border transactions, deep US legal and accounting knowledge and our ability to find small smart companies that are candidates for high returns on the US stock market for our partner investors.
Represented by
Mr Juan Delgado-Moreira and Mrs Cecilia Yiu
Hamilton Lane is a private, independent firm providing private equity investment management to investors around the world. With approximately $22 billion in discretionary assets under management along with oversight of an additional $128 billion in advisory assets, Hamilton Lane is one of the largest allocators of private equity capital in the world (as of September 30, 2011).
We have a global, sophisticated client base that includes public and corporate pension funds, sovereign wealth funds, Taft-Hartley funds, financial institutions, insurance companies, foundations, endowments and high net worth individuals. Our clients include a number of the world’s largest institutional investors, as well as many mid-sized and smaller institutions.
Represented by
Mr Hebert Pang and Mr Quek Cher Teck
Founded in 2005, New Horizon is a leading China-focused private equity fund, committed to transforming and growing businesses with strong underlying fundamentals and high growth potentials, with a particular emphasis on those in the less developed and less penetrated Tier II and Tier III regions in China. New Horizon has been an active investor in China’s central and western regions since its inception. We believe that the Tier II and Tier III cities and regions hold substantial investment potentials as a result of underdevelopment and inefficiencies. Additionally, New Horizon actively probes for investment opportunities in China’s more developed eastern region, which encompasses Tier I cities and regions.
Represented by
Ms Charlotte Plowman and Ms Janie Chen
Partners Capital is a leading private investment office based in London, Boston and Hong Kong, serving investment professionals, endowments, foundations and high net-worth families globally by providing wholly independent advice on asset allocation and access to what it believes to be best-of-breed asset managers across all asset classes and geographic markets. This access is strongly enhanced by the quality of the Company's community of shareholders and clients, most of whom are veteran investors themselves in specialist sectors around the world.
Represented by
Mr William Ip and Mr Didier Bensadoun
Represented by
Mr Sergio Men and Miss Alisa Kolesnikova
Eurasia Capital Partners is a Hong Kong based investment company specializing in Russian, CIS and Asia Pacific markets. The M&A deals are the core competence of ECP which allows it to be largely involved in promotion and facilitation of investments in cross-‐border mining, energy and agricultural projects. Having accumulated substantial experience and solid knowledge over the years of operations in Russia and Hong Kong, the company also provides valuation and business intelligence services as well as due diligence and feasibility analysis. Our mission is to broaden and facilitate access to resource projects in Russia and the CIS countries – one of the proven strategic backbones for global commerce.
Represented by
Ms Harriet Unger
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January 19, 2012
Hong Kong hosted the Roundtable of Asian Venture Capital Private Equity Council (AVCPEC) on January 19, 2012. The Roundtable was attended by regional associations from China, Japan, Singapore, Taiwan and Hong Kong. The Council elected Mr. Toshihisa Adachi from Japan Venture Capital Association as the first Chairman of AVCPEC from term 2012-2013 and HKVCA as secretariat. The mission of the Council is to forge closer and stronger regional collaboration to achieve practical goals of a common nature.
January 17, 2012
This was the 4th year that HKVCA co-organized the AFF Deal Flow with the Hong Kong Trade Development Council at the Asian Financial Forum. The 3-hour deal-making session provided more than 80 companies with a "speed date" opportunities to try to develop cross-border investment opportunities and collaboration between private equity and venture capital firms, intermediaries, funds and transaction support professionals in a time efficient and effective way.
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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
Golf Day 2011 was another great success. The new venue at Shek O was a hit, helped by perfect weather. Everyone had a fun time, using the occasion to build camaraderie and relationships.
The next Golf Day will take place on March 16, 2012.
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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。 |
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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 swong@hkvca.com.hk or Tel: 2845 6100.
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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 enquiry@hkvca.com.hk
Each opening will be posted on HKVCA's website for one month. The service is free of charge.
:: Job Placement Form ::
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| See Job Opening |
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 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.
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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 patchiu@hkvca.com.hk to enroll on our speakers list.
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HKVCA Corporate rate is available
at Hong Kong:
• Conrad Hotel HK,
• Fleming Hotel HK
at Shanghai:
• L'otel Shanghai
Contact Ms. Lilia Chin at lchin@hkvca.com.hk for more details. |
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March 2, 2012 (Friday)
