Program
| Wednesday, 21 May 2008 |
| 18:30 |
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Welcome cocktail reception |
| Thursday, 22 May 2008 |
| 08:00 |
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Breakfast and registration |
| 08:50 |
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Welcome remarks |
| 09:00 |
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Opening keynote address
Ya-Qin Zhang, Chairman, MICROSOFT CHINA; Vice President, MICROSOFT CORPORATION
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| 09:30 |
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Beyond 2008: The impact of the Games on private equity in China
An estimated 4 billion people are expected to watch the XXIX Olympiad on TV in August 2008—nearly two-thirds of the global population. With the eyes of the world soon to be tuned into Beijing, and with 810,500 athletes and tourists forecast to visit the Chinese capital, the city continues the drive to transform itself into a world-class metropolis. Beijing can now say it possesses an internationalized workforce and experience in global events. But will the Olympic Games in China prove to be the impetus that private equity firms need to create new opportunities and strike gold? An expert panel discusses the options and possibilities the Games present:
- How can private equity investors best leverage the effect of the Olympics to maximize their returns in China?
- As China continues to open up more financial markets, what are the particular benefits that private equity and venture funds can bring to the nation's fledgling industry?
- How can these benefits be balanced with the expectations of the Chinese government?
Moderator
Steven L. Toronto, Managing Partner, MORRISON & FOERSTER LLP
Panelists
Xiaoxuan Yu, Director of the Construction and Environment Department, BEIJING ORGANIZING COMMITTEE FOR THE GAMES OF THE XXIX OLYMPIAD
James H. Boettcher, General Partner, FOCUS VENTURES
Fan Zhang, Founding Managing Director, SEQUOIA CAPITAL CHINA
Lan Zhang, Founder & Board Chairman, SOUTH BEAUTY GROUP
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| 10:45 |
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Coffee / tea break |
| 11:15 |
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Buyouts and financial acquisitions: Growth in disguise or is change on the way?
Despite all the potential, the market for buyouts and financial acquisitions in the Mainland has remained sluggish with very few actual deals being accomplished. Buyout behemoths have switched their strategy of control investments to more realistic, yet still larger-than-average growth capital transactions. Will such deals be the future of Chinese buyouts and financial acquisitions or is change on the way? Panelists explore:
- The opportunities in large size transactions
- The changing role of the government (e.g. it's now an LP in Blackstone)
- The funding of deals in China
- Financial acquisitions of Chinese companies
Moderator
Ryan Reynoldson, Partner, Financial Advisory Services, KPMG, CHINA
Panelists
Yichen Zhang, CEO, CITIC CAPITAL
K. C. Kung, Co-Founder & Partner, MBK PARTNERS
John Zhao, CEO, HONY CAPITAL
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| 12:15 |
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Luncheon
Keynote address
Fred Hu, Managing Director & Partner, GOLDMAN SACHS GROUP INC.
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| 13:45 |
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Growth capital: In search of the best deal—is it the private enterprise or the SOE?
Minority stakes have been the mainstay for private equity opportunities in the PRC. While private enterprises have traditionally been favoured over their state-owned counterparts, a robust economy and strong appetite for IPOs have made valuations of the former very high. And of late, the lumbering SOEs are looking more attractive to private equity and venture capital investors. Panelists consider:
- The recent "blooming" of the SOEs: What are their specific attractions to investors?
- Private companies: Where is good value still to be found?
- What are private equity and venture capital investors looking for?
Moderator
Fan Bao, Founder & CEO, CHINA RENAISSANCE
Panelists
Robert Petty, Managing Partner, CLEARWATER CAPITAL PARTNERS
Michelle Leung, Partner, LUNAR CAPITAL MANAGEMENT
Edan Lee, Managing Director, OLYMPUS CAPITAL HOLDINGS ASIA
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| 14:45 |
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Coffee / tea break
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| 15:15 |
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Renminbi funds: The risks vs. the rewards
The launch of the Bohai Industrial Investment Fund in late 2006 had the effect of making many China-focused GPs pay attention to Renminbi-denominated funds. With the Renminbi appreciating and interested local investors (particularly city governments) shy about currency risks, the timing to raise a Renminbi fund looks opportune. Moreover, the new Partnership Law, which was enacted in July 2007, has made investing in the PRC more difficult for overseas funds, further whetting the appetite for Reminbi funds. Panelists shed light on:
- The risks vs. the rewards of RMB funds
- The rules governing the raising of RMB funds and investing in them
- How such funds affect potential LPs and their investment decisions
Moderator
Ludvig Nilsson, Managing Partner, JADE INVEST
Panelists
Au Ngai, CEO, BOHAI INDUSTRIAL INVESTMENT FUND MANAGEMENT COMPANY
Frank Tang, CEO & Managing Partner, FOUNTAINVEST PARTNERS (ASIA) LTD
York Chen, President & Managing General Partner, ID TECHVENTURES LTD
Amir Gal-Or, Managing Partner, INFINITY EQUITY
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| 16:15 |
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Exiting: IPOs the current flavour of the mouth, but what other strategies are viable in the PRC?
No longer the financial world's 'Hotel California', private equity deals in China have been very profitable for the investment eagles checking out of their Mainland portfolio companies. Boosted by favourable regulations and bullish speculators, IPOs have become the exit of choice. At the same time, industry incumbents are making good use of the high stock prices to consolidate their markets. But for how long will triple digit IRRs continue to be the norm? Should investors be considering other exit strategies?
- IPOs and A share listings: An update
- The M&A option
- OTCBB (Over the Counter Bulletin Board)
Moderator
Sean Wang, CEO, DRAGONTECH VENTURES
Panelists
Kei W. Chua, Partner, CCMP CAPITAL ASIA
Yan Xiong, President, CHINA BEIJING EQUITY EXCHANGE
Charles Wu, Managing Partner, China Investment Fund, IBM GCG
Nancy Jiang, Chief Representative, Beijing Representative Office, LONDON STOCK EXCHANGE
Mark Chiba, Group Chairman & Partner, THE LONGREACH GROUP
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| 17:30 |
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Day one concludes
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| 18:30 |
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Evening cocktail reception
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| 19:30 |
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Gala dinner
Keynote address
(Cocktail reception and gala dinner venue: Dong Yuan Theatre, No.5 Nanwanzi Road, Dongcheng District)
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| Friday, 23 May 2008 |
| 08:00 |
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Breakfast |
| 08:50 |
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Welcome remarks |
09:00 |
/ |
Cleantech: Can the Chinese venture save the environment?
It's no secret that the world's fourth largest economy has come at the expense of the environment. With 32 million cars on the road and two new power plants coming online every week, China's voracious appetite for energy has made it the ideal testing ground for many emerging clean technologies. VCs the world over are eager to save the planet and profit in the process, and investments in alternative energy, water purification, waste management and newer segments are all the latest rage, including in the PRC.
- Cleantech and alternative energy investment opportunities in China
- Global trends in cleantech and alternative energy investing
- Environmental policy and regulations in the PRC
Moderator
James Mahoney, China Country Director, CLEANTECH GROUP LLC
Panelists
Ka Keung Chan, Managing Director, Head of Investments, Greater China, CLIMATE CHANGE CAPITAL
Calvin Xu, Sr. Operations Officer & CHUEE Program Manager, INTERNATIONAL FINANCE CORPORATION
Jun Zhao, Managing Partner, DT CAPITAL PARTNERS
Joe Zhou, Founding Managing Partner, KLEINER PERKINS CAUFIELD & BYERS CHINA
Don Ye, Managing Partner, TSING CAPITAL
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| 10:15 |
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Coffee / tea break |
10:45 |
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The art of the investor-investee relationship
It's done: The deal is finally agreed and signed. Additional capital and expertise have been secured by the investee company and its CEO/entrepreneur, and the fund manager has found an investment of good value. What next? The challenge now is for the management team to execute its business plan and for the general partner to prove they can truly add value. But how to ensure promises on both sides will be kept? How best to go about demonstrating it's not all talk and no action?
- Managing the investor-investee relationship
- Creating and readjusting 'win-win' situations
- Finding value added—can investees really expect the GP to deliver?
Moderator
Joseph Jang-Huei Tai, CEO & Managing Partner, INTEGRAL GROUP
Panelists
Bin Li, Chairman & CEO, BITAUTO
Herman Chang, Sr. Director – Industrial, CARLYLE ASIA PARTNERS
Ted Chan, CEO & Co-Founder, TAKE-ONE MEDIA CHINA
Forrest Zhang, Chairman & CEO, TIXA TECH GROUP
Darwin Tu, Chairman & CEO, SINO CREDIT CORPORATION
Wayne Dai, Chairman & CEO, VERISILICON, INC
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| 12:00 |
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Luncheon |
| 13:00 |
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Institutional investing: Has it become a question of who you raise the money from?
The China Investment Corporation's investment in the Blackstone Group has raised many eyebrows. Is the world's most populous nation finally embracing private equity? Or is this just a financial investment in a very hot IPO? Membership appears, though, to have its advantages, as Blackstone has quickly become an influential player in the Mainland's private equity scene. With plenty more capital being allocated into private equity from Chinese and overseas institutions, the question may no longer be how much, but who you raise the money from.
- The new breed of Chinese limited partners
- Raising capital from sovereign wealth funds and state-controlled investors
- Foreign LP views on investing in China
Moderator
Collin Lau, Sr. Advisor, DORCOL FOUNDATION
Panelists
Bruno Raschle, CEO, ADVEQ MANAGEMENT AG
Pak Seng Lai, Managing Director, AUDA INTERNATIONAL
Ernest Lambers, CIO & Managing Partner, EMALTERNATIVES, LLC
Alice Chow, Managing Director, SQUADRON CAPITAL
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| 14:00 |
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Concluding remarks
Conference concludes |
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