Wednesday, 15 March 2017

08:15

Registration and refreshments

08:50

Welcome address
Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL

09:00

Keynote address
Ou Wang, Managing Director and Head of Private Equity Investment Department, CHINA INVESTMENT CORPORATION

09:30

Private equity 2017: Global trends, risks and rewards
2016 was a year of challenges for private equity-Brexit, the US presidential election, volatility— all leaving investors hesitant and noncommittal. Yet difficulty creates opportunity for savvy GPs with differentiated strategies and creative approaches to outperform unstable markets. Global and regional leaders share insights into current market challenges and near-term prospects for the asset class.

  • How are macro trends impacting private equity worldwide and in Asia? What's the outlook for 2017 and beyond?
  • What differentiates those GPs who can meet the challenge?
  • Where are the next investment opportunities? Why is China still attractive?
  • How is the exit market in Asia evolving? What does this mean for 2017 and beyond?

Moderated by: Peter Kim, Partner, COLLER CAPITAL
Panelists:
Julian Cheng, Co-Head of China, WARBURG PINCUS
Kyle Shaw, Founder and Managing Partner, SHAWKWEI & PARTNERS
Jonathan Zhu, Managing Director, BAIN CAPITAL

10:30

Networking break
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11:00

Chinese consumers: Driving the next decade of growth
Even as growth moderates, most investors still count on China's consumers as the driver for the country's next boom. Steady urbanisation, a buoyant middle class and rising lifestyle expectations all underpin this optimistic view. Prominent investors and experts highlight the sectors and strategies that can best access China consumer opportunities.

  • Where are the most interesting deals being found?
  • Do consumer plays present more buyout opportunities in China? How will these develop?
  • Will we see more consumer-specialist GPs? What niches can they fill compared with generalists?
  • What kind of investment team is best for a consumer play?

Moderated by: Judie Ng Shortell, Partner, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
Panelists:
William A Chen, Founding Managing Partner, CLEARVUE PARTNERS
David Wei, Chairman and Founding Partner, VISION KNIGHT CAPITAL

11:45

Delivering alpha in a slow-growth environment
In an era of slower growth and greater turbulence, private equity investors and their portfolio companies can no longer hitch a ride on macro drivers, and must compete to achieve alpha. Yet no single preeminent value-creation strategy has proven itself in China. Panellists discuss delivering performance at every stage of the private equity cycle.

  • What does a Chinese control investment look like?
  • How are GPs adding value as minority investors?
  • What can investors do to revitalise portfolio companies facing macro challenges?
  • Do local fund managers have an edge over international peers?

Moderated by: Doris Guo, Partner, ADAMS STREET PARTNERS
Panelists:
Tenghe Hu, Managing Director, CITICPE
Yi Luo, Partner/Head of China, CVC ASIA PACIFIC LIMITED
Jim Tsao, Chairman and Head of China, PERMIRA ADVISERS (CHINA) LIMITED

12:30

Networking lunch
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13:30

Plenary address
Patrick Zhong, Chief Investment Officer, WANDA GROUP

14:00

The next wave of China venture capital
China's huge customer base and appetite for innovation has inspired dazzling achievements by Chinese entrepreneurs. Despite the slowing pace of investment, the government has launched a number of initiatives to further groom the sector and nurture the country's innovation. Our panel of leading VCs consider what comes next.

  • How are the players in the VC space changing?
  • How will pro-VC official policy and huge funding support change market dynamics?
  • Where is the deal flow? Can China take the lead in global tech innovation?
  • What are the prospects for VC exits?

Moderated by: Pang Lee, Partner, COOLEY LLP
Panelists:
Milton Chou, Senior Director, GE VENTURES
Jeffrey Li, Managing Partner, TENCENT INVESTMENT
Eric Xu, Managing Partner, GGV CAPITAL
Edith Yeung, China Partner, 500 STARTUPS

15:00

Networking break
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15:30

The next generation: China's changing private equity dynamics
Chinese private equity is dominated by handful of GPs, who have, over the years, achieved strong reputations and large war chests. Competition has since heated up with the emergence of a new batch of funds, many spinning out of the incumbents or a major corporate. While history has not favored newer entrants, the potent mix of upper quartile experience, high-level contacts and local knowhow may shift to the balance. What China's private equity landscape look like in the next 5 years?

  • How global and local fund managers differ in their approach? What challenges do they face?
  • Do local GPs have a clear home advantage?
  • Are there more opportunities for China-focused funds than pan-Asian funds?
  • How will deal prospects for USD and RMB funds stack up in future?

Moderated by: John Gu, Head of Private Equity, KPMG CHINA
Panelists:
Catherine Fan, Managing Director/Partner, SAILING CAPITAL
David Han, CEO and Co-Founder, YAO CAPITAL
Alex T. Zhang, Founding Partner, HOSEN CAPITAL

16:15

China distress and mezzanine
Corporate China is riding a rising bubble of debt estimated at around USD18trn. To help deflate this bubble, Chinese policymakers are promoting debt-to-equity swaps, heralding a new wave of opportunities for distressed and special situation investors. Yet investment in the Chinese credit market can be hit and miss, thanks to regulatory ambiguity and operational complexity. Our panellists discuss the potential-and the pitfalls.

  • What are the drivers for deal flow?
  • How broad is the opportunity outside cyclical business sectors?
  • What execution challenges confront distress-focused GPs?
  • Are LPs' return expectations for credit realistic?
  • Will more distress-focused GPs emerge in China?

Moderated by: Sally Shan, Managing Director, HARBOURVEST PARTNERS
Panelists:
Barry Lau, Managing Partner & Chief Investment Officer (Private Investments), ADAMAS
Marcus Paciocco, Managing Director, FTI CONSULTING
Xiaolin Zhang, Co-Founder and Managing Partner, SHORELINE CAPITAL

17:00

Networking cocktail

Thursday, 16 March 2017

08:30

Registration and refreshments

09:00

Economist briefing
Jiming Ha, Vice Chairman and Chief Investment Strategist, GOLDMAN SACHS PRIVATE WEALTH MANAGEMENT CHINA

09:30

IPO and exit options in 2017/18
2016 was yet another challenging year for PRC private equity and venture capital IPO exits, with volatile markets, termination of the Strategic Emerging Industries Board and delayed liberalisation of the IPO system. Many GPs are exploring alternatives, leading to more secondary exits and trade sales. Our panel examines 2016's exit environment and looks to the year ahead and beyond.

  • Which exit routes delivered in 2016?
  • Where will the Chinese companies that delisted overseas head next? Is there still appetite for listing overseas?
  • Has the emergence of control buyouts really created more viable exit routes?
  • How will secondary exits evolve in China?

Panelists:
Jerry He, Partner & Head of Shanghai, EQT PARTNERS ASIA LIMITED
Min Lin, Founding Partner, NEWQUEST CAPITAL PARTNERS

10:30

Networking break
cmia-logo-artwork-16oct2013-sponsorby

11:00

The role of private equity in China's global buying spree
Despite the domestic volatility, Chinese companies continue to rack up overseas assets. In fact, Chinese companies are becoming more sophisticated in their outbound M&A, many partnering with more worldly private equity funds to help navigate the mounting regulatory hurdles, unpredictable valuations and difficult post-integration that might have otherwise slowed them down. With further headwinds predicted, our panel share how they navigate the landscape and overcome challenges.

  • How are macroeconomic and political developments shaping the M&A landscape worldwide and in China? 
  • What are the latest government policy shifts and regulatory updates?
  • How can private equity support China M&A? What are the benefits of GP/corporate partnerships?
  • Case study: key lessons learned and tips for success

Panelists:
Samson Lo, Managing Director, Head of Mergers & Acquisitions, Asia, UBS
Sam Sun, Managing Director/Head of Greater China, AGIC CAPITAL
Eric Xin, Senior Managing Director, CITIC CAPITAL PARTNERS

12:00

LP insights: China's place in a global PE portfolio
China's place in a global private equity portfolio has been under close scrutiny, amid concerns over unrealised returns and market uncertainties. Yet, China remains Asia's lynchpin and largest private equity market, with economic transformation still promising great dividends. Global and local LPs debate the merits, challenges and risks of committing to China.

  • How does China compare with other markets in a global PE portfolio? 
  • How do LPs allocate to USD and RMB funds? What are their considerations?
  • What are LPs expecting from GPs in the current low-growth climate? How should you select Chinese GPs?
  • What is the reality of doing co-investment and direct deals in China?

Moderated by: Dennis Kwan, Managing Director, MVISION STRATEGIC (ASIA) LIMITED
Panelists:
Dave Brochet, Managing Director, CDPQ ASIA PACIFIC PTE LTD
Xiangming Fang, Deputy General Manager, CCT FUND MANAGEMENT CO. LTD.
Edward J. Grefenstette, President & Chief Investment Officer, THE DIETRICH FOUNDATION
Jason Zhao, Head of Private Equity investment, CHINA POST LIFE INSURANCE

13:00

Networking lunch and end of conference
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