15th Annual Private Equity & Venture Forum China 2016 9-10 March, China World Summit Wing Beijing SENIOR ECONOMIST GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY Gao Xu Chief Economist CHINA EVERBRIGHT SECURITIES CO Leading GPs and LPs speakers confirmed are: REGISTER NOW! ONLINE: avcjchina.com EMAIL: book@avcj.com PHONE: +852 2158 9655 David H. Liu Global, Co-head of KKR Asia Private Equity and CEO of Greater China KOHLBERG KRAVIS ROBERTS & CO. KOHLBERG KRAVIS ROBERTS & CO. Sean Lu, THE CARLYLE GROUP; China Head, CARLYLE ASIA GROWTH PARTNERS Stephanie Hui Head of the Merchant Banking Division, Asia Pacific (Ex Japan) GOLDMAN SACHS Olivia Ouyang Director ONTARIO TEACHERS' PENSION PLAN David Wei Chairman and Founding VISION KNIGHT CAPITAL Andrew Yan Founding Managing SAIF PARTNERS Eric Xin Senior, China Private Equity CITIC CAPITAL Patrick Zhong Senior, FOSUN GROUP; President, CHINA MOMENTUM FUND, L.P. Turn to page 4-6 for a full list of confirmed speakers Simultaneous translation is available avcjchina.com Join our WeChat for Join latest AVCJ Feeds your peers #avcjchina
Sponsors Asia Series Sponsor Co-Sponsors Legal Sponsors VC Legal Sponsor Networking Break Sponsor Supporting Organisations Media s SPONSORSHIP ENQUIRIES Samuel Lau t : +852 2158 9659 e : Samuel.Lau@avcj.com OR Darryl Mag t : +852 2158 9639 e : Darryl.Mag@avcj.com Register online at : avcjchina.com
About the AVCJ China Forum Heading into its 15th consecutive year, the AVCJ China, Private Equity and Venture Forum, is built to be the premier gathering for the most influential private equity professionals, government officials, regulators, global investors and senior executives to meet for two days of mind-provoking debate, in-depth discussion on market trends, networking and more. Join this annual signature event for the Private Equity and Venture Capital industry in Beijing. With over 300 leaders, from across the globe, converging to grasp the latest investment opportunities available, in the world's second largest economy. Benefits of attending include: Hear how the leading global fund managers view China and what lies ahead for 2016/17 Discover how new investors to alternatives can mitigate the J Curve Uncover why SOE s are the next big opportunity for private equity investors Find out what it takes to make a successful cross boarder investment Explore what international LPs look for when making allocations to China Join meet the experts roundtables on the hot sectors of cleantech, healthcare, fintech Find out how the leading domestic GPs continue to evolve and thrive in a competitive market Discuss the impact the capital markets reforms will have for private equity 2015 Forum Highlights 2015 : LPs GPs 1 : 1 Attended by 100+ LP and 46+Speakers from China and overseas LP-GP RATIO 38% 33% 18% 11% Principal/VP/ Associates / / CFO/COO Director / GM / Chief Representative Chairman / CEO / Managing BY TITLE Europe Other - Asia 4% 4% U.S.A. Hong Kong 3% China 18% 66% Singapore 2% South Korea 3% Over 335 participants from 18 countries and 215 companies. BY COUNTRY Register online at : avcjchina.com
Speakers Keep up-to-date with confirmed speakers at avcjchina.com avcjchina.com/cn Senior Economist Gao Xu Chief Economist CHINA EVERBRIGHT SECURITIES CO Leading GPs and LPs confirmed are Carman Chan Founder & Managing CLICK VENTURES CLICK VENTURES David Chen Co-Founder ANGELVEST Jeffrey Chi Vice Chairman - Asia VICKERS VENTURE PARTNERS Milton Chou China Growth Leader GE VENTURES Kate Clouston Director, International Business Development GUERNSEY FINANCE Guy Cui, Beijing BARING PRIVATE EQUITY ASIA Min Fang WARBURG PINCUS Xiangming Fang CHINA RE ASSET MANAGEMENT COMPANY LTD Tang Feng Senior, Head of Healthcare Group CITIC CAPITAL Xiang Gao Founding BANYAN CAPITAL Zhen Gao Managing MANDARIN CAPITAL PARTNERS Michael Gong Executive Director OLYMPUS CAPITAL ASIA John Gu Head of Private Equity KPMG CHINA Stephanie Hui Head of the Merchant Banking Division, Asia Pacific (Ex Japan) GOLDMAN SACHS James Ieong Senior Advisor QIC Richard Ji Co-founder and Managing ALL-STARS INVESTMENT LIMITED Register online at : avcjchina.com
Speakers Keep up-to-date with confirmed speakers at avcjchina.com avcjchina.com/cn Leading GPs and LPs confirmed are (Con t) Tianjiao Jiang General Manager, Strategy & Development XYWY.COM (XUNYIWENYAO) Yan Jiao BARING PRIVATE EQUITY ASIA LIMITED Dennis Kwan MVISION MVISION John E. (Jack) Lange PAUL, WEISS, RIFKIND, WHARTON & GARRISON Jonathan Li CEO BHR PARTNERS John Lin Managing NDE CAPITAL Greg Xiaoyu Liu PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Alvin Li Senior and Head of Direct Investment, CCB INTERNATINOAL ASSET MANAGEMENT (CCBIAM) David H. Liu Global, Co-head of KKR Asia Private Equity and CEO of Greater China KOHLBERG KRAVIS ROBERTS & CO. KOHLBERG KRAVIS ROBERTS & CO. Jacky Liu LEGEND CAPITAL Karen Liu Founder 3E BIOVENTURES CAPITAL Bonnie Lo NEWQUEST CAPITAL PARTNERS Patrick Loofbourrow COOLEY LLC James Lu COOLEY LLP Sean Lu, THE CARLYLE GROUP; China Head, CARLYLE ASIA GROWTH PARTNERS Xiande Lu General Manager, OTC Marketing Department GUOSEN SECURITIES James Mi Co-founder and LIGHTSPEED CHINA PARTNERS Olivia Ouyang Director ONTARIO TEACHERS' PENSION PLAN Marcus Paciocco FTI CONSULTING Sally Shan HARBOURVEST PARTNERS HARBOURVEST PARTNERS Register online at : avcjchina.com
Speakers Keep up-to-date with confirmed speakers at avcjchina.com avcjchina.com/cn Leading GPs and LPs confirmed are (Con t) Kyle Shaw Founder and SHAW KWEI & PARTNERS Davis Wang Country Head - China SIMMONS & SIMMONS David Wei Chairman and Founding VISION KNIGHT CAPITAL James Yong Wang HAN KUN LAW OFFICES Joshua Wu Vice President GGV CAPITAL Eric Xin Senior, China Private Equity CITIC CAPITAL Chunmeng Xu Senior Vice President, Mainland Affairs Department, HONG KONG EXCHANGES AND CLEARING LIMITED Andrew Yan Founding Managing SAIF s Jenny Yao, Head of Healthcare, China, KPMG CHINA Edith Yeung General 500 MOBILE COLLECTIVE Jason Zhao Head of Private Equity Investment CHINA POST LIFE INSURANCE Patrick Zhong Senior, FOSUN GROUP; President, CHINA MOMENTUM FUND, L.P. Yuzhong Zhang Deputy Director General INVESTMENT PROMOTION AGENCY OF MINISTRY OF COMMERCE, THE PEOPLE S REPUBLIC OF CHINA Ian Zhu Managing TSING CAPITAL Register online at : avcjchina.com
Programme Simultaneous interpretation in Chinese and English Wednesday, 9 March 2016 8:15 Registration and refreshments 9:00 Opening remarks 9:15 Welcome address 9:30 Global private equity perspective: Where is Asia heading and how will it get there? The global growth slowdown, particularly in China - responsible for over a third of world growth in recent years - has unsettled investors. However, top-quartile funds continue to raise funds, and LPs are still optimistic about the region choosing to look at the long-term nature of the asset class and underlying fundamental growth story. In this session, global GPs analyse the PE landscape, and discuss emerging opportunities and challenges. How have global macro trends affected the private equity landscape worldwide and in Asia? What's the outlook for 2016 and beyond? Which sectors and markets present the best opportunities? How are fund managers adjusting their investment strategies as China slows? What does the exit environment look like for 2016? 10:30 Networking coffee break 11:00 The development of the Chinese GP landscape The Chinese private equity industry has grown exponentially in the past 10 years, not least with proliferating local firms. As PRC growth slows, this overpopulated sector looks increasingly competitive, with local GPs vying both among themselves and with global firms present in China. Our panel of experienced investors share their thoughts on how the local GP community is evolving and where it is heading next. What are the opportunities and challenges for local GPs? What factors can help PRC GPs stand out? Will the deal opportunity change for USD vs RMB funds? As GPs seek out control deals, are local firms better placed to build value in portfolio companies? 12:00 Another choice from Guernsey International Finance Centre 12:15 Networking lunch 13:15 Revisiting the SOE opportunity China's State-Owned Enterprises (SOEs) have been touted several times as the next great opportunity for PRC PE investors. Yet investments into SOEs can be hit and miss, with few GPs successfully investing and exiting one. Now that SOE reform, with private capital, is top of the 13th Five-Year Plan's agenda, these government-owned assets are once again a focus for GPs. Experienced investors discuss the opportunities, the challenges and the potential for injecting private capital into SOEs. What does it take to invest successfully into an SOE? Which industries are most suitable for private ownership? How can foreign firms and other investors participate? What will be the role of the newly-formed state capital management companies, as the government s role changes to managing the capital instead of managing the enterprises? 13:45 Is the VC party over? Venture capital in China has flourished recently, but a bumpy second half of 2015 has upset the market, amid talk of a bubble. Valuations have somewhat corrected, and investors are more cautious in their commitments - which might be the start of a VC downturn, or simply a pause before the next runup. VC leaders discuss the current situation, and how start-ups and entrepreneurs can survive long term. How has the PRC VC market, especially early stage, changed over the past year? Has the Jack Ma effect' and government backing for innovation and entrepreneurship created an overactive start-up community? Are we seeing a VC shakeout? Which sectors are most viable? What is the best entry point for early stage, and where will the next wave of opportunities be? 14:30 The development of the billion-dollar start-up Valuations in China may have corrected, but are still high, particularly in late-stage venture deals. Investors continue to pour money in as everyone looks for the next Alibaba. All the same, a number of high-profile consolidations have caused concern in a contracting market. As the IPO market stumbles and venture cools, how will the next wave of potential unicorns find their feet? Our panel of experts take a ride through China's VC market. Are high valuations justified by business performance and profitability? How should you evaluate companies? Is there a new normal in valuations? How do you ensure an alignment of interests when investors range from early-stage seed funds to hedge funds and HNWs? How do you exit PRC VC deals? 15:30 Networking coffee break 16:00 Investing in China s healthcare sectors in 2016 The Chinese healthcare industry has remained one of few sectors that continues to gain momentum. It s not hard to understand why investors are keen - industry reforms, rising middle class and aging population, demand for a better services all equate to a huge and unrealized potential for investors throughout the supply chain. However, as with any hot sector, valuations have soared and competition is fierce. Exits from this highly regulated industry have also been inconsistent. What does the future hold for investors in China s healthcare space? Industry experts analyse this sector from all perspectives to provide you with the best ways navigate this sector. Which segments of the healthcare sector are the best prospects for private equity investors? What are the key drivers for these? How would internet + healthcare companies fare in the space? How to develop a profitable business model? How will the proposed healthcare reform create opportunities in the healthcare sector? Is the healthcare sector overvalued? Where can value be found? Does the relaxation of rules on purchasing and building private hospitals in China affect investment feasibility? Will this opportunity translate to the second and third tier cities? Register by email : book@avcj.com
Programme Simultaneous interpretation in Chinese and English 17:00 AVCJ Meet the Experts Roundtables are discussions in a roundtable format. Each table will be assigned a key theme with industry experts, to deeply examine a topic in an environment that will promote sharing and networking. Specialist Roundtables: Fintech Media & entertainment Software as a Service Cleantech (SAAS) Angel Investing Fundraising 17:45 End of day one conference Networking cocktail reception Thursday, 10 March 2016 8:30 Registration and refreshments 9:00 Economist briefing 9:30 IPOs, M&As and other exit options for 2016 2015 was not a good year for using IPOs as an exit route for Chinese portfolio companies. In fact, according to AVCJ Research, it was the worst one over the last five years. The volatility of the markets in 2016 isn t helpful either. This has made GPs explore, more actively, alternative routes including trade sales, secondary sales and reverse mergers, to divest their holdings. Meanwhile, China s commitment to developing its capital markets remains unchanged with the Shenzhen-HK Stock Connect, the ChiNext Board, the New Third Board and the recently greenlit Strategic Emerging Industries Board. Will they create more opportunities for GPs and sway IPOs back as the preferred exit option? A panel of experts discuss the outlook for exits in China. How are successful GPs exiting their investments? How will the capital markets evolve under the proposed reforms? What is the role of ChiNext Board, the New Third Board and the Strategic Emerging Industries Board in future financing? How will the new boards affect private exits? Which are the best for PE-backed companies? What will be the impact of the proposed Shenzhen-Hong Kong Stock Connect scheme and will it actually come to fruition, and how effective is the Shanghai-Hong Kong scheme? How has the appetite for overseas IPOs changed with a number of firms delisting and relisting in China? 10:30 Networking coffee break 11:00 Cross-border deals; the reality behind the promise Cross-border deals continue to be a focus for some funds, but few have truly found success. Inbound and outbound deals have targeted the consumer sector, and the injection of Western technology into the healthcare and manufacturing sectors. Challenges arise post-investment through cultural differences, lack of local knowledge and expertise, and differing management styles. Successful investors, though, can achieve big wins. Learn from the most experienced professionals as they share their achievements. What constitutes a successful cross-border deal? What are the key success factors for post-deal integration? Are there more synergies with the US and Europe when doing cross-border deals? Are these deals generating returns? How do they compare with local deals? Case studies: Opportunities and challenges 12:00 LPs' views: China's place in a private equity portfolio? While China had a shaky 2015, it remains Asia's biggest market, with the scale and promise needed for PE investment. Yet investors there need to be savvy allocators and wise judges of potential partners. Our panel of local and global LPs share their insights on how best to participate in the world's second largest economy. What are LPs' standards for selecting GPs for China, and how do they evaluate unproven managers? Has asset allocation changed in China's "new normal"? Are there new investment strategies? Have LPs readjusted their returns expectations over the past year, and what do they see in the future? 13:00 Networking lunch and end of conference For the latest programme visit: avcjchina.com List of limited partners (LP) attending: Aberdeen Asset Management Adveq Investment Management (Beijing) Co., Ltd. Allstate Investments Asia Alpha family office BlackRock Private Equity s Canada Pension Plan Investment Board Capital Dynamics CDB Capital CDPQ China China Investment Corporation China Investment Corporation - CIC Capital China Life Investment Holding Company Limited China Life Insurance China Pacific Insurance (Group) Co., Ltd China Re Asset Management Compagnie d Investissements et de Gestion Privée (Hong Kong) Ltd Development Bank of Japan Eagle Asia s HarbourVest Investments Consulting Hong Kong Monetary Authority IFC Industrial Trust Jade Invest Khazanah Nasional MassMutual Life Insurance Company Mitsui & Co. Morgan Creek Capital Management Northern Trust National Social Security Fund (NSSF) Noah Holdings (Hong Kong) Limited Norinchukin Bank North-East Private Equity Asia NZ Super Fund Ontario Teachers Pension Plan Pathway Capital Management (HK) Limited Phillips Academy Ping An Life Insurance Co. Ping An Trust Co., Ltd Ping An P&C Insurance PRE Management China Prosnav Capital QIC Sagamore Investment Management Saplings Alternative Advisors Register by phone : +852 2158 9655 SBI Brunei (Ministry of Finance Brunei) StepStone Surfview Capital Tai Kang Asset Management The Rockefeller University Varma Mutual Pension Insurance Company Verti Capital Wilshire Private Markets YiMei Capital And many more...
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4 EASY WAYS TO REGISTER: Online registration at www.avcjchina.com/static/book-now E-mail to book@avcj.com Fax the completed registration form to +852 2158 9701 Mail it to: Suite 1602-6, 181 Queen's Central, Grand Millennium Plaza, Queen's Road Central, Central Booking details Standard Rate Registration details 15th Annual Private Equity & Venture Forum China 2016 9-10 March, China World Summit Wing Beijing GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY www.avcjchina.com/cn/static/book-now book@avcj.com +852 2158 9701 1811602-06 US$2,295 Fees include the two-day conference, refreshments and luncheons, one evening reception and all conference documents. REGISTER NOW If you have a discount code, please insert: Please complete your details below in BLOCK CAPITALS or attach your business card. Mr/Mrs/Ms First name Last name Job title Company Address City Country Post/zip code Telephone Fax E-mail I plan to attend the networking cocktail on Wednesday, 9 March at 17:00 Yes No Payment details AVCJ-02-CS I enclose a cheque payable to Mergermarket Consulting Ltd. I will arrange a bank transfer to HSBC, Basement 1 HSBC Main Building, 1 Queen s Road, Central, Hong Kong : A/C# 808104160838 (SWIFT code: HSBCHKHHHKH) Any bank charges must be prepaid. Please fax a copy of the transfer slip to +852 2158 9701 808104160838 (SWIFT code: HSBCHKHHHKH) Please charge my credit card: (US$/HK$) Visa MasterCard American Express Card no. Credit card country issue Expiry date Security code Credit card billing address Name on card Signature Cancellation / refund policy: A cancellation charge of US$300 is applicable to written cancellations received on or before 24 February 2016. No refund will be made for cancellations after the date due to our advance guaranty obligations and administration costs. If you do not attend the event or notify us of your intention to cancel, the full fee will still be payable. A substitute delegate is welcome but the organiser MUST be notified in advance of the meeting to avoid incurring a charge. Substitutions may NOT be made at the meeting. Pay in advance: Please also be reminded that payment of all registration fees must be received immediately from your invoice date. Regrettably, no entrance will be permitted for payments not received before the events take place. We will include registrants names on the official delegate list if we have received your registration fees on or before 2 March 2016. VENUE AND ACCOMMODATION China World Summit Wing, Beijing No.1 Jianguomenwai Avenue, Beijing, 100004, China / http://www.shangri-la.com/beijing/chinaworldsummitwing A limited number of rooms at the Hotel have been reserved at a special rate for AVCJ Forum participants on a first-come first-served basis. Please book your room directly with the hotel and identify yourself as an AVCJ Forum participant to qualify for the rate.. Executive Room - RMB1,500+15% service charge inclusive of daily breakfast. Note: Room rate is subject to room availability, Service charge not included. To book your room, Download the booking form : Fax or e-mail to Reservation Department with your booking details simply 1 http://www.avcjchina.com/digital_assets/18912/ 2 HotelAccommodation_Booking_Form2016_V2.pdf E-mail : reservations.cwsw@shangri-la.com Tel : +86 10 6505 2299 Fax : +86 10 6505 8881 For room cancellation policy, please visit www.avcjchina.com/static/venue-accommodation CONTACT US REGISTRATION ENQUIRIES Pauline Chen t : +852 2158 9655 e : pauline.chen@avcj.com SPEAKING OPPORTUNITIES Jessie Chan t : +852 2158 9650 e : Jessie.Chan@avcj.com SPONSORSHIP ENQUIRIES Darryl Mag t : +852 2158 9639 e : Darryl.Mag@avcj.com OR Samuel Lau t : +852 2158 9659 e : Samuel.Lau@avcj.com MARKETING AND MEDIA ENQUIRIES Priscilla Chu t : +852 2158 9656 e : Priscilla.Chu@avcj.com 020316