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Summit Review
With a theme as China Opportunities and Roadmap in a Global Financial Consolidation, CVCA Annual General Meeting & China Venture Capital/ Private Equity Summit was held successfully in Shanghai on October 28, 2009. As one of the most important and well-recognized summits in China's VC/PE industry, it attracted over 300 guests ranging from VC/PE investors, government officials, academics and financial service providers.. Mr. Xianglong DAI, Chairman of the National Council for Social Security Fund, delivered a keynote speech. Distinguished guest speakers from the Shanghai government which include Mr. Xinghai FANG, Director General of the Financial Service Office, Shanghai Municipal Government, and Mr. Hongde Wang, Vice Director of Lu Jiazui Functioning Area Management Office, also delivered speeches. The participants gathered together to communicate and share good practices on five key topics of China's VC/PE industry: 1) RMB Fund; 2) LP Perspectives; 3) Domestic Exit Strategies and the Development of China Growth Enterprise Market (ChiNext); 4) Emerging Investment Opportunities in Hot Industries; 5) Building Win-win Relations between VC/PE Firms and the Enterprises.
Xianglong DAI Chairman, National Council for Social Security Fund, the People's Republic of China
As the distinguished guest speaker Mr. Xianglong Dai, Chairman of National Council for Social Security Fund, delivered an important speech. He pointed out that Chinese investors should establish a global perspective, and be concerned with reform of the international financial system, as well as the division of international economic roles. He hoped that Chinese investors should have a clear understanding of the current international economic globalization and seize the opportunity to make a good investment, and they also should be based on the domestic market, support the adjustment of financial institutions and promote the innovation of VC/PE industry in China. Furthermore, Mr. Dai made it clear that the National Social Security Fund Council will support the VC / PE's development permanently.
Xinghai FANG Director General of Financial Services Office, Shanghai Municipal Government
The establishment of Shanghai's international financial center is under full construction, and the policy making is also at the forefront. And the recently launched preferential policy for the foreign private equity investment institutions gets full attention as well. Mr. Xinghai Fang, Director General of Financial Service Office, Shanghai Municipal Government, delivered a warm speech. His analysis of the active policies promoting VC/PE industry in Shanghai; specific recommendations and advocacy of the implementation of an innovative financial system and report on the need for a better platform for this industry was very inspiring and appealing.
Yichen ZHANG Chairman of China Venture Capital Association & Chief Executive Officer of CITIC Capital Holdings Limited
At the CVCA welcome dinner, Mr. Yichen Zhang, Chairman of China Venture Capital Association, made the welcome remark. First of all, he congratulated CVCA on the grand opening of the CVCA Annual General Meeting in Shanghai, and said he was very pleased to meet the industry professionals. Then, he reviewed all of CVCA's work since its establishment, especially 2009, which was very helpful to the healthy development of this industry and he hoped that CVCA would continue to provide more and better services for the industry's sustainable development.
Afterwards, all CVCA governors went to the stage and thanked the community for their support of CVCA over the past seven years and toasted CVCA's future.
Charles WANG CEO, Zhong De Securities Co.
At the Deutsche Bank's Cocktail Reception, Mr. Charles Wang, CEO of Zhong De Securities, as the representative of Deutsche Bank and Zhong De Securities, delivered a short speech. He praised CVCA's great efforts and contributions to the development of this industry and expressed his appreciation for CVCA to provide this opportunity for this community; meanwhile, he briefly introduced Deutsche Bank and Zhong De Securities' impressive development in China and thanked all the guests for their time at this event.
Yichen ZHANGChairman of China Venture Capital Association & Chief Executive Officer of CITIC Capital Holdings Limited
Dehong WANGDeputy Director, Lujiazui Function Zone Administration Committee, Shanghai Pudong New Area
Youjun ZHANGChairman, China Securities Co., Ltd.
Mr. Yichen Zhang, as the representative of China Venture Capital Association, made the opening speech. He thanked all the guests for attending this event, the support of the co-organizer, all the sponsors and the supporting organizations, and wished this summit to be a big success.
As the representative of co-organizer，Mr. Dehong Wang, Deputy Director, Lujiazui Function Zone Administration Committee, Shanghai Pudong New Area, expressed that CVCA was a very appealing industry association and that it differed from government agencies. This was very attractive to the Pudong New Area Government and Lu Jiazui Functioning Area Management Office. This summit invited financial figures in China and experienced business leaders who would have an enormous influence on the establishment of national financial center in Pudong, Lujiazui.
Afterwards, the title sponsor representative, Mr. Youjun Zhang, Chairman of China Securities Co., Ltd. made a speech that he thought this summit was very meaningful at the critical moment that China Growth Enterprise Market opened and the first batch of 20 companies were about to get listed.
Moderator: Edward TIAN, Chairman of China Broadband Capital Partners LP
Panelists:
George CHENAsia Private Equity Editor, Reuters News
John FADELYPartner, Clifford Chance
Richard GUOPartner, Fangda Partners
Hugo SHONGFounding General Partner, IDG Capital Partners
Jeffrey ZENGGeneral Partner, Kaixin Investment Co., Ltd
This panel mainly focused on RMB funds which had already attracted much attention from foreign investors. It interpreted the regulatory landscape of RMB funds, its possible models and the best cooperation models for LPs and GPs as well as other hot issues.
As the moderator, Mr. Edward Tian, led the discussions from three perspectives: one was to elaborate on the views of RMB funds from the legal and media perspectives; the other was to let the government and regulatory agencies hear the voice from the foreign PE concerning their entry into RMB funds; another was whether RMB funds will develop with Chinese characteristics.
The panelists indicated: the domestic fundraising takes longer time with comparison of overseas fundraising, the relationship between local government-guided funds and industrial investment funds needs more coordination, and foreign LP's entry is not smooth as well. The fund managers did not reach their ideal fund management status, which includes domestic fundraising, domestic investment and domestic exit. They also looked hoped that the insurance industry could start investments, and this can complete the domestic PE/VC system. They suggested that the government could allow the foreign currency funds with the restricted amount to invest in various domestic industries on a trial base in the way as RMB funds operates or with the supervision of National Development and Reform Commission, the government would allow the foreign investors to invest in RMB funds with a limited amount.
Moderator: Roman SHAW, Managing Partner, DT Capital Partners
Panelists:
Vincent HUANGPartner, Pantheon – Russell Private Equity
Duane KUANGManaging Director, Qiming Venture Partners
Xianghong LINChairman, Suzhou Ventures Group
Xiang LUONational Program Director，United Nations Industrial Development Organization ITPO-China
Ching TANManaging Director & Chief Representative, China, Siguler Guff & Company, LLC
This panel focused on the current situation and it discussed how to establish a healthy local LP circle.
The panelists suggested that the financial product innovation would open a door for foreign LP's entry into RMB funds; in the form of joint venture and on the condition of the guaranty of national industry safety, the foreign investors' participation in RMB funds would be allowed. Additionally, the first national government-guided fund-Suzhou Ventures Group also shared its successful experience of achieving a true market-oriented operation.
Moderator: Andrew YAN, Managing Partner, SAIF Partners
Panelists:
Youxin CHENDirector and General Manager, China Capital Management Company
Frank TANGCEO, FountainVest Partners
Charles WANGCEO, Zhong De Securities Co.
Sherry YINPartner, Morrison & Foerster(Beijing)
Jonathan ZHOUPartner, Fangda Partners
This panel targeted domestic exit issues. The panelists, such as Mr. Andrew Yan, Managing Partner, SAIF Partners, and Mr. Youxin Chen, Director and General Manager, China Capital Management Company and etc., shared their unique interpretations in terms of the possible changes in the domestic exit environment after the IPO re-start at A shares, and whether GEM would turn into ChiNext, and the M&A's role in the domestic exit environment.
The panelists also expressed their concerns for the international capital: whether the high exit price would affect the pre-investment price; how to decide on the domestic IPO time and how to protect the investors' rights. The opening of GEM was very inspiring and it possibly offered another channel for joint ventures' IPO. And they were also concerned about how long the current high valuation would exist. However, some of the panelists thought that the domestic market expected so much of the start-ups that the real market price would be more highly than the current price.
Moderator: Tina JU, Managing partner, KPCB China
Panelists:
Jing HUANGManaging Director, Bain Capital
Elton JIANGManaging Director, Northern Light Venture Capital
David LIUHead of Greater China, KKR
Teresa TeagueManaging Director, Goldman Sachs
Fumin ZHUOFounding Partner, SIG Capital
This panel focused on how to choose a suitable entry field in China's complex and volatile investment environment.
The panelists' views were very valuable to the investors: consumer goods industry was a pretty good investment choice considering China's current situation. Factors such as good management team, the potential of the product range and its penetration depth were very important; the investment in TMT was more and more in the pursuit of business models, which was not just selling advertising, and to which the value-added services and community-based E-business model were very important revenue streams. With the government –guided factor, the investment in wind and sola industry might be excessive with a flattened investment price.
Moderator: Kathy XU, Founder & Managing Partner, Capital Today Group
Panelists:
Hao CHENManaging Director, Legend Capital
Fred ChangPartner, Lovells LLP (Beijing)
Zhou LIUChairman & CEO, Shenzhen Fortune Venture Capital Co., Ltd
Chang SUNManaging Director, Warburg Pincus Asia LLC
Yichen ZHANGChief Executive Officer, CITIC Capital Holdings Limited
The panelists had an open talk about their experiences and shared cases studies, regarding how the VC/PE helped the SMEs get out of the operational difficulties and realize the rapid growth.
According to the panelists, VC/PE mainly supported the enterprises in the capital market and financial affairs. For the early deals, the enterprises needed more help, including the corporate governance structure, leadership growth and corporate vision and strategy's making; for the late-stage deals, the support was mainly about providing a good finance agency. In the end, panelists elaborated on their views about the equity ratio. They also proposed to make use of government resources and their own resources to lead enterprise operations.
With the end of the fifth panel, Mr. Yichen ZHANG, Chairman of China Venture Capital Association & Chief Executive Officer of CITIC Capital Holdings Limited, announced the successful conclusion of this summit, and he hoped everyone would continue to support CVCA in the future.
CVCA 2009 Annual General Meeting was held successfully. Ms. Frances Huang, President of CVCA, reported to members on the annual work and financial status. She also indicated that CVCA will continue to be dedicated to the improvement of VC/PE industry. And all of the governors resoundingly won re-election at the Annual General Election.
