9th Annual VC/PE CFO Conference in 2018, Shenzhen China

Ninth China Venture Capital and Private Equity CFO Conference organized by China Venture Capital Finance Organization (CVCFO), was held successfully in Shenzhen on September 14th, 2018. As one of the most important and well-recognized conferences in China's VC/PE industry, it attracted over 170 guests ranging from VC/PE investors, government officials, academics and financial service providers. Mrs. Liu Zhen of Gunderson delivered a keynote speech. The participants gathered together to communicate and shared good practices on six key topics of China's VC/PE industry: 1) Tax Update on Fund Operation ; 2)  Fund Raising ; 3) Legal Panel ; 4) Tax Update on Deal Transactions ; 5) Valuation ; 6) IPO Update​.

Gunderson Welcome Remarks     Liu Zhen

1. Tax Update on Fund Operation

Moderator: Terry Tam – Hony Capital

Speaker: Jeremy Ngai – PwC, Bing Xue – Han Kun, Guoqing Sun – DragonBall Capital

Topics: -  Tax Challenges for RMB Fund Structure: Planning Opportunities and Case Study

            - Tax Challenges for USD Fund Structure: latest developments for VC fund tax burdens, Room and opportunity for “Tax Friendly Zone” and tax planning for Employee follow-on Investments and Carried Interests

             - Impacts of CRS and newly amended IIT laws and regulations

2. Fund Raising

Moderator: Terrance Philips – Citi

Speaker: Paul Ma – Hillhouse Capital, Hao Wu – SVB, Joanna Xue – Morningside Venture Capital, Xun Zeng – Cooley, David Wang – Gunderson

Topics: -  Changes in the FR (Fund Raising) environment, for US funds and RMB funds respectively

            - Criteria changes for LP in selecting GP

             - Trend for the key terms for LPA and side letters

             - Difference for FR between USD funds and RMB funds including the changes in DD work

3. Legal Panel

Speaker: Jerry Ku – Gunderson, Androw Zhu – New Margin

Topics: -  Dodd-Frank overhaul impact

            - KYC/AML Cayman compliance update

             - Latest development on CFIUS Reform

             - SEC Blockchain/Crypto regulations

4. Tax Update on Deal Transactions

Moderator: Liping Fan – Steamboat Ventures

Speaker: Rebecca Wong – PwC, Bo Liu – King & Wood, Mallesons, Xijun Liu – SZVC

Topics: - Tax Planning for equity transfer: Non-tax resident liabilities for indirect share transfer under new regulations

            - Onshore Exit – VAT and IIT issues for transfer of shares for companies listed in A share market/NEEQ

             - Case sharing for tax disputes for exit transactions

5. Valuation

Moderator: Simon Ho – IDG

Speaker: Sammy Lai – PwC

Topics: -  How to consider recent rounds of financing in assessing fair value of your own round investment as different class of shares are different (e.g. you hold Series A, but recent round financing price is for Series C)

            - When purchase price of “Existing Shares” and “Newly Issued Shares” are different, how to use these as benchmark for fair value

             - What need to consider when RMB funds adopting the policy for the first time

6. IPO Update

Moderator: Dachun Zhang

Speaker: Yafei Li – SZSE, Christina Bao – HKEX, Rui Zhou – King & Wood Mallesons, Mengyu Lu – Sidley Austin LLP,  Mandy Wang – Bank of America Merrill Lynch, Lingyun Zhou – Ping An Securities

Topics: - The latest development of A-share listing and relevant policies

            - Hong Kong Stock Listing Policy

             - A-share listing vs. Hong Kong stocks listing

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