10th Annual VC/PE CFO Conference in 2019, Shanghai China

Tenth China Venture Capital and Private Equity CFO Conference organized by China Venture Capital Finance Organization (CVCFO), was held successfully in Shanghai on September 6th, 2019. As one of the most important and well-recognized conferences in China's VC/PE industry, it attracted over 230 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) China Economic Environment ; 2)  Fund Operation Update ; 3) Fund Raising ; 4)  A Review of China VC/PE Industry’s Development in the Last 10 years and an Outlook for the Next 10 Years ; 5) Tax Update on Deal Transaction ; 6) SSE Star Market’s Support Policy and Incubator; 7) New Economy New Opportunities – Road to IPO and Fund Exit of New Economy Companies.

Gunderson Welcome Remarks     Liu Zhen

1. Keynote Speaker – China Economic Environment

Speaker: Ding Anhua – CMB

2. Fund Operation Update 

Moderator: Terry Tam – Hony Capital

Speaker: Min Bi – alterDomus, Maggie Kwok - Harneys, Oliver Kang – PwC

Topics: 

  • Latest development on Cayman Islands Economic Substance Law, response and tax impact
  • Tax considerations about ODI initiated by RMB Fund
  • Implementation of Caishui [2019] No.8
  • Tax issues on special funds (QFLP, RMB FoF and Secondary Fund)

3. Fund Raising

Moderator: Rocky Zhao SPD-SVB

Speaker:  Jireh Li Source Code, David Wang Gunderson Dettmer, Teck Loon Goh – GGV Capital, Tommy Yip Unicorn Capital

Topics: 

  • Given the elevated China-US tension and uncertainties in global capital markets, is China VC still an attractive asset class to international investors? What are the convincing factors and major concerns?
  • How the different profiles of LP affect their appetites for China VC managers in the current climate?  What are some of the prudent LP mix optimization strategies?
  • What are the hottest trend and latest changes in LP’s due diligence process (Business DD, Operation DD, Legal DD)?
  • China’s VC industry has been booming for some 15 years now.  We have seen proven 1st generation successful managers, and those rapidly rising VC 2.0 and 3.0.  For FoF investors, what do they look for in each category for prudent portfolio construction?
  • Tips for fund raising in times of turbulence.   

4. Keynote Speaker – A Review of China VC/PE Industry’s Development in the Last 10 years and an Outlook for the Next 10 Years

Speaker: Gavin Ni – Zero2IPO

5. Tax Update on Deal Transaction  

Moderator: Frank Feng Cenova Capital

Speaker:  Daphne Su PwC, Ye Hong – Deloitte, Lily Yang - Greenwoods Investment

Topics: 

  • Tax implication on converting to a VIE structure;                                 
  • We paid large amount of taxes.  Any chance we can get a tax refund?
  • Several tax topics CFO should be aware before and after investment  

6. Keynote Speaker – SSE Star Market’s Support Policy and Incubator 

Speaker: Zhenghong Zhu – SHTIC

7. New Economy New Opportunities – Road to IPO and Fund Exit of New Economy Companies 

Moderator: Kathy Chen – SBCVC

Speaker:  Vincent Au – Citi, Zhao Min – Bank of America Merrill Lynch, Rui Zhou – King & Wood Mallesons, Shuguang Wang – CICC

Topics:   

  • SSE STAR Market setup and the listing of new economy companies update             
  • Valuation Methods                
  • How to exit after IPO for PE/VC       
  • Outlook for new economy companies IPO exit

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