11th Annual VC/PE CFO Conference in 2020, Shanghai & Beijing China

Eleventh China Venture Capital and Private Equity CFO Conference organized by China Venture Capital Finance Organization (CVCFO), was held successfully in Shanghai and Beijing on October 23, 2020. As one of the most important and well-recognized conferences in China's VC/PE industry, it attracted over 330 guests and online attendees 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 seven key topics of China's VC/PE industry: 1) Keynote Speech  - Impact Investment ; 2)  Tax Panel ; 3) Investment and Financing Panel ; 4)  Secondary Market for Unicorns in Asia ; 5) Capital Market ; 6) Corporate Governance ; 7) Practical analysis of "Provisions on Strengthening the Supervision of Private Investment Funds" ​.

Gunderson Welcome Remarks     Liu Zhen

1. Keynote Speech – Impact Investment

Speaker: Kenneth Kwok - Global Citizen Capital

2. Tax Panel 

Moderator: Cecilia Qiu – PICC

Speaker: Oliver Kang – PWC, Jingyi Xu – Kaiwu Capital

Topics: 

  • Carry plan employee stock ownership
  • # 8 document
  • Tax incentives in Hainan Free Trade Zone and their applicability to PE/VC industry
  • Tax advantages for corporate venture capital enterprises in Zhongguancun National Independent Innovation Demonstration Zone

3. Investment and Financing Panel  

Moderator: Androw Zhu – New Margin

Speaker: Jane Wang – SVB, Clarence Kwok - Morgan Stanley, Zhen Liu – Gunderson, Perry Chui – EGP

Topics: 

  • Under the background of thecovid-19 and the trade war, the potential impact of China-US decoupling on domestic technological innovation, venture capital and overseas mergers and acquisitions
  • Will overseas LPs of US dollar funds be affected by political factors in a phenomenon of concentrated withdrawal?
  • How do Chinese technology companies, mainly Internet companies, deal with the frustration of internationalization caused by trade wars and geographic conflicts?
  • With the increase in investment guided by the domestic government, the opening of the Science and Technology Innovation Board, and the intensified uncertainties of China Concept's overseas listing policy, how should companies that build a red chip structure choose a listing destination and adjust their structure?

4. Secondary Market for Unicorns in Asia  

Moderator: Henry Yin – Cooley

Speaker: Jacqueline Zhang – Hopu Caiptal. Rachel Wong – Gateway, Bonnie Lo – NewQuest Capital Partners

Topics: 

  • How funds view and deal with such opportunities and transactions and how that affect the target companies, founders/management and fund deal teams

5. Capital Market  

Moderator: Puyu Li – Innovation Works

Speaker: Sheng Wang – CICC, Jinan Ni – PwC, Will Cai – Cooley

Topics: 

  • Macro data of nearly 2-3 years of listing and refinancing, in China, the United States and Hong Kong
  • The impact of China-U.S. relations on VCPE-related capital markets, and how to treat the medium and long-term development
  • The main reasons for the return of Chinese concept stocks and the issues to be considered, including legal affairs, taxation, auditing, etc.
  • Regarding the way that red-chip companies are listed on the Science and Technology Innovation Board by issuing CDRs, the discussion on the exit issues of USD funds and RMB funds behind it, and the red-chip companies going on Science and Technology, whether to split or directly red chips?

6. Corporate Governance   

Moderator: Bi Ming - AlterDomus

Speaker: Jasper Xu – PwC, Richard Chang – Gunderson, Frank Feng – Cenova Capital

Topics: 

  • Overview of legal framework of director’s fiduciary duty under Cayman, Delaware and PRC laws
  • The Director’s role and involvement in the IPO process and serving as public company directors
  • Best practice for board composition, management responsibilities and board meeting policies and procedures
  • Considerations for VC/PE to board members and whether to remain on the board when the portfolio companies go public
  • Ways of risk management and mitigate board members’ liabilities

7. Practical analysis of "Provisions on Strengthening the Supervision of Private Investment Funds"     

Speaker: Dewei Jin Yi Si Mu

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