12th Annual VC/PE CFO Conference in 2021, Shanghai, China

Twelveth 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 22, 2021. As one of the most important and well-recognized conferences in China's VC/PE industry, it attracted about 400 guests and online attendees ranging from VC/PE investors, government officials, academics and financial service providers. Mr. Richard Chang 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) Keynote Speech  - China Macro ; 2)  SPACs and Direct Listings Panel ; 3) Change of Capital Market （Mainland of China and Hong Kong Market） ; 4)  Legal Discussions  ; 5) Tax Discussions ; 6) Biotech Panel ​.

 

Gunderson Welcome Remarks     Richard Chang – Gunderson

 

1. Keynote Speech – China Macro

Speaker: Robin Xin – Morgan Stanley

 

2. SPACs and Direct Listings Panel  

Moderator: John Ng – LKK Health Products Group

Speaker: Richard Chang – Gunderson， Yiming Liu- Cooley， Tucker Highfield - ML

Topics: 

  • Brief introduction of SPAC
  • Transaction considerations between traditional IPO and de-SPAC
  • Security law implications
  • Risks around de-SPAC and investor exists
  • HK considerations
  • SPAC trend (deal chart)
  • Success and failure stories

 

3. Change of Capital Market （Mainland of China and Hong Kong Market）  

Moderator: Yiming Liu – Cooley

Speaker: Chen Jie – CICC,  Kenneth Sun – Morgan Stanley,  Sarah – HK Ex,  Richard Chang – Gunderson

Topics: 

  • The listing of US stocks was blocked, and many companies suspended their US listing and turned to Hong Kong stocks
  • Listing in the United States requires the approval of the securities and Exchange Commission
  • Changes in A-share market listing

 

4. Legal Discussions  

Moderator: Kathy – SBCVC

Speaker: Anna Zhang – Gunderson,   Daisy Qi – HanKun,  Filippo – Gobi Partners

Topics: 

  • End of the life of a fund, what are the fund manager’s options
  • Continuation/rollover fund
  • LP’s considerations
  • Understanding lockups and liquidity post IPO
  • Legal matter updates

 

5. Tax Discussions  

Moderator: Tony Liu – Vison Plus Capital 

Speaker: Ma Jing – PwC,   Han Tao – PwC,  Qi Yan – Ivy Capita

Topics: 

  • Comparison of tax depressions: Hainan, Lingang, Shenzhen, Zhuhai, Hengqin, Dawan District
  • Trends in US Dollar funds
  • New HK carrier tax free policy

 

6. Biotech Panel  

Moderator: Frank Feng 

Speaker: Cecilia Qiu – PICC Capital,  Christina Zhang – Cooley,  David Chen – BFC,  Carroll Zhang – Cenova

Topics: 

  • From the perspective of FA, the fund-raising situation and rising trend of valuation of biotechnology companies
  • How to tap early high potential biotech investment opportunities from the perspective of GP
  • Legal issues (LDD, ESG, IPDD, etc.) and transaction structure that should be paid attention to when investing in biotech companies
  • Financial issues (FDD) that should be paid attention to when investing in biotech companies and issues that should be paid attention to after investing in biotech companies
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