2nd Annual VC/PE CFO Conference was sucussfully held on September 2nd, 2011 in Beijing
Second Annual China VC/PE CFO Conference Review
Second China Venture Capital and Private Equity CFO Conference organized by China Venture Capital Finance Organization (CVCFO), was held successfully in Beijing on September 2nd, 2011. As one of the most important and well-recognized conferences in China's VC/PE industry, it attracted over 200 guests ranging from VC/PE investors, government officials, academics and financial service providers. Ms. Liping Fan, Administrative Partner and CFO of Steamboat Ventures, delivered a keynote speech. Distinguished guest speakers delivered speeches, such as Wendy Kok, CFO from Sequio; Dr. Sung Cheng Chih, – former GIC Chief Risk Officer; Xiaoping Yan, Partner from Fortunevc; Simon Ho, CFO from IDG; Felix Wong, former CFO of Spring Capital. The participants gathered together to communicate and shared good practices on Eight key topics of China's VC/PE industry: 1) PE/VC Funds Related Accounting and Audit Updates; 2) Managing Chinese Investments in an Anti-tax Avoidance Environment; 3) Current Legal and Regulatory Issues; 4) PE and VC Investing from the Perspective of Large Long-term Investors; 5) Fund Raising; 6) Breakout - CFO’s Role in Managing Distressed Assets 7) Breakout - Fund Administration; 8) Exit.
Opening and Welcome Remarks
Liping Fan CFO, Steamboat Ventures; Board member, CVCFO
Ken Wilcox – Chairmen of SVB
Ms. Liping Fan and Mr. Ken Wilcox they made the opening and welcome remarks respectively, and thanked all the guests for attending this event, the support of the co-organizer, all the sponsors and the supporting organizations, and wished the first China Venture Capital and Private Equity CFO Conference to be a big success.
Panel 1: Key issues/risks and new developments in PE/VC funds in China
Shirley Xie, Partner, Assurance & Business Advisory Services, PWC
PE/VC Funds Related Accounting and Audit Updates
• PE/VC Major New Accounting Issues
• PE/VC Current Audit Issues and Key Focuses
• Significant Accounting Issue of Portfolio Companies
Panel 2: Managing Chinese Investments in an Anti-tax Avoidance Environment
Moderator: Wendy Kok, CFO, Sequoia Capital China
panelists:
Matthew Mui – PwC
Fred Sroka – PwC
Tony Dong – King&Wood
• New tax rules that impact PE/VC industry in the past year
• Lessons we learn from new tax cases
• What we can do to minimize tax and accounting risks
• Tax impact on GP managing both USD and RMB fund
• Development of transfer pricing regulation that impacts offshore funds
• Taxation treatment of RMB funds
Panel 3: Current Legal and Regulatory Issues
Moderator: Ke Geng – OMM
panelists:
Steve Franklin – Gunderson
Jeff Liu – Grandall
Howard Zhang –Davis Polk
• Dodd Frank - Compliance for funds with US investors
• QFLP & other new development on RMB Funds
• "New" trend: Going private, with a goal to relist in another stock exchange (legal perspective)
Panel 4: PE and VC Investing from the Perspective of Large Long-term Investors
Speaker: Dr. Sung Cheng Chih, – former GIC Chief Risk Officer
Panel 5: Fund Raising
Moderator: Ming Yeh – SVB Capital
panelists:
Xiaoping Yan – Fortunevc
Steve Franklin – Gunderson
John Gu – KPMG
• RMB and USD fund raising summary 2010/2011
• Status quo, emerging trends in fund raising – GP’s perspective
• Key challenges in fund raising – LP’s perspective
• The integration of and conflict between RMB fund and USD fund– GP’s perspective
• Managing conflict between RMB fund and USD fund– legal suggestions
• Current key tax concerns/uncertainties to GPs and LPs & how to manage the uncertainty
• Emerging trends in terms of the LPA
Panel 6: Breakout
CFO’s Role in Managing Distressed Assets
Moderator: Felix Wong – former Spring Capital
panelists:
Kenneth Chen – Shinewing
Jerry Wang – Ernst & Young
• Exit channels
• IPO/ Trade Sale
• Secondary Market
• Others like OTCBB, Taiwan market?
• RTO in China
Fund Administration
Simon Ho – IDG Capital Partners
panelists:
Karen Eliadis – Bluerun Ventures
Valerie Houts – Merrill Lynch Venture Services
Alice Chan – State Street
• What are distressed assets
• Issues and valuation of distressed assets
• Timing of exit
• Costs involved in managing the distressed assets
• Litigation and liquidation
Panel 7: Exit Exit Exit
Moderator: Terrance Philips – SVB
panelists:
Kevin Chi Su – Merrill Lynch
Gavin Ni – Zero2ipo
Vincent Cheuk – PwC
• Fund admin functions (US vs Asia)
• The choice? Inhouse vs outsource
• Migration and operation – Issues and concerns
• Fund admin in China - Risks and opportunities
Closing Remark and Pre-Conference Dinner
With the end of the Seventh panel, Mr. Filippo Huang, the Chairman of China Venture Capital Finance Organization (CVCFO), announced the successful conclusion of this summit, and he hoped everyone would continue to support CVCFO in the future. The Pre-Conference dinner was held on Thursday, September 1st at 5:30 p.m at Ritz Carlton, Beijing.
And also please click here to download the presentation slide material:
2011.9.2.CVCFO Fund raising panel introductory remarks_EN.pptx
CVCFO Fund Administration-Valerie Houts.pptx
CVCFO legal panel English Steve Franklin.PPTX
CVCFO Presentation _Alice.PPTX
CVCFOConflictsenglish_Fund raising Steve.ppt
Going.Private.Aug.2011-howard.ppt
PE_and_VC_Investing_from_the_Perspective_of_Large_Long-term_Investors.pptx