6th Annual VC/PE CFO Conference in 2015, Beijing China
6th Annual VC/PE CFO Conference in 2015, Beijing China
6th Annual VC/PE CFO Conference Review
Sixth China Venture Capital and Private Equity CFO Conference organized by China Venture Capital Finance Organization (CVCFO), was held successfully in Beijing on September 11th, 2015. As one of the most important and well-recognized conferences in China's VC/PE industry, it attracted near 150 guests ranging from VC/PE investors, government officials, academics and financial service providers. Mr. Steve Liu of Cooley 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) Best Practices for GP Agreements ; 2) Wealth Management ; 3) Tax and Accounting Update ; 4) Exit Trend in China ; 5) Extended profits tax exemption for offshore funds to PE funds in HK ; 6) Legal and Regulatory Updates ; 7) CFO Roundtable.
Cooley Welcome Remarks Steve Liu
1. Best Practices for GP Agreements
Speaker: Steve Franklin – Gunderson
2. Wealth Management
Moderator: Terrance Philips – Citi Private Bank
Panelist: Rudolf Hitsch – Citi Private Bank
Mike Imam – Silverhorn Investment Advisors
Karim Ghannam - Alternatives & Fund Solutions, Asia Pacific AWM
Discussion topics：- Vesting Provisions - Marital Divorce
- Performance Based Carry - Succession Issues
- Benefits of Board and Consulting Fees
- Wealth Planning - Miscellaneous Provisions
3. Tax and Accounting Update
Moderator: Bin Li – IDG Capital Partners
Panelist: Pauline Zhang – Deloitte
Grace Lee – Qiming Ventures
Benjamin Ye – CITIC PE
Discussion topics：- How do I diversify and manage my personal wealth when it is tied up in my business?
- How do I prepare for an influx of personal wealth?
- How do I address lock-ups, sell downs, re-investment and taxes?
- What is the role of family offices in addition to often being a provider of limited partner capital?
4. Exit Trend in China
Moderator: Yupeng Zhao – PWC
Panelist: Feng Yang – CITIC PE
Qiaoming Nie – Jiuding PE
Jerry Ku – Gunderson
Doris Tu – PWC
Discussion topics: - Public Notice 7
- How to justify the “reasonable commercial substance”?
- What type of share transfers need report to tax authorities according to notice 7?
- What type of share transfers need to withhold China income tax?
- Conditions for enjoying tax exemption for group internal restructuring?
- Whether it’s necessary to pay China income tax for transferring shares of public companies?
- How to carve up China taxable income from the income for the withholding income tax?
- Restructuring for the returns of offshore listed Chinese companies
- Whether to consider various business, financial or tax affects?
- Under which condition should the offshore structure be fully removed? And under which condition part of the offshore shares could be reserved?
- How to do the planning to reasonably lower the tax for offshore investors and founders during the exit in the return process?
- How to price the share transfer transactions for the restructuring?
- How to deal with the ESOP during the return process? What kind of tax affects it will bring?
5. Extended profits tax exemption for offshore funds to PE funds in HK
Speaker: Florence Yip – PWC
6. Legal and Regulat.ory Updates
Moderator: Ian O’Donnell – Cooley
Panelist: Pang Lee – Cooley
Jim Zeng – Cooley
Discussion topics: - Current Legal Issues in Fundraising
- Update on Cashless Contributions (and LP Reactions to Same)
- AIFMD
- US Securities Rules for US IPOs
7. CFO Roundtable
Moderator: Jeff Bush – Standish
Panelist: Dachun Zhang – Fosun Capital
Kathy Chen – SBCVC
Puyu Li – Innovation Works
Larry Yu - Keytone Ventures
Discussion topics: - What has caused you the most pain this year?
- What accounting and reporting systems do you use and why?
- Do you use a web portal?
- What can we do to add more value?
- How do we raise the profile of the back office within organization?
- How do you recruit and retain back office staff?
- What is your allocation of time in fund raising, regular fund administration and portfolio management in general?
- What do you think matters most for your role in fund raising? And in regular fund admin?
- What do you think is the most interesting or exciting part of your work?
- Have you outsourced some of your work? Which part? How do you make the decision for the outsourcing stuff?
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 10th on 6 p.m at JW Marriott Beijing Hotel.
Conference materials download: