In Q2 2013, CVCA organized several members only events in different formats to suit different needs based on the main concerns and demands of members for information exchanging, industry experience and expertise sharing among members, communicating more effectively with relevant departments of the government, providing support to the formulation of policy decisions, and strengthening communication, understanding, and cooperation in the industry.

Policy & Expertise

CVCA Industry Policy Committee (IPC) - the First Meeting in 2013

Date: April 24, 2013

Venue: Fortune Center, Beijing

In order to study the VC/PE laws and regulations, support the formulation of government policies through sound research and analysis, enhance exchanges and communications with policy-making and government regulatory authorities, and create an enabling policy and legal environment for the sustainable development of VC/PE, CVCA Industry Policy Committee (IPC) held its plenary meeting to discuss the policy updates and hot issues in the industry. IPC members review the previous performance of the committee and made suggestions on the working plans of taxation, RMB fund, laws and regulations, VIE structure, and etc,. Mr. Sing Wang, the Co-Chairman, TPG of Greater China, Head of TPG Growth North Asia, TPG Partner and IPC Chairman, chaired the meeting. Around 30 attendees attended the meeting.

Qianhai Financial Innovation Policy Seminar

Date: May 28, 2013

Venue: Qianhai Modern Service Cooperation Zone, Shenzhen

CVCA members attended the Qianhai Financial Innovation Policy Seminar, which was co-organized by the NDRC, CSRC, SAFE, PBOC, SAIC, Shenzhen Qianhai Administration Bureau, and Shenzhen Economy and Information Technology Commission. CVCA put forward constructive suggestions and submitted the position paper.

Seminar on Measures for Administration of PE investment Fund

Date: June 25, 2013

Venue: Rongke Information Center, Beijing

Several senior representatives of CVCA members attended the seminar on Measures for Administration of PE investment Fund, which was hosted by the CSRC. They communicated the industry practice and regulation clauses with Mr. Yujun Zhang, Assistant Chairman of the CSRC, and the Fund Department officials. CVCA submitted a position paper.

VIE Seminar

Date: June 6, 2013

Venue: China Resources Building, Beijing

IPC hosted the seminar to review the latest VIE arbitration cases and related policy updates. CVCA research team briefed the data of overseas listed companies in VIE structure and led a discussion regarding the latest cases and the risks in the structure. Many constructive suggestions are presented in the seminar. 14 representatives of member companies attended the seminar.

Training Courses

Fund Valuation

Date: April 26th, 2013

Venue: No.6 Training Room, CHEUNG KONG Graduate School of Business

Rebecca Xu, Co-founder & Managing Director of Asia Alternative, kicked off the training with a presentation about how LPs evaluate GPs. Rebecca shared her expectations, thoughts, and experience from the perspective of investors on LP's dream GP, performance and benchmarking, fiduciary duty and terms, and LP service best practice. PwC partners Nova Chen and Qing Ni provided a detailed look into the valuation methods, the factors affecting the fair value of LP's interests, and similarities and differences of valuation between RMB funds and USD funds, etc. Their presentations were followed by a Q & A session with the audience. Over 40 CVCA members and professionals from non-member companies participated in the training.

Corporate Governance of Portfolio Companies

Date : May 22, 2013

Venue: No.6 Training Room, CHEUNG KONG Graduate School of Business

With numerous cases, Mark Wu, Partner of Deloitte Consulting, presented how to enhance the corporate governance of portfolio companies to balance the relationship between investors and portfolio companies, as well as how to facilitate the companies with building up stronger management team to achieve win-win goal in practice. In the dialogue session afterwards, Raymond Chen, Director of Legend Capital, and Mark discussed issues on the cost control of value-added services, the judging criteria of portfolio companies' management, and the impact of incentive system to the long-term growth of the companies, etc. Joyce Wang, Associate Director of Deloitte Consulting, moderated the dialogue. Around 30 CVCA members and professionals from non-member companies participated in the training.

Best Practice in Portfolio Valuation

Date: July 4th, 2013

Venue: No.6 Training Room, CHEUNG KONG Graduate School of Business

Managing Director of Duff & Phelps Sammy Lai introduced and explained the relevant valuation and financial reporting standards and guidelines, definition and hierarchy of fair value, valuation methodologies, measuring fair value by NAV, as well as the factors to consider in selecting valuation methods with examples and case study. In the dialogue session, Sammy discussed the valuation framework with Daisy Dong, Associate Director of Northern Light Venture Capital. They shared their industry experience and good practice with the audience and answered those commonly encountered valuation questions. The training attracted around 30 CVCA members and professionals from non-member companies.

Members Only Networking

Lunch Seminar on Internal Post-investment Management

Date: May 17, 213

Venue: Oriental Plaza, Beijing

Northern Light Venture Capital, CMK Capital, Legend capital and other member companies discussed the corporate governance of portfolio companies, exchanged their experience on internal management practice, how to build the post-investment management team composed by financial, legal, and other function departments, etc. They also communicated on some current hot issues in industry.

Government R Networking

Date: May 21, 2013

Venue: Fortune Mall, Beijing

Government Relations officers with Hony Capital, Legend Capital, TPG, CITIC Capital, Goldstone, PAG, Primavera Capital and other member companies met and mingled in a relaxed atmosphere. They communicated the trends and impact of regulations in the industry, new opportunities in Qianhai Shenzhen, and other issues. To strengthen the connections and facilitate further communication among the GR officers, CVCA created the PE GR Group micro message group.

In addition to organizing various members only events, CVCA released the following exclusive policy update and alerts for members in Q2 2013: CIRC Issued a Notice Specifying the Requirements on Investments in Insurance Companies by Limited Partnership PE Funds; SAFE Simplifies Rules on Foreign Direct Investment ; SCOPSR defined the responsibilities devision of PE fund management; the State Council issued the guild to the financial support for the economic structure adjustment, transformation and upgrading.

China Venture Capital and Private Equity Management Course 2013

Speakers:

Roman SHAW Governor, CVCA / Managing Partner ,DT Capital Partners

James WANG Partner, Han Kun Law offices

Xuan ZHANG Counsel, O'Melveny & Myers LLP

Alex Zhu Partner, Ernst & Young

Lorna Chen, Partner, Shearman & Sterling

Jianqing WANG Managing Director, Legend Capital

Weiguo MA Partner, Cowin Capital

Alex Zhu Partner, Ernst & Young

Dates: August 27 and 28, 2013

Venue: No.3 - 4 Training Room, CKGSB

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MOFCOM Anti-Trust Review

Speakers:

Partner, Han Kun Law Office

Date: August 15, 2013

Venue: Ping An Financial Building, Shanghai

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2013 CVCA Annual General Meeting

Date: November 28

Venue: Shenzhen

CVCA Research team will release the following reports in the second half year of 2013: China Domestic LP Report 2013, China VC/PE survey report 2013-2014, VIE report 2013, The Strategy and trends of Public companies investing in VC/PE funds 2013.