AVCJ Private Equity & Venture Forum China 2023
The premier private equity & venture forum in China
China World Summit Wing Hotel, Beijing & Online
Registration and refreshments
Private equity in China and beyond - finding new direction
China’s reopening of its borders has been a bright spot for the global economy this year. As the Mainland economy continues to gain traction, consumer spending is also picking up domestically while inflation and recession has been kept in check. That said, some global GPs and LPs are shying away from the “China +1” strategy for their own reasons, although in the longer term, most investors are bullish and continue to look into China as an engine of regional and global growth. Our panel of seasoned private equity investors will unpack the events of the past year and discuss what lies ahead.
- How have private equity investment strategies changed in the past year? Where does China fit in a global portfolio?
- What are the macro challenges that will affect dealmaking in China?
- What are the main concerns from LPs regarding exposure to China? How have regional GPs adapted their overall portfolio?
- Who are the investors investing in Chinese funds now? Will allocators from the Middle East and other parts of Asia replace North American LPs?
Networking break
Value creation – creating your own opportunities
In uncertain times, private equity investors cannot rely solely on financial engineering to achieve superior returns. GPs need a more comprehensive approach towards value creation with detailed plans on how to ride out the current market turbulence. For the private equity industry, this will be a crucial factor in terms of setting apart top performers in the future. Our panel of top GPs will share their experience on how value creation has created opportunities for their portfolio companies to excel.
- How has the recent market volatility impacted value creation in China, and have the priorities shifted?
- What are the most important considerations for Chinese GPs when driving value creation?
- Are top GPs incorporating more ESG criteria into their value creation plans? How?
- What are some of the ways to incorporate technology into old economy companies?
Fundraising – preparing for the next cycle
As Chinese GPs continue to brave turbulent markets, regulatory changes and international competition, the likelihood of successful fundraising in 2023 may be difficult. Some investors have opt to focus on alternative strategies including continuation funds, secondaries, online platforms and private wealth. However, many have chosen to focus on investing and exiting with the plan to return to the market in 2024 with a revised playbook. Our panel of capital raising experts will assess their responses to the current market climate.
- What strategies are Chinese GPs employing for fundraising in 2024?
- How can GPs time the exit market to complement their next fundraise?
- How are current regulations and restrictions affecting fundraising in the market?
- Where are new sources of capital being found and does private wealth have a role?
Networking lunch
Green investments – energy transition, EV and climate change
China’s net-zero ambitions mean that one thing is abundantly clear: the clean technology revolution is coming faster than expected. China’s electric vehicle market is at full throttle with the rapid deployment of new energy such as solar energy being pushed forward by the Chinese government’s green transition policy. Given the size and importance of the opportunity, local and domestic firms have much to learn from each other in maximizing growth of the companies in the space. Our panel of green investment professionals share their views.
- What has prompted the increased popularity of ESG strategies and carbon neutrality funds amongst local GPs?
- How can GPs and LPs tap into the world’s biggest electric vehicle and battery industry?
- Where are the most attractive opportunities for carbon neutrality plays in China?
- What sub-sectors of clean tech and green tech are attracting investment – wind, solar, nuclear or power storage?
Venture capital – can innovation power VC to greater IRRs?
China’s venture capital activity is picking up speed as stability and opportunity returns to the market. Sparking the interest of investors nowadays are businesses capturing climate change opportunities, advanced technologies, automation, manufacturing, and other relevant applications that can drive growth. Our esteemed panellists will examine the latest trends defining the future of local startups and discuss the next big thing(s).
- What are the best opportunities for electric vehicles, alternative energy? Which other sectors are the opportunities coming from?
- What are the latest regulatory changes and how can investor navigate?
- What exit options are currently available for Chinese VC funds?
- Are tougher market conditions and lower valuations providing a good investment landscape for risk takers?
Networking break
Sector focus: consumer – capturing the rebound
Post pandemic ‘revenge spending’ briefly boosted the outlook for consumer companies particularly consumer technology businesses that have benefited from innovations pioneered during the Covid Zero lockdowns. While consumer sentiment continues to be cautious, investors are optimistic and view companies that have demonstrated long-term growth potential, offer differentiated products and services as viable investments opportunities. Our diversified panel of investors will share their expertise on consumer trends in the hottest sectors.
- Where are the best opportunities for investors in the Chinese consumer space?
- How to create a global Chinese brand in 2023?
- How can GPs invest in supply chain opportunities in China and overseas?
- Harnessing AI and other technology upgrades to create long-term growth?
End of Day 1
Networking drinks
Sector focus: revival of healthcare
Chinese healthcare investments witnessed a slowdown due to a series of COVID-19 curbs, regional tensions, and updated policies. The long-term importance, defensibility and attractiveness of this sector however has not diminished, and investors are returning to companies in the sector. Hot spots include innovative medications in the pharmaceutical sector and biotechnology startups. Our panel of healthcare experts will assess the industry outlook and provide their predictions for the next 12 months.
- How have private equity and venture capital investments in healthcare fared in the past year, and where are the continued opportunities in the sector?
- How will regulatory policy changes affect dealmaking in the sector?
- What are some potential sub-sectors that investors should be on the lookout for?
- How are GPs applying AI and machine learning into their companies in the healthcare sector?
Exits – secondary buyouts, trade sales and IPOs
The challenging macro condition have affected private exits in China as GPs pivoted from tried-and-true strategies and focused on selling to those that truly understand the opportunity…other GPs. According to AVCJ Research, secondary exits accounted for 55.9% of total Chinese PE exits from just 16.3% in 2021. By contrast, the more traditional routes of trade sales and IPOs accounted, respectively for 28% and 15% of 2022’s $4.8 billion tally. Will exits may quickly bounce back in 2023/24 as economy improves, GPs get more comfortable with secondary deals and IPO market returns. Our panel discuss the outlook for exits in China.
- How are GPs and LPs looking at exits and generating liquidity during uncertain times?
- Will secondary transactions become the mainstream of deal flow? What are the challenges and how did the players overcome?
- Will M&A exits become more common due to regulatory restrictions and the long IPO backlog?
Networking break
Focus: Private debt and special situations in China
Private credit is seeing phenomenal growth across the globe and it is no exception in China. Filling the gap created by banks becoming more risk adverse is becoming even more pertinent in a challenging economic environment, but credit investors in China also need to be flexible. An influx of sub-strategies – offered by specialists, multi-asset managers and technology platforms – means investors (and companies) have more access points than ever before. Our panelists share their views on how to navigate China’s vast and diversified market.
- What are the top-of-mind challenges for credit investors right now?
- How have credit strategies have been successfully deployed in China?
- How to capture the special situations, distressed assets and NPL opportunities appearing in some industries?
- What is the latest on venture debt in China?
The LP view on China – taking the long-term view?
Given the recent economic uncertainties across the globe, it comes as no surprise that LP sentiments towards investing into Chinese private equity and venture capital funds have been negatively impacted. While some institutional investors continue to do re-ups into existing managers to take advantage of the lower valuations, most are hesitant to invest in new managers and are taking a “wait and see” approach to allocating capital in the region. Our panel of investors will take stock of the current situation and discuss their strategies for the region.
- How do global LPs view the Chinese private equity and venture capital market in the long term, and will their investment strategies change? What strategies are they looking for?
- What changes are LPs expecting more from their GPs given the current climate?
- Will local RMB investors fill the void left by the usual USD investors?
- What is the role of secondaries?
End of conference and networking lunch
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Tim Burroughs is managing editor of Asian Venture Capital Journal, having joined the publication in May 2011. He is responsible for all editorial content put out under the AVCJ brand, including Asian Venture Capital Journal, AVCJtv, AVCJ Awards and AVCJ.com. Tim previously spent five years at China Economic Review, serving as editor-in-chief and then editorial director. Located in Greater China since 2003, during which time he has lived in Beijing, Qingdao and Hong Kong, Tim has been a China-based contributor for publications including The Sunday Times, Sunday Telegraph, BBC and China Daily. Prior to moving to China, he trained and worked as a journalist in the UK. He was honored at the Society of Publishers in Asia awards in 2007, 2008 and 2010, and at the State Street Institutional Press Awards - Asia in 2012.
Yiqing Wang is Managing Editor of Mergermarket’s Asia-Pacific M&A and ECM editorial team, which specializes in breaking news on private and public M&A transactions and delivering forward-looking intelligence on corporate strategy. Yiqing spearheads the editorial strategy and oversees day-to-day operations, to deliver timely, actionable insights and analysis to help clients make better deal-making and investment decisions. Additionally, she frequently moderates panels and chairs conferences at ION Analytics events, bringing industry insights to the forefront.
She has been an investigative M&A reporter and editor since 2009, writing news ranging from healthcare, renewable energy and financial service, etc.
Yiqing achieved her master's degree of multilingual multicultural studies from New York University.
Dong-ik (Don) Lee is the Director General, Investment Operations, Asia Infrastructure Investment Bank (AIIB). During 2014-2016, He was Corporate Advisor for Temasek and was the Senior Advisor for KIC (Korea Investment Corporation). He also worked as the Chief Investment Officer (CIO) of KIC from April, 2012 to January, 2014. Mr. Lee was responsible for managing KIC’s US$75 billion portfolio globally. He joined KIC in 2008 as the Head of Private Markets Group when KIC started to expand its strategy to alternative investments.
Prior to joining KIC, Mr. Lee spent five years as Head of Investments at STIC Investments, a private equity/venture capital in Korea, where he was in charge of managing Korea Global IT Fund and closed 30 investments. From 1997 to 2001, Mr. Lee was Head of Overseas Investments Team at Samsung Life Insurance, where he managed US$5 billion overseas investment portfolio. From 1987 to 1997, Mr. Lee worked as Emerging Equity Market Analyst at the International Finance Corporation (IFC/World Bank) in Washington, D.C.
Mr. Lee received a B.A degree in Economics from Korea University, Seoul, Korea and an M.B.A. (Finance and Investments) and M.S degree in Management Information Systems (MIS) from George Washington University, Washington, D.C.
Kai is an Investment Principal based in the firm’s Hong Kong office.
Prior to joining Coller Capital in 2013, Kai worked as a Senior Analyst at Arma Partners where he specialised in M&A transactions in the TMT sector. Previously, he was a Consultant at Analysys Mason, a strategy consulting firm.
Kai has an MSc (Hons), an MA (Hons) and a BA (Hons) from the University of Cambridge.
曾玉女士是和玉资本(MSA Capital)的创始人和管理合伙人,她负责和玉资本所有的投资。她拥有超过20年的投资和运营经验。
曾玉女士是中华股权投资协会的第一任执行董事,并创立了中国第一批精品投资银行公司之一。她是中国许多行业领先公司的早期投资者,如蔚来汽车(NYSE:NIO)、医渡科技(2158.HK)、BOSS直聘(DASDAQ:BZ)、炎明生物和维泰瑞隆等。曾玉女士被《福布斯》评为2022年中国最具影响力的30位投资者之一。在她的领导下,和玉资本被PEI《国际私募股权》授予 "2021年年度中国最佳投资机构 "和 "2021年年度亚洲最佳退出"两项大奖。
曾玉女士是未来论坛理事会成员和清华大学人工智能国际治理研究院战略合作与发展委员会成员。她也是布鲁金斯中国委员会和大自然保护协会大中华区委员会的成员。
Rebecca Xu is a Co-Founder and Managing Director of Asia Alternatives. Ms. Xu splits her time between Asia Alternatives’ Beijing, Shanghai and Hong Kong offices. Ms. Xu is on the Firm’s Investment Committee and co[1]leads Asia Alternatives’ investments in growth and venture capital funds, focusing most of her time on Asia Alternatives’ China investments.
Prior to starting Asia Alternatives, Ms. Xu was a Senior Investment Officer at the Funds Group of the International Finance Corporation (“IFC”), the private sector investment arm of the World Bank Group. There, she had the primary responsibility of leading IFC’s fund investing and portfolio supervision in Asia for over six years. Previously, Ms. Xu also worked at McKinsey & Co, Inc. (Washington D.C.) and HSBC (Hong Kong).
Ms. Xu received an M.B.A. from Harvard Business School and holds a Bachelor’s degree in International Relations from the Foreign Affairs College in Beijing, China. Ms. Xu is fluent in Mandarin Chinese.
Ms. Xu currently serves on the Advisory Boards for a number of Asia Alternatives’ China and India private equity funds. In addition, she serves as the Chairwoman of the Hong Kong Venture Capital and Private Equity Association (HKVCA) and on the Board of the Chun Hui Bo’ai Children’s Foundation.
Eric Xin is the Senior Managing Director and Managing Partner of Trustar Capital. Previously, Mr. Xin was a management consultant with McKinsey & Co. in Shanghai and Washington, D.C. Mr. Xin has an MBA from Harvard Business School, with Honors, and a BA from Peking University.
Jui Tan is the Managing Partner of Lanchi Ventures (formally known as BlueRun Ventures China). He joined BlueRun Ventures US in 2001 and founded the China team in 2005. With over 20 years of venture capital experience, Jui has been recognized among the top 100 venture capitalists worldwide by Forbes Midas List and as the No.1 early-stage investor in China by Zero2IPO. He has been also named as a top venture capitalist and early-stage investor in China by ChinaVenture, Forbes China, and 36Kr.
Jui is an active early-stage investor in cloud native, transportation and smart machine technology, and digital healthcare. Prior to joining the firm, Jui held various management positions within Singapore Telecom, most recently served as a Director of Global Service Development, responsible for SingTel's managed data and voice services globally. Prior to this, he held engineering management positions at IBM, focusing on computing and networking systems.
Jui received his B.S. in Electrical & Electronics Engineering from Nanyang Technological University, Singapore, and M.B.A. from the International Institute of Management Development (IMD) in Switzerland.
As the head of DA FS and co-leader of the PE channel at KPMG, Louis has extensive experience in transaction advisory service and has led a large number of landmark deals in financial service sector and TMT sector for FS, PE, SWF and SOE clients. Louis also embraced the importance of value creation to all of his clients and plays the role of lead partner of ELEVATE initiative at KPMG China, a global initiative promoting whole-deal-cycle value creation at KPMG. With years of overseas working experience in KPMG Singapore and London, Louis has wide global connections and contacts, and possess extensive knowledge of global economies, geopolitical environment, FS and PE sectors, helping his client to navigate through complex and challenging M&A transactions.
Mr. WANG Lin is responsible for the investment activities and portfolio management of CDH VGC Funds. From 1999 until co-founding CDH, Wang was a Senior Associate in CICC’s private equity group. From 1994 to 1999, WANG was a Senior Manager in China National Investment and Guaranty Corporation’s Loan Guarantee Department. He received his Ph.D. and M.S. degree from the Research Institute for Fiscal Sciences of the Ministry of Finance and his B.S. degree from East China Jiao Tong University.
Mr. Lane Zhao founded InnoVision Capital, a next-generation private equity firm in Asia, in 2016, and has been focusing on investing in the most promising future growth ESG space, primarily green energy / clean tech, food security and healthcare sectors in Asia for more than 20 years with strong and proven track records.
Since the founding of InnoVision Capital, Mr. Zhao has invested in many successful companies with globally advanced technologies, strong product capabilities, and leading market positions both in China and internationally, e.g. Beike, JD Logistics, Lvkon, Eswin, Neurophth, Channel Soft, CATUG Biotechnology, iCamuno Biotherapeutics, 58 Group, Butel, Kedu Healthcare, China Securities, WuXi AppTec, Wanhua Chemical, Kuaishou Technology.
Mr. Zhao has been dedicated to ESG investment since his time at KKR as one of the founding stage members of the Asia business from 2006 to 2016. In 2011, Mr. Zhao pioneered KKR’s first ESG investment in Asia, i.e. – United Envirotech, a leading Membrane-based Integrated Environmental Solutions Provider headquartered in Singapore. Prior to InnoVision Capital, Mr. Zhao has led or played significant roles in many successful investments including United Envirotech, Mengniu, Modern Diary, Far East Horizon, Ping An Insurance, BeLLE, CICC, etc.
Mr. Zhao Fu graduated from the Fundamental Science Experimental Class at Tsinghua University and was honored as an outstanding graduate.
Anna has over 18 years of experience in business management and venture investing. In 2015, she co-founded HIKE Capital alongside Mark Yang, founder of CARS Group, and focused on investment across in innovations, new technologies, and new consumption. Anna has played a pivotal role in the success of HIKE Capital, spearheading investments in a variety of notable companies such as Li Auto (NASDAQ:LI, HKEX:2015), RELX (NYSE: RLX), Megatronix, Yuanbao Insurance, Halara, FlashEx, Fenbi (HKEX: 2469), Yuanfudao, Spark Group and Xbiome, etc.
Anna made her contributions to NetEase as the general manager of the Mobile Internet Business Division and Chairman of the Product Committee, prior to founding HIKE Capital. As the founder of NetEase News app, she successfully grew its user base from zero to 400 million. In addition, she led the R&D of well-known apps such as NetEase Open Course, NetEase Application Center, etc.
Anna is a graduate of Nanjing University and China Europe International Business School (CEIBS). As a lover of deep diving, hiking, science fiction, and art, Anna’s adventurous and innovative spirit, combined with her loyalty to long-term doctrine and compound interest value, has made venture capital her lifelong career. Anna Xu graduated from Nanjing University and China Europe International Business School (CEIBS). Thanks to the influence of the family, Anna also actively practices the long-term work of educational public welfare.
Harrison Kao is the Vice President and Head of Greater China Private Equity at AlphaSights. Harrison has years of experience partnering with top investment professionals and overseeing relationships with private & growth equity and venture capital with full P&L responsibility.
AlphaSights supports private equity clients throughout the entire deal cycle, from deal sourcing, due diligence to portfolio value creation.
Pang Lee is based in Cooley’s Hong Kong office, his practice includes all areas of partnership, corporate and securities law with a concentration on the organization and investment in private funds and strategic investments in the tech industry. Pang has worked closely with members of the Hong Kong start-up community cultivating its emerging companies ecosystem, with a particular focus in healthcare and emerging technology companies. Pang regularly advises private fund managers and institutional investors on United States and Hong Kong regulatory and compliance matters.
Pang brings a global perspective in his work, having worked in New York, San Francisco, Hong Kong and Shanghai in over two decades of legal practice. Pang regularly speaks at regional industry conferences in China and Southeast Asia, including serving as a moderator at the AVCJ for well over a decade. He is a member of the firm’s pro bono committee.
He is ranked as a leading investment funds lawyer by Chambers Greater China, The Legal 500 Asia Pacific and IFLR1000 Asia Pacific.
Pang received his JD from the University of Pennsylvania Law School, and a BS from Massachusetts Institute of Technology. He is admitted to practice in New York and is a solicitor of Hong Kong.
Ms. Ye is Director of NIO Capital, leading the firm’s USD investor relations, ESG strategy, as well as horizontal portfolio management. Since joining the firm in 2017, Ms. Ye played an instrumental role in setting up the USD fund series of NIO Capital. She also takes charge of the firm’s initiatives on ESG practice as a member on the ESG committee. Meanwhile, Ms. Ye oversees the fund’s investments in Inceptio, Aulton and Dida as the deal leader, and spearheads topics such as research and exit strategy across the whole portfolio.
Prior to NIO Capital, Ms. Ye worked for Hony Capital, a Chinese leading private equity firm. Ms. Ye holds Bachelor’s degree from Fudan University with a major in International Finance and pursued her Master’s degree in Mathematical Finance at Boston University.
Lydia Hao joined HarbourVest’s primary partnership team in 2021 as a Managing Director based in Hong Kong and focuses on Asia-Pacific investments.
She was previously a Principal in Neuberger Berman’s private equity team, where she led the firm’s primary funds, co-investments, and secondary investments in the Greater China region. Prior to joining Neuberger Berman in 2017, Lydia spent seven years at CPP Investment Board in Hong Kong as one of the founding members of the Private Equity Asia team, building its direct investment portfolio across the Asia-Pacific region. Previously, she was based in New York where she worked at Apax Partners focused on US private equity buyouts in the consumer and TMT sectors, and worked at UBS Investment Bank in the Mergers and Acquisitions group advising clients across various industries.
Lydia received a Bachelor of Science (summa cum laude) in Hotel Administration, from Cornell University. She speaks fluent Mandarin.
A passionate entrepreneur and expert in the fields of alternative investment and FinTech, Henry established Linnovate Partners in 2016 in response to the alternative investment industry’s pressing need for an integrated suite of solutions, with a vision to transform the industry with a unique combination of cutting-edge technology solutions and platforms as the next-generation asset servicing provider and build an ecosystem connecting fund managers, investors, entrepreneurs and other stakeholders in the alternative investment scene.
Henry acted as Managing Director for eFront, one of the world’s leading technology solutions providers for alternative investment professionals before establishing Linnovate Partners. He started his career as a software engineer specializing in developing advanced solutions, such as Augmented Reality, the Internet of Things, Product Lifecycle Management and Computer Aided Design for industrial companies.
Mr. Siyao Jiang is the Managing Partner for ERM China. ERM is one of the largest global pure-play sustainability consultancy, with over 8,000 consultants across more than 40 countries. Based in Shanghai, Siyao takes overarching responsibilities for ERM’s environmental and social consulting, climate change services, sustainable finance and transaction advisory practices, and facilitates clients’ ESG and Low Carbon Energy Transition journey. Meanwhile, Siyao also leads the Greater China banking and finance sector for ERM across mainland China, Hong Kong, and Taiwan.
Siyao has been a seasoned banker with nearly twenty years of track records across corporate and investment banking, central bank and public policy, and ESG investments. Prior to joining ERM, Siyao was based in Hong Kong and led the French bank Natixis’s project financing business in North Asia across natural resources, renewable energy, petrochemical, infrastructure, PPPs, telecommunication, and agricultural sectors. Siyao started his professional career at Australia’s central bank, the Reserve Bank, to manage the foreign exchange and gold reserves on behalf of the Commonwealth of Australia. He has gained international experience in China mainland and HK, UK, and Australia with Macquarie Group, Sumitomo Mitsui Banking Corporation, and QBE Insurance Group.
Siyao is a historian and economist by training with rigorous master’s degrees in Medieval History (Oxford) and International Law (USYD) and bachelor’s degrees in Economics (1st Honours, Macquarie) and Actuarial Science (Macquarie). Siyao is fluent in Chinese and English, and converses French and Italian. Siyao is passionate about the global exchange of civilization, culture, and commodities; he is currently pursuing part-time doctoral research in medieval global history, at the University of Oxford. Siyao is a qualified sommelier in wine, sake, and whisky
Ms. Xie Yiran worked for JIC-China Construction Bank Investment Co., Ltd., a wholly owned subsidiary of CIC, and was mainly responsible for the whole process of JIC's private equity raising, investment, management and withdrawal in the high-tech field. She has strong professional ability and rich experience in fund investment operation. For more than six years at JIC, she has raised and managed China New Energy Fund (USD M&A Fund) and China W Growth Fund II (USD Semiconductor M&A Fund). As the general manager and legal representative of JIC Hong Kong, she is responsible for overseas investment and joint venture cooperation in China, and has completed a series of high-quality equity investment projects and M&A projects, achieving good investment returns and industry influence.
Previously at JIC Hong Kong (Jiutian Management Hong Kong Co., Ltd.), Ms. Xie completed several high-profile IC investments including cross-border M&A of renowned semiconductor firms and restructuring of listed A-share companies. These landmark deals earned her excellent reputation in the industry.
Ms. Xie has over 17 years of experience in the new energy sector. She has led new energy projects and mergers & acquisitions totaling US$3.6 billion in value across areas like wind power, solar PV, hydropower and green hydrogen.
As investment officer of Private Equity at the Asian Infrastructure Investment Bank (AIIB), Jingyi is passionate about connecting people, services and markets by financing and investing in sustainable infrastructure. AIIB is a multilateral financial institution with a mission to improve social and economic outcomes in Asia. At AIIB, Jingyi works as project team leader to originate, structure and execute innovative, developmental and profitable equity transactions, including fund investments and co-investments, across all infrastructure sectors in Asia. Prior to AIIB, she worked at IDB Invest and World Bank in Washington D.C.
Jingyi holds a doctorate degree from Harvard Graduate School of Design, a Master of Public Policy from the Harvard Kennedy School and a bachelor’s degree from Peking University.
Daisy CAI has started B Capital Group China in Jan, 2021. Before building out B Capital China team, she was a partner at Softbank Vision Fund. She also served as partner and investment committee member of Gaocheng Capital, a growth equity firm in China focused on investing in enterprise technologies. Prior to Gaocheng and SoftBank, Daisy was managing partner of Baidu Ventures and Baidu Capital. She began her investment career at Goldman Sachs (Hong Kong).Daisy has a Bachelor degree in Engineering from Tsinghua University, and an MBA degree from Columbia University.
Jingyi Xu is a partner of Cooley’s fund formation practice. Her practice focuses on the formation and representation of private investment funds both in the United States and internationally. In particular, Jingyi specializes in representing fund managers investing in China in connection with the formation of their USD-dominated funds, including venture capital funds, private equity funds and project funds, as well as upper-tier arrangements, carried interest plans and various governance matters. Jingyi also represents institutional investors (including sovereign wealth funds and funds of funds) and other investors in connection with investments in private funds.
Jingyi was recognized as a "Next Generation Partner" and "Rising Star" for investment funds practice in China by The Legal 500 Asia Pacific 2022 and 2021 editions respectively. She is also recognized as one of the "2022 Rising Stars" by China Business Law Journal.
Jingyi is a native Mandarin speaker and is fluent in English.
Jinjian Zhang founded Vitalbridge Capital in October 2019. Vitalbridge focuses on robotics, artificial intelligence, and technology services from the perspectives of both "demographics" and "technology innovation" to help China's digital upgrade.
Jinjian Zhang has led investments in companies such as Puxin (NY:NEW), Liulishuo (NY:LAIX), Cloopen (NY:RAAS), Dustess, Maycur Technology, Publink, LM-Dental and etc.
Jinjian Zhang graduated from the National Artificial Intelligence and Imaging Laboratory of Fudan University with a master's degree.
Wei Zhou is the founding partner of CCV Capital. He has 11 years of successful entrepreneurship experience and 17 years of venture investment experience.
In 2007, Wei joined KPCB as a founding member of KPCB China. He then served as a Managing Partner of KPCB and led the technology investment team in Greater China. In 2017, Wei founded CCV Capital where he adheres to a visionary investment strategy. CCV Capital focuses on early-stage investments in artificial intelligence, robotics, autonomous driving, and green tech. He has maintained a unicorn rate of 35% in the first ten years of operations and continues to yield at least one unicorn each year.
The companies he invested in include: JD.com (NASDAQ:JD), VenusTech (002439), CreditEase (NYSE:YRD), Rong360 (NYSE:JT),ChineseAll(300364), Arrail Dental (HKSE:06639), Perfect Corp(NYSE:PERF), KJY water (301372), Ximalaya FM, Shukun Technology, MetaApp, Cowa Robot, Transsnet Financial, IceKredit, Quicktron, PPIO, U POWER Technology, etc.
Wei is a pioneer in China's fintech payment industry. Prior to CCV Capital, Wei had more than ten years of startup experience as founding member/founder before his Venture Capital career.
Wei has been named among China's Top 30 Venture Capitalists by Forbes China for five consecutive years and included in the Top 30 Most Influential Investors of the Year by Fortune, China's Top 10 Venture Capitalist by CV Awards, China's Top 10 Influential Investors by China Renaissance, and awarded Best Investor of the Year by Zero2IPO and China Venture.
Wei also serves as the treasurer of China Venture Capital and Private Equity Association ("CVCA"), the oldest and longest-running trade group representing the venture capital and private equity industry in Greater China.
Wei holds an M.B.A. degree from Wharton, University of Pennsylvania and a Bachelor's degree in Physics and Electronics Science from the University of Electronic Science and Technology of China. He is a long-term entrepreneurship mentor at Wharton Business School, Tsinghua PBC School of Finance, and Zero2IPO Sandhill College.
Hao Zhou is the head of our Greater China Private Equity and Merger & Acquisition practice, and a core member of our Consumer Products, Digital and Retail practices, based in Hong Kong.
During his tenure at Bain, Hao has led numerous commercial due diligence and post investment work for Private Equity and corporate clients, with his expertise and on-hand experiences across many industries and sectors in China.
Hao is the co-author of Bain's annual "China Private Equity Report," "China M&A Report," and 2024 Chinese Enterprises Overseas Expansion Study.” His insights and byline articles are extensively quoted by international and domestic mainstream media, including Reuters, Bloomberg Businessweek, Caijing Magazine, China Daily, and more.
He has also served both regional and global clients in the consumer goods, apparel, retail, telecom, industrials and advanced manufacturing & services spheres. His core capabilities across such industries include merger integration, transformation, digital, e-commerce, route-to-market and strategy.
Prior to joining Bain in 2010, Hao held positions at Morgan Stanley, Robert Bosch GmbH and another top consulting firm.
He holds an MBA from INSEAD and master’s degree from ETH Zurich.
Ling Yang is China Editor for Mergermarket, a global news intelligence service for advisors, private equity firms and corporates. She heads a team of dedicated specialists across China to cover corporate growth strategies, M&A deals, PE buyouts, cross-border M&A intelligence, as well as data-backed analysis and trend pieces.
Ling has been an investigative M&A reporter for 12 years with a special focus on private equity coverage. She was the head of consumer and retail coverage for APAC with Mergermarket. She joined Mergermarket in Hong Kong in 2011 before moving to Shanghai in 2016.
Gunther Hamm is the Co-Head of HOPU Magnolia and a Partner at HOPU Investments. HOPU Magnolia is a dedicated Growth fund leveraging HOPU’s platform resources and significant track record of Growth investing.
Mr. Hamm has been an investor for more than 20 years with a primary focus on the Technology and Consumer sectors, including the last 15 years based in China. He previously worked at Hillhouse Capital, CDH Investments and JPMorgan, all with a focus on the Technology and Consumer growth sectors.
Mr. Hamm currently holds board seats at ARM China, Laiye RPA, Trax Retail, and Ceva Animal Health. Other investments include SenseTime, CATL, NextData. His investments have twice won AVCJ ‘Deal of the Year’ awards.
Mr. Hamm was educated at Dartmouth College (BA) and Tsinghua University. He is currently a Trustee at Choate Rosemary Hall, where he helps oversee the management of its endowment.
Tian is a Managing Director at L Catterton who is based in Beijing. Having extensive deal sourcing and execution, as well as portfolio management experience, he helps lead investments for the firm in China.
Before joining L Catterton, Tian spent over a decade at Carlyle, where he focused on growth equity and leveraged buyout deals in Asia's consumer market, as well as co-investments with the firm's American and European sister funds. Prior to that, he was with TPG’s buyout team in Asia. He was previously also with Goldman Sach's investment banking division.
Tian received a bachelor’s degree in Mathematics-Economics from Wesleyan University, where he was a Freeman Asian Scholar. He currently serves on Wesleyan’s President’s Council and was previously also on its Alumni Association Executive Committee.
Mr. Ian Lee is the Managing Partner of Dewu Capital, a leading RMB venture capital fund focused on early stage investments in Fintech and Enterprise Services. He was the CEO of Will’s Fitness Group and served as the CFO of Glory Star New Media Group Holdings Ltd (NASDAQ: GSMG) and TKK Symphony Acquisition Corporation (NASDAQ: TKKS) as well as Senior Advisor for Xinua Mobile.
Prior to that, He was the Operating Partner of Evolution Media China. From 2014 to 2016, Mr. Lee was CFO of TPG’s two RMB funds, Shanghai and Chongqing. In 2013, he served as COO of DMG, a Chinese entertainment and communication company. From 2005 to 2012, Mr. Lee was with Omnicom Media Group, part of Omnicom Group (NYSE: OMC), a global advertising, marketing and corporate communications company, serving as Finance Director, CFO and President & COO of China.
From 1998 to 2004, Mr. Lee was with News Corp/21st Century Fox, where he spent 7 years in the Sydney, Beijing, Shanghai and Hong Kong offices in various positions, including Vice President of STAR China, News Corp’s China Operation; and Finance Director of ChinaByte, a JV between People’s Daily and News Corp.
Mr. Lee holds a Bachelor degree in Genetics from Sichuan University, China and a Master of Management from University of Technology, Sydney, Australia. He had won Australia Alumni Award, Omnicom Group Financial Leadership Award, Star Group Achiever Award and Hononary Texan.
Karen Lai is a Managing Director of LionRock Capital, a seasoned Asian private equity firm with an investment focus on consumer and sports sectors. She oversees the investments, investor relations and fund operations functions of LionRock Capital. She has over 18 years’ experience in private equity and investment banking.
Prior to joining LionRock Capital, she was an Investment Executive at Candover, a European private equity fund, where she focused on mid-market growth companies in the Greater China region. Prior to that, she worked at Credit Suisse focusing on fixed income structuring, as well as at Bank of America Merrill Lynch focusing on corporate finance and corporate risk management.
Ms. Lai received a Bachelor of Science in Economics (summa cum laude and member of Beta Alpha Psi) from The Wharton School, University of Pennsylvania. She is qualified as a Chartered Financial Analyst (CFA).
Sean joined Novo Holdings in May 2022 as Partner and Head of China.
He has 10 years of healthcare investment experience. Prior to Novo Holdings, Sean was employed as a Principal at Advent International, leading healthcare investing in China. Prior to Advent International, he worked at Warburg Pincus, where he spent five years focusing on investment in healthcare primarily in China and other key Asia markets. Sean started his investing career at CITIC Capital, a control focused private equity firm in China. Before investing, Sean worked in the investment banking division at UBS.
Sean holds a dual BA in English Literature and Economics from Beijing Foreign Studies University.
Meng has over 18 years of investment, M&A and investment banking experience. She has been at CBC Group since the beginning in early 2014, and has led investments in the pharmaceutical sector, including CMAB, I-MAB, and Innovent, among others. Meng spearheaded the launch of the firm’s Venture Capital strategy, which she currently heads.
Prior to CBC Group, Meng was most recently Director and COO at Far East Horizon’s Investments Group where she was responsible for department operations, risk management, and establishing and implementing budgets. For two years, Meng led teams on M&A and minority healthcare services investments. Prior to joining Far East Horizon, Meng was Managing Director at ARC China, where she established its China operations and headed various investments across multiple sectors. Before her time at ARC China, Meng was an Associate Director at Business Development Asia in Shanghai where she executed numerous joint ventures, acquisition and divestiture transactions in the chemical, consumer, and manufacturing sectors in China and Japan. Meng started her career at UBS Investment Bank in New York, where she worked on origination and execution of M&A, IPO, Debt and Equity issuances.
Meng graduated with Honours in Economics and Political Science from Wellesley College.
James Huang is Founding Managing Partner of Panacea Healthcare Venture Capital (RMB 615m Fund & USD180.5m Fund). He has devoted his passion、diligence、intelligence and loyalty into life science and investment industry over 30 years. He is a successful entrepreneur、investor and an opinion leader in Venture Capital healthcare sector in China. Panacea Venture is focusing on investments in innovative and transformative early and growth stage healthcare and life sciences companies worldwide.
James Huang is also managing partner of Kleiner Perkins Caufield & Byers China. He joined the firm in 2011 and focuses on the firm’s life sciences practice. His main investment interests are innovation around China’s growing healthcare markets and helping entrepreneurs build companies. James has made more than 15 investments in China since 2007.
Prior to that, James was a Managing Partner at Vivo Ventures, a Venture Capital firm specializing in life sciences investments. While at Vivo, James led numerous investments in China. Before joining Vivo in 2007, James was president of Anesiva, a biopharmaceutical company focused on pain-management treatments. During his 20-year career in the pharmaceutical and biotech industry, he also held senior roles in business development, sales, marketing and R&D with Tularik Inc. (acquired by Amgen), GlaxoSmithKline LLC, Bristol-Meyers Squibb and ALZA Corp. (acquired by Johnson & Johnson).
James is Chairman of Board at Kindstar Global, JHL Biotech and XW Laboratory and Director at GenScript, ChiralQuest, Zenesis, CVie Therapeutics, CASI and Omni Pharmaceuticals.
James received an M.B.A. from the Stanford Graduate School of Business and a B.S. degree in chemical engineering from the University of California, Berkeley.
Yiqing Wang is Managing Editor of Mergermarket’s Asia-Pacific M&A and ECM editorial team, which specializes in breaking news on private and public M&A transactions and delivering forward-looking intelligence on corporate strategy. Yiqing spearheads the editorial strategy and oversees day-to-day operations, to deliver timely, actionable insights and analysis to help clients make better deal-making and investment decisions. Additionally, she frequently moderates panels and chairs conferences at ION Analytics events, bringing industry insights to the forefront.
She has been an investigative M&A reporter and editor since 2009, writing news ranging from healthcare, renewable energy and financial service, etc.
Yiqing achieved her master's degree of multilingual multicultural studies from New York University.
Alex Shum is a Managing Director of TPG NewQuest based in Hong Kong. Alex joined TPG NewQuest in 2011 and is responsible for sourcing, execution and portfolio management of investments across the Greater China region. Alex leads TPG NewQuest China investment teams and has a focus on structuring complex fund solutions transactions. Alex also has a track record of navigating direct investment situations with heavy hands-on involvement, driving the companies throughout its investment lifecycle to successful exits. Alex has more than 15 years of experience in finance, encompassing investments, capital raising, M&A and corporate advisory. Prior to joining TPG NewQuest, he was an Associate at Credit Suisse’s Investment Bank based in Hong Kong, where he worked in the corporate finance and equity capital markets departments. Alex received his undergraduate degree in Economics from Duke University in Durham, NC. Alex is fluent in English, Mandarin and Cantonese.
Practice Areas
Private equity and venture capital
Mergers and acquisitions
Foreign direct investment
General corporate
Professional Experience
Before joining Han Kun, Shuting Qi was a partner at Kirkland & Ellis LLP and practiced for more than 14 years. Shuting has extensive experience in representing private equity and strategic clients in a wide array of business transactions, including mergers and acquisitions, buyouts, growth equity investments, divestitures, joint ventures, foreign direct investments and general corporate matters. Shuting has also represented Chinese companies in their outbound investments and other financing transactions outside China.
Shuting represents clients across diverse industries, including TMT, healthcare, education, finance, industrial manufacturing, retail and logistics.
Education
Harvard University School of Law, LL.M., 2012; Fudan University School of Law, LL.M., 2008; Nanjing University School of Law, LL.B., 2005.
Qualifications
Member of the New York State Bar
PRC Bar Qualification
Working Languages
Chinese, English
Yunyan Sang is a Director of Lexington Partners primarily engaged in the evaluation of secondary purchases of non-U.S. private equity and alternative investments.
Prior to joining Lexington in 2015, Ms. Sang was an analyst in investment banking at Morgan Stanley Asia. Ms. Sang graduated from Yale University with a BA in economics.
Jolie Chow is a Managing Director at PJT Partners and Asia head of PJT Park Hill’s Secondary Advisory Group, based in Hong Kong. Prior to joining PJT Partners, Ms. Chow spent 14 years at Morgan Stanley, where she leads Greater China financial sponsors coverage for the Investment Banking Division. She is experienced across secondary advisory, M&A, equity and debt financing in Asia Pacific.
Ms. Chow received an MBA from Harvard Business School, and a BA with distinction from Yale University in Economics and International Studies.
Ping Zhou leads a China journalists team writing distressed and event-driven corporate credits for Asia high yield fix income investors and restructuring advisories, covering both onshore and offshore Chinese restructuring and liquidation situations for Debtwire APAC since 2013. She started her journalist career with Financial Times in 2011 and won SOPA 2012 award in Hong Kong for breaking news on Wukan Guangdong protests. She has Korean literature background and lived in Pyongyang, Seoul, before moving to Hong Kong.
Simon Chan, Director, is part of the Asia Pacific Private Credit team, focusing on sourcing, evaluating, and executing private credit opportunities primarily in Greater China.
Prior to joining BlackRock, Simon was at Sixth Street Partners, investing across Strategic Capital opportunities and Special Situations strategies. Simon started his finance career as an investment banking analyst at the M&A team of UBS, based in Hong Kong.
Simon received a master's degree in computer science from the University of Pennsylvania and a bachelor's degree in business administration from the Ross School of Business, University of Michigan.
Tim Tu is the Head of APAC Corporate Book in the Global Lending Unit at UBS. He was previously the Co-Head of the Asia Pacific Financing Group (AFG) and the Head of AFG, Greater China at Credit Suisse. Mr. Tu held the position as the CEO of Credit Suisse Securities (China) Limited (CSS), the bank’s majority-owned securities joint venture in China, until April 2022. As CEO of the securities joint venture, he was responsible for leading and managing the joint venture's overall strategy and business operations, in alignment with Credit Suisse’s broader Greater China strategy.
Doctor of Quantitative Economics of Huazhong University of Science and Technology, external master's supervisor of Zhongnan University of Economics and Law. Dr. Yan has rich investment and financing experience in real estate M&A, special opportunity investment, real estate funds, Securitization and other fields, which has brought rich investment returns to LP. Before joining Cordiality Capital, Dr. Yan has served at the head office of China Construction Bank, Country Garden Group (assistant to co-president), and Paladin Asset Business (Chief operating officer), and also served as the director of the Grand Central Apartments project in London, England.
Leigh is a partner with Han Kun’s Investment Fund Group, and her practice primarily focuses on investment fund formation, asset management, and foreign direct investment. She has over ten years of experience in the industry and worked closely with many of the most active PE/VC fund managers and asset allocators in Greater China. She is exceptionally well versed in handling cross-border fund formation matters (e.g., QFLP, QDLP/QDIE, QFII, QDII). She closely monitors the development of China’s foreign exchange administration policies and is also a zealous advocate for developing China’s PE/VC secondary market.
Leigh graduated from Sun Yat-sen University (SYSU) with an LL.B. degree in 2008. She also received a Master of Commercial Laws degree from Seoul National University and an LL.M. degree from Columbia Law School (with honors). Before joining Han Kun, Leigh worked at King & Wood Mallesons (Guangzhou and Beijing offices) and Kim & Chang (Seoul office).
Leigh is a native Chinese Mandarin speaker, and she is also fluent in English, Korean, and several Chinese dialects (e.g., Cantonese and Sichuanese).
Joyce Zhang joined the investment team at Wallace in 2016. She assists the chief investment officer in the management of the foundation’s investment portfolio. Her responsibilities include the monitoring of investment managers, and risk management and analytical support.
Zhang worked as a senior fixed income trader at Ping An Asset Management, one of the largest insurance companies in China.
Zhang received her M.B.A. from Yale University. She holds an M.S. in global business from Pepperdine University and a B.S. in electrical engineering from Sun Yat-sen University in Guangzhou, China. Zhang is both a chartered financial analyst (CFA) and chartered alternative investment analyst (CAIA).
Ronald Liu joined Temasek in June 2019 and is currently Managing Director, China. Hei s responsible for Temasek’s Financial Services, Consumer and Fund investments in China.
Doris is responsible for all aspects of the primary investment process, including fund selection, due diligence, negotiations, monitoring, and general partner relationship management within China.
Prior to joining Adams Street, she was a Senior Associate for Adveq Investment Management Co. Ltd., a global private equity firm, responsible for sourcing and executing growth/buyout funds and secondary investments in China and Japan. Prior to Adveq, she focused on direct investment activity for C.V. Starr Investment Advisory Asia Ltd.
Doris was named one of Private Equity International (PEI)’s 40 under 40: Future Leaders of Private Equity. Winners were selected from a field of over 200 nominees based on key qualities such as leadership, innovation, interpersonal skills and technical expertise, among other criteria.