play_arrow
play_arrow
play_arrow
AVCJ Private Equity Forum China 2024
The premier private equity & venture forum in China
China World Summit Wing Hotel, Beijing & Online
Agenda
08.50
- 09.00
CST
09.00
- 09.30
CST
09.30
- 10.15
CST
Private equity in China: What lies ahead
Private equity in China has faced significant challenges in recent years, including a property downturn, a sluggish economy, low consumer confidence, and the effects of regional geopolitics. These factors have led to a reduction in investment in Chinese companies to US$68.80 billion in 2023, the lowest in five years according to Mergermarket data. For long-term investors, however, now may be an opportune time – regulatory reforms, technological advancements, ongoing energy transition, and reasonable valuations with less competition -- savvier investors are taking note. Our panel of seasoned private equity investors will delve into the current landscape and future prospects of private equity in China.
- How have private market investors adjusted their China strategies in the past year? Where does China fit within a global portfolio?
- Will the "China +1" strategy remain feasible? How has this strategy evolved in response to changing dynamics?
- What is the outlook for valuations considering the anticipated increase in buyouts and take-private transactions in China?
- Can RMB-denominated funds fill the void left by USD vehicles? What challenges and opportunities do RMB funds present?
10.15
- 10.45
CST
Networking coffee break
sponsored by
10.45
- 11.30
CST
The green transition: Leading by example
China has emerged as leading light in the green industries globally. Chinese EVs has dominated the market for electric vehicles in terms of production and innovation. This has translated into strong sales domestically and internationally. With the local government’s continued regulatory push for commercial efforts in other green industries, China is expected to play a key role in the world’s transition to clean and sustainable energy. How can investors from across the globe take advantage of this unique knowledge to benefit their companies, consumers, LPs and the environment. Our panel of green industry insiders share their views.
- Will this knowledge sharing create long-term growth for regional GPs to adapt their green portfolio?
- What has prompted the increased popularity of ESG strategies and carbon neutrality funds amongst local GPs?
- Is it too late for international GPs and LPs to tap into the world’s biggest electric vehicle and battery industry?
- What are the main concerns regarding the tariff threat to China's far ahead green product? Is it overcapacity, or underconsumption?
play_arrow
11.30
- 12.15
CST
Cross border deals: Leveraging domestic expertise internationally
Chinese fund managers are eyeing overseas expansion to diversify geographical focus and regain their appeal to international LPs. Using the skillsets honed over several fund cycles investing in Chinese companies and leveraging their access to Chinese entrepreneurs, Chinese GPs are using their strategic advantage into such sectors as consumer products, advanced manufacturing, and technology. However, pivoting into new and complex markets comes with its own set of challenges, which our panel of international investors will discuss.
- What is the competitive edge of Chinese GPs investing overseas?
- What strategies are GPs using to effectively navigate new markets and deliver alpha?
- How are LPs responding to the change in strategy?
- A case study of a successful international deal
play_arrow
12.15
- 13.15
CST
Networking lunch
13.15
- 14.00
CST
Sector focus: Consumer – a bumpy road
Consumer confidence is yet to recover fully, but it is also par for the course. China's economic recovery is losing momentum and while consumer sentiment continues to be cautious, investors are still optimistic on China's transition to a consumption-centred economy. China is focusing on developing the economic potential of its huge internal market to power consumption and a significant increase in the size of its digital economy will unleash long-term growth potential. Our diversified panel of investors will share their expertise on consumer trends in the hottest sectors.
- How will China economic near-term challenges such as recession and deflation impact consumption?
- What are the key elements to sustainably drive consumption growth in the medium to long term?
- Where are the best opportunities for investors in the Chinese consumer space?
- Can China’s property downturn have a silver lining for consumption?
play_arrow
14.00
- 14.30
CST
play_arrow
14.30
- 15.00
CST
play_arrow
15.00
- 15.30
CST
Networking coffee break
sponsored by
15.30
- 16.15
CST
Exits: Building your path to liquidity
It is a challenging time for exits, especially those of Chinese. With no clear path to an IPO and M&A exits to the usual sources usually obstructed, sponsor-to-sponsor sales have come to the fore. Beyond that, GPs should also explore alternative sources of liquidity, with continuation vehicles, cross-fund transactions, secondaries and NAV financing increasing on the agenda. GPs and LPs give their take on how best to realise returns in these trying times.
- Sponsor-to-sponsor sales led the way in other parts of Asia. Will it be the same in China?
- What is the demand-supply dynamic behind single-asset continuation funds?
- How are investors addressing conflicts of interest tied to alternative liquidity?
- What the most attractive for Chinese PE-backed IPOs?
play_arrow
16.15
- 17.00
CST
The LP panel: Alternative views, ‘new’ sources
It is a difficult time, globally, to be raising capital for new funds. This is particularly true for China-focused funds. No longer the darling of the pensions, endowments and other investors that have funded them in the past, Chinese GPs now search for different pools of capital and a new investor base that can allocate beyond the problems of today. Our diversified panel of investors will take stock of the current situation and contemplate strategies for fundraisers to ponder.
- What do Chinese funds really need to do to fundraise?
- What are the global LPs’ short-term and long-term assessments of China given the current climate?
- Are Middle Eastern LPs the solution for Chinese GPs?
- Are RMB funds a natural pivot? Can international investors participate?
play_arrow
17.00
- 18.30
CST
Networking cocktails reception
Confirm cancellation
Something went wrong.
An error occurred trying to play the stream. Please reload the page and try again.
CloseSign-up to join the ION Analytics Community to:
- Register for events
- Access market insights
- Download reports
Mr. FANG Fenglei is the founder and chairman of HOPU Investment Management Co and former Chairman of Goldman Sachs Gaohua Securities. Previously, he served as deputy chief executive of China International Capital Corporation (CICC), Chief Executive Officer of BOC International Holdings Ltd and Chief Executive Officer of ICEA Finance Holdings Limited.
Mr. Fang has served in the Ministry of Foreign Trade and Economic Cooperation as well as several regional companies. In the past two decades he has had extensive experience sourcing and structuring transactions such as China Telecom’s acquisition of equity stakes in Hong Kong Telecom; the initial public listings of China Mobile, China Telecom, China Unicom, China Netcom, PetroChina and SinoPec.
Mr. Fang was recognized as one of the “Top Ten Influential Leaders of China’s Capital Market” by Financial Asia and was awarded “Asian Financial Service Development Outstanding Achievement” by Euromoney. Mr Fang is also the founder of the Duancun School in Hebei and the Fuxi School in Gansu. Mr. Fang graduated from Zhongshan (Sun Yat-sen) University with a B.A. in Chinese and Economics. He also received a Harvard Business School Executive Education certificate from the Advanced Management Program.
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.
Rafael Ratzel has been an integral part of TH Capital (华控基金) in Beijing since 2016, spearheading the firm's international initiatives as the head of TH Capital International. His strategic leadership resulted in the successful establishment of the firm’s inaugural USD Fund in 2023, extending opportunities for international investors to access growth capital investments in Chinese high-tech sectors. The international team at TH Capital also supports portfolio companies in introducing innovative Chinese technologies to a global customer base.
Before his tenure at TH Capital, he held several operational roles at Siemens and Bosch in Europe and as a consultant with Roland Berger in Beijing. He further enhanced his cross-border investment expertise at CMIG Investments in Shanghai.
Rafael holds dual degrees in Engineering (Industrial and Systems Engineering) and Business Administration (Management) from the Hong Kong Polytechnic University. He has also acquired MBA degrees from Tsinghua University in Beijing and the Sloan School of Management at the Massachusetts Institute of Technology (MIT).
His strategic insight and leadership are also recognized in his role as a board member of the German family office and industrial holding group AEQUITA.
Zhan is an Investment Principal and General Manager of Coller’s Beijing office. He is responsible for origination and execution, and is based in the firm’s Hong Kong and Beijing offices.
Prior to joining Coller Capital in 2016, Zhan was a Director at BlackRock Private Equity Partners. Previously, he worked at Swiss Re Private Equity Partners and Adveq Management in Zurich, Beijing and Hong Kong.
Zhan has a BEng in Environmental Engineering from Tianjin University, an MSc in Environmental Science from Nanyang Technological University and an MBA from INSEAD. Zhan is a CFA Charterholder.
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.
Ms. Hu Xiaoling is responsible for the investment activities and portfolio management of CDH Private Equity. Ms. Hu has established a leading investment track record over the past two decades, and was responsible for a number of successful investments, including Belle Fashion, Midea, Dali Food, Babycare, Sunac, and Yingliu. Prior to co-founding CDH, Ms. Hu had worked for CICC’s private equity group and Arthur Andersen. Ms. Hu received her M.S. and B.S. degree in Economics from Beijing Jiaotong University. She is a Chinese certified public accountant and a fellow member of the Association of Chartered and Certified Accountants of United Kingdom and a qualified Securities Certified CPA.
Member of Fund Industry Culture Building Committee of Asset Management Association of China (AMAC), member of Green and Sustainable Investment Committee of AMAC, member of Emission Peak & Carbon Neutrality Professional Committee of Chinese Society for Environmental Sciences.
Responsible for ESG investment, public affairs, theoretical research, think tank and industry association etc., familiar with ESG investment, green investment, impact investment and full process management.
Leading the China PE ESG Initiative For Dual Carbon Goals (CID) and Qingtong Responsible Investment Academy to promote China PE&VC ESG ecosystem development.
Dr. Jin Zhang has nearly 30 years of experience in management and investment, with in-depth research and rich experience in post investment operations and management. He focuses on improving leadership in multinational corporations and Chinese enterprises. He has served as Global Partner, Managing Director, and Vice General Manager for Greater China at Russell Consulting, and has held technical and management positions at ExxonMobil, McKinsey, and Halliburton Petroleum Services.
Bachelor's degree in Modern Physics from the University of Science and Technology of China, Master's and doctoral degree in Nuclear Engineering from Purdue University in the United States.
Mr. Fang is the founding managing partner of Starquest Capital, a China based private equity and fund of funds firm with investment strategy focused on consumer, healthcare and technology sector. Mr. Fang oversees the FoF investment, ESG integration, business development and various activities. Starquest Capital is the first Asian recipient of the UNPRI Awards 2019 Emerging Markets Initiative of the Year.
Prior to founding Starquest Capital in 2018, Mr. Fang served as the Head of LGT Capital Partners in China for 12 years. Before joining LGT Capital Partners in early 2007, Mr. Fang worked for AXA Private Equity Group in Singapore focusing on fund of funds and direct investment in Pan-Asia region. Mr. Fang has a total of 20 years' experience in the finance industry.
Mr. Fang has invested over USD 1.5 billion in Chinese private equity market, including long-established GPs such as CDH Investments, CITIC Capital, Sequoia Capital and Legend Capital, as well as VC 2.0 GPs such as Primavera Capital, Source Code Capital and Gaorong Capital. Mr. Fang is the member of Advisory Committees for over 20 funds in China and a member of the China Insurance Regulatory Commission Expert Committee. He is also invited to be expert judge of Forbes China 2020 "30 Under 30" List.
Mr. Fang holds a Bachelor degree in Accounting from Shanghai Jiao Tong University, MBA from INSEAD Business School and EMBA from People’s Bank of China School of Finance of Tsinghua University. Mr. Fang also holds the Chinese certified public accountant qualification. He is the member of Future Forum Youth Council. His native language is Mandarin. He is also fluent in English, French, Cantonese and can use conversational German and Japanese.
Mr. James Tam has over 25 years of experience in investments and corporate finance. He joined Bain Capital in 2019, and is currently a Partner in the Private Equity team focusing on Greater China. Prior to joining Bain Capital, Mr. Tam was the Head of Asia Pacific Mergers & Acquisitions at Morgan Stanley.
Mr. Tam is now responsible for leading and managing Bain Capital Private Equity's investments in the industrials and new energy sectors, and he is currently a board director at EcoCeres Inc. and Vitalink Technology. He also has extensive experience in advising on multiple landmark cross-border M&A transactions over the past decade.
Mr. Tam graduated from the University of Chicago with B.A. in Economics and M.A. in International Relations in 1998
Eddie Chen's career path spans sectors and functions, ranging fromIT executive and diplomat to senior government official and private equityinvestor. Mr. Chen has extensive international experience, having embarked on overseas assignments in US, Sweden, France, and China.
Starting from 2022, he serves as the Managing Director of Fullerton Fund Management, a Temasek-Holdings owned investment firm based in Singapore with over US$40 billion AUM. He also serves as a Partner at the Fullerton Asia Carbon Action Fund, a growth capital fund that has pioneered investments in decarbonization and ESG sectors, with a focus on emerging Asian markets such as Southeast Asia, India, and China.
In 2013-2022, he served as the Senior Partner and Head of China in EURAZEO Group, a leading French PE investment company listed in Euronext with over €35 billion AUM. Under his leadership, Eurazeo has succeed to build a wide recognition in China as a crossborder private equity specialist with deep knowhow on China value creation, and successfully completed over 20 cross-board M&A deals. He also served as the Senior Partner at France-China Cooperation Fund, a cross-border buyout fund in partnership with the China Investment Corporation. This bilateral fund was launched and signed in 2019 in the presence of the French and Chinese Presidents.
In 2002-2013, he served as the Vice President and China Chief Rep of Invest Sweden Agency - a Swedish government agency. He initiated and completed over 200 bilateral investment agreements and investment deals including Geely's acquisition of Volvo Car in 2010.
Prior to Sweden, he worked at the United Nations Development Programme (UNDP) in New York as the Chief of the Information Technology Group, leading all IT strategies and operations of UNDP in 150 country offices, and leading numerous strategic information industry projects in developing countries on all continents. His achievements and contributions to the reform of the United Nations were highly praised by the Chief Information Officer Summit of the United Nations in 1997.
He owns Master Degree of Management from New York University; Bachelor Degree of Computer Science from Eastern Michigan University, and Shanghai Fudan University
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.
Wei Zhou is the Founding Managing Partner at CCV. Before starting CCV, Mr. Zhou was Managing Partner at KPCB China as a founding member, and led its digital practice group in Greater China.
Leading the top-tier Silicon Valley VC China fund for 10 years, Mr. Zhou backed companies at early stage including JD.com (NASDAQ:JD), CreditEase (NYSE:YRD), Rong360 (NYSE:JT), Himalaya FM, Yixia.com, Tan Tan (acquired by NASDAQ: MOMO), VenusTech (SZ:002439), Manzuo.com (acquired by SuNing), Yixia.com, ULUCU (NEEQ:837110), Miaozhen Systems, Asia Innovation Group, Scinor Water (acquired by TRCE:300332), KJY Water (NEEQ:835159), and Arrail Dental. After establishing CCV, Mr. Zhou invested JD Digits, Perfect, Ice Kredit, Zuzuche, Veer VR, Menya, Bizvane, Joyrun, Cowa Robot, Lomotif, Dingdong Class, Shukun Technology, and Yunhu Health. Wanka Online (HKSE:1762) went public in December 2018, less than 18 months after CCV’s series B investment.
Before joining KPCB China as a founding member, Mr. Zhou was the CEO of Shanghai Hanbo Tech Co., a leading e-payment solution provider, which was later successfully acquired. Prior to that, Mr. Zhou held senior positions at Start Computer Group (SH:600734) since 1994. As the youngest executive, he grew from a regional operation leader to the supervisor of the entire e-payment ecosystem and corporate M&A. He led the company throughout its startup stage, IPO, to the following years of fast growth.
Mr. Zhou was named among China’s Top 20 Best Venture Capitalists by Forbes, China’s Top 30 Most Influential Venture Capitalists by Fortune, China’s Top 10 Best Venture Capitalist by CV Awards, China’s Top 10 Influential Investors by Huaxing Group, and China’s Top 50 Founding Partners Voted by Fund of Funds by FoF Weekly.
Mr. Zhou also serves as a governor and treasurer of China Venture Capital and Private Equity Association (“CVCA”).
Mr. Zhou holds an M.B.A. from the Wharton School of the University of Pennsylvania and a Bachelor’s degree in Engineering from the University of Electronic Science and Technology of China.
2022 to now
FountainVest Partners (Asia) Limited (Managing Director, Head of Cross-Border Investment / M&A, Head of Tech Growth Investment)
2017 to 2022
FountainVest Partners (Asia) Limited (Managing Director, Co-Head of Consumer, Media & Technology)
2007 to 2017
Goldman Sachs (Asia) L.L.C. (Head of China M&A, Investment Banking Division, Managing Director)
2003 to 2005
Pan Media Corporation (Chief Financial Officer)
2000 to 2003
Goldman, Sachs & Co. (Financial Analyst, Global Investment Research)
MBA in Finance, The Wharton School; MA in International Studies, The Lauder Institute, University of Pennsylvania; Bachelor of Arts, Dual Majors in Economics and Political Science in Columbia University
Jenny Lee, is a senior managing partner at Granite Asia. She leads global investor relations and strategy, and was instrumental in setting up GGV’s first China office in 2005 and re-opening the Singapore office in 2019.
A self-starter, an investor and an entrepreneur, Jenny spent the last 23 years overseas and is frequently the first to invest in new innovative applications and products. She is best known for investments in sectors like Edtech, Fintech, Food and Agritech, Metaverse, and Energy Sustainability and Automation Technologies. Her portfolio includes 21 companies valued at over $1 billion each. She has had 16 IPOs up to date, including one in 2023 and two in 2021 across five different global exchanges, and numerous portfolio companies exits via M&A. Jenny’s global investment track record over two decades and early operation and finance work experience with Singapore Aerospace in Singapore; Morgan Stanley, and JAFCO Asia in Hong Kong enhanced her role as a preferred board member with deep domain expertise and global investment experience.
Born and raised in Singapore, Jenny is highly respected in the Asia business community and serves as a board member of Temasek. She serves on the governing boards of both Lee Kuan Yew School of Public Policy and Duke-NUS Medical School. In addition, she is a member of Singapore’s Research, Innovation and Enterprise Council; Singapore Business Federation; Asia Business Council; and Future Economy Advisory Panel.
Jenny has been a member of the Forbes Global 100 VC Midas list since 2012 and was the first woman to break the top 10 in 2015. She was also recognised by Forbes as one of the World’s 100 Most Powerful Women in 2023 and 2022 and in 2019 was named to the Forbes Asia Power Businesswomen 25 list and received the Business Times’s Outstanding Overseas Executive Award. In 2016, she was named to the Vanity Fair New Establishment list, Fast Company Most Creative People in Business list, and is consistently recognised by The New York Times and CB Insights among the top 100 venture capital investors worldwide, ranking #8 among top venture capitalists in Asia.
Jenny graduated from Cornell University with an M.S. and a B.Sc. in Electrical Engineering and an MBA from Kellogg School of Management, Northwestern University.
David is a Managing Director - Head of China
Prior to joining, David worked as operating partner at CITIC Capital, as CEO of Wanda Sports China and as SVP at NBA (National Basketball Association). He worked as an investment banker at Merrill Lynch and consultant at Deloitte Touche therebefore. He has contributed to numerous financing deals, including IPO, private placements, acquisitions both as a banker and a corporate executive.
David graduated from the Wharton School of University of Pennsylvania (MBA), University of Texas at Austin (MS & MPA), and Nankai University (BA) with honor.
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.
Kate Kui is a partner of Harvest Capital. Based in Hong Kong, Kate Kui has extensive experiences in technology and consumer retail industries. Her previous investments include Meituan, Airbnb, Farfetch and Flexport. Before joining Harvest Capital, Kate Kui was a senior vice president of JD.com and head of China tech of Merrill Lynch investment banking in Hong Kong. Kate Kui is a China fellow of Aspen Global Leadership Network.
Mr. Bao is a Senior Principal in the Direct Investments China team, based in Beijing. He joined Mubadala Investment Company in 2017. As a founding member of the Direct Investments consumer team, he has been integral to efforts to expand and strengthen the practice, including within China. Since the establishment of the consumer team, in 2019, Mr. Bao has successfully led more than 10 transactions, totaling ~$3.5bn of investments. Mr. Bao has been a board member of Arcadia Consumer Healthcare since 2021, and was previously a board member for Affordable Care Dentures and Implants and Dental Care Alliance from 2022 to 2023.
Prior to joining Mubadala, Mr. Bao spent two years at Warburg Pincus from 2015 to 2017 focused on investments within the metals and mining sector. Mr. Bao started his career in investment banking, working for the Royal Bank of Canada in London from 2011 to 2015.
Mr. Bao received a Bachelor’s and Master’s degree in Electrical and Electronic Engineering from the University of Cambridge in 2011.
Tony Jiang is a co-founder and partner at Ocean Link. He leads all of Ocean Link's investments, and he currently serves on the boards of several Ocean Link portfolio companies, including 58.com, eHi, DingDong MaiCai, Kaiyuan Hotels and DragonPass. Prior to founding Ocean Link, Mr. Jiang was with The Carlyle Group from 2006 to 2016 focused on private equity investments in Asia. He received a bachelor’s degree in Electrical Engineering from Columbia University with full scholarship.
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 16 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).
Nancy Zheng is a member of the firm’s Private Equity, Consumer Products and Technology practices.
Since joining Bain in 2013, Nancy has conducted commercial due diligence for numerous financial investor clients across a range of industries. Her sector expertise encompasses consumer products, consumer internet, food service and retail. She also has deep insights and extensive project experience advising fund strategy for sovereign wealth, hedge and private equity funds.
Nancy holds a master’s degree from The University of Pennsylvania, as well as a bachelor's degree in management from Tsinghua University.
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.
Dr. Kai-Fu Lee is the Chairman of Sinovation Ventures and President of Sinovation Venture’s Artificial Intelligence Institute. Sinovation Ventures, managing US$3 billion dual currency investment funds, is a leading venture capital firm focusing on developing the next-generation deep tech companies. With a unique “VC+AI” model, Dr. Lee also leads the venture-building efforts of seven AI startups including the latest 01.AI, a new company capturing the LLM-driven AI 2.0 opportunity. Before founding Sinovation, Dr. Lee was the President of Google China, and a senior executive at Microsoft, SGI, and Apple. Dr. Lee received his Bachelor's degree in Computer Science from Columbia University, a Ph.D. from Carnegie Mellon University, and Honorary Doctorate Degrees from both Carnegie Mellon and the City University of Hong Kong. He co-chaired the Artificial Intelligence Council for the World Economic Forum Center for the Fourth Industrial Revolution and is highly recognized as “TIME100 AI” Top 25 AI Leaders in the World, 100 Most Influential People in the World by TIME Magazine in 2013, WIRED 25 Icons, and followed by over 50 million audiences on social media.
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.
Guy Cui is a Partner in the in the EQT Private Capital Asia team, focusing on investment activities in Greater China. Guy worked for BPEA from 2012 until 2022, when the company joined forces with EQT and was renamed BPEA EQT.
Prior to joining BPEA, Guy was Partner of Hopu Investment Management Co. Ltd. Prior to that, Guy was Managing Director of Morgan Stanley China Investment Banking and led HSBC’s Resources and Energy Group in Asia Pacific.
Guy received Bachelor’s and Master’s degrees in Engineering from the University of Science & Technology Beijing, China, and a D.Phil. in Engineering Science from the University of Oxford.
Daizong joined TPG NewQuest in 2016 and co-heads the firm’s Greater China business. Daizong has more than 25 years of investment and private equity experience in China and brings with him a diverse set of skills from deal origination and structuring to hands-on operating experience with portfolio companies. He has worked closely with China-based GPs and led a number of secondary transactions including GP-led continuation vehicle deals in China.
Prior to TPG NewQuest, he was Managing Director at CVC Capital Partners, based in Beijing. Before CVC, he served as Senior Vice President and CIO of a Chinese investment holding group, and CFO of Little Sheep Group Ltd., a Hong Kong-listed restaurant group, which was subsequently sold to Yum! Brands. Daizong also previously worked for 3i plc and the investment banking division of Goldman Sachs in Hong Kong.
He holds an MBA from the Wharton School at the University of Pennsylvania and a Bachelor’s in Engineering from Shanghai Jiao Tong University. He is fluent in English and Mandarin
Mr. Liwei Fan is a Managing Director at PAG’s Private Equity business. Since joining PAG in 2016, Mr. Fan has led its investment in Digital Communications Group, a top-tier SAAS company servicing the publishing industry in China and CINIC Holdings, a leading global high performance pigment manufacturer. Currently, Mr. Fan is a board member of Digital Communications Group and serves as the Chairman of CINIC Holdings.
Mr. Fan has 15 years of experience in the private equity investment industry, having completed deals of over US$1.8bn in value across the consumer, industrial and financial sectors. In addition to his investment experience, Mr. Fan also took on an operational role as the Vice Chairman & CEO of Yihong Group, a leading yacht manufacturer in China. Before that, he worked with Goldman Sachs Principal Investment Area and J.P. Morgan’s Investment Banking division, both in Hong Kong.
Mr. Fan obtained his bachelor’s degree in Biochemical Sciences from Harvard University.
Murong Yang serves as Managing Director and Head of Capital Markets at Future Capital, an early-stage venture capital fund specializing in deep tech. Notable portfolio companies include Li Auto (NASDAQ: LI), NIU Technologies (NASDAQ: NIU), iMotion Automotive Technology (HK.1274), PingCAP, Narwal Robotics and Minimax. Prior to Future Capital, Murong was the Chief Executive Officer of a Chinese conglomerate. Murong used to work at Credit Suisse in the Investment Banking Division and JLL in the Investments Division. Murong holds a B.A. from Yale University and an MBA from Tsinghua University. She was recognized as one of World Economic Forum's Global Young Leaders and received Tsinghua University's "Award for Leadership.” She currently sits on the Board of Hongru Financial Education Foundation.
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.
Mingchen is a Managing Director and Co-Head of Asia Investments based in the Hong Kong office.
Prior to joining Hamilton Lane in 2014, Mingchen was a Senior Fund Manager at Tokio Marine Asset Management in Japan, where he was responsible for private equity fund investment globally. Previously, he worked at Mitsubishi UFJ Securities and Mizuho Securities.
Mingchen received an M.B.A. from Hitotsubashi University and a bachelors from Shanghai Jiao Tong University.
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.
Ms. Ma is a member of the private equity team, focused on fund and co-investments in the APAC region. Prior to joining StepStone, Ms. Ma was a program officer at United Nations Children’s Fund. Ms. Ma received her BA from Peking University and MA from Columbia University.