AVCJ Private Equity Forum China 2024
The premier private equity & venture forum in China
China World Summit Wing Hotel, Beijing & Online
11
Sep
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?
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SpeakersYiqing Wang Managing Editor, M&A and ECM, APAC MERGERMARKET
Rafael Ratzel Managing Partner TH CAPITAL INTERNATIONAL
Zhan Yang Principal COLLER CAPITAL
Rebecca Xu Co-Founder and Managing Director ASIA ALTERNATIVES
Xiaoling Hu Founding Partner, Head of Private Equity CDH INVESTMENTS
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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.