注册和茶点
寻找新方向——中国及周边市场私募探索
中国的重新开放成了今年全球经济为数不多的亮点。随着内地经济继续增长,国内消费支出也直线攀升,通胀和衰退因而得以控制。尽管如此,某些全球GP和LP出于自身原因仍选择回避“中国+1”战略,而从长期来看,大多数投资者看涨中国市场,并仍将其视为区域和全球增长引擎。我们的资深PE投资人将逐一解读过去一年的诸多事件,并对后续发表见解。
- 私募股权投资策略在过去一年中有什么变化?全球投资组合中,中国的适合位置在哪里?
- 影响中国交易达成的宏观挑战有哪些?
- LP对在中国业务的主要担忧是什么?地区GP是如何调整自身整体投资组合的?
- 时下中国基金投资人身份几何?来自中东和亚洲其他地区的投资者会取代北美LP吗?
茶歇、交流时间
价值创造——创造属于自己的机会
在不确定的时期,私募股权投资者不能仅仅依靠金融工程来获取超高回报。GP需要一种更加综合性的方式来创造价值,并拟定如何平安渡过当前市场动荡的详细计划。对于私募股权行业而言,这也将是辨别未来表现的一个最佳参考因素。我们的顶级GP讨论小组将分享他们的经验,即价值创造如何为他们的投资组合公司创造了绝佳机会。
- 最近的市场波动对在中国的价值创造带来了怎样的影响?优先事项是否有变?
- 中国GP在推动价值创造时,最重要的考虑因素是什么?
- 顶级GP是否在他们的价值创造计划中纳入了更多ESG标准?如何操作?
- 如何运用科技以提振传统经济?
融资——为下一个周期做准备
在中国GP勇敢面对市场动荡、监管变化和国际竞争等不利因素时,2023年成功融资的可能性却一降再降。一些投资者选择关注其他策略,包括接续基金、二级基金、在线平台和私人财富。然而,还是有大批投资人选择专注于投资,或退出并计划2024年重返市场。在此,我们的融资专家小组将评估他们对当前市场环境的反应。
- 2024年,中国的GP采用了什么融资策略?
- GP如何选择退出市场的时机,为下一次融资形成补充?
- 当下法规与限制如何影响市场融资活动?
- 新资本渠道在哪里?私人财富可堪用?
交流午餐
绿色投资——能源转型、电动汽车和气候变化
中国的净零雄心已清楚表明:清洁技术变革来得比预期要快。随着中国政府绿色转型政策推动太阳能等新能源的快速部署,中国电动汽车市场正全力发展。考虑到机会的规模和重要性,地方和国内企业在领域企业的发展极致化尚有很多相互学习的地方。我们的绿色投资专业小组将就此分享他们的观点。
- 是什么使ESG策略与碳中和基金在当地的GP中越来越受欢迎?
- GP和LP如何进入世界上最大的电动汽车和电池行业?
- 中国最有吸引力的碳中和机会在哪里?
- 清洁技术和绿色技术的哪些子领域风头正劲——风能、太阳能、核能或电力存储?
创业投资-创新能为创业投资带来更高的内部收益率吗?
随着市场重新归于稳定和机遇重现,中国的创业投资活动正在加快脚步。如今,唤醒了投资者兴趣的是抓住气候变化、先进技术、自动化、制造和其他能够推动增长的相关应用等机遇的企业。我们卓越的小组成员将与您一起探究本土初创公司未来的最新趋势,并就后面的大事件展开讨论。
- 电动汽车和替代能源的最佳机会有哪些?机会来自其他哪些领域?
- 最新的监管变化有哪些?投资者当如何把握?
- 中国的创业投资基金目前有哪些退出选项?
- 更严峻的市场环境和更低的估值是否为风险承担者提供了良好的投资环境?
茶歇、交流时间
行业关注:消费大反弹
疫情后的“报复性支出”短暂提振了消费品企业的环境,特别是那些在新冠肺炎封锁期间率先创新而受益的消费科技企业。尽管消费者信心仍保持谨慎,但投资者们却很乐观,并把那些已展示出长期增长潜力、能够提供差异化产品和服务的企业视作可靠的投资机会。本单元的投资者讨论小组将分享他们在热门领域的消费趋势上的专业观点。
- 中国消费领域的最佳投资机会在哪里?
- 2023年如何打造一个全球性中国品牌?
- 在中国和海外投资供应链,GP应如何操作?
- 人工智能和其他技术升级的嵌入能否创造长期增长?
第一天结束
高端酒会
行业关注:医疗保健的复兴
由于一系列防疫措施限制、地区紧张局势和最新政策,中国医疗投资放缓。然而,该行业的长期重要性、防御性和吸引力并没有削弱,投资者正在回归行业企业。热点领域包括制药部门的创新药物和生物技术初创企业。我们的医疗保健行业专家小组将就行业前景及未来12个月环境展开预测和探讨。
- 私募股权和创业投资在过去一年中表现如何?行业持续机会在哪里?
- 监管政策的变化将如何影响该行业的交易完成?
- 投资者应该注意到哪些潜在的子板块?
- GP如何用人工智能和机器学习赋能医疗保健领域企业?
退出——二级收购、交易销售和IPO
富有挑战性的宏观状况影响了中国私人资本的退出,GP因而退守更为可靠的策略,专心于向真正了解机会的人和其他GP出售股权。根据AVCJ的研究,二级退出交易额在中国私募股权退出总数中的占比从2021年的16.3%已跃升至的55.9%。相比之下,更传统的同行交易和IPO分别占48亿美元交易总额的28%和15%。随着经济的改善,退出交易可能在2023/24年迅速反弹,GP也将对二级交易和IPO市场回报更加满意。本单元的小组讨论主题就是中国市场退出的前景。
- GP和LP如何在不确定时期看待退出并获取流动性?
- 二级交易是否会成为交易流程的主流?挑战有哪些,玩家们如何克服?
- 并购退出会因为监管限制和IPO的长时间积压而变得更普遍吗?
茶歇、交流时间
重点关注:中国的私人债务和特殊情况
私人信贷在全球出现显著增长,中国也不例外。在极具挑战性的经济环境中,填补银行风险避趋所造成的缺口变得愈发重要,但中国的信贷投资者也要灵活。由专业人士、多资产管理者和技术平台提供的子战略的涌入意味着投资者(和公司)的接触点比以往任何时候都多。我们的小组讨论成员将在此分享他们对如何驰骋于中国广阔和多元化的市场的看法。
- 目前信贷投资者面临的首要挑战是什么?
- 信贷策略是如何在中国成功部署的?
- 如何捕捉某些行业出现的特殊情况、不良资产和不良贷款机会?
- 中国最新的风险债务情况是什么?
LP看中国——目光宜长远
鉴于最近全球经济的不确定性,LP对投资中国私募股权和创业投资基金的情绪受到负面影响并不足为奇。虽然一些机构投资者继续增持现有基金经理,以利用较低的估值,但大多数投资者对投资新基金经理犹豫不决,采取“观望”方式指导自己的地区资本配置。我们的投资者讨论小组将为您评估当前的情况,并讨论他们在该地区的策略。
- 全球LP如何长期看待中国私募股权和创业投资市场,其投资策略是否会改变?他们在寻找什么样的策略?
- 考虑到当前的环境,LP会对他们的GP有更多期待吗?
- 当地的人民币投资者会填补普通的美元投资者留下的空白吗?
- 二级交易的角色是什么?
会议结束,午餐
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CloseTim 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.
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.
Jui Tan is the Managing Partner of BlueRun Ventures China. He joined BlueRun Ventures US in 2001 and started BlueRun China 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.
Firm Bio
BlueRun Ventures China (BRV China) is the leading early-stage venture firm in China with offices in Beijing and Shanghai. Having its heritage in Silicon Valley since 1998 and entered China in 2005, BRV China has managed over $1.5 billion through multiple USD and RMB funds, with over $900 million cash distributions. BRV China focuses on early-stage opportunities across enterprise services, transportation and smart machine, digital healthcare, and consumer technology sectors in China. The firm has invested in more than 150 portfolio companies, including Li Auto (NASDAQ: LI), QingCloud (688316.SH), WaterDrop (NYSE: WDH), Energy Monster (NASDAQ: EM), Mogujie/Meilishuo (NYSE: MOGU), Qudian (NYSE: QD), Ganji/58.com, PPTV, Guazi, Meishubao, Nanyan, Shanzhen, Gaussian Robotics, Yi Auto, Pinecone, etc. The firm has been recognized as the "No.1 Early-Stage Investment Firm" in China by Zero2IPO and ChinaVenture, and "Consistent Performing Venture Capital Fund Manager" by Preqin.
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.
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。
作为金融行业主管合伙人和私募股权行业联席主管合伙人,吴先生领导并参与超过700个金融及金融科技行业的尽调,为金融公司、私募股权基金、主权基金及国企客户提供过众多里程碑项目的尽调服务。同时,吴先生还是毕马威中国价值服务提升主管合伙人,在其领导的项目中为客户在整个交易闭环中提供并创造价值协同。吴先生拥有多年在毕马威海外成员所工作的经验,与其全球合作伙伴就国际经济及区域经济环境、金融及私募股权行业保持密切沟通交流,在复杂的跨境交易及本土交易中为客户提供国际化、多元化解决方案。
2002年作为创始合伙人参与创建鼎晖投资;1999年至2002年,王先生曾任中国国际金融有限公司直接投资部高级经理;加入中金之前在中国经济技术投资担保公司担保部任高级经理。王先生毕业于财政部科研所,获经济学博士学位。
2015 年底,徐 诗 与 车 好 多集团 创始人及CEO 杨浩涌 一 起创立山 行 资本 (HIKE Capital)。作为中国领先的创业者基金(Founders Fund),山行资本及徐 诗 得 到了诸多顶 尖 创 业 者 的 认可。截 至目前,徐 诗已带 领 团 队 投出 理 想 汽 车(NASDAQ:LI,HKEX:2015)、悦刻RELX(NYSE:RLX)、镁佳科技、元保科技、 Halara、闪送、粉笔(HKEX:2469)、猿辅导、Spark及未知君等项目。
在创立山行资本之前,徐诗曾任网易移动事业部总经理和产品委员会主席,从0 打造出4亿用户的网易新闻APP及网易应用中心等多个行业知名产品。
徐诗毕业于南京大学(NJU)、中欧国际工商学院(CEIBS)。作为深潜、徒步、 科幻、艺术爱好者,好奇心和创新精神驱动她不断探索新领域,风险投资是她热爱并 为之奋斗终生的创业事业。
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.
赵福先生于 2016 年创办亚洲新生代PE代表机构—知一投资,并拥有 20 年专注于 ESG、绿色经济领域的私募股权成功投资经验。带领团队深度挖掘具有巨大发展潜力的 ESG、绿色经济时代绿色低碳、粮食安全、生命科学领域的投资机会。
自知一投资成立以来,赵福先生投资了众多拥有全球领先技术、强大产品能力、国内及国际领先市场地位的龙头企业,包括贝壳集团、京东物流、绿控传动、奕斯伟计算、纽福斯、青牛软件、楷拓生物、艾凯生物、58 集团、红云融通、柯渡医学、中信建投、药明康德、万华化学、快手等。
赵福先生曾于2006-2016年任职于KKR亚洲,是 KKR 亚洲业务创始时期团队成员及大中华区核心高管之一,领导了KKR在亚洲的第一个ESG、绿色经济领域的成功投资项目—总部位于新加坡的全球领先的污水处理膜技术企业联合环境。在创立知一投资前,赵福先生在其职业生涯中领导并作为核心团队成员完成了众多成功大型项目的投资,如联合环境、蒙牛乳业、现代牧业、远东宏信、平安保险、百丽时尚、中金公司等。
赵福先生毕业于清华大学基础科学实验班,获优秀毕业生荣誉。
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 Hong Kong in 2021 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.
Pang Lee is a founding partner of CYL & Partners, a firm of Hong Kong solicitors which practices in association with Cooley HK, a Hong Kong registered foreign law firm. His practice is focused on the formation and operation of various private investment funds, with a focus on venture capital funds, buyout funds and investment advisory businesses. He has been involved on behalf of sponsors and investors in the formation of some of the largest and most active funds and managers in the region. His practice is focused particularly on fund managers making investments around the Pacific Rim, with an emphasis on Greater China, Southeast Asia and India. Pang also has experience advising clients on a variety of issues including carried interest arrangements, co-investments and strategic joint venture arrangements.
Pang is a regular speaker and moderator at venture capital industry conferences.
Pang is fluent in English and is a native Cantonese speaker.
Education
University of Pennsylvania Law School
JD, 2003
Massachusetts Institute of Technology
BS, 1997
Bar Admissions
New York
Solicitor of Hong Kong
姜思遥先生是全球最大的可持续发展咨询公司之一,ERM中国区总经理。ERM在全球40多个国家和地区设有办公室,拥有超过8,000名咨询顾问。作为管理合伙人, 姜思遥领导ERM中国环境与社会(ESG)咨询、气候变化双碳战略、可持续金融服务、与收并购尽职调查。另外他分管ERM大中华区金融机构与银行客户。
姜思遥曾在中国、澳大利亚、英国、中国香港等多个国家和地区工作学习, 在企业与投资银行、中央银行、公共政策方面拥有近20年从业经历。加入ERM前,姜思遥主管法国外贸银行东北亚区项目融资团队,为金属矿业、自然资源、可再生能源、基础设施、政府和社会资本合作、生物化工、及数字通信等行业提供ESG咨询、绿色金融、投行并购、套保交易等一揽子解决方案。姜思遥的职业生涯始于澳大利亚中央储备银行, 负责管理澳大利亚联邦外汇与黄金储备。此外, 他曾先后任职于三井住友银行、麦格理金融集团、及昆士兰保险集团。
姜思遥是一名历史学者和经济学家。他毕业于牛津大学(中古欧洲史硕士)、悉尼大学(国际法硕士)、以及麦考瑞大学(精算学和经济学一等荣誉双学士)。他精通中英语,并熟悉法文、意大利文。姜思遥热衷于研究全球历史框架下的商贸交流与文明沟通。目前,他正在牛津大学兼职攻读博士研究生,以比较历史视野研究中世纪海上贸易与气候变化。姜思遥是一位品酒师, 拥有葡萄酒、清酒、及威士忌等专业认证。
解轶然女士曾供职于CIC 中投全资子公司JIC 中国建银投资有限公司,主要负责JIC 中建投资本在高新技术领域的私募股权全面募投管退的业务,在基金投资运作方面拥有较强的专业能力与丰富的实践经验。在长达6 年的任职期间,先后募集管理了 China New Energy
Fund 新能源基金(美元)、China W Growth Fund II 美元半导体并购基金。作为 JIC 资本香港的总经理及法定代表人负责境外投资与落地中国合资合作的相关工作,并完成了一系列的优质股权投资项目与行业并购项目,取得了较好的投资回报与业界影响力。
在管理JIC 香港 九天管理香港有限公司 期间,完成多个知名集成电路领域投资项目,包括知名半导体企业的跨境并购,以及国内A 股上市公司的并购重组等著名案例,在业界取得了良好的赞誉与影响。
在新能源领域拥有超过17 年的丰富经验,累计完成了总规模达36 亿美元的新能源项目投资与并购,领域涵盖风电、光伏发电、水电与绿色氢能等。
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 is the founding Partner of Vitalbridge. Established in Oct 2019, Vitalbridge focuses on scientific and technological services in education, healthcare, and enterprise services from “demographic structure” and “technological innovation” perspectives aiming to support the upgrade of “New Service” enabled by technologies.
Jinjian Zhang led the investments including Puxin (NY:NEW), Jiliguala, Liulishuo (NY:LAX), Cloopen (NY:RAAS), Kaishu Story, Unisound, Dustess, Maycur and etc.
Jinjian Zhang graduated with his Master degree from Fudan University National Laboratory of Artificial Intelligence and Image.
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.
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.
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.
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.
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 870m 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. Since its inception in 2018, Panacea has three portfolios listed and five more submitted IPO application. Panacea is currently raising its USD Fund II with a target fund size of USD 250 million. 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 the Managing Editor for M&A and ECM, APAC, at Mergermarket. Ms. Wang is leading a team of dedicated journalists across APAC regions to cover PE/VC fundraising, M&A transactions, PE buyouts and exits,etc.
She has been an investigative M&A reporter and researcher since 2009, writing industry news ranging from healthcare, new energy and financial service, etc.
Ms. Wang achieved her master's degree of multilingual multicultural studies from New York University.
沈朝力先生是新程投资大中华地区董事总经理。沈先生于2011年加入新程投资,主要负责搜寻、评估和管理新程在大中华地区的投资项目。沈先生领导新程投资中国投资团队,专注于复杂的GP主导S交易方案,并且在PEVC直投领域也有着丰富的实操经验,在企业投后管理有着资深能力和很多成功的退出案例,他拥有超过十五年的金融领域工作经验,主要在投资、融资、并购和企业咨询。
在加入新程投资前,沈先生于瑞信香港的投资银行部担任经理,主要负责企业融资和股权股本市场。
沈先生本科毕业于美国杜克大学,攻读经济学学位。
业务领域
私募股权和风险投资
兼并和收购
外商直接投资
一般公司事务
工作经历
在加入汉坤律师事务所之前,戚舒婷女士在美国凯易律师事务所(Kirkland & Ellis)担任合伙人,并有超过14年的从业经验。戚舒婷女士代表众多私募股权基金及战略投资者进行类型广泛的商业交易,在兼并收购、控股权收购、成长股权投资、退出及分拆交易、合资企业、外商直接投资及常规公司业务方面均具备丰富经验。戚舒婷女士同时代表中国公司开展境外投资和其他境外融资项目。
戚舒婷女士服务的行业领域广泛,包括TMT、医疗、教育、金融、工业制造、零售、物流等众多行业。
教育背景
2012年获美国哈佛大学法学硕士学位;2008年获复旦大学法学硕士学位;2005年获南京大学法学本科学位。
执业资格
美国纽约州律师执业资格
中华人民共和国法律职业资格
工作语言
中文、英文
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
华中科技大学数量经济学博士,中南财经政法大学校外硕士研究生导师。严博士在房地产收并购、特殊机会投资、地产基金、资产证券化等领域有着丰富的投融资经验,为LP带来了丰厚的投资回报。在加入顺朋投资之前,严博士曾服务于中国建设银行总行、碧桂园集团(联席总裁助理),帕拉丁资产业务总裁,严博士也担任英国伦敦Grand Central Apartments项目董事。——改为:严博士曾服务于中国建设银行总行、碧桂园集团(联席总裁助理)以及帕拉丁资产(业务总裁),同时也担任英国伦敦Grand Central Apartments项目董事。
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).
Doris (Partner) 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.
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.