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From the Chairman
Inside Legco
From the CEO
Cover Story
CEPA Opens the Door to Hong Kong Companies
Wider Implications of CEPA
CEPA:
Professional Services
Mixed Bag for Retailers
HKGCC Submits Clarification Questions
on CEPA to Government
O'Rear's View
Producing In,
And for the PRD
China Economic Update
CEPA's Impact on
the Mainland Economy
Business
Bulletin Online
Mobile Workforce
Venture Capital Industry Alive and Well in Hong Kong
Polytrade Paper
Chamber Programmes
Chamber Programmes
Chamber
Happy Hour -- June
Expanding Networking Circles
Chamber in Action
BUSINESS
August
2003 Issue  Venture Capital Industry Alive and Well in Hong Kong
On Monday, September 22, Hong Kong's Venture Capital Association, in conjunction with the Chamber, holds its annual conference at the Hong Kong Convention Centre. This annual event is well regarded -- last year attracting over 300 managers, professionals and business leaders from Hong Kong and China. Fittingly, the theme for this year's event is "Survival and Resilience." With SARS now hopefully well behind us, the venture capital industry is definitely alive and well. Once again, we have managed to secure a number of high-profile speakers from Hong Kong and overseas. Frederick Ma, Secretary of Financial Services and the Treasury, will deliver the opening keynote, while the lunchtime keynote speech is to be delivered by Martin Gagen, a board director of 3i Group plc. Other business leaders speaking include William Fung of Li & Fung, Lee Soo Mun of SM Entertainment, Yat Siu of Outblaze and investors such as Walden, Jafco, PPM Ventures and GEMS. It will be a lively and informative day. So what about the industry?Venture capital funds operations in Hong Kong have grown over the years, due largely to the region's efficient communications and infrastructure, and its position as a geographic and business hub at the heart of an entrepreneurial culture. At the end of 2001, venture capital funds under management in Hong Kong amounted to over US$80 billion. There are now more than 150 firms and over 500 professionals involved in providing equity to Hong Kong and regional businesses. The industry is very much alive and kicking -- offering businesses a viable alternative to IPOs and debt when looking to raise capital for expansion. This year's event has been designed to meet the needs of companies with ambitious management teams, looking to develop and grow their businesses. Whether you are looking to raise expansion funding or capital to lead a management buy-out or finance to fuel the growth of a new technology, the conference is sure to bring value to you -- offering you the opportunity to hear from and mix with both entrepreneurs and capital providers. Positive signsDespite the end of the technology boom and the more recent SARS crisis, there have been a number of recent positive developments. Governments across Asia are instituting changes to strengthen the investment environment in the longer term with reforms in investment regulations and governance. These are stimulating investment, buyout and restructuring opportunities in Korea, Japan and China. At the same time, China has maintained its high rate of growth and rapid development as the world's manufacturing centre. It has also progressed in areas of information technology, microelectronics, media, environmental sciences, biotechnology and other life sciences as well in the agricultural processes. This offers wide ranging opportunities for businesses and local venture capital firms who are well positioned to make sound investments given their proximity, knowledge, experience and understanding of the complex China market. Fundamentals in place for Hong Kong industry to prosperThe industry in Hong Kong is "alive and well." Businesses and investors alike are beginning to enjoy the benefits of integration with China. Hong Kong has an efficient and robust financial market of international standard and a free flow of capital which can process the huge demands of capital for Hong Kong itself, China and Asia. It has a fair and independent legal system under which businesses can be managed. Equally important is the viable exit avenues in the form of trade sales or listings on the HK Stock Exchange or the second market, the GEMS board. Jamie Paton is Director, North Asia, for 3i Asia Pacific plc. |
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