Programme

  • 09:00

    Economist briefing

  • 09:20

    Live Q&A

  • 09:30

    Networking break

  • 09:45

    Keynote panel: Private equity and economic transition

    Having endured several months of severe disruption, China’s economy appears to be returning to a version of normal. Curtailed spending and severed supply chains have inflicted wounds on businesses, which will take time to heal. But there are also longer-term challenges around structural reforms and consumption-led growth. PE has contributed to the country’s economic evolution and will continue to do so – the question is how its role might change. Our panellists offer some answers.

    • How is macroeconomic uncertainty impacting investment?
    • What lessons can be drawn from past difficulties?
    • Are there likely to be more distressed opportunities?
    • What does China-US decoupling mean for private equity?
  • 10:30

    Live Q&A

  • 10:45

    Networking break

  • 11:00

    A matter of control: Are buyouts coming of age?

    Expectations of more buyout opportunities in China are based on well-known factors: succession planning, multinationals that get out when the going gets too tough, and founders who recognise they need help to reach the next level for expansion. But how long will it take for the trickle of deals to become a steady flow, and are private equity firms equipped to respond when this happens? Our panellists discuss the implications of majority ownership.

    • What does control mean in a China context?
    • How do private equity firms source buyout deals?
    • Are take-privates the next big opportunity?
    • How are GPs addressing the new norms for businesses and creating value?
  • 11:30

    Live Q&A

  • 11:45

    Intermission

  • 15:00

    Spending power: The evolving consumer opportunity

    China’s consumer sector remains a tantalizing $4.9 trillion opportunity, despite several months of severe economic disruption that has tested balance sheets and business models. Even as out-of-home spending resumes, trends that lingered in the background are being pushed to the fore. Consumer behaviour is as geographically and demographically diverse as ever, but it also increasingly technology enabled. PE experts offer present versus future perspectives on when, where, and how people are spending money.

    • What trends are driving investment activity?
    • How do companies target lower-tier cities?
    • Are all consumer deals now technology deals?
    • How can GPs differentiate their consumer strategies?
  • 15:30

    Live Q&A

  • 15:45

    Networking break

  • 16:00

    Healthcare: Investing in a changing landscape

    The COVID-19 outbreak has underlined the need for continued significant investment in China’s healthcare system, from drug development to frontline treatment. It has also brought digitization to the fore. For investors who were already excited about the potential of this sector, there is now greater clarity as to where the biggest opportunities can be found – although relevant skills, experience, and conviction have perhaps never been more important. Our specialists consider different approaches.

    • What is the government doing to support healthcare?
    • Which sub-segments are the most attractive?
    • How is technology bringing about change?
    • Is there too much money chasing deals in the sector?
  • 16:30

    Live Q&A

  • 16:45

    Networking

  • 09:00

    Keynote interview

  • 09:20

    Live Q&A

  • 09:30

    Networking break

  • 09:45

    The LP view: China within a global portfolio

    Are international LPs taking advantage of conditions and increasing exposure to China or seeking solace in their home markets? There were already numerous reasons not to commit to a China fund, from uncertainty regarding the macro outlook to legal and regulatory risk to patchy track records. However, if other investors are backing off, now might be the time to establish relationships with previously hard-to-access managers. Institutional LPs offer insights into their approaches.

    • How are portfolio allocations changing?
    • Has China shaken off its “good for TVPI, bad for DPI” reputation?
    • What are the key considerations in manager selection?
    • How prominently does ESG feature in the decision-making process?
  • 10:30

    Live Q&A

  • 10:45

    Intermission

  • 15:00

    China venture capital: The shifting dynamics

    As China’s economy mounts a recovery, the Chinese tech sector has begun to boom once again.  Not only has COVID-19 transformed lives and businesses, it has also changed industry dynamics. For example, investors are being more selective with high cash-burn B2C plays and placing greater emphasis on B2B, as well as innovations along industry verticals. Our panellists take a look at China’s venture capital and discuss what might come next.

    • What will be the emerging investment themes over the next 12 months?
    • Is the enterprise software opportunity being overhyped?
    • How will the next wave of potential unicorns find their feet?
    • What is the exit outlook for Chinese tech companies?
  • 15:30

    Live Q&A

  • 15:45

    Networking break

  • 16:00

    IPO and exit outlook in 2021 and beyond

    Exit activity slowed significantly in the first half of 2020 and will remain sluggish for the rest of the year as fund managers delay their exit plans due to stressed valuations. However, as soon as market conditions recover, exits may quickly bounce back as secondary investors are keen to offer liquidity solutions. In addition, although listing in the US has become more challenging, the appetite for IPOs remains strong; and while favourable policies are encouraging IPOs in Shanghai and Shenzhen, another option could be Hong Kong. Our panellists predict the exit outlook for 2021 and beyond.

    • What opportunities and challenges are GPs facing in preparing their portfolios for exit?
    • How is the secondaries market in China evolving?
    • Will there be more demand from strategic investors, especially in hot sectors such as tech and healthcare?
    • Is Hong Kong a viable alternative to the US for IPOs? What about Shanghai and Shenzhen?
  • 16:30

    Live Q&A

  • 16:45

    Networking