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Thursday, 14 October 2021
Registration and refreshments
09:30LP expectations: Capturing growth and returns in China
Even as growth moderates and external challenges arise, China remains the most significant exposure in many LPs’ Asian portfolios. Nevertheless, as the PRC private market evolves and matures, LPs’ expectations of fund managers and their investments are changing. In this session, a group of senior and influential LPs will discuss their thoughts and strategies for approaching the market, as well as debate the risks and rewards.
- Have the US election and the changing macro climate altered LPs’ strategies towards China?
- Top-tier or “dark horse” funds? Venture capital, growth, or buyout? Niche vs generalists?
- What are LPs expecting from GPs, now that ESG criteria have become a significant factor in manager selection?
- Are there any new tools or strategies to identify and build trust with new managers as travel restrictions continue?
11:00Cross-border M&A: Are the tables turning?
With tighter regulations on foreign investment, heightened geopolitical tensions, and global travel restrictions, Chinese outbound M&A dropped by 63.1% in Q1–Q3 of 2020. Conversely, inbound M&A in China grew by 165.3%, with both deal value and volume surpassing outbound activities for the first time in a decade, as China further opened up. Our panel of dealmakers discuss the major drivers reshaping the cross-border investment landscape, as well as the opportunities and challenges for the year ahead.
- How will geopolitical uncertainty affect the appetite for dealmaking in and out of China?
- What outbound deals are still happening, and how are they structured?
- What are the new policies for foreign investors, and which sectors offer the most interesting opportunities?
- Is the playbook changing for private equity participation in cross-border deals?
12:00Capital market reforms and the future of exits in China
Ongoing capital markets reform has revived interest in IPO exits in China. In the first 10 months of 2020, the number of IPO exits in local bourses accounted for almost 80% of all markets. The approval of the first foreign VIE-structured company listed on the STAR board is expected to boost its competitiveness as an exit venue. With unforeseen regulatory challenges to domestic listings, trade-sales and secondaries have dominated exits in recent years. Can IPOs recapture exit kudos? Our experts assess the outlook.
- What were the most fruitful exit routes in 2020?
- Have secondary solutions evolved to meet liquidity needs in China?
- Will China and Hong Kong overcome the US as the preferred listing destinations for Chinese companies?
- What can China do to outperform as a listing and trading venue, and what lessons can be learned from international role models?
Closing remarks and networking lunch
End of conference
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