Keynote Speech IV
Shankun Zhang, Zhejiang development & Reform Committee, Deputy Director

Speaker Remarks
Peimin Zong, SINOWISDOM, Chairman

• Following the issuance of "Circular on Further Regulating the Development and the Administration by Record Filing of Equity Investment Enterprises in Pilot Areas" and "New Law of The People's Republic of China on Securities Investment Fund" (revised draft for comment) by National Development and Reform Commission and China Securities Regulatory Commission, domestic venture capital institutions are now adopting record filing and registration measures. To what extent will their fund-raising size and customer structure fall under "supervision"?
• Recent years, domestic venture capital institutions are much attracted to provinces and cities in West China, like Xinjiang. Which industrial projects can be most prospective as regards the return? In which projects lie the highest investment risks?
• In addition to the active absorption of private enterprise investment and cooperation with government guide funds, are there new models emerging in domestic VC fund-raising expansion?
• In face of the increasing quit rate among VC partners this year, what big challenges will project investment and management encounter? How will domestic LP control investment risks derived from the quit of fund partners?
  

  Moderator: Danny Lui, Zero2IPO Group, Vice Chairman
  Speakers:
  Richard Li, Legend Capital, Managing Director & Director of Shanghai Office
  Bing Xiao, Fortune Venture Capital Co., Ltd., Managing Partner & CEO
  Stanley Xiao, Shenzhen CDF-Capital Co., Ltd., Chairman & President
  Hang Xu, SAIF Partners, Partner
  Suyang Zhang, IDG Capital, General Partner
  Joe Zhou, Keytone Ventures, Founder & Managing Partner
  

• How will domestic PE contribute to attracting investment of large institutional investors, such as social security funds and insurance companies?
• While industry investment fund-raising ushers in its rebound, how will private entrepreneurs or industrial capital get involved in enterprise technology upgrade and business complement via PE investment? What are the investment opportunities like? What about the investment risks?
• PE fund investments tend to be homogeneous. How will individual investment characteristics of PE fund be created?
• In a time when brokerage asset management divisions are to issue PE fund, direct investment of insurance funds are in full swing, PE grows out of nothing in the banking system, and domestic PE market sees its busy season, what can be the advantages and disadvantages for different types of PE?
• Cities like Shanghai and Beijing are working on QFLP and related implementation details. What are the concerns of overseas LP in participating in domestic RMB fund? Will the role of unincorporated fund system of joint ventures find nowhere to play?
  
  

  Moderator: Forrest Zhong, South River Capital Partners, Founder & Managing Partner
  Speakers:
  Jay Deng, WestSummit Capital, Managing Director & Founding Partner
  Lei Gao, Jiuding Capital, Partner
  Ji-Ou Liu, China Renaissance Capital Investment Inc. (CRCI), Managing Director
  Jay Xin, CICC Private Equity, General Manager
  Joe Tian, DT Capital Partners, Founding Managing Partner
  Jason Zhang, Actis, Investment Principal

• How to build Zhejiang Province into a gathering place of private capital management institutions?
• How to guild the hundred-billion private capital of Zhejiang Province into "regulate investment" and how will PE institutions seek new opportunities in investment and loans, small loan guarantees, and equity investment in early-stage projects?
• How will entrepreneurs of Zhejiang Province get rid of their financial difficulties by using the power of PE to achieve technological upgrading and integration of industrial chains?
  
  

  Moderator: Surong Xu, Financial Office of Zhejiang Province, Deputy Director
  Speakers:
  Wei Wang, Financial Research Institute of Zhejiang University, Executive Director
  Weigang Yuan, Tiantang guigu, President
  Naxin Yao, Juguang Instrument, President
  

Session 3: Medical Health: How Rich Is the Investment Gold Mine of "Health Industry"? (Partner of Medical Health Panel: CCBI Healthcare Fund)

• In China, medical health industry adopts M&A or other means and layouts in its national expansion. How will investment institutions assist relevant enterprises in finding the optimal balance between scale enlargement and operational risks of cash flow?
• After the implementation of healthcare reform, what investment gold mines remain to be exploited in pharmaceutical circulation and medicine R & D? What are the impacts on the medical services industry?
• With the approaching of China's aging society, what are the investment opportunities like in domestic pension and health care industry? What about the investment risks?
• Comparing with the flourishing IPO in Internet and new energy projects, is the golden age of IPO in medical and health industry long overdue?
  
  

  Moderator: Xiaodong Jiang, NEA, NEA Partner, Managing Director China
  Speakers:
  Dajian Cai, Shenzhen GTJA Investment Group, Chairman
  David Su, Matrix-China, Managing Partner
  Zhi Yang, BioVeda China Fund, Founder, Chairman & Managing Partner
  Yi Zhang, CCB International Healthcare Investment Management Co., Ltd., Investment Director

Session 4: Clean Energy: New Investment Impulse of "Green GDP"?  (Sponsored by Tsing Capital )

• Following the Magnitude 9 earthquake in Japan, will the interest in investment of nuclear energy related industries gradually fade away? Which clean energy power industry displays the best substitution effect?
• It seems that smart grid technology is not that popular in American VC. Is VC also slow in the investment of domestic smart grid industry? Which parts prove to be more attractive to VC?
• In a time when GDP growth in China tends to be more focused on "environmental quality", will clean energy technology, such as urban waste disposal, geothermal energy generation, new energy vehicles, and offshore wind power become new hot spots for VC?
• Which of China's clean energy technology industries have passed their prime investment period?
  
  

  Moderator: Michael Li, Tsing Capital, Partner
  Speakers:
  Tony Chao, Applied Ventures, Associate Investment Manager
  Hope Chen, DFJ China, Partner & Head of DFJ China
  Melissa Guzy, VantagePoint, Managing Director & Group Leader, Emerging Markets-Asia
  Leiping Lai, SunPreme China, Co-Founder & President
  Tiandong Li, Haocen Electric Co., Ltd., Founder & Chairman
  Lei Yang, Northern Light Venture Capital, Venture Partner
  

Session 5: TMT: New Opportunities? Or New Money-burning Exercise? (Sponsored by SBCVC )

• Given the unprofitability, video sites, SNS websites and B2C e-commerce sites have accelerated their overseas listing. Is it a result of the pressure caused by the exit of VC? Or is it a new money-burning exercise?
• The cloud computing industry being in full swing, how will VC shape the best business model of it?
• How will the "Great Campaign with One Thousand Regiments" in the group purchase market evolve? Where is the deep commercial value of the group purchase model?
• As far as VC is concerned, how much gold can be tapped in new profit growth points of mobile devices, such as e-books, tablet PCs, and other new electronic products related services and content?
• Is it an inevitable path of online gaming companies to transfer from R & D to platform operators if they want to become more powerful?
  
  

  Moderator: Alan Song, SB China Venture Capital (SBCVC), Managing Partner
  Speakers:
  Tony Kwan, Intel Capital China, Director
  Duane Kuang, Qiming Venture Partners, Founder & Managing Director
  Hong Shangguan, Chengdu B-ray Media Co., Ltd., Deputy GM,
                                    Member of Board & Supervisory Committee
  James Shen, Qualcomm Ventures, Managing Director
  David Yuan, Redpoint Ventures, Partner and Head of China
  Wei Hopeman, Citi Ventures, Managing Director
  Wei Zhou, KPCB China, Partner
  

• How can the next "Qingdao Haier", "Lenovo", "Sany" be found in domestic high-end manufacturing field?
• In view of the well-kept enthusiasm of PE funds in gold and coal mining investment and the increasingly higher requirements of IPO in resources, how can a new path be opened up?
• China is striving to be the largest maritime country and a new world financial center in shipping, what's the opportunity of PE in sharing the "big cake" of the shipping industry? What about the profitable points?
• With the rise of high-end manufacturing industry in Midwest China, how will VC institutions identity "dark horse projects"?
  
  

  Moderator: Jason Li, Delta Capital, Managing Partner
  Speakers:
  Hao Liu, GPCP, Partner
  Yi Li, Lunar Capital, Partner
  Kezhong Wu, PreIPO Capital Partners Limited, President
  Huaizhong Xiao, Hunan XiangTou High-Tech Venture Capital Co., Ltd., General Manager
  Hans Xu, Shanghai NewMargin Ventures, Senior Partner
  

• What is more attractive to VC institutions, the rate of expansion or stable operation when the equity investment enthusiasm remains in the consumption chain industry?
• More often than not, investment projects of domestic VC in provinces and cities in West China lay their focus on local agricultural products. What value-added services can VC institutions provide enterprises when assisting them expanding their chain or franchise in the "nationalization" process of these featured agricultural products?
• The estimated value of chain industry, such as restaurant chain, car rental, infant and child education, as well as economy hotels being continuously increased, will they become a new round of money-burning exercise of  VC?
• As far as VC institutions are concerned, what are the biggest investment risks in consumption chain industry?
  
  

  Moderator: Jeffrey Zeng, Kaixin Investment, General Manager & Managing Partner       
  Speakers:
  Athene Li, Spring Capital, Executive Director
  David Hong, KTB Investments, Partner of China Team
  Chaoyong Wang, ChinaEquity International Holding Co., Ltd., Founding Partner & CEO
  Cen Wang, Tiantu Capital Co., Ltd. (TC), Partner
  Yuemin Jiang, Cypress & Kingwin Capital Group, Exective Director
  Baoma Wen, Capital Today, General Partner
  Joan Zhang, ABC Capital, Founding Partner & President

• Why Chinese professional angel investors are always less followed? When more and more entrepreneurs begin to join angel investors, what DNA is required for those qualified? How helpful are angel investors to newly-established enterprises?
• In the eyes of angel investors, which should be the most popular, "people", "business model", or "core technology"?
• Comparing with the high enthusiasm of angel investors from Europe and America, what are the concerns of domestic angel investors in early-stage investment?
• LP from China prefers short-term investment return. How shall domestic investors be guided to participate in early-stage investment with longer holding period?
• In China, which industries are most likely to yield the most in early-stage investment?
  
  

  Moderator: Hao Fang, Cyzone, Executive Editor
  Speakers:
  Andrew Chen, BlueRun Ventures, Partner
  Alex Pan, GSR Ventures, Partner & Managing Director
  Jiangtao Sun, Qiandai (Beijing) Information Technology Co. Ltd., Executive Director
  Ian Goh, Matrix Partners China, Partner
  Ken Xu, Gobi Partners, Partner
  Yushun Yin, Shenzhen Capital Group Co., Ltd., General Manager of Shanghai & zhejiang Division

• Conditions for U.S. Fund-raising picking up, will it bring increased pressure on the distribution of benefits as fund partners manage RMB fund and USD fund simultaneously?
• Why is FOF model slow in "emerging" in China? When will RMB FOF finally arrive?
• Private banks, third-party financial institutions, and PE trust products being in full swing, how will they become new paths of RMB fund-raising? What are the potential risks?
• Last year, local governments introduced a series of VC support policies. What are the more effective measures needed in the supporting of RMB fund investment and management in aspects of tax, law, and project?
  
  

  Moderator: William Qu, Zero2IPO Ventures, Managing Director
  Speakers:
  Wei Chen, Oriental Fortune Capital, Chairman & Founding Partner
  Ting Lin, Tsing Capital, Managing Director
  Zhongcheng Tang, Shenzhen Cowin Venture Capital Co., Ltd., Partner
  Baiqian Yang, China Merchants Technology Holdings Co., Ltd., Board Chairman & CEO
  Huoy-Ming Yeh, SVB Capital China, Managing Director
  Fang Zhu, Shenzhen Leaguer Venture Capital Co., Ltd., Managing Director
  

• In view of the war of words over enterprise IPO valuation between Dangdang and investment banking, how many more "time bombs" are there between investment banking and enterprises as regards valuation of IPO process, financial requirements, and due diligence? How can we find proper solutions?
• With the strict supervision of China Securities Regulatory Commission on surprise buying of shares, what types of equity investment funds are most unacceptable in enterprises' planning of IPO?
• The international board being around the corner, will domestic listing and exit channels be opened for overseas investment projects of foreign VC/PE? What is the hardship of red chips in the journey back?
• Chinese enterprises listed overseas through reverse acquisition being faced with serious regulation, does it indicate that it has been a struggle for Chinese enterprises to get listed in overseas market?
• With the rocketing IPO of US fund investments in China, how difficult is it for investment income to return?
• IPO mechanism reform may reduce the high IPO price and high price-earning ratio. Will the expected return on domestic equity investment be "called back", thus rapid cooling of PRE-IPO boom?
  
  

  Moderator: Chuan Thor, Highland Capital Partners (China), Managing Director
  Speakers:
  Hubert Chang, The CID Group, Director
  Frank Han, Bohai Industrial Investment Fund Management Co., Ltd., Executive Director
  Yeyu Hua, Zhejiang Zheshang Venture Capital Co., Ltd., CEO & Founding Partner
  Zhiyong Qin, Milestone Capital, Director
  Hans Tung, Qiming Venture Partners, Managing Director