On the Afternoon of Dec 13 th
14:00-17:00 Reception & Registration
18:30-21:00 Welcoming Banquet for VIP speakers
Dec 14th VC Summit
8:00-8:45 Sign-in
8:45-9:15 Welcome Speech by the Organizer
Remarks by Honorable Guests
9:15-9:30 Release of China Venture Capital Annual Report 2005
9:30-11:00 Session 1: Retrospect & Prospect of China Venture Capital Industry in 2005
Year 2005 was an eventful year for the China VC industry. The issue of "Circulars 11 and 29" by SAFE, the reform of non-tradable shares, the acquisition of Alibaba by Yahoo, the soaring stock price of the NASDAQ-listing Baidu, and the swamp of top VCs from Silicon Valley into China market have all together brought tremendous and far-reaching effects on the China VC industry as a whole. Facing both opportunities and challenges, how is China VC industry being shaped this year? And how will it march into 2006?
11:00-12:30 Session 2: Is the bubble of China Venture Capital Investment appearing?
Since 2004, with more and more foreign VCs entering China market, the competition among VCs in China has been intensive and the passion for it shows no signs to fade though recently impacted by the two SAFE Circulars. However, with the continued rising of the investment costs, practitioners of the VC industry are concerning whether a bubble on venture value is coming into being. According to the survey of Zero2ipo, the newly raised funds for venture investments in Mainland China are expected to peak record high in history for 2005, or several times of that in 2004. Under the market law of supply and demand, the durative rise of investment price seems to be expected. The questions are hence like whether the current asset value of ventures floating in the market has been overpriced, or how much longer will the bubble go burst if it is in the place? How do venture capitalists adjust their own investment strategies to respond to such an uncertainty? Senior venture capitalists will bring their answers to these questions.
12:30-13:30 Luncheon
13:30-14:30 Session 3: Increasingly Improved VC Industry Environment
In 2006, the external environments for China VC industry are expected to have salient improvements. For example, SME-board will take the lead to enable all shares tradable in the market. The improvement of the Company Law and the release of the Regulations on Venture capital Investments will provide a more advantageous and operational structure for venture investments. In addition, the issue of more favored policy for Chinese VCs and the innovation on domestic capital markets for venture exits will together reshape what it is today. Venture capitalists and government policy-makers will give in-depth discussions and most close forecasts on the overall trend of China Venture Capital Industry.
14:30-16:30 Session 4: Grasp Investment Opportunities and Industry Development Trends
The duties for venture capitalists are to trace the latest technology, analyze emerging markets,discover potential enterprises, and decide the timing of investment. In 2005, venture capitalists have been paying high attention to such industries as Internet, new media, Web2.0, 3G, wireless application and value addition, and new energy. With the development of China Economy, more and more new market opportunities and high-growth enterprises will emerge and in turn create great opportunities for venture investments. What industries are spotlighted by venture capitalists?Which technology and application may shift the future? What are the observations of practitioners at all these? Retrospective examination of successful funded deals will be illustrated and forecasts will be given by senior venture capitalists.
14:30-15:30 Discussion Panel 1: Early-stage Investment
15:30-16:30 Discussion Panel 2: Later-stage Investment
16:30-16:45 Coffee Break
16:45-18:00 Session 5 ： M&A, Listing, and Exit in New Situation
Cash-outs activity from invested deals are mixed with bad and good news in 2005. On the one hand, the issue of "Circulars 11 & 29" has brought uncertainty to VCs through so-called'red share' model and other overseas listing vehicles. On the other hand, the private equity market is getting active reflected by some famous deals such as the acquisitions of Alibaba.com by Yahoo, Zhongsou.com by Fidelity, Go2map.com by Sohu.com and so on. Whether the vision of overseas listing in the future will be dim or bright, it should be simply the dawn before sunrise in reality soon unveiled.
19:00-21:30 Zero2IPO-Club & China Venture Capital Association New Year Party
Dec 15th Venture Summit
9:00-10:30 Session 6: Applause for the Passion and Dreams — Review on Classic Entrepreneurs
Chinese overseas IPOs did not come to rest facing global economic turbulence in 2005. Spotlighted companies, such as Focus Media and Baidu, again triggered the imagination of the international investors on the potential of Chinese enterprises. In deed, venture capitalists bear the social responsibility to give the impetus to innovation and encourage entrepreneurs the men of actions. Successive episodes played by successful new ventures in the development of China VC industry are constructed of the passion, efforts, and dreams of excellent entrepreneurs. Let's share the successful experiences of these classic entrepreneurs .
10:30-12:00 Session 7: Discover the next pearl
Only by selecting the right enterprises can VCs succeed. There are many start-ups full of animation and potential in the Chinese market, but yet discovered. Backed by VC funds, every of the entrepreneurs are marching to their Utopia with dreams and ceaseless efforts. But only few of them can be the next pearl. Who will be the pearl?
12:00-13:30 Luncheon
December 15th LP Summit
13:30-14:45 Session 8: Performance Review and Fundraising of VC Funds
Based on the survey of Zero2ipo on the top 50 venture capital funds in China, we found that almost every top ten VC firms have raised new funds of the new round with the total of more than US$1 billion raised in 2005. With new funds injection, what are their expectations of investment returns? What is the difference between the return in China and overseas VC markets, especially the US? Famous VC firms and research institutes from home and abroad as well as LPs from US, Asia, and Europe, will sit down and give detailed analysis on these issues to you.
14:45-16:00 Session 9: What is "China Concept " in LPs' Eyes?
Compared with international funds that diversified their investments worldwide, there are more and more emerged VC funds focusing on the China market. In August 2005, Intel Capital declared that they are planning to establish a "China Technology Fund" managing US$ 200 millions which will focus only on the China market. In April 2005, 3i Group declared that they will invest US$ 45 millions in "CDH China Fund II". It is the "China Fever" spreading and attracting the attention of LPs all across the world. Why does "China Concept"can make so much difference from the rest of the emerging markets? What are the expectations of LPs? The LPs will define and explain what "China Concept" is from their eyes.
16:00-16:15 Coffee Break
PE Summit
16:15-17:30 Session 10: Private Equity Fund — Focusing on China
Recent news shows international private equity funds are accelerating their pace to enter the China market. For example, Warburg Pincus restructured Harbin Pharmaceutical Share Holdings Ltd; and Goldman Sachs invested in Haiwang Biology Engineering Co. Ltd; Temasek invested US$ 3.1 billions in Bank of China, Carlyle Group paid US$ 0.4 billion to acquire Pacific Life Insurance Co. These cases have attracted worldwide attention on whether a potential PE market in China is shaping up. Being different from VC, PE has its own investment strategies and techniques. Famous PE funds from all over the world will give in-depth discussions on the environment and characteristics of PE investment in China and its prospect.
18:30-19:30 China Venture capital Annual Awards Ceremony 2005
The Annual Awards Ceremony of China Venture Capital is always the moment we look forward to in the year: Who are the winners of the Top Ten China Venture Capitalists of the year? Which VC firms will take the title of the Top Ten China Venture Capital Firms? What Investment Deal and the best Exit Deal are deserved to be awarded in 2005? The Annual Awards Ceremony will bring you the answer with excitements. Let's share the most exciting moment of the year.