Program
| Monday, 15 June 2009 |
| 18:30 |
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Welcome cocktail reception |
| Tuesday, 16 June 2009 |
| 08:00 |
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Breakfast and registration |
| 08:50 |
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Welcome remarks |
| 09:00 |
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Opening keynote address
Chi Schive, Chairman, TAIWAN STOCK EXCHANGE CORPORATION
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| 09:30 |
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Taiwanese private equity: The global perspective
The global credit crunch has affected private equity worldwide, with investments now few and far between and of much smaller size. In the less liquid environment, investors have become wary and hope for valuations to fall on sustainable opportunities. While Taiwan is still expected to flourish under the new government, it now faces a very different situation as the global economic conditions begin to bite. Panelists consider:
- How global investors see private equity in Taiwan
- How Taiwan fits into the global portfolio
- How to deal with the downturn and how long the L-shaped economy will last
- How GPs should manage their current portfolio companies and keep them afloat during the recession
Moderator
Jeanette K. Chan, Partner, Beijing Office, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
Panelists
Andrew Kuo, Sr. Managing Director, Corporate Private Equity, THE BLACKSTONE GROUP
Manning Doherty, Sr. Vice President, OAKTREE
Kenneth Hao, Managing Director & Head of Asia, SILVER LAKE PARTNERS |
| 10:30 |
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Coffee / tea networking break |
| 11:00 |
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IPO or trade sale? Taiwan as a destination for private equity exits
The financial crisis has all but halted capital market activity in the US and Europe. Fund managers looking for exit alternatives in Asia may consider Taiwan. One of the world’s best-performing markets so far this year, the local bourse recorded its first foreign IPO in May and is particularly favourable towards technology companies, given its tech-savvy investor base. Meanwhile, with companies from the Mainland on the prowl for assets, it’s only a matter of time before cross-border M&A transactions will become commonplace. Panelists discuss:
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Is Taiwan ready to fill the void in the capital markets?
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What attractions does Taiwan hold for strategic investors?
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What challenges will Taiwan need to overcome?
Moderator
C. Y. Huang, Vice Chairman & President, Greater China Investment Banking, POLARIS FINANCIAL GROUP
Panelist
Cathy Yen, General Manager, ASIAVEST PARTNERS
Tina Ju, Founding & Managing Partner, KPCB CHINA
Ben Yang, General Partner, PACIFIC VENTURE PARTNERS |
| 12:00 |
/ |
Luncheon
Cross-Straits dialogue between private equity leaders
Paul Yang, Sr. Executive VP & CIO, CHINA DEVELOPMENT FINANCIAL HOLDING
Yichen Zhang, CEO, CITIC CAPITAL |
| 14:00 |
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Global crisis derails consolidation plays
Taiwan's banking sector is Asia's fourth largest. In order for Taiwan to become a regional financial hub in the order of Hong Kong or Singapore, the island's industry needs reform and consolidation. Four international banks successfully took over Taiwan banks in 2006-07 but now, in a turbulent market, the merger activity appears to be on ice. Yet smaller banks are under immense pressure to find buyers as an exodus of deposits moves to larger and state-owned banks for safer bets. Besides the banking sector, where else is consolidation happening?
- The market downturn: Is it a danger or an opening to find good valuations?
- Debt restructuring
- Portfolio acquisitions between private equity firms
Moderator
Jim Tsao, Managing Director, UNITAS CAPITAL
Panelists
Tsui-Hui Huang, President & CEO, HOTUNG GROUP
Tina Y. Lo, Board Managing Director & Head of Global Banking, INDUSTRIAL BANK OF TAIWAN |
| 15:00 |
/ |
Keynote address
Paul Wang, Managing General Partner, PACIFIC VENTURE PARTNERS |
| 15:30 |
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Coffee / tea networking break |
| 16:00 |
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Closer ties with China a boon to inbound and outbound deals
The Taiwan stock market has risen more than 40% since January, reflecting the new government’s efforts to encourage investment and relax controls on economic ties with China. The performance of the island’s bourse could be a boost to investor confidence, as could the government’s raising of the cap on Taiwanese investments in China from 40% to 60% of a company’s net assets, and a complete waiver for foreign firms establishing their base operations on the island. The government has also earmarked NT$150 billion for infrastructure and job creation. As business ties move ever closer to China, panelists consider:
- Will the island’s capital market become a gateway to the PRC market?
- What opportunities in infrastructure on the island await private equity investors?
- How will the waiver for foreign firms establishing base operations in Taiwan impact neighbouring financial center Hong Kong? The recent easing of visa restrictions for Taiwanese in Hong Kong?
- How are Taiwanese companies with manufacturing operations in China able to benefit from the PRC’s own RMB4 trillion economic stimulus package?
Moderator
Richard Chuang, Counsellor, TSAR & TSAI LAW FIRM
Panelists
Stephen Lee, Managing Director, AIF CAPITAL
Gary Lawrence, Founder & Managing Partner, EXCELSIOR CAPITAL ASIA
William Lu, Chairman & Managing General Partner, ID TECHVENTURES
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| 17:00 |
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Back to Taiwan, back to basics
As the Taiwan economy continues to open up, fund managers with roots in the island have, unusually for them, begun considering opportunities back at home. The Want Want China TDR listing in Taiwan, for example, has been one inducement, as the traditional practice of Taiwanese firms in the past has been to list elsewhere, such as Hong Kong or Singapore, because of previous restrictions that kept them from doing so at home. Have Taiwan investors heard the clarion call to return home? Is this the dawning of a new era for Taiwanese fund managers? Panelists discuss:
- What specifically are fund managers eyeing?
- Will the return home lead to the globalisation of Taiwanese corporates?
- What is the likelihood of a new trend to delist from overseas stock markets and re-list in Taiwan?
Moderator
Joseph Jang Huei Tai, CEO & Managing Partner, INTEGRAL GROUP
Panelists
Hanson Cheah, Chairman Emeritus, HONG KONG VENTURE CAPITAL & PRIVATE EQUITY ASSOCIATION
Herb Lin, President, INDUSTRIAL TECHNOLOGY INVESTMENT CORPORATION
Sean King, Vice President, PARK STRATEGIES
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| 18:00 |
/ |
Day one concludes
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| Wednesday, 17 June 2009 |
| 08:00 |
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Breakfast and registration |
| 08:50 |
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Welcome remarks |
| 09:00 |
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CEOs and fund managers drive Taiwanese private equity to the new century
The Taiwanese manufacturing industry and corporates are dominated and run by local entrepreneurs, most of them family businesses full of cash. Private equity players have been eyeing local enterprises for a long time but seem to be blocked out as local CEOs strive to keep control of their businesses rather than consider strategic options. How can fund managers work with entrepreneurs to provide business growth and create a win-win situation for Taiwanese corporates? CEOs and global fund managers discuss:
- The benefits for entrepreneurs from selling minority stakes
- How private equity can provide a win-win deal
- Where the opportunities are
Moderator
Jay C. Cheng, Partner, Head of Corporate Finance & Private Equity, KPMG
Panelists
Ke Cheng Liu, Chairman & CEO, ADVANTECH
Moses Lee, Vice Chairman & CFO, AVERMEDIA TECHNOLOGIES INC
Daniel Shih, Deputy Chairman, STELLA INTERNATIONAL HOLDINGS LTD
Alex Lee, President, YUANTA SECURITIES |
| 10:15 |
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Coffee / tea networking break |
| 10:45 |
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Evolution of the Taiwanese venture capital market
Taiwan venture capitalists have been quiet for years, and capital raising for VCs is a challenge everywhere in the current market environment. With the new MOU, Taiwanese VCs will soon be able to invest in China directly as a local VC. Meanwhile institutional investors, who have reduced their exposure to private equity with the financial crisis, could begin reconsidering investing in Taiwanese VC funds to gain exposure to the China market. It's a prime time for local VCs to rebuild their reputations. Panelists weigh in on:
- How Taiwanese VCs can compete with global VC funds
- The value added Taiwanese VCs bring to the table
- VC consolidation: Will top funds prosper? Will there be a small fund shakeout?
Moderator
T. C. Chou, President, HARBINGER VENTURE CAPITAL
Panelists
Peter Hsieh, General Manager, ASIAVEST PARTNERS
Kevin Yin, Partner, GSR VENTURES
Brian Chiang, Managing Director, WALDEN INTERNATIONAL
Y. K. Chu, Managing Director, WI HARPER GROUP |
| 11:45 |
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Limited partner investment trends in times of crisis
There are no deal mechanisms that can drive the kinds of returns LPs have been expecting of late, and the investing climate is more critical now than before. The likelihood is that institutional investors will begin asking for new, more favourable terms and aim to obtain better understanding of local markets themselves, to avoid suffering like last year. While LPs need to adjust their expectations, GPs would also do well to improve their communications with their investors as they develop their portfolio companies. International and local LPs share their views on:
- The GP-LP relationship in times of crisis
- Winning the trust of LPs
- How LPs can retain their opportunities, returns and share in the market
Moderator
Eric Chan, Managing Director, Private Equity Group, JPMORGAN ASSET MANAGEMENT
Panelists
Boris Bong, Managing Director, SQUADRON CAPITAL
Han Seng Low, Executive Director, UNITED OVERSEAS BANK LIMITED |
| 12:45 |
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Luncheon
Conference concludes |
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