2008 Venture Capital and Private Equity Conference Successfully Held in Shanghai
CHICAGO (June 24, 2008) – McDermott Will & Emery co-sponsored the 2008 Shanghai Venture Capital and Private Equity Conference: Realisation Strategies, with conference host, MWE China Law Offices and additional co-sponsors the Shanghai Venture Capital Association (SHVCA) and the Shanghai Foreign Direct Investment Fund Association (SFDIFA). This conference demonstrated the power of our strategic alliance and the ability of the legal team in Shanghai to draw on the resources of McDermott Will & Emery and to interact and share information. The conference was held at the Shanghai Pudong Shangri-la Hotel in Shanghai, China.
More than 100 professionals representing 74 companies attended the conference including, among others, Ms. Feng Xiumei, Vice Secretary General of the National Lawyers Association; Ms. Xing Wuyi, Chief Journalist of Chinese Lawyer; Ms. Zhang Wei, Vice Director of Luwan Justice Bureau in Shanghai and Mr. David Gossack, Principal Commercial Officer of American Chamber of Commerce in Shanghai. The conference was presided over by Mr. Kevin Qian, partner of MWE China Law Offices, and Mr. Hua Yuda, Chairman of SHVCA. Mr. Qian and Mr. Yuda gave welcoming addresses at the beginning of the conference.
Detailed speeches on a wide variety of critical topics were given by the presenters. Mr. Simon Huang, Director of SFDIFA, discussed the important role of venture capital from a governmental perspective and provided a macro-level description of Shanghai's capital market. During the discussion of "Structuring for Offshore Realization", Mr. Pingao Wang, President of Shanghai Venture Capital Co., Ltd., introduced the scope of venture capital markets and their importance in the development of Shanghai specifically, and China generally. Mr. Qian used the "Sina Model" and "Intel Model" as examples to introduce foreign-invested venture capital and private equity acquisitions by taking into consideration the market background of China. Ms. Bonnie Bao, senior attorney of MWE China gave detailed explanations about two exit strategies for foreign equities investing in China special purpose vehicles (SPV) and domestic equities investing foreign SPV.
Mr. John Huang, partner of MWE China Law Offices, and Mr. David Dai, senior attorney of MWE China Law Offices, expressed their points of view on some of the issues that lead to contention between fund shareholders and other shareholders of portfolio companies. They reviewed some of the dispute resolution mechanisms available and offered unique suggestions for approaching this issue.
In terms of the regulatory environment of offshore listing and trading, Mr. Mark Mihanovic, partner of McDermott Will & Emery, shared his extensive experience with the audience. His topic focused on the initial public offering (IPO) market in the United States, the benefits and effects resulting from IPO practices and notification required at every step of the IPO process. Mr. Jack Ma, senior attorney of MWE China, presented detailed issues of listing on a China stock exchange, the basics of administration of an IPO, and listing of a growth company.
A combined speech was presented by Mr. William McGrath and Mr. Mark Harris, partners of McDermott Will & Emery, along with Ms. Jacqueline Cai, senior attorney of MWE China. In this panel, speakers discussed alternatives to IPO listing, how to maximize value and a legal analysis on due diligence, respectively. Mr. McGrath is the liaison partner between MWE China Law Offices and McDermott Will & Emery and he is resident in Shanghai.
In the last panel, Ms. Barbara Jones, partner of McDermott Will & Emery, emphasized the importance of capital structure and financing alternatives and trends. Other speakers such as Ms. Fu Yan, Vice President of Shenzhen Stock Exchange; Mr. Rupert Hoogeweferf, CEO of Hurun Report and Mr. Shen Jianzhong, Assistant President of the Shanghai Pudong Development Bank, also shared their thoughts and experiences in connection with venture capital and private equity.
The conference concluded with a question and answer session and a large number of attendees raised interesting questions to which the speakers shared their constructive opinions. Enthusiastic dialogue ensued and the audience became actively involved in the discussion.
Based on the spirit of cooperative interaction, shared professional experience, and network development, this conference provided a venue for networking and a development platform for all investors.
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,100 lawyers, we have offices in Boston, Brussels, Chicago, Düsseldorf, Houston, London, Los Angeles, Miami, Munich, New York, Orange County, Rome, San Diego, Silicon Valley and Washington, D.C. Extending our reach to Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.
