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Board of Directors

New officers have been elected to serve the HKVCA for 2017-2018 term.

CHAIRMAN

Eric Mason
The Church Pension Fund

Eric Mason is a Managing Director of The Church Pension Fund. He joined the Church Pension Fund in 2009 as the head of the Fund’s new Asian office based in Hong Kong and has been based in Asia for almost 25 years. Mr. Mason and his team are responsible for the Fund’s investments in Asia across all asset classes with a focus on private equity, real estate and hedge funds. The team manages approximately $1.8 billion in investments in Asian based managers.

Prior to joining the Fund, Mr. Mason was the head for the Carlyle Group’s Asia Leverage Finance Fund and before that spent 13 years at JPMorgan most recently as Asian regional head of Leveraged Finance. In these roles, Mr. Mason has developed experience in structuring, underwriting and investing in private equity and credit transactions. Mr. Mason first came to Asia in 1990 to teach at the Foreign Affairs University in Beijing with Princeton-in-Asia, prior to that he worked in Washington DC
for U.S. Senator Bill Bradley. Mr. Mason earned a Masters Degree in International Affairs from Columbia University’s School of International and Public Affairs (SIPA) and a B.A. in International Relations and Economics from the University of Delaware. Mr. Mason speaks Mandarin Chinese.

The Church Pension Fund is a private tax exempt organization based in New York City with more than US$12 billion in assets under management. The Fund has been in continuous operation since 1917 and provides pension benefits to those serving the Episcopal Church. The Church is an extensive investor in alternative assets and has been investing with many of the global leaders in venture capital and private equity for decades.  

VICE CHAIRMAN

Rebecca Xu
Asia Alternatives Advisor

Rebecca Xu is a Co-Founder and Managing Director of Asia Alternatives. Ms. Xu leads Asia Alternatives' Beijing office and is also a part of the Hong Kong office. She is on the Firm's Investment Committee and co-leads Asia Alternatives' investments in expansion and growth capital funds, focusing most of her time on Asia Alternatives' China investments.

Prior to starting Asia Alternatives, Ms. Xu was a Senior Investment Officer at the Funds Group of the International Finance Corporation ("IFC"), the private sector investment arm of the World Bank Group. There, she had the primary responsibility of leading IFC's fund investing and portfolio supervision in Asia for over six years. Previously, Ms. Xu also worked at McKinsey & Co, Inc. (Washington D.C.) and HSBC (Hong Kong).

Ms. Xu received an MBA from Harvard Business School and holds a Bachelor's degree in International Relations from the Foreign Affairs College in Beijing, China. Ms. Xu is fluent in Mandarin Chinese and English.

Ms. Xu currently serves on the Advisory Boards for several of Asia Alternatives' China and India private equity funds. In addition, she serves on the Boards of the Emerging Market Private Equity Association (EMPEA) and the Chun Hui Bo'ai Children Foundation.

VICE CHAIRMAN

John Levack
HKVCA

John Levack is Managing Director and a founder of Electra Partners Asia Limited. The Electra Partners Asia business was established in 1995 (originally in a joint venture with Jardine Fleming) and has built a pan-Asian portfolio of investments with capital from Electra Private Equity plc. Prior to establishing the Electra Partners' Asia business, John worked for 3i plc for 12 years initially in the UK business but the last 6 years were spent in the International division. During this time he ran 3i's Channel Island business and helped set up and advised a 3i start-up joint venture in Portugal. The final 4 years of his time with 3i were spent in India managing a joint venture private equity business with ANZ Grindlays Bank. During this time he was a founding member of the Indian Venture Capital Association. John has a BSc in Business Administration from Bath University in the UK.

VICE CHAIRMAN

H. Chin Chou
Morgan Stanley Asia

H. Chin Chou is the Chief Executive Officer of Morgan Stanley Private Equity Asia and a Managing Director of Morgan Stanley.  He is based in Hong Kong.   Mr. Chou also serves on the Firm's Asia Pacific Executive Committee, which is comprised of the Firm's senior business leaders within the Asia Pacific region.

Mr. Chou joined Morgan Stanley in 1987 in New York and has spent 27 years at Morgan Stanley, with the past 23 years in Asia.  Mr. Chou has lead MSPE Asia's four private equity funds to date: the $330mm MSGEM Fund (1999), the $525mm Asia Fund II (2005), the $1.5bn Asia Fund III (2007) and the current Asia Fund IV.   Mr. Chou was also part of Morgan Stanley’s Private Equity Group in New York in the late 1980s.  He was previously a Director of CTCI, eAccess, ECVision, HTL, Hyundai Rotem, ITest, Landmark, Ssangyong Corporation and YesAsia.  Mr. Chou holds a B.A., magna cum laude, from the University of Pennsylvania and an M.B.A. with Distinction from Harvard Business School.

VICE CHAIRMAN

Alain Fontaine
Ocean Equity Partners

Alain V Fontaine has been working in Asia in Private Equity investment (corporate and institutional) for most of the last 25 years, sourcing and executing investment transactions and managing investment portfolios.

Mr. Fontaine worked for CDP Capital - Communications (a private equity arm of the Quebec pension fund known as CDPQ) from 1998 to the end of 2003, when CDPQ decided to stop its activities in Asia. He and his team from Hong Kong, Korea and Japan made direct private equity investments in the region and managed CDP’s investments in regional and country funds. He also worked for On Capital, a China-focused Private Equity fund and for Investel Asia, a family office focused on the TMT sectors.

On the operations side, Mr. Fontaine, a Professional Engineer (telecom), worked for Bell Canada and its subsidiaries in Canada, Africa and Asia for the first 17 years of his career. He was also the founding President and COO of Bell Ardis in 1988 (a jv with Motorola) and the CEO of the Newcom Group in Mongolia in 2007 – 08.

In 2013, Mr Fontaine joined Ocean Equity Partners, a private equity fund manager that specializes in industrial, manufacturing, retail, TMT, and other sectors in Greater China.

Mr. Fontaine holds a Bachelor of Applied Science in Electrical Engineering from the University of Sherbrooke, Canada.

VICE CHAIRMAN

Jie Gong
Pantheon Ventures (HK) LLP

Jie Gong is a Partner at Pantheon and a member of the Asia Regional Investment committee and the Global Co-investment Committee, and is involved in all aspects of Asian investment activity, with a focus on China.  Ms Gong joined Pantheon from Morgan Stanley Alternative Investment Partners' private equity fund of funds group, where she led Asian investment activities and was a member of the global investment committee. Before that she was a Vice President at JPMorgan responsible for leverage finance deal origination, structuring and execution in Greater China. Previously she worked at the International Finance Corporation on emerging market debt and equity investments. Ms Gong received a Master in Finance from London Business School, an MA in Economics from University of Miami and a BA in Economics and International Trade from Shanghai International Studies University.

PRESIDENT & EXECUTIVE DIRECTOR
CHAIRMAN 2005-2006

Vincent Chan
Samena Capital

Vincent Chan is a Senior Managing Director and Head of Asia for Samena Capital Hong Kong Limited.  Samena Capital is a principal investment group, which invests across multiple asset classes including private equity and corporate credit within the Subcontinent, Asia, Middle East and North Africa (the SAMENA region).  It has over US$1 billion of assets under management, committed by a unique shareholder and investor network consisting of prominent business families and entrepreneurs across the SAMENA region.

Vincent was the Founding CEO for 8 years and currently is the Non-Executive Chairman of Spring Capital, an independent private equity firm that invests exclusively in China.  He has 26 years of Asia experience in private equity and has made over 45 investments in growth companies in China. Vincent was previously a Managing Director and an Investment Committee Member of JAFCO Asia, serving as the Co-head of the Asian private equity funds for 7 years. 

Prior to JAFCO Asia, Vincent was a private equity investor with Suez Asia and HSBC Private Equity (Asia) based in Hong Kong.   Vincent commenced his professional career in Standard Chartered’s corporate finance division there.

Vincent received a B.A. from the University of Hong Kong and an MBA from the Manchester Business School, and also obtained a CFA charter.  He is currently the Co-President of the Hong Kong Venture Capital and Private Equity Association (Chairman 2005/06), a Board Member of the Hong Kong Foundation for the University of Manchester, a Director of the Manchester Business School Leadership Board, a Board Member of the HKU School of Professional and Continuing Education, and the Chapter Chair of YPO Gold Pearl River Delta Chapter.  Vincent was a member of the Main Board and GEM Listing Committee of the Hong Kong Stock Exchange (2007-12), a member of the Public Shareholders Group of the Hong Kong Securities and Futures Commission (2005-11), members of Innovation and Technology Advisory Committee (2006-10) and Information & Communication Technology Services Advisory Committee (2005-08) of the HK Trade Development Council and a member of the Disciplinary Panel of the Hong Kong Institute of Certified Public Accountants (2006-13)

In the China context, Vincent is a Member of Chengdu Chinese People’s Political Consultative Conference.  He was named a Top 10 Venture Capitalist in China by Zero2IPO in 2002, 2003, 2004 and 2006.  He was also selected as one of the 10 “Most Influential Venture Capitalists in China” by Top Capital in 2005 and was ranked Number 9th as China Best Venture Capitalists by Forbes Magazine in December 2015.  He received the award as the 2011 Outstanding Alumni of the University of Manchester.

PRESIDENT & EXECUTIVE DIRECTOR
CHAIRMAN 2013-2015

Conrad Tsang
Strategic Year Holdings Limited

Mr Tsang has been in the finance industry for 20 years. He started his career in venture capital/private equity with Baring Private Equity Asia, having led or participated in 20 investments during 2000-2013. His industry experience includes: natural resources/mining, manufacturing, automotive, education, healthcare, retail, consumer products, logistics, TMT, environmental products/services, energy and alternative energy, financial services, real estate etc.  The portfolio companies he has been involved with include Noah Education Holdings Limited, Minsheng Education Group (1569.HK), Galloping Horse Media Group Limited, Kangda International Environmental Protection Holding Limited (6136.HK), Pansoft Group Limited, Hidili Industry International Development Limited (1393.HK), Launch Tech Co Ltd (2488.HK), and Great Wall Auto (2333.HK, 601633.CN).  Prior to joining Baring, he was with Merrill Lynch Asia Pacific doing equity research, focusing on media and retail sectors.  Mr Tsang began his career at Peregrine Investment Holdings, where he was involved with Asian fixed income sales and marketing.

Since 2015, Mr Tsang is the Founder and Chairman of Strategic Year Holdings Limited.

Mr Tsang is currently Chairman of PRC Committee and Co-Chairman of Real Assets Committee of the Hong Kong Venture Capital and Private Equity Association.  Previously, he was the Hong Kong Venture Capital and Private Equity Association’s Chairman of the Board (2013-2015).

Mr Tsang obtained a Master’s Degree in Management Studies at University of Oxford, United Kingdom; and a Bachelor’s Degree in Electrical and Electronic Engineering (First Class Honors) at Imperial College of Science and Technology, London, United Kingdom.

Personal Awards:

CBN Weekly, “2011-2012 Most Valuable Partners 50 in China”

Forbes China Magazine, “2008,2009, The 50 Best Venture Capitalists in China”

Top Capital Magazine, “2008 The Best PE Investor of The Year”

China Most Valuable Venture Enterprises Awards, “2008 The Best PE Investor”

Zero2IPO Group, “2007, 2009, Top 10 PE Capitalists in China”

World Eminence Chinesebusiness Association, “Top 100 Most Visionary Chinese Investors (2007, 2008)”

China Venture Group, “2008 The Top 30 PE Investors of The Year”

PRESIDENT & EXECUTIVE DIRECTOR
CHAIRMAN 2007-2011

Johnny Chan
Techpacific Capital

Mr. Johnny Chan Kok Chung was a co-founder of Techpacific Capital Limited which became Crosby Capital Limited in 2002.  The Crosby Group activities comprise of management of venture and private equity funds, financial advisory and wealth management.

Mr. Chan is also the Chief Investment Officer of Softech, the manager of the Hong Kong Government Applied Research Fund (since 2000).

He was Chairman of the HK Venture Capital and Private Equity Association during the period 2007 – 2011.  He currently acts as the President of the HKVCA and concurrently, as the Secretary General of the Asia Venture Capital and Private Equity Council (AVCPEC) which he co-founded with 9 other Asian associations in 2011.

He is a member of the Advisory Committee of the HKSAR Government Innovation and Technology Bureau (ITB). He is also a member of the HKTDC Innovation and Technology Advisory Committee and served on the HKTDC Asian Financial Forum Steering Committee from 2010-2016.

He is the Director of Repton School in Hong Kong overseeing the development in the Greater China and Asia region. He is a member of the Choate Rosemary Hall School Parent Council in the US since 2013 and was a member of the Development Board of Chinese International School from 2006-2015.  He is a director of the Make a Difference Institute. Mr. Chan is an Independent Non-Executive Director of The13 Holdings Limited as well as of CNQC International Holdings.

PRESIDENT & NON-EXECUTIVE DIRECTOR

K. O. Chia
Grace Financial

Mr. Chia is Director of Grace Financial Ltd., a Hong Kong based family office, serving as a member of the executive team. He brings 30+ years of diverse international experience as venture capitalist, entrepreneur and corporate executive across Asia, Europe and U.S.  Currently he serves as President of the HK Venture Capital & Private Equity Association (HKVCA) and Member of Advisory Committee, School of Continuing & Professional Studies at Chinese University of Hong Kong. Previously he had served as Chairman of Advisory Board, College of International Education at Hong Kong Baptist University as well as a member of the HKSAR government’s Community Investment & Inclusion Fund (CIIF) to promote social capital for community revival from 2007-2013.

He holds an MBA from Strathclyde University, Scotland, DipMS from Edinburgh Napier University, Scotland and BEng (Hons) Electronics Engineering from Sheffield University, England.  He is also a Fellow of Hong Kong Institute of Directors. 

TREASURER

Alvin Lam
CVC Capital Partners

Mr. Alvin Lam is a Senior Managing Director with CVC Capital Partners. Alvin joined CVC in 2005 and is a member of the CVC’s Asia Operations Team, based in Hong Kong. Prior to joining CVC, Alvin was a Principal with the Boston Consulting Group’s Greater China practice and worked for Philip Morris International in a regional business development role. Alvin holds a BSc Degree from the Massachusetts Institute of Technology, an MBA from the Wharton School and an MA in International Studies from the University of Pennsylvania.

SECRETARY
Varun Bery
Latitude Capital Management

Varun Bery is a Senior Advisor to Latitude Capital Management, an emerging market private equity firm focused on the power sector. He is also currently a Senior Advisor to StormHarbour Securities (Hong Kong).

Mr. Bery has been involved in Asian private equity since 1995 and previously headed TVG Capital Partners and also the Private Capital Asia Group at JP Morgan. Mr. Bery started his career at McKinsey and Company (NY) and also was formerly a Director of Investment Banking at CS First Boston (NY) and a Director at the Asian Infrastructure Fund (HK). Mr. Bery received an MBA with High Distinction from Harvard Business School and a BA (summa cum laude) from Yale University.

EXECUTIVE DIRECTOR

Wendy Zhu
AlpInvest Partners Limited

Wendy is a Managing Director of AlpInvest Partners focusing on the Asian market. She is also a member of the Operational Committee. She joined AlpInvest Partners in 2007 from Macquarie Funds Management, where she was Senior Vice President of Asia-Pacific regional private equity fund investments and co-investments. Previously, Wendy was a Director with Deutsche Bank Asset Management and an Associate Director at MetLife. Wendy received a BS in Business Administration and an MS in Accounting from the University of Southern California and is a CFA charterholder. She represents AlpInvest Partners on various Advisory Boards.

EXECUTIVE DIRECTOR

Melissa Guzy
Arbor Ventures

Melissa, who is the Co-Founder and Managing Partner of Arbor Ventures, has more than 25 years of experience as an entrepreneur and as a venture investor.  Prior to founding of Arbor, Melissa was the Managing Director, member of the Investment Committee and head of VantagePoint Asia. During her tenure at VantagePoint, she invested in early stage technology companies in both Asia and in Silicon Valley.

Arbor Ventures is focused the intersection of Financial services and Digital Commerce including trading, credit scoring, data analytics, alternative lending and payments across Asia and Oceania. Arbor Ventures has a presence in Hong Kong, Shanghai, Tokyo and Jakarta and prefers to invest in companies that have a regional or global reach.

Melissa is a frequent guest lecturer on Venture Capital at the University of Florida, HKUST, Chinese University of Hong Kong and Hong Kong University.  In 2010, Melissa published an academic paper titled "Venture Capital Returns and Public Market Performance”. Melissa serves on the HKVCA Venture Committee.

Melissa attended Wellesley College and received a Master’s degree in Finance from the University of Florida. She is the author of the paper "Venture Capital Returns and Public Market Performance". She has been a guest lecturer on the Venture Capital Industry at the University of Florida, Hong Kong University and the Hong Kong University of Science and Technology. Melissa is a Hopkins Fellow and participated in the Women's Leadership Program at Harvard University.

EXECUTIVE DIRECTOR

Joseph Wan
Cinven HK

Joseph joined Cinven HK in 2008 and is a member of the Portfolio team, based in the Hong Kong office. In addition Joseph is part of the Investor Relations team looking after investors in Asia Pacific.

Prior to Cinven, Joseph was Partner and Managing Director of The Boston Consulting Group in Hong Kong, where he was Head of Office. His primary sector focus was in consumer goods, retail and telecoms in Greater China/Asia. In addition, he has served many clients in banking, industrial goods and healthcare.

Joseph has a BSc in Electrical Engineering and Computer Science from the University of California, Berkeley.

EXECUTIVE DIRECTOR
CHAIRMAN 2011-2013

David Pierce
HQ Capital

David G Pierce is Managing Director & Head of Asia for HQ Capital, a private investment group that invests in alternative assets globally.

He was Chairman of the Hong Kong Venture Capital & Private Equity Association from 2011-2013 and continues to serve the Association as a Board Member. David is a member of the Asia Council of the Emerging Markets Private Equity Association, which he chaired from 2013-16, as well as a member of the Hong Kong Trade Development Council’s Steering Committee of the Asian Financial Forum.

David holds an LLM from the London School of Economics, a JD cum laude from the Harvard Law School and a bachelor's degree summa cum laude from Dartmouth College.

EXECUTIVE DIRECTOR

Derek Sulger
Lunar Capital Management

Derek Sulger is a partner at Lunar. Lunar invests in companies where the Chinese consumer is driving explosive growth through a control-oriented, operationally involved, platform-building investment strategy. The Firm takes an industry-insider approach to sourcing, professionalizing management, and driving innovation in products, services, marketing and distribution by leveraging its team of investment professionals and over 5,000 team members in the businesses that Lunar presently controls. Lunar is widely recognized as a pioneer in China, with a successful track record that includes founding companies and taking controlling positions in over 20 businesses. Lunar’s investments have included Linktone (Listed on NASDAQ), SmartPay (Acquired by Ping An), Yeehoo (Partially sold to Hailan), BPG (Acquired by Asian Citrus), WH Group (Listed on HKSE), Lao Henghe (Listed on HKSE) and many others. Derek serves as Chairman or a Director of over a dozen Lunar-backed companies. Prior to Lunar, Derek began his career with Goldman Sachs after graduating from Harvard University.

EXECUTIVE DIRECTOR

Bonnie Lo
NewQuest Capital Partners

Bonnie is a founding partner and COO of NewQuest. Bonnie is on the firm’s investment committee and oversees the investor relations, finance, operations and administrative functions of NewQuest. NewQuest is a leading secondaries fund focused on making investments the Asia Pacific Region.

Bonnie has almost 20 years’ experience in finance and investing. Prior to taking on the COO role, Bonnie was co-head of China business for NewQuest. Prior to founding NewQuest, Bonnie worked at Bank of America Merrill Lynch’s (BAML) Asia Private Equity group focusing on investments in Greater China. Bonnie has also held various other positions within BAML including in the Corporate Principal Investments and Investment Banking groups. She also previously worked at 3i Group plc focusing on growth capital investments in Greater China.

Bonnie has an Executive MBA from EMBA-Global Asia, a joint program between Columbia Business School, University of Hong Kong Business School and London Business School. She received her undergraduate degree in Economics and East Asian Studies, magna cum laude, from Brown University in Providence, RI.

Bonnie also serves on the PRC Committee and the Education Committee of the Hong Kong Venture Capital and Private Equity Association (HKVCA). Bonnie is fluent in English, Cantonese and Mandarin.

EXECUTIVE DIRECTOR

Gabriel Li
Orchid Asia Hong Kong Management Company Limited

Gabriel Li is the Managing Partner & Investment Committee Member of Orchid Asia Hong Kong Management Company Limited, a private equity firm focused on investing in Asia specifically China over the past 20 years.  He led the first round investment in Ctrip International (Nasdaq: CTRP) and Eachnet (sold to EBAY) for Orchid Asia.  He is also currently the Vice Chairman of the Board and Director of Ctrip, the largest travel reservation services company in China. Mr. Li is also the Director of Nirvana Asia Ltd (HKEX: 1438), the largest bereavement care industry in Asia.  Mr. Li is an ex-director of Autohome Inc (Nasdaq: ATHM), the leading online trading platforms for automobile. He is an ex-director of Lifetech Scientific Corporation (HKSE:8122), a company listed on the Hong Kong Stock Exchange. He is also an ex-director of Zhaopin (Nasdaq: ZPIN), the leading online recruitment company in China.

Prior to Orchid Asia, Mr. Li was a Managing Director at The Carlyle Group in Hong Kong, overseeing Asian technology investments. From 1997 to 2000, he was at Orchid Asia’s predecessor, where he made numerous investments in China and North Asia.  Previously, he was a management consultant at McKinsey & Company in Hong Kong, Beijing and Los Angeles.

Mr. Li graduated summa cum laude from the University of California at Berkeley, earned his M.S. from the Massachusetts Institute of Technology and his M.B.A. from Stanford Business School.

EXECUTIVE DIRECTOR

Peter Chen
ZZ Capital International

 

As Senior Managing Director and Chief Financial Officer at ZZ Capital International, Peter provides strategic and financial leadership in the global expansion and China outbound investment execution of the flagship equity investment platform of Zhongzhi Enterprise Group, which is China’s leading asset management company with US$200+ billion of assets under management.

Peter joined the HKVCA Board while serving as the Asia head of principal investments and business development at the Canada Pension Plan Investment Board (CPPIB).  Prior to CPPIB, he had worked as Principal at Bain Capital’s private equity team in China, and as founder and General Manager of GE Capital Corporate Financial Services in Taiwan focusing on special situation investments across Greater China. Peter is currently an officer at the Young Presidents Organization (YPO)'s Pan-Asia Chapter, and had previously served on American Chamber of Commerce’s Financial Services Committee in Shanghai and as Governor/Capital Markets Chairman in Taipei, as well as Honorary Advisor to the Society of International Registered Financial Practitioners, and a Rotary Club member. Peter completed his education at the University of North Carolina Chapel Hill (BSBA), Keio University in Tokyo, and Harvard Business School (MBA). He communicates in Chinese, English, Italian, and Japanese.

NON-EXECUTIVE DIRECTOR

Leon Meng
Ascendent Capital Partners

Mr. Meng is the founding Managing Partner of Ascendent Capital Partners. Prior to Ascendent, Mr. Meng was a Managing Director of D. E. Shaw & Co., where he was the leader of the firm's Asian investment office. He also founded and was CEO of its private equity business in Greater China. Previously, Mr. Meng was a Managing Director of JP Morgan Securities (Asia Pacific) Limited and Co-head of China, in which capacity he was responsible for all the China related investment banking activities.

Mr. Meng earned his M.B.A. from the Yale School of Management, where he is currently a Donaldson Fellow, the Co-Chairman of the school’s Greater China Advisory Board and also member of the Yale Center Beijing Global Advisory Committee. Mr. Meng is also an Advisory Board member of the Harvard Kennedy School Mossavar-Rahmani Center. Mr. Meng is a founding Council Member of the Future Forum in China.

NON-EXECUTIVE DIRECTOR

Judith Li
Lilly Asia Ventures

Judith J. Li, is a Partner at Lilly Asia Ventures (LAV), based in Hong Kong / Shanghai and focused on early and growth stage investments across biopharmaceuticals, medical devices, and diagnostics both domestically and cross-border. Her prior experience includes McKinsey’s New York office, hospital administration at Partners Healthcare, and co-founding an interventional nephrology medical device venture. Judith holds a B.A. in Neurobiology from Harvard.

NON-EXECUTIVE DIRECTOR

Kent Chen
Neuberger Berman

Kent Chen, CFA, is a Managing Director and head of Asia private equity at Neuberger Berman. Mr. Chen joined Neuberger Berman in 2015 from the Hong Kong Monetary Authority (HKMA) after 17 years of central banking career in various positions including Deputy Chief Representative of the HKMA’s New York Office and Advisor to the Executive Director for China at the International Monetary Fund in Washington D.C. From 2008, Mr. Chen helped to establish the HKMA’s private equity program. Before joining the HKMA in 1998, Mr. Chen was Head of China Research at Daiwa Securities.