How investors can navigate opportunities in turnaround & restructuring in China

FULLY BOOKED!
This event is now fully booked, with all available seats allocated.
The CMN teams looks forward to hosting you soon at our next event!

Special Situations Forum: China 2017, hosted by China Money Network in conjunction with KPMG, will gather top investors in the distressed debt and special situations market in China to discuss key opportunities and challenges in one of the most hottest investment sectors in China.

Register now to join leading deal makers and experts from Bain Capital, UBS, Shenzhen Qianhai Financial Asset Exchange, Poseidon Capital Group and William Hay & Co. for an intimate and informative panel discussion and open Q&A. Then network with other attendees from top Chinese investment firms and high-level executives.

Date: Wednesday, December 13, 2017
Time: 8:00AM-10:30AM
Location: JW Marriott Hotel, One Pacific Place, 88 Queensway, Admiralty, Hong Kong
Language: English

While many smart investors take advantage of this gold rush, others simply don’t know how to tap into it

During the past two years, investors have shown renewed interests in distressed debt and special situations investment opportunities in China. Under the backdrop of an economic rationalization and a government-led campaign to reduce excess capacity and lower corporate stock and leverage, the investiable assets in this wave of expected rising distressed debt in China has clearly different characteristics compared to past cycles.

The latest wave of deals in Chinese distressed debt space appear to have higher asset quality compared to previous non-performing loans entering the market. This could mean that legal complexity of these obligations is much greater this time around. As government strengthens implementation of the Bankruptcy Law, it will provide a more robust legal environment for investors. That means an expanded investment strategy for bankruptcies, NLPs, debt-to-equity conversion and emergency funding are expected to welcome more opportunities as the market continues to mature.

China Money Network and KPMG are proud to present our annual Special Situations Forum: China 2017 to gather leading industry experts to brainstorm and share valuable insights.

Join us for an exciting high-level discussion moderated by Nina Xiang, Managing Editor at China Money Network.

8.00am Registration & Breakfast
8.30am Opening Keynote Address
8.40am Panel Discussion
9.40am Interactive Q&A & Networking
10.30am End

OPENING ADDRESS:

Jason Bedford: Executive Director, UBS

Mr. Bedford is executive director at the Asian Financial Institutions Research team at UBS, where he has a focus on China bank and non-bank lenders. Prior to that, he spent nearly nine years in Beijing primarily auditing and consulting for mainland financial services sector clients with KPMG. He had a core focus on the banking and shadow banking sectors, which included the trust sector, leasing, micro-finance and credit guarantee.

FEATURED SPEAKERS:

Kei Chua: Managing Director, Bain Capital

Kei Chua is a managing director based in Bain Capital Credit’s Hong Kong office and is a member of the Distressed and Special Situations team focused on special situations and portfolio investing. Previously, Mr. Chua was the co-head of Asia for Mount Kellett Capital focused on special situations and distressed investing. Prior to that, Mr. Chua was a partner with Unitas Capital, where he was responsible for investments in Greater China and Southeast Asia. Mr. Chua worked at Cerberus Capital and DLJ in Hong Kong and New York earlier in his career.

Ru Xia: General Manager, Shenzhen Qianhai Financial Asset Exchange

Ms. Ru Xia is general manager of the cross-border business division of the Shenzhen Qianhai Financial Assets Exchange Ltd., an exchange backed by Ping An Insurance providing registrations, transfers, trading and settlement of distressed debt assets and other financial assets. Ms. Ru was previously financial officer of China Construction Bank branch in Dubai since 2013. She has also been deputy head of department of China Construction Bank Corporation Regional Audit Office (Hong Kong), and also the chief manager of audit department of CCB International (Holdings) Ltd.

James Feng: Founding Partner, Poseidon Capital Group

James Feng is founding partner of Poseidon Capital Group, an investment firm focused on investing in non-performing loans, distressed debt, distressed real estate and distressed companies in China. Before founding Poseidon Capital, Mr. Feng worked at Partners Group, Apollo Global Management, HSBC Holdings and Morgan Stanley.

William Hay: Founder, William Hay & Co

Mr. William Hay is the founder of William Hay & Co.Ltd. He advises private equity funds and private equity backed companies on legal and related strategic issues arising from fund raising, mergers & acquisitions, leveraged finance and stock market listings and other forms of exit. Mr.Will’s previous experience includes serving as general counsel of Baring Private Equity Asia. Prior to joining Baring, he held similar positions in with GE Capital Asia and Colony Capital. He also acquired and turned around a distressed hotel in China. Will was a partner in a Wall Street law firm before relocating to Hong Kong in 1995.

Wilson Pang: Partner, KPMG

Wilson Pang is a partner and Head of Turnaround, Restructuring Services at KPMG. He also leads KPMG China’s Special Situations team, helping Chinese state-owned and private-owned enterprises on restructuring and reform. Over the last 4 years, Wilson and his team has assisted Chinese banks to dispose over Reminbi 350 billion NPLs into the market. Prior to KPMG, Mr. Wilson was Head of China, Special Opportunity Fund & Senior Investment Professional at TRG Management Hong Kong Ltd., also known as the Rohatyn Group. Wilson was previously also a Director of Citigroup’s Global Special Situation Group, where he was responsible for Greater China distressed assets, non-performing loans portfolios, pre-IPO and growth equity investments.

MODERATED BY:

Nina Xiang: Managing Director, China Money Network

Nina Xiang is the co-founder and managing editor overseeing editorial content and product development at China Money Network. Before founding China Money Network in 2011, Nina worked at BusinessWeek magazine in Beijing and Institutional Investor magazine in New York, covering business and financial services in China and the U.S. While in New York, she also served as part-time correspondent for Shanghai’s financial television channel China Business Network, as well as China Radio International, China’s national English-language radio network.

Under the backdrop of an economic slowdown and government-led campaigns to reduce excess capacity and lower corporate stock and leverage, the investable assets in this wave of rising distressed debt in China has clearly different characteristic compared to past cycles.

The latest wave of deals in Chinese distressed debt appear to have higher asset quality compared to previous assets. But in some cases, the legal complexity surrounding working out these debt is much greater. In addition, other strategies including turnaround, restructuring, emergency lending and debt-to-equity conversation could see more opportunities as China’s state-owned enterprise reform deepens.

DISCUSSION TOPICS

• How is the current distressed debt and special situation market cycle different from past ones in China?
• For offshore investors, what are the developments that have made their investment proposition more viable and attractive? Conversely, what risks have become more pronounced?
• Which strategy appears most promising, and what are the constraints?
• What are the impact of new entrants to the market? Are there too many buyers pursuing too few good deals?
• Generalist vs. specialist: What are the key skills needed to navigate the highly specialized distressed debt market in China?