With all members’ supports, the first Annual General Meeting of Limited Partner Association of China (“LAPCN”) was successfully held in Grand Hyatt Shanghai on Dec. 9, 2009.  26 members attended the meeting. Below please find a memo of the meeting.

1.     Keynote address by Dr Xu Quan, Deputy Director General of The Shanghai Municipal Financial Services Office on the policies introduced by the Shanghai government in promoting private equity investments.

2.     Financial Statement Report of 2009 (Until Oct. 31)

        a. By Oct. 2009, LPACN has recruited 26 founding members, 6 general members and 8 associate  members

        b. Appointment of accounting service firm HH Liu of HK to prepare financial statements of LPACN for 2009 and commence audit for NGO registration

        c. Financial statement expected to be ready 1Q2010 and will be posted on the LPACN website

3.     Review of events organized in 2009

        a. LP Round Table Discussion (Beijing)

        b. Legal workshop hosted by King & Woods and SJ Berwin (Beijing)

        c. Visits to governmental regulators – MOFCOM, NDRC etc (Beijing)

        d. Boat trip (Hong Kong)

4.     Executive Committee election result annunciation

        a. Mr. Ching Tan, Managing Director of Siguler Guff & Company LLC was elected with 10 votes to be the Executive Committee member with highest number of votes

        b. Mr. Xianghong Lin, Chairman of Suzhou Venture Group was appointed by the Executive Committee to replace Gavin Ni on the Committee as the representative of domestic LP

        c. Mr. Gavin Ni, CEO of Zero2ipo Group was appointed the Secretary General of LPACN

        d. The first Executive Committee of LPACN with a term of two years was officially formed with the following five members and a Secretary General:

                1) Vincent Huang

                2) Xianghong Lin

                3) Ching Tan

                4) Piau-Voon Wang

                5) Jason Zhang

                6) Gavin Ni (Secretary General)

5.     An open discussion on plans for 2010 was held, followed by a meeting of the newly constituted Executive Committee. The following initiatives were proposed:

        a. Official quarterly events for 2010:

                1) Educational round table meeting in Suzhou/Shanghai in April targeting domestic LPs. Xianghong Lin and Suzhou Venture Group will coordinate with LPACN in organizing the event.

                2) Update visits with regulators in Beijing during the time of the LP Summit in July.

                3) Get together with domestic and international LPs during the Super Return Conference in HK in September.

                4) Annual Meeting in Beijing in December.

        b. Social and promotional activities to be held in conjunction with major conferences in China such as Zero2ipo, CVCA, BPEA, CVCRI:

                1) Dinner reception

                2) Small group discussion roundtable

                3) Participation on LP panel representing LPACN

        c. Projects to be completed in 1H2010:

                1) Recruitment of a full time staff for business development, Ching Tan and Jason Zhang will spearhead the effort.

                2) The drafting of a guideline on the various methodologies to address conflicts between USD and RMB funds, Vincent Huang will lead the effort working with leading local fund formation law firms.

                3) The preparation of an educational curriculum targeting the domestic LPs on global best practices, Suzhou Venture Group will work with LPACN on this with the April roundtable as a target completion date.

                4) A standard presentation and media pack on LPACN to raise the profile of the association in China, Gavin Ni will lead the project.

                5) Bi-weekly newsletter: Zero2ipo will provide relevant LP centric news feed and research data in conjunction with legal/regulatory commentary from leading law firms. Piau Voon Wang will be responsible.

Executive Committee