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Date: 2010-10-15
MAPECT attends the 14th annual CIFIT in Xiamen, China
MAPECT attends the 14th annual CIFIT in Xiamen, China
September 7th, 2010 – September 9th, 2010
Between September 7th, 2010 and September 9th, 2010, Taiwan Mergers & Acquisitions and Private Equity Council (MAPECT) organized a trip to Xiamen, China for the 14th China International Fair for Investment and Trade (CIFIT). MAPECT was a co-organizer of the 8th annual “Capital Forum 2010” in which seven MAPECT members were keynote speakers. This was the first time that a Taiwanese organization was invited to participate as a co-sponsor at this forum, highlighting the new emphasis that this event has placed on China-Taiwan relations following the signing of ECFA. The “Capital Forum 2010,” which featured the theme, “Focus on China, Enjoying Capital Growth,” was held on September 8th, 2010.
The three day trip was attended by 15 MAPECT members, including MAPECT Chairman C.Y. Huang and MAPECT Vice-Chairman Simon Dzeng, three MAPECT employees, and five Taiwanese news reporters from Want Daily, Economic Daily News, Unique Business News, and Commercial Times.
Apart from attending CIFIT, MAPECT also organized informational visits and meetings with the Wei Mon Group (偉盟集團), the Xiamen Investment Promotion Agency (廈門市招商中心), Dacheng Law Offices (大成律師事務所), and TenFu’s Tea (天福茗茶). These visits and meetings were meant to promote dialogue on cross-strait economic relations, to share views and past experiences on the challenges and benefits of doing business across the Taiwan Strait, and to network.
The trip was sponsored by China Development Industrial Bank (中華開發工業銀行), TenFu’s Tea, Polaris Securities Co., Ltd. (寶來證券), and Zhong Yin Lawyer (中銀律師).
September 7, 2010
WEI MON GROUP
Upon arriving in Xiamen, China, the MAPECT members were treated to a welcoming luncheon hosted by the Wei Mon Group, followed by an information session and a tour of the Wei Mon factory. Established in 1999 in Taiwan, the Wei Mon Group specializes in manufacturing environmentally friendly and biodegradable products, such as paper cups, straws, food containers, plates, and bowls, using their Pland Paper brand.
During the meeting, Jack Huang, general manager, addressed various issues and answered questions regarding Wei Mon Group. Huang outlined the production process of their products, highlighting its environmentally-friendly nature. Huang also described the current business activities and future outlooks for the company, emphasizing on the recent products that the Wei Mon Group produced for the 2010 Shanghai World Expo.
The meeting concluded with a tour of the Wei Mon factory, allowing the MAPECT members to observe the entire process of how a paper cup is made using the Wei Mon Group’s Pland Paper brand.
THE XIAMEN INVESTMENT PROMOTION AGENCY
Following the visit to the Wei Mon Group, the MAPECT members were treated to a meeting with the Xiamen Investment Promotion Agency (XIPA). Acting under the Xiamen Foreign Investment Bureau, XIPA is an organization that aims to promote and attract foreign investments into Xiamen.
During the meeting, Mr. Arthur Quan Zhang, Director of XIPA, spoke of the economic development and investment environment in Xiamen, stating that Xiamen and the coastal region along the Taiwan Strait will be the main hubs for Taiwan companies looking to move into China in this post-ECFA era. Zhang emphasized that the presence of both Chang-Gung Hospital (長庚) and Ampletech (安寶) only further demonstrates the attractiveness of investing in Xiamen; in fact, EFCA stipulated numerous economic incentives, including those in the medical and biotech industries, for Taiwanese companies to invest in Xiamen. Moreover, Zhang also spoke on the future for Taiwanese financial institutions in Xiamen and China, expressing his hope that in the future, through ECFA, Taiwanese financial institutions would be able to invest directly in Xiamen.
September 8, 2010
On the second day of the tour, the MAPECT members attended CIFIT in which MAPECT was a co-sponsor for the “Capital Forum 2010.” CIFIT is held annually from September 8th to September 11th in Xiamen, China. Approved by the State Council of the People’s Republic of China and sponsored by the Ministry of Commerce of the P.R.C., CIFIT brings together global industry and investment leaders to discuss and promote China’s investment climate, as well as the economic bridge linking China to the international economy. Moreover, CIFIT is also currently the only global investment event that also discusses and promotes economic investment activities between China and Taiwan. Apart from cross-strait bilateral investment, CIFIT also features forums, exhibitions, and seminars on China’s national development strategies, bilateral and multilateral economic partnerships, China’s investment projects, tourism, property, and energy-conservation. As Chen Deming, the Minister of Commerce for the P.R.C., asserted, “Themed on ‘Introducing FDI’ and ‘Going Global,’ CIFIT has not only facilitated China’s implementation of its opening-up strategy, but also promoted the adjustment of economic institutions and the transformation of their means of growth and advanced the world economy. CIFIT is now an internationally recognized platform for promoting two-way investment and is highly rated by national governments, intermediary agencies, and businesses.” This year’s 14th CIFIT was attended by 98 Chinese officials at or above the ministerial rank, along with 627 foreign organizations from 108 countries around the world. There were also 3,214 international exhibition booths present at this year’s event.
Upon arriving at the Xiamen International Conference & Exhibition Center, the MAPECT members participated in the opening ceremony of the 14th CIFIT. The opening ceremony was opened by Chinese Vice President Xi Jinping, chaired by Deputy Minister of Commerce Mr. Jiang Zengwei, and featured an opening address by Minister of Commerce Mr. Chen Deming.
Following the opening ceremony, the MAPECT members attended the “Capital Forum 2010.” With the theme, “Focus on China, Enjoying Capital Growth,” the “Capital Forum 2010” was co-organized by MAPECT, marking the first time that this forum was organized by a Taiwanese organization. The event featured speakers from a range of backgrounds, including heads of global financial institutions, government officials, investors, and professors. The discussions focused on numerous topics, including private equity in China’s new economic environment; the new guidelines in PE investments; and the establishment of a cross-strait economic platform for investors and entrepreneurs. The forum attracted over 500 representatives from PE funds and PE related companies from around the world.
At the event, MAPECT Vice-chairman Simon Dzeng, who is also President of China Development Industrial Bank, led the third panel discussion focusing on “Utilizing Xiamen and the Fujian coastal area to develop economic opportunities and to create a cross-strait investment platform.” The panel consisted of Richard Chuang of Tsar & Tsai Law firm (常在國際法律事務所), Jocelyn Huang of Grand Cathay Securities (大華證券), Steven Hsu of Zhong Yin Lawyer, and York Chen of iD TechVentures Ltd. (智基搶投). Moreover, the discussion analyzed “the opportunities and challenges of cross-strait cooperation post-ECFA” and “the possibility and effects from the development of industry funds and industry M&A activities.” After becoming a Special Economic Zone, Xiamen and the surrounding coastal area have become a focal point in China’s economic development and are considered as ECFA’s starting base. Having noted this characteristic of Xiamen, the panel further discussed the future possibilities for joint ventures between cross-strait investment funds and various means to enhance mutual benefits for both sides of the Taiwan Strait. This included the establishment of a cross-strait financial supervisory mechanism and a currency exchange infrastructure.
September 9, 2010
DACHENG LAW OFFICES
The MAPECT members met with the lawyers of the Dacheng Law Offices at the Xiamen office on the morning of September 9th, 2010. The meeting, led by Director/Senior Partner Hongqing Guo, Senior Consultant/JD Richard Fan, Attorney Hongming Zhang, Attorney Jinggui Lin, and Partner Kaiful Cai, provided the forum for the MAPECT members to discuss the laws that regulate cross-strait economic relations and activity, particularly in this post-ECFA era. The MAPECT members were particularly interested in various legal questions pertaining to investing in Taiwan, including issues of residency, sectors and industries that are open to foreign investors, and taxation laws. Moreover, the MAPECT members also discussed with the Dacheng lawyers how existing industry and various intermediary organizations can promote cross-strait economic cooperation, and whether the establishment of a cross-strait platform could be possible.
Founded in China in 1992, Dacheng Law Offices has since grown into an international law firm with offices in North America, Asia, Europe, and South America; in May 2010, Dacheng Law Offices opened its Taiwan branch in Taipei.
TIANFU’S TEA
For lunch, the MAPECT members were personally received by Lee Shiwei, Chairman of TianFu’s Tea, at the Prince Hotel where those attending met with various representatives from the host company. Following the meal, the members were treated to a visit to a TianFu’s Tea gallery tea house where the members learned more about the tea culture in China and future of TianFu’s Tea. Indeed, while sampling the different varieties of teas, the MAPECT members also questioned Lee on his future developments in China and on his global ambitions. Lee, who currently holds a 25% stake in Taiwan’s TenRen’s Tea, said that his company will soon be listed on the Hong Kong stock exchange, adding that he too hopes to bring the company back to Taiwan to issue TDRs. Moreover, Lee asserted that with the growing consumer power in China, coupled with a stronger branding of the company and a growing presence in China, TianFu’s Tea hopes to be the Chinese version of Starbucks.
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