On behalf of the Board of Governors, I am pleased to announce the following important changes to the CVCA organization:

Mr. Yichen Zhang, Chief Executive Officer of CITIC Capital Holdings Limited, was recently voted by the Board of Governors to be the Chairman-elect of CVCA with two-year turn starting at the 2008 CVCA Annual Conference in the first week of November. But effective immediately, he will work with me and other governors closely for setting the strategic direction of CVCA's development as well as the preparation for the 2008 CVCA Annual Conference.

We sincerely believe that Mr. Zhang will lead CVCA to a stronger position with his experiences in government relations to help set up positive public policies that benefit the venture capital and private equity communities.

Mr. Zhang is a member of the 11th China People's Political Consultative Conference. He is also a founder & Vice President of China Private Equity Association, and a founder of Committee of Mainland Overseas Returnees in Hong Kong Ltd. Since starting his career on Wall Street in 1987, he worked at Greenwich Capital Markets, Bank of Tokyo Securities (New York), and Springfield Financial Advisory Limited before becoming a Managing Director at Merrill Lynch (Asia Pacific Region). In 2000, Mr. Zhang joined CITIC Group as the Executive Director of CITIC Pacific Limited before founding CITIC Capital.

Due to Mr. Joe Zhou's recent departure from KPCB China, his CVCA Governor position will be replaced by Ms. Tina Ju, Managing Partner of KPCB China. We thank Joe for his efforts and contributions to CVCA in the past year and wish him well and success in his new fund raising and operation. Please join me in welcoming Tina on board and give her your continued support & cooperation.

Ms. Frances Huang will join CVCA as a full-time President on May 19, 2008. She will be responsible for daily operation of the CVCA Secretariat. She will play a key role to support governors in driving CVCA activities including public policy, external relations, members services, programs development, research and thought-leaders initiatives etc.

Ms Huang has more than 10 years of experiences in both corporate and non-profit sectors. Prior to joining CVCA, Ms Huang worked for a leading international public affairs consulting firm and before that she worked for the Hong Kong General Chamber of Commerce (HKGCC), managing their china affairs and government relations.

Ms. Cathy Cao, CVCA's Secretary General since 2007, has left CVCA for a new job. We would like to thank Cathy for her contribution to CVCA and wish her every success for the future.

I'd like to take the opportunity to thank all the members for your continued support to CVCA.

Best wishes to you and your family in advance for the coming Labor Day Holiday.


Hugo Shong
Chairman of Board, CVCA


The China Venture Capital Association ("CVCA") is a member-based trade organization established to promote the interest and the development of venture capital and private equity industry in the Greater China Region. CVCA's mission is to promote government policies conducive to the development of VC and PE industry; to promote and maintain high ethical and professional standards; to facilitate networking and knowledge sharing opportunities among members; and to provide research data, industry publications and professional development for PE and VC investors.