CFA Society Hong Kong x NYU Alumni Club in Hong Kong: Entrepreneurship Through Acquisition (ETA) in Greater China and Asia
CPT/CE Eligibility (A Recognized CPT Provider)
| CPT hour(s) | TBC |
| PL (CE) hour(s) | TBC |
| RBV CPD hour(s) | TBC |
As the traditional path to business ownership evolves, Entrepreneurship Through Acquisition (ETA) has emerged as a compelling alternative for professionals seeking to become owner-operators. Rather than building from scratch, ETA involves acquiring an established, profitable business—often from a retiring founder—and stepping into leadership. This model, pioneered in the U.S. and Europe through search funds, is gaining momentum across Greater China and Asia, where succession gaps and aging founders have created opportunities for business ownership transitions.
CFA Society Hong Kong, in partnership with the NYU Alumni Club in Hong Kong and Search Panda ETA Community, invites members and guests to an in-depth session exploring ETA from a global and regional perspective. The evening will open with a keynote on the ETA model and its development in Greater China, followed by a practitioner panel featuring practitioners spanning business acquisition, self-funded search, and SME M&A advisory across Hong Kong and Mainland China. Together, they will share candid insights on deal sourcing, seller negotiations, financing structures, and post-acquisition value creation—while addressing the valuation, risk, and governance questions most relevant to investors.
Key Discussion Points:
• ETA Model: Understanding the fundamentals of Entrepreneurship Through Acquisition, and how the model has evolved from its origins in the U.S. to emerging markets.
• The Asian Opportunity: Examining why Greater China and Southeast Asia are ripe for ETA—succession gaps, SME exits, and the rise of self-funded searchers in Hong Kong.
• Deal Sourcing and Seller Dynamics: Practical insights on finding off-market opportunities, building trust with founders, and navigating family business succession.
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About Keynote Speaker
Mr. Leo Wang
Founder
Leo Wang is the founder of Search Panda ETA Community, China's first community platform for search funds and Entrepreneurship Through Acquisition, which is dedicated to introducing the ETA model and accelerating the practice of search entrepreneurship across Greater China and the Asia Pacific. He is the Chinese translator of Jan Simon’s Search Funds and Entrepreneurial Acquisitions. He holds a bachelor’s degree from NYU Shanghai, an MBA from HKUST, and a Master of Advanced Management from Yale. He will deliver remarks on the global search fund model, its localization, and development in Asia.
About the Speakers
Mr. William Li
William Li is the Director of China ZNG (真牛馆) Limited, a pioneer in the commercialisation of sous vide cooking technology in China. He acquired a manufacturing facility in Mainland China and has since built a successful food services business serving major clients including Disneyland and Haidilao. Prior to entering the food industry, William worked in equities research at UBS. He holds a Bachelor of Commerce (Honours) from UNSW and was a recipient of the UNSW Co-op Scholarship. As a second-generation entrepreneur who chose to acquire his own business rather than join the family enterprise, William brings a unique perspective on the ETA journey in Asia.
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Mr. Kelvin Panitpichetvong
Director & General Manager
Kingsford Far East Limited
Kelvin Panitpichetvong is Hong Kong's first self-funded searcher, having completed his acquisition of Kingsford Far East Limited earlier this year. Kingsford is a medical device and rehabilitation equipment distributor in Hong Kong and Macau, acting as sole agent for international brands including A&D Medical, GE Diabetes, Haenim and TanoTech. Clients include hospitals, NGOs, pharmacy chains, electronic stores and department stores.
Prior to becoming an acquisition entrepreneur, he worked at Bank of America and HSBC in various distressed credit trading and corporate banking roles. He is a graduate of LSE and Duke University.
Kelvin will share his experience in navigating the search process, sourcing opportunities, and completing a transaction, as well as his transition from searcher to business owner.
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Ms. Layana Wen
Co-founder
Layana Wen is a co-founder of MA-easy, an M&A advisory firm focused on SMEs in Mainland China. A second-generation entrepreneur who chose not to join her family's manufacturing business, she instead works with manufacturing SME owners to navigate an increasingly competitive landscape and the growing succession challenge in Mainland China. Previously she worked at UBS Investment Banking Division, and at Evercore M&A team in Hong Kong. She holds a Bachelor's degree in Finance and Accounting from NYU Stern.
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About the Moderator
Mr. David Ching, CFA
Vice President
CFA Society Hong Kong
David Ching is Vice President of CFA Society Hong Kong and Founding Chairman of its Web3 & FinTech Subcommittee.
He is Investment Director and Head of Research at Animoca Brands, a venture capital firm and ecosystem builder in AI, digital assets and fintech. A seasoned investor and business builder, he brings over two decades of experience spanning traditional finance and emerging technologies, with deep expertise and distinctive insights in artificial intelligence, digital assets, and energy transition.
Before Animoca, David held senior roles including Chief Strategist and Portfolio Manager at Morgan Stanley, Bank of America, Macquarie and Polymer Capital. He won multiple Best Analyst awards from Institutional Investor and was ranked by StarMine among Asia’s top stock pickers.
David is a regular speaker and convener on AI adoption in financial services, agentic infrastructure, digital asset regulation, and the convergence of traditional finance and Web3. He created and leads the Society’s annual flagship AI x FinTech Symposium.
David graduated with First Class Honours in Engineering, Economics and Management from the University of Oxford on a full scholarship, and is Honorary President of the Oxford and Cambridge Society of Hong Kong.
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Remarks
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