The 2025 HKUST–IESE Entrepreneurial Takeover Asia (ETA) Summit was successfully held in Hong Kong.
Event site
[Hong Kong, October 24, 2025] — The first HKUST–IESE Hong Kong Entrepreneurship through Acquisition (ETA) Summit concluded successfully at the Clear Water Bay Campus of The Hong Kong University of Science and Technology. This marks an important milestone in introducing the entrepreneurship through acquisition model to Hong Kong and the broader Asia-Pacific region.
The summit was jointly hosted by the MBA Program of the Business School at The Hong Kong University of Science and Technology and IESE Business School, and organized by Search Panda™ Entrepreneurship through Acquisition Community. It brought together over 200 investors, entrepreneurs, scholars, and business operators from Asia, Africa, Oceania, Europe, and the Americas to discuss the succession, acquisition, and long-term value creation of small and medium-sized enterprises.
The event kicked off with an opening speech by Carrie Ling, Director of the Entrepreneurship Center at The Hong Kong University of Science and Technology, who warmly welcomed the participants from around the world. She pointed out that HKUST was the first higher education institution in Hong Kong to establish a university entrepreneurship center and has been promoting the regional entrepreneurship ecosystem. Carrie Ling said that the ETA model provides entrepreneurs with a new path to innovation through "acquisition and reshaping," and Hong Kong, as a place where the East meets the West, is an ideal starting point for the implementation of this model in Asia.
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K. O. Chia, Chairman of the Private Equity Research Institute of the Hong Kong Venture Capital and Private Equity Association (HKVCA) pointed out that ETA allows entrepreneurs to directly enter the role of business owners by acquiring established enterprises. He emphasized that the key to success lies in transforming from an "employee mindset" to an "owner mindset", and described ETA as a form of "patient private equity capital" that creates value through long-term cooperation and trust. He also called for full consideration of local culture and business practices when introducing it to Asia and mentioned the Entrepreneur-in-Residence (EIR) model as part of his thoughts on the continuous evolution of entrepreneurial pathways.
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Professor Jan Simon, Academic Director of the International Search Fund Center at IESE Business School reviewed the 40-year development history of the ETA model in his keynote speech. He pointed out that there are currently more than 20 active search funds in over 8 countries in the Asia-Pacific region. Simon emphasized that although the ETA model has shown good returns and success rates globally, the ultimate success still depends on whether one can "acquire excellent enterprises in high-quality industries at a reasonable price". He specifically noted that the board of directors plays a crucial role in corporate governance and mentorship, which can guide first-time CEOs to enhance their leadership and sense of responsibility. He concluded that as this model takes root and grows in the Asia-Pacific region, the global search fund community will support local entrepreneurs, businesses, and investors together to promote the growth of a new generation of entrepreneurs through acquisition.
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The first panel discussion titled "ETA Sets Sail in Asia" was hosted by Danny Lee, Managing Partner of VCA Capital. Four acquisition entrepreneurs shared their practical insights from their respective regions. Chuanlong Li, Founder and Managing Partner of Changxi Capital in China said that Chinese searchers should avoid industries with low entry barriers and price-driven competition and instead focus on industries with defensibility and stable demand. Kelvin Panitpichetvong, Founder of Heritage Capital in Hong Kong emphasized that new CEOs should build independent operational capabilities and gradually promote mergers, acquisitions, and growth. Kenneth Cheng, Managing Partner of Mission Kay Capital in Singapore pointed out that the core of ETA is to "invest in entrepreneurs" rather than just "look for targets", and this positioning is more conducive to attracting investment support. Eisuke Kobayashi, CEO of Gateway Arch Inc. in Japan said that although the toy and puzzle market in Japan is mature, cross-border expansion brings broad growth opportunities.
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In the fireside chat titled "The Road from Search to Operation", Alex Simmons, Managing Director of Inerva Software and the first search fund searcher in Australia had a conversation with Yiqiao Wang, Founder of Search Panda™ Entrepreneurship through Acquisition Community, reviewing the four-year journey from search to operation. Simmons emphasized that leadership during the transition period lies in "winning trust with a clear vision rather than friendship" and shared practical experiences in due diligence and acquisition during the pandemic. He stressed the importance of having a reasonable capital structure and continuous support and guidance from the board of directors, which are the cornerstones for first-time CEOs to succeed in the early development stage. He also encouraged maintaining transparent communication, cultural continuity, and decisive execution in the early stage of transformation.
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In the afternoon, the first keynote speech "How to Identify Suitable Entrepreneurs" was jointly presented by Akram Sabbagh, Co-Founder of WayFinder Capital and Justin McGee Odger, Manager of WayFinder Capital. Based on their research "Finding the Right Jockey: Identifying Suitable Searchers," they introduced the psychological and behavioral characteristics of successful searchers. Sabbagh emphasized that excellent searchers have curiosity, humility, perseverance, and high emotional intelligence. The data shared by Odger showed that successful searchers have forward-thinking, unconventional thinking, and the ability to thrive in uncertainty. The two encouraged participants to strengthen regional community building through open mentorship and peer collaboration, emphasizing that "ETA is a journey that is better taken together."
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In the second keynote speech "How to Find the 'Jaguar' in the Jungle", Andrew Locke, Co-Founder and Partner of Ambit Partners gave a speech and shared the global research results of Ambit Partners. He pointed out that the top-performing ETA enterprises usually have recurring revenue, strong profit margins, low capital intensity, and standardized governance. Locke compared such enterprises to "jaguars - rare, resilient, and hard to find" and emphasized that success depends on the synergy among revenue quality, industry strength, capital efficiency, and reasonable valuation. He urged searchers to focus on enterprises that are "small but crucial, low-profile but supporting the economy".
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The second panel discussion "Investment and Post-Investment Management" was hosted by Professor Jan Simon of IESE Business School, discussing how investors and operators can jointly build the Asian ETA ecosystem. Andrew Locke, Co-Founder and Partner of Ambit Partners emphasized that structured governance and guidance are crucial for first-time CEOs and pointed out that diligence, intelligence, and continuous interaction are the basis for building trust between searchers and supporters. Akram Sabbagh, Co-Founder of WayFinder Capital believed that investing in ETA means investing in entrepreneurs, and the long-term alignment of interests between investors and operators is the key to sustainable success. José Moreno, Managing Partner of AIJ Global mentioned that a predictable legal framework and a clear equity structure are the foundations for making mergers and acquisitions replicable, and he regarded Hong Kong and Singapore as the hubs in the Asia-Pacific region. Ryan Poon, Partner of ZB Capital pointed out that in a market with scarce capital, digital transformation and operational leverage are the most effective tools for creating value. Tycen Bundgaard, Founder and Managing Partner of Lighthaven emphasized that a rigorous valuation based on real succession needs remains the cornerstone of stable returns. At the end of the discussion, the guests unanimously advised new CEOs: "Observe first, learn second, and then make steady changes."
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The third panel discussion "Acquisition Practices in Different Contexts" was hosted by Victor Wu, Managing Partner of Puhua Capital. Four guests shared their practical insights on mergers and acquisitions in various parts of Asia. Andrew Lo, Head of Family Advisory for North Asia at UBS pointed out that older-generation business owners are gradually viewing partial or full exit as a practical choice, and succession is no longer a taboo but a strategic decision. David Lau, former Executive Vice President of Hang Seng Bank shared practical experiences in SME financing and merger and acquisition loans, guiding entrepreneurs on how to negotiate with banks, evaluate terms, and structure transactions. Davis Hsiao, Founder of BGo Business and one of the early search fund entrepreneurs in Taiwan pointed out that Asian SMEs are still highly founder-centered, and empathy for the founder is the key to a smooth handover. Jason Wang, Partner of Han Kun Law Offices responded to concerns about cross-border investment, stating that as long as there are compliant documents and a sound structure, the flow of funds between China and foreign countries is still operable.
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The fourth and final panel discussion "Excellent Operation and International Development of Small and Medium-Sized Enterprises" was hosted by Bill King, Senior Advisor to The Hong Kong University of Science and Technology and Independent Non-Executive Director of Digital China Holdings. Three guests shared their operational insights from different markets. Amelia Lee, Co-Founder of The Health Collective in Singapore shared experiences in promoting digital and AI transformation after mergers and acquisitions, pointing out that technological upgrades can quickly enhance the competitiveness of SMEs. Kieron Chalder, Co-Founder and Managing Partner of Emotion in the UAE emphasized the importance of leadership development and structured empowerment, stating that sustainable growth comes from building a strong management system and empowering an excellent team. Raphael Coelho, Founding Partner of X-Sigma Partners in China shared his method of building a team through equity incentives and emphasized that enterprises should grow in a disciplined manner rather than expand blindly. The panel discussion concluded that the key to excellent operation under ETA leadership lies in local cultural insights, long-term goal alignment, and team cohesion.
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As the summit was coming to an end, Juan Naranjo, Director of the International Search Fund Center at IESE Business School summarized the speeches and discussions and announced that IESE will conduct a new round of global search fund research, calling on global investors, entrepreneurs, and scholars to continue their cooperation.
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Professor Stephen Shih, Associate Dean of the Business School at The Hong Kong University of Science and Technology