Pushing for the peak: this hierarchy of VC portfolio performance factors is not absolute but conditional.
Factors like decision quality and ROI ceiling are paramount, but their weight varies greatly with market conditions.
In Hong Kong, agility and the ability to react to rapid arbitrage windows dictated by capital flows related to China can surpass intrinsic decision quality if it lacks speed.
For example, a rigid follow-up policy, even if well-intentioned, would miss profitable exits dictated by sudden changes in China-U.S. trade relations, making liquidity and fast execution more critical.
The full potential of an asymmetric return is always modulated by the HKEX quotation channels and Stock Connect mechanisms, which can offer unexpected exits for otherwise capped investments.