Source: TMTPOST

The year 2023 proved to be one of the most challenging periods for the venture capital industry. Geopolitical tensions, global macroeconomic uncertainty, and a series of negative external factors cast a long shadow over the market. Words such as “winter,” “cooling,” “contraction,” “transition,” and “layoffs” defined the year, as China’s primary market underwent profound structural shifts.

These difficulties were real and undeniable.

On the fundraising front, as market-driven capital grew increasingly scarce, local government-guided funds—carrying trillions in capital—poured into the primary market, marking the arrival of a new era in China’s private equity landscape.
On the investment side, the days of high investment and high returns have passed; investors now face the reality of a low-return cycle.

On the post-investment management side, with technology-driven investing becoming mainstream and earlier-stage investing accelerating, the expectations placed on institutions have significantly increased. Stronger post-investment capabilities are no longer optional but essential.

As for exits, many once-hyped projects—backed during the valuation bubble—have now become burdens, while valuation inversions between primary and secondary markets persist. Even after the rollout of the registration-based IPO system, expected improvements have not fully materialized.

With challenges arising across fundraising, investing, management, and exits, proactive transformation has become the only viable path forward. As the saying goes, “Winter blooms emerge against frost, and blossoms mirror the snow.” Standing at the threshold of a new era, firms must choose not to sink under pressure but to rise above the waves. Only those who adapt quickly can endure cycles and shape the future direction of the industry. True venture investors carry a unique sense of mission and responsibility, providing stability and leadership amid uncertainty.

After a two-month evaluatioin process, the 2023 EDGE AWARDS Global Innovation Selection conducted a comprehensive year-end review. TMTPOST Media Venture compiled assessments across multiple dimensions—including investment performance, industry impact, institutional activity, thought leadership, key annual events, and extensive industry interviews—covering nearly 400 investment institutions and close to 1,000 investors.

Alan Song, Chairman of Harvest Capital, was named one of TMTPOST’s “Top 10 Investors of 2023.”

Judges’ Remarks from TMTPOST

“Alan Song, Founder and Chairman of Harvest Capital, demonstrates sharp insight, deep engagement, and fearless expression on both public and venture-related issues. He speaks candidly and responsibly on topics such as macroeconomics, demographics, and urban governance, calling for a fairer and more just capital market, as well as an entrepreneurial spirit that delivers greater consumer welfare. In his view, finance exists to serve the real economy; technology is a means, not an end—people are the ultimate purpose. This philosophy is reflected in Harvest Capital’s long-term commitment to supporting China’s consumer sector and empowering national brands. His investment approach is grounded in real life and creates tangible value for everyday people.”