Source: 2025 China’s Big Consumption Annual Ceremony

On March 7, 2025, the “2025 China’s Big Consumption Annual Ceremony,” themed “Steady Market, Real Demand, and Innovation,” was jointly organized by Sullivan, Forbes China, and the China Big Consumption CXO Innovation Center. The ceremony released the "2025 Forbes China Big Consumption Annual Selection" and the "2025 Sullivan China Big Consumption Annual Selection." During the event, Harvest Capital and its founder Alan Song were honored with prestigious awards.

Harvest Capital
Sullivan China 2025 Big Consumer Annual Investment Institution

Alan Song, Chairman and Founding Partner of Harvest Capital
Sullivan China 2025 Big Consumer Investment Figure of the Year

Reasons for Recommendation by the Jury:

In 2024, Harvest Capital’s investment in Xiaocaiyuan successfully led to its listing on the Hong Kong Stock Exchange. In the same year, another portfolio company,  Eastroc Beverage, achieved a market value of 100 billion RMB. Through these investments, Alan Song generated an impressive return of over 8.5 billion RMB, setting a record for China’s consumer investment exits. Despite a challenging Chinese consumer environment, Mr. Song has delivered market performance far surpassing his peers.

In recent years, as the digital economy, artificial intelligence, and other technologies rapidly develop, the global consumer market is undergoing profound transformation. "Boosting consumption" remains a key focus of China’s economic agenda in 2025, with the consumer market continuing to serve as the primary driver of economic growth. Supporting and promoting consumption is of significant and far-reaching importance for navigating the complex and ever-changing global economic landscape. Harvest Capital will continue to lead the way in consumer investment, helping to foster the growth of China’s consumer industry through practical engagement.

About Harvest Capital

Founded in 2007, Harvest Capital has consistently adhered to a value-investment philosophy. As a professional fund focusing on China’s consumer and service industries, it is one of the few value-creation funds in China with the capability to invest directly in industry. The firm’s total assets under management exceed 30 billion RMB, with a clear mission to support Chinese consumption and assist in the growth of national brands. As the most dedicated practitioner of enabling investment, Harvest Capital provides long-term comprehensive financial solutions, strategic consulting services, and efficiency improvement strategies for enterprises.

Representative Investment Cases include Jinmailang, Xiaocaiyuan, Eastroc Beverage, CHANDO, Qiaqia Food, Jiajia Food, Laiyifen, Xiao Guan Tea, Aimer, ORG, Babi Food, Laoxiangji, Wenheyou, Taikang, Easyhome, Boloni, Carpoly, Yenova Decoration, Newpearl Group, Meitu, Meituan, Didi Chuxing, among others.