Source: Forbes China

On December 16, 2025, Forbes China released the 2025 China Venture Capitalists 100 list. Alan Song, Founding Partner and Chairman of Harvest Capital, ranked No. 22, marking his seventh consecutive year on the prestigious list.

In 2025, Harvest Capital completed a RMB 300 million investment in CHANDO, a leading brand in China’s cosmetics industry. The firm’s portfolio companies continued to deliver strong performance:

Eastroc Beverage, China’s first listed functional energy drink company with a market capitalization exceeding RMB 100 billion, reported sustained growth; Xiaocaiyuan, China’s first listed Chinese-style casual dining brand with a market capitalization above RMB 10 billion, maintained steady expansion; Laoxiangji, the leading Chinese-style fast food brand, and CHANDO, a flagship domestic beauty brand, are both preparing for listings on the Hong Kong Stock Exchange. Over the next six months, three Harvest Capital portfolio companies are expected to go public in Hong Kong through red-chip and H-share structures.

Alongside strong investment performance, Harvest Capital has remained committed to fulfilling its social responsibilities. In 2025, the firm donated HKD 5 million to support disaster relief efforts in Tai Po, Hong Kong, demonstrating the sense of responsibility expected of a long-term investment institution.

As a professional investment firm deeply rooted in the consumer and services sectors, Harvest Capital has consistently focused on high-frequency, essential, and livelihood-related industries, addressing the core needs of 80% of China’s population—a direction it believes represents the fundamental trajectory of China’s economic development.

China’s economy is undergoing a structural transition from an investment- and export-driven model toward one powered by consumption and domestic demand. The everyday necessities of 1.4 billion people—food, clothing, housing, transportation, and daily essentials—form the true stabilizer and cornerstone of the Chinese economy.

Harvest Capital remains firmly optimistic about China’s consumer market. The firm will continue to deepen its commitment to the consumer sector, support domestic consumption, empower national brands, stay close to everyday life, and contribute to improving the quality of life for the broader public.

2025 Forbes China Venture Capitalists 100