On December 10, 2024, Forbes China released its “Top 100 Venture Capitalists” list for 2024. Song Xiangqian, Founding Partner and Chairman of Harvest Capital, was ranked 19th, marking his sixth consecutive year on the list.

Success for consumer investors this year largely stemmed from IPOs and liquidity returns of previous projects. Song Xiangqian achieved a record-breaking cash exit with Dongpeng Beverage, propelling him from 41st to 19th on the list, making him the highest-ranked investor focusing on the consumer sector. This recognition reflects not only personal achievement but also the enduring demand for essential, high-frequency, and livelihood-focused consumer goods.

The Consumer Sector: A Cornerstone of China’s Economy

The consumer sector is both the stabilizer and ballast of China’s economy, essential for transitioning from a middle-income nation to achieving high-quality, Chinese-style modernization. Consumer-focused enterprises drive massive employment, generate significant tax revenue, and serve as the backbone of China’s sustainable and high-quality economic growth. Our investment strategy aligns with these macroeconomic trends, resonating with the current economic environment.

China, the world’s largest unified market with 1.4 billion people, presents vast opportunities to meet basic needs and improve quality of life. The desire for better living standards continues to create significant room for development and innovation.

Long-Term Potential of the Consumer Economy

From a long-term perspective, consumption—one of the three pillars of economic growth—stands out as the most resilient and promising driver. Its role in China’s economic trajectory will only grow. Consumption’s contribution to GDP, the driving force of domestic demand, and its impact on employment and societal well-being underscore its critical importance.

At Harvest Capital, we firmly believe that everyone deserves a better life and that Chinese people deserve superior national brands. The future of China’s consumer sector is bright, with promising opportunities for domestic brands to thrive.

Harvest Capital: A Legacy of Consumer Investment

Since our establishment in 2007, Harvest Capital has navigated various cycles, adapting to market shifts while maintaining a steadfast presence in frontline consumer investment. In 2024, we continued to support projects like Xiaocaiyuan’s pre-IPO round, while our portfolio company Dongpeng Beverage exceeded a market valuation of RMB 100 billion.

As a specialized fund focused on the consumer and service industries, we prioritize high-frequency, essential, and livelihood-focused investments, targeting the needs of 80% of the Chinese population.

Commitment to China’s Consumer Market

With the recovery of consumer demand, we remain optimistic about China’s consumer market and committed to investing in this sector. Harvest Capital will continue to support domestic consumption, empower national brands, and enrich everyday lives. By engaging with grassroots needs, we aim to empower communities and enhance livelihoods.

Forbes China’s 2024 “Top 100 Venture Capitalists” Full List: