On January 16, 2024, Harvest Capital-backed company Xiaocaiyuan (officially known as Xiaocaiyuan International Holdings Limited) formally submitted its prospectus to the Hong Kong Stock Exchange, planning to be listed on the main board.

Currently, Xiaocaiyuan owns 548 directly operated stores. In the first three quarters of 2023, Xiaocaiyuan's revenue increased by 41.6% from the same period in 2022, reaching 3.429 billion yuan from the previous 24.22 billion yuan, and net profit increased by 107.6% from the same period in 2022 to 430 million yuan. The net profit margin for the first three quarters of 2023 is 12.5%.

According to Frost & Sullivan's statistics based on store revenue in the first three quarters of 2023, "Xiaocaiyuan" ranks first among all brands in the Chinese popular convenient Chinese catering market with an average order value ranging from 50 to 100 yuan.

Harvest Capital is the sole external investment institution for Xiaocaiyuan, with a cumulative investment of 500 million yuan. The net proceeds from Xiaocaiyuan's IPO fundraising will be mainly used for continuous expansion of the store network to increase geographical coverage and market penetration; enhancing supply chain capabilities; upgrading intelligent equipment and digital systems to improve digital capabilities; and for operational funds and general corporate purposes.