Consumption Forward

If you lack vision, you cannot achieve great things; if you lack wisdom, you cannot sustain lasting excellence. The journey to fulfill an entrepreneur’s aspiration is a rewarding life that benefits all stakeholders.*  
—Alan Song, Chairman of Harvest Capital

In February 2018, under the leadership of Alan Song, Harvest Capital made a strategic investment of ¥1.45 billion in Easyhome.

It was announced on the evening of October 17, 2019, that the backdoor listing of Easyhome New Retail through Wuhan Zhongshang had passed the review of the China Securities Regulatory Commission’s Restructuring Committee—marking another flagship enterprise in China’s home‑furnishing circulation industry successfully reaching the public market. As one of the lead investors, Harvest Capital is now celebrating a significant milestone.

Easyhome New Retail’s backdoor listing into Wuhan Zhongshang represents a rare large‑scale backdoor transaction in recent years and sets a new model for state‑owned capital backdoor listings. The participation of high‑caliber institutional investors from both industrial and financial sectors—including Alibaba, Taikang Group, and Harvest Capital—combined with the support of a listed platform, will empower Easyhome to successfully navigate the ongoing retail transformation era.

In February 2018, the strategic investment signing ceremony for Easyhome was held at the Easyhome Building. As the main party to the agreement, Easyhome New Retail received a joint investment totaling ¥13 billion from institutions including Alibaba, Taikang Group, Harvest Capital, and Yunfeng Fund. This was the first major strategic financing cooperation of the year reaching the ten‑billion‑yuan scale. Among the investors, Harvest Capital, as a lead participant, contributed ¥1.45 billion.

Alan Song, Founding Partner and Chairman of Harvest Capital and one of the lead investors in this transaction, once described the ever‑evolving Easyhome with a series of key phrases:

“The consumption dimension of Easyhome,” “the lifestyle dimension,” “the service dimension,” “the financial dimension,” “the investment dimension,” “the digital dimension,” “the intelligence dimension,” “the platform dimension,” “the ecosystem dimension.”*

Now, in less than two years, Easyhome New Retail has achieved leapfrog growth and delivered a compelling answer to the market.

By the end of 2018, Easyhome had opened **284 offline chain stores** nationwide, leading the industry in new‑retail transformation, with revenue expected to reach the ¥10 billion scale. Reflecting on this achievement, Alan Song remarked:

“The successful backdoor listing of Easyhome is another masterpiece in the rise of Chinese consumption. Its underlying logic reaffirms that strong organizational resilience and systematic operational capabilities—combined with deep insight into human nature, supported by data‑driven acumen, business foresight, and a customer lifetime‑value focus—can build a value‑management system anchored in humanistic care. This is how traditional industries can radiate new commercial wisdom and iterate toward a new business civilization. With this, China’s traditional retail sector has seen the dawn of modern commercial civilization and truly entered a new‑retail era. We salute the new age and walk alongside its trailblazers!”

Easyhome’s listing not only signals a major shift in China’s home‑furnishing circulation industry—it also signifies that the new‑retail paradigm, iterated from digitally transformed traditional retail, has taken root and begun to expand its influence.

It further demonstrates the vast room for refinement and leapfrog growth in the industrial internet—centered on scene experience, customer lifetime‑value enhancement, and industrial efficiency improvement. This evolutionary path transforms the traditional “second‑landlord” rental model into an intelligent platform enterprise driven by product insight, industry insight, and human insight.

Long runway, thick snow—converging the depth and breadth of industrial wisdom—this is the charm of innovation and the engine of enterprise value.

2019 has also been a year of harvest for Harvest Capital.

In addition to the smooth approval of this “flagship in home‑furnishing circulation,” previously reported portfolio companies such as Babi Food (“national breakfast brand”), Eastroc Beverage(“national energy‑drink champion”), and Laoxiangji (which has become a new champion in Chinese fast food with over 800 direct stores) are all advancing toward their IPO journeys.

It is late autumn, and the deepening chill mirrors the broader Chinese economy. While it is not uncommon for enterprises and investment institutions to ride favorable tailwinds, it is far rarer to see investors “blow a warm breeze amid the winter’s shadow.”

After 12 years of deep cultivation in consumption, Harvest Capital remains steadfast, believing that staying true to the right path can lead to extraordinary outcomes. Thousands of households may be on the way—and the Harvest ecosystem looks forward to the future with confidence.