On November 22, the “12th Entrepreneurs Annual Conference,” hosted by Venture Dark Horse, was held in Beijing. Alan Song, Founding Partner and Chairman of Harvest Capital, was honored as “Investor of the Year 2019” by *Entrepreneur & iDark Horse and delivered a keynote speech titled “The Golden Age of Consumption.”

Since 2016, *Entrepreneur & iDark Horse* has selected and presented the “Investor of the Year” award annually to recognize outstanding investors. Previous honorees include Yu Feng, Co‑founder of Yunfeng Fund; Liu Qin, Founding Partner of Morningside Capital; Xiao Bing, Managing Partner of Dachen Caifu; and Fu Jixun, Managing Partner of GGV Capital. Together with companies they helped discover and nurture—such as Xiaomi, Meituan, and BGI—these investors have become emblematic of the new forces shaping China’s business and technology landscape.

The year 2019 has been a challenging one for the venture capital industry.

Fundraising has grown difficult, with capital supply shrinking sharply and fundraising pressure intensifying; both the scale and number of transactions have plummeted. Investing has become tougher, as entrepreneurship entered an “era without tailwinds”—popular concepts faded and sectors grew narrower yet deeper. Exits have been arduous, with unicorns raising funds amid losses and IPOs facing turbulence.

Yet winter often nurtures new vitality. It is not only a fertile ground for entrepreneurs to grow but also a starting point for investors to uncover opportunities.

Throughout China’s business community, many great companies were born in winter—and only outstanding investors can become the discoverers and long‑term partners of such enterprises.

Alan Song, Founding Partner and Chairman of Harvest Capital, has been engaged in equity investment for 24 years and founded Harvest Capital 12 years ago. For decades, he has worked side‑by‑side with entrepreneurs, adhering to long‑term value, grounding decisions in industrial insight, and partnering with sector leaders. He is committed to being the “strategic partner” behind consumer‑industry champions, faithfully executing the investment philosophy of “supporting the private economy and empowering Chinese consumption.”

As an industry‑focused investor, he has accompanied the rise of many leading companies, including Easyhome, Qiaqia Food, Aimer Group, Laiyifen, Eastroc Beverage, Babi Food, Laoxiangji, Xiao Guan Tea, and others.

Channeling his conviction into action, he is dedicated to advancing the deep transformation of China’s consumption and service sectors. At the same time, he remains firmly rooted in the mindset that “steady, daily progress compounds into lasting impact,” a principle deeply embedded in his approach to investing in Chinese consumption.

In April 2019, Harvest Capital announced the successful closing of its consumer‑industry fund at RMB 3 billion. Under Alan Song’s leadership, Harvest Capital earned the confidence of long‑term capital from listed companies, insurance institutions, university endowment foundations, and other sources, successfully navigating the fundraising winter.

Times of change concentrate opportunities—this is a moment for Chinese entrepreneurs to clarify their vision and rise to the occasion.

As Alan Song has noted, strong organizational resilience and systematic operational capabilities, combined with deep insight into human nature, data‑driven business acumen, and a focus on customer lifetime value, can build companies that embody humanistic care and enduring connections.Such enterprises are infusing traditional industries with new commercial wisdom and iterating toward a distinctively Chinese business civilization.

As an investor, he is leading Harvest Capital to invest in this future and move steadily forward.

As pioneers who discern the trends of the times, outstanding investors guide the upgrading and development of various industries through forward‑looking vision. They also rely on rational logic to help more companies with genuine potential rise to prominence.

The times are calling—and the future awaits.

The full list of “2019 Investor of the Year” awardees is as follows: