On December 23, 2019, Wuhan Zhongshang held its second extraordinary general meeting of shareholders, passing a series of resolutions that cleared the way for Easyhome to enter Wuhan Zhongshang.

Shortly thereafter, on December 26, Easyhome New Retail officially rang the listing bell and debuted on the A‑share market. Trading under the original stock code of Wuhan Zhongshang “000785,” the company’s securities abbreviation was changed to “Easyhome.” Its total market capitalization on the first trading day reached approximately ¥67 billion.

According to disclosures, a 100% stake in Easyhome New Retail has been transferred to Wuhan Zhongshang. Easyhome New Retail primarily provides customers with integrated home‑design, renovation, and building‑materials services. Accordingly, Wuhan Zhongshang has expanded its business scope beyond general merchandise and daily groceries to include interior design, furniture sales, building materials, and hardware. In addition, the company’s registered capital increased from ¥251 million to ¥6.02 billion.

As a leader in the home‑furnishing circulation industry, Easyhome New Retail has been at the forefront of new‑retail transformation during a period of consumption upgrading and economic transition. It has continually enriched its “Ecosystem‑Wide Easyhome” positioning, achieving cross‑sector integration and upgrading across department stores, shopping malls, supermarkets, and home‑furnishing retail formats.

Backed by the tailwinds of major consumption trends, Easyhome has deeply integrated online and offline operations, boldly embracing the changes of the times—a vision and courage shared by both Easyhome and Wuhan Zhongshang.

As a major institutional investor that contributed ¥1.45 billion to Easyhome, Harvest Capital has been committed to infusing consumer‑sector expertise into Easyhome’s ecosystem and identifying new breakthroughs in traditional industries during this period of industrial upgrading.

Commenting on the investment, Alan Song, Founding Partner and Chairman of Harvest Capital, noted that the home‑furnishing circulation industry possesses enormous market potential. As penetration gradually increases, the trend toward branding and scaling in the sector is clear. While industry concentration remains relatively low, consolidation is undoubtedly the direction of development.

“In a strong market, leading enterprises can leverage their advantages in brand, channel, and management to become a new ‘ignition point’ during industrial consolidation,” said Alan Song. “Moreover, Easyhome’s extensive offline footprint represents a scarce resource capable of meeting diverse consumer needs. We believe demand is paramount—all business stems from it.”

Easyhome’s backdoor listing has set a new precedent for state‑owned‑capital backdoor transactions. Throughout the process, as a core investment institution, Harvest Capital also served as a **“capital‑market think tank,”** providing valuable advice on key decisions while actively supporting Easyhome’s financial management and internal‑control system development—making it one of the key facilitators of the transaction.

Consumption, lifestyle, service, finance, investment, digitalization, intelligence, and platform‑building are all essential pieces in the “Ecosystem‑Wide Easyhome” puzzle. As **Wang Linpeng**, Chairman of Easyhome New Retail, stated: “Over the next three years, relying on Easyhome New Retail, we will build Zhongshang into a leading enterprise in China’s domestic consumption sector.”

On its new‑retail transformation journey, Easyhome is steadily growing its wings. A market cap of ¥67 billion is only the beginning; another successful industrial story—one with a market value in the hundreds of billions—is now being written. Harvest Capital will continue to stand behind this industry leader, serving as a diligent, dedicated strategic partner—honored to grow alongside the champion.