With its deep and steady commitment to the consumer investment sector, Harvest Capital was honored as one of the “Top 15 Most Competitive Private Equity Investment Institutions in Consumer Services (2019–2020).”

As a specialized investor in China’s major consumption and modern service industries, Harvest Capital draws on profound industry insight to systematically invest in leading enterprises across the core areas of “apparel, food, housing, transportation, healthcare, education, entertainment, and wellness.” To date, the firm has successfully backed dozens of consumer‑service industry leaders, including Taikang Insurance Group, Qiaqia Food, Jiajia Food, Laiyifen, Easyhome, Aimer, Eastroc Beverage, Laoxiangji, Xiao Guan Tea, Babi Food, Wenheyou Group, Newpearl Group, Carpoly, ORG Technology, Xiangcha Group, Gabriel, Boloni, Meituan, Meitu, and others.

Consumer Industry Insights

According to CVSource data, from May 2019 to April 2020, the consumer sector recorded 961 investment and financing transactions. Of these, wholesale and retail accounted for 466 deals (48.5%), followed by lifestyle services with 138 (14.4%), and tourism with 131 (13.6%). Within wholesale and retail, new‑retail‑related projects were particularly favored by investors.

Even during the prolonged capital winter of 2019, capital remained highly active in the consumer space.

Based on third‑party data analysis and interviews with front‑line consumer investors, the *21st Century Business Herald* outlines several key trends:

1. The Pandemic Accelerated the Shift to Online Consumption 
The COVID‑19 outbreak further accelerated consumer adoption of digital channels. In 2019, China’s online retail sales accounted for about 20% of total retail sales; the pandemic has since expanded both the user base and the variety of goods purchased online. Even after the pandemic recedes, established online shopping habits are likely to persist, creating long‑term tailwinds for digitally‑focused consumer companies and fresh‑food e‑commerce platforms.

2. Strong Content Operations Became a Core Competency for Brands
Content platforms such as Douyin, Kuaishou, and Xiaohongshu are increasingly serving as shopping gateways. A brand’s ability to create and distribute engaging content has become essential. Unlike the traditional TV‑ad‑driven model—dominated by giants like P&G—short‑video platforms now enable emerging brands to gain significant exposure through viral content and product innovation. Platforms like Xiaohongshu also provide user‑generated content that aids purchase decisions, while livestreaming channels such as Taobao Live offer real‑time shopping guidance. Together, these infrastructures allow new brands to reach consumers more efficiently and scale rapidly.

3. The Rapid Rise of Local Brands
Driven by shifting consumer demographics and evolving channels, domestic brands in food & beverage, beauty & personal care, and maternal & child products are gaining strong momentum. Investment in local consumer brands began heating up in 2018, propelled not only by online channels but also by the growth of content platforms. The surge of live‑stream commerce since 2019 has further enhanced brand‑to‑consumer reach, sustaining new‑brand investment as a major theme in the consumer sector.

4. New Technologies Are Creating Fresh Opportunities
AI and big‑data analytics enable precision marketing, while livestream e‑commerce integrates product demonstration with instant conversion. The application of emerging technologies such as AR/VR and IoT is reshaping the “consumer–product–scene” relationship, introducing innovative product forms and service experiences. Technology is fundamentally transforming how brands engage with consumers, underpinning a sweeping digital upgrade across the consumer‑retail industry. This digital‑driven industrial transformation is unstoppable, exemplified by the restructuring of production, distribution, and retail models. For consumer startups, digital awareness and capabilities have become essential for standing out.


Full List

“21st Century Business Herald 2019–2020 Competitiveness List of Investment Institutions in Consumer Services”

About Harvest Capital
Harvest Capital: A Consumer Investment Specialist with Industrial Vision

Founded in 2007, Harvest Capital focuses on investments in China’s major consumption and modern service industries, supporting the private economy and empowering Chinese consumption. As a practitioner of value‑add investing, we consistently adhere to value‑investment principles and provide long‑term, comprehensive financial solutions for enterprises.

The firm currently manages assets exceeding RMB 17 billion and has invested in dozens of consumer‑service industry leaders, including Taikang Insurance Group, Qiaqia Food, Jiajia Food, Laiyifen, Easyhome, Aimer, Eastroc Beverage, Laoxiangji, Xiao Guan Tea, Babi Food, Wenheyou Group, Newpearl Group, Carpoly, ORG Technology, Xiangcha Group, Gabriel, Boloni, Meituan, Meitu, and others.

Since 2015, Harvest Capital has been recognized for four consecutive years in the “Investment Industry List – Top 10 Best Investment Institutions in China’s New Consumer Industry,” and has received honors such as “Top 10 Best Investment Institutions in the New Consumer Industry (2019),” “Top 10 Best Chinese Private Equity Investment Institutions (2019),” “Forbes China Top 30 Best PE Investment Institutions (2018),” and “Qingke Group Top 10 Investment Institutions in China’s Fast‑Moving Consumer Goods Industry.”

Investment Philosophy: Support the Private Economy, Empower Chinese Consumption
We focus on private sector leaders that benefit from national economic growth and new consumption trends, as well as high‑quality companies with substantial growth potential. For over a decade, we have maintained a disciplined, prudent investment style—never following fads nor chasing short‑term trends.

We remain dedicated to the major consumption and modern services sectors, insist on deep integration of industry and finance, build partnerships with private‑sector champions, and create enduring, concentrated value.