On August 6, 2020, Zhongyin Babi Co., Ltd. successfully passed the IPO review by the China Securities Regulatory Commission’s Issuance Review Committee, marking the debut of China’s “first steamed bun stock” .This is a company that has accompanied millions of consumers, witnessed China’s predawn hours, and delivered healthy, wholesome breakfasts to countless citizens day after day.

As a leader in China’s bakery and pastry industry, Zhongyin Babi is dedicated to building nationally renowned Chinese pastry brands, operating well-known domestic brands such as “Babi Food” and “Zhongyin.”

As of the end of December 2019, the company operated 16 direct stores and 2,915 franchise outlets, providing healthy, nutritious, and safe food to millions of Chinese consumers daily. The Babi Food Creative Park in Shanghai’s Songjiang District serves as the company’s headquarters, supplying safe and high-quality ingredients to thousands of stores. Through seamless cold-chain logistics, products arrive at each location before 5 a.m. every morning.

This is a company that has been perfecting the art of steamed buns for 17 years—and growing steadily for 17 years.

In 2015, Harvest Capital, as the sole external institutional investor, injected RMB 105 million into Zhongyin Babi. What began as a modest bun business with a few hundred stores has since risen to become a champion in China’s pastry sector. Behind this success stands its **“strategic partner”**—Harvest Capital, whose vision and methodology reflect its expertise as a specialized investor in China’s major consumption and modern service industries.

In a consumer market of 1.4 billion people, the consumer services sector spans over a hundred "sub-segments". At Harvest Capital, we focus not on chasing trends, but on **uncovering true value**.

From the first listed soy sauce company – Jiajia Food,  
to the first listed nut snack brand – Qiaqia Food,  
the first listed snack chain – Laiyifen,  
the first listed home retail brand – Easyhome,  
the first listed metal packaging company – ORG Technology,  
to the soon-to-list first steamed bun company – Zhongyin Babi
the first listed national energy drink brand – Eastroc Beverage
the intimate apparel champion – Aimer Group  
the national Chinese fast-food leader –Laoxiangji  
the unique experiential dining brand – Wenheyou, 
the global leader in ceramic sanitary ware – Newpearl Group,  
and the pioneer of new Chinese tea – Xiao Guan Tea…

Harvest Capital acts as the strategic partner behind industry champions, the force behind sector leaders. We devote ourselves to identifying, supporting, and nurturing “hidden champions” across specialized market segments.

We never pause, nor do we rely on luck.

After decades of industry evolution, China’s consumption sector comprises 7 major categories, 82 sub-sectors, and 154 niche segments. This consumption landscape has been analyzed by our team countless times—continuously refining our focus and deepening our insights. Leaders in each niche segment are anchored in our systematic research capabilities and profound industrial understanding.

The pursuit of excellence is ingrained in our corporate DNA. Identifying “hidden champions” within industries, walking alongside them, and empowering their growth has always been Harvest Capital’s commitment. The journey of discovering and creating long-term value may be demanding, but when the harvest arrives, the rewards are truly fulfilling.

Congratulations to Babi—this is only the beginning!

The next decade in China will be a **golden era of consumption**. Moving forward, Harvest Capital will continue to stand alongside industry leaders, persistently seek long-term value among “hidden champions,” and ride the powerful wave of **China’s consumption transformation**!