2020: An Unforeseen Year

It has been a year beyond words.

For reasons well known, 2020 was initially painted with pessimistic brushstrokes and bleak forecasts. Yet as summer drew to a close, we were surprised to discover that this dramatic year was not only marked by the anticipated challenges, but also became a period of extraordinary commercial vitality. In fields such as healthcare, enterprise services, consumer services, and advanced manufacturing, a host of highly resilient entrepreneurs emerged, many of whom successfully secured capital investment.

In the past, we might have tried to capture our commercial era with a single defining adjective. But 2020 has taught us, more than ever, that in an age of uneven hardship, rapid change, and relentless acceleration, any assertive summary risks being shortsighted and fleeting. Only a long‑term mindset can truly withstand scrutiny and endure the test of time.

Beyond an enterprise’s own resilience, its sustained stability often relies on the continuous support of investors—a role that has become even more critical in this era of heightened uncertainty. In the business world where competition is fierce, we have never believed in the power of partnership as strongly as we do today.

About Harvest Capital

Founded in 2007, Harvest Capital focuses on investments in China’s major consumption and modern service industries, supporting the private sector 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.

For over a decade, Harvest Capital has maintained deep cultivation in the consumption and modern services sectors. Our value‑driven, long‑term investment approach has earned recognition and trust from entrepreneurs, investors, and industry peers alike. Thirteen years of unwavering commitment to “supporting the private economy and empowering Chinese consumption”—built on the conviction that perseverance yields lasting impact—has shaped a disciplined and selective investment discipline, resulting in a portfolio of industry champions without a single loss to date.

Our portfolio includes leading enterprises such as 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, Didi, and dozens of other consumer‑service industry frontrunners. Together, they form the steady and leading “Harvest Family.”

About the 36Kr Rankings

In early summer 2020, 36Kr Venture Capital Research Institute publicly invited entrepreneurs to participate in a broad survey, gathering opinions and analyzing data from 1,998 institutions in the market (each managing over RMB 500 million and maintaining an active investment record). Through questionnaires and telephone interviews, 406 investment institutions were evaluated across four dimensions: fundraising, investing, managing, and exiting. The process ultimately identified the most entrepreneur‑endorsed investment institutions in China for 2020.

Additionally, 36Kr selected 100 outstanding investors most favored by entrepreneurs from a pool of thousands, based on comprehensive indicators including fundraising capability, investment execution, post‑investment management, and exit returns, combined with direct feedback from entrepreneurs.

We extend our gratitude to every name on these lists. In this era of rapid, vigorous growth, they are the behind‑the‑scenes contributors to China’s new business history—worthy of recognition and appreciation.

Below are the 2020 rankings for:

• China’s Most LP‑Recognized Private Equity Institutions

• China’s Most Entrepreneur‑Endorsed Private Equity Institutions

• China’s Most Entrepreneur‑Endorsed Investors