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AVCJ专访加华资本：消费服务业改革是中国经济复苏的关键

发布时间：2025-03-12浏览数量：人

Service sector reforms as key to China's economic revival

来源丨AVCJ

作者丨Vivian Li

近期，加华资本接受AVCJ《亚洲创业基金期刊》专访，加华资本创始合伙人董事长宋向前认为消费服务业改革是中国经济复苏的关键。提高居民可支配收入，并推动中国向消费驱动型社会转型。

观点如下：

加华资本宋向前先生倡导长期改革，而非短期刺激措施
对中国消费市场的信心源于大众市场刚需、高频、民生领域的投资，如“小菜园”
促进国内大循环，应当为消费企业提供公平的资本市场准入机会

Service sector reforms, not short-term stimulus measures, are the key to reviving China’s economy and persuading people to spend again, according to Xiangqian Song, founding partner and chairman of consumer-focused private equity firm Harvest Capital.

“We need to focus on developing the service sector and ensuring that financial markets serve the real economy, improve people's living standards, particularly their disposable income, and promote China's transformation into a consumerled society,” Song said. “Otherwise, it’s challenging for China to escape the middle-income trap.”

His comments follow a short-lived, stimulus-driven rebound that saw China’s retail sales rise 4.8% in October, the fastest pace of growth since March, only to revert to a three-month low of 3% in November, according to the National Bureau of Statistics. The country’s consumer confidence index remains below baseline levels.

Harvest’s continued faith in the consumer story is partly based on stratification, whereby the luxury and mass markets coexist but are clearly divided. “Cost-efficiency will be a crucial theme in the mass market due to inadequate effective demand in the future,” Song explained.

Some of these mass-market bets are already paying off. Last month, Xiaocaiyuan [HKEX:999], an affordable restaurant chain into which Harvest has pumped CNY 500m (USD 68.2m) since 2023 as the sole external investor, listed in Hong Kong. The private equity firm retains a 6.4% stake in Xiaocaiyuan worth HKD 678m (USD 87.1m) as of early January.

Another mass-market food player, fast-casual restaurant chain operator Home Original Chicken (also known as Laoxiangji) is also pursuing a Hong Kong IPO.

Founded in 2007, Harvest has nearly CNY 30bn in assets under management across renminbi and US dollar-denominated funds. It counts the likes of HongShan, Taikang Insurance Group, and GLP as shareholders.

The firm is currently in the market raising its fourth blind pool US dollar fund. LPs in the earlier vintages include fund-of-funds, endowments, insurance companies, family offices, and high net worth individuals. Oriza FoFs, Li Ning [HKEX:2331], and Huatai Securities have all disclosed their participation in certain funds.

Harvest has backed nearly 30 companies to date, typically as a significant – or sole – external investor. Four in five of these businesses have gone public, from apparel brand Aimer and condiments supplier Jiajia Group [SZE:002650] to furniture chain store Easyhome [SZE:000785.SZ].

Eastroc Beverage [SHE:605499] is one of the most successful investments. Harvest paid CNY 350m for a 10% stake in the energy drink brand in 2017 and has made realisations amounting to CNY 4.2bn since a Shanghai IPO in 2021. It retains a 3.91% interest worth over CNY 4.2bn. The overall return is said to be about 24x.

In addition to backing consumer businesses, the private equity firm is active in technology, focusing on applications that improve consumer efficiency. It has previously invested in the likes of Meituan [HKEX:03690] and Didi.

At present, IPO candidates from the consumer sector are heavily scrutinised by mainland regulators. Song played down such concerns, noting that Harvest invests in companies with strong cash flow generation capabilities. On the other hand, the firm also looks to Hong Kong and the US as potential listing venues.

“If China wants to rely on domestic demand to drive its economy and stimulate internal circulation, it should provide consumer companies with equal access to the capital markets. Restricting certain industries is sort of suppression,” Song said.

“Given consumption accounts for 50% of China's GDP and is a significant contributor to growth, denying consumer companies equal access to the capital markets warrants a rethink.”

加华资本成立于2007年，始终秉持价值投资理念，是专注于中国消费及服务业的专业基金，也是中国为数不多的有产业投资能力、将投资当实业来做的价值创造型基金。基金累计管理规模超过300亿元。支持中国消费，助力民族品牌是加华的使命。作为最坚定的赋能投资的践行者，加华始终如一为企业提供长期的全面金融解决方案、战略咨询服务及效率提升方案。

代表投资案例包括今麦郎、小菜园、东鹏饮料、洽洽食品、加加食品、来伊份、小罐茶、爱慕股份、奥瑞金、巴比食品、老乡鸡、文和友、泰康、居然之家、博洛尼、嘉宝莉、业之峰、新明珠、美图、美团、滴滴出行等。

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