Congbi Qiushi

Congbi Qiushi is an investment fund that backed Chagee (霸王茶姬), the Chinese tea chain, entering months after Fosun in a round where the company's valuation had already doubled despite adding only a few dozen stores . It was described by 暗涌Waves as an "unusual" fund that had mainly invested in content e-commerce — it was also a backer of Weinian — and around 2020 began systematically looking at new consumer brands along a "tobacco, alcohol, tea, sugar" thesis . Partner Zhu Chao, in a year-end 2024 survey, framed the firm's stance as betting on top founders to "cross cycles and do things big enough, hard enough, and right enough" .