Congbi Qiushi

Congbi Qiushi is an investment fund that was an early backer of Chagee (霸王茶姬), the Chinese tea chain now eyeing overseas IPOs. Per 暗涌Waves reporting, it entered a few months after Fosun in a funding round when Chagee had only a few dozen additional stores but already commanded double the valuation of its previous round . The fund is described as somewhat atypical — it had concentrated on content e-commerce (it also backed Weinian) and began systematically looking at new consumer plays around 2020, mapping investments to "tobacco, alcohol, tea, sugar" . It was already listed as a legacy shareholder alongside XVC when Coatue came in at a RMB 3 billion post-money valuation in mid-2023 .