LYFEN

LYFEN (来伊份) is one of China's early snack-food chains, founded during the era when retail channels were just beginning to develop and Chinese consumer goods were still scarce . In the snack-nuts industry evolution that 峰瑞资本's Li Feng traced—洽洽 → 来伊份/良品铺子 → 三只松鼠—LYFEN represents the offline specialty-store phase that emerged as distribution modernized, though it never scaled to the size of peers like Want Want or Dali Group because nuts remained a relatively small category . The company later entered private-market investing directly: it set up a 100 million RMB fund, 上海来伊份私募投资基金合伙企业, to deploy capital as an LP in the primary market .