Three Squirrels
三只松鼠
Three Squirrels is a Chinese snack company founded in 2012 by Zhang Liaoyuan ("Squirrel Daddy"), starting as a five-person Taobao nut shop and growing into a "national snack stock" with over 3,800 employees; it listed on the Shenzhen Stock Exchange on July 12, 2019 (ticker 300783), debuting at ¥14.68 and closing day one up 44% for a market cap of ¥8.48 billion . Per FreeS Fund — an early investor, with Li Feng having led the deal — the company rode three tailwinds: rising consumer spending, the fusion of modern manufacturing with Chinese agriculture, and e-commerce channel shifts, and by 2019 had crossed ¥10 billion in annual GMV while repositioning from a nut brand into a full-category snack retailer built on a digital supply chain . Related coverage: a later FreeS Fund interview revisits Zhang's thinking two years post-IPO.
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Coverage
Behind Luckin Coffee's "Coming Ashore": IDG's Gamble and New Faces
New consumption, new investment, new narratives.
Li Feng x Guan Qingyou: What New Opportunities Remain in the Consumer Market for 2025?
How should we view the present and future of China's consumer retail market?
Spend a Summer on a VC Journey of "Seeking Truth" and "Taking Things Seriously" | FreeS Fund's 2024 Internship Program Is Now Open
Welcome aboard — a great workplace is one with a bunch of amazing colleagues.
FreeS Fund's Seventh Anniversary: Working Together to Go Further
Welcome to the team.
New Playbook for Going Global: From "Air Force" to "Marine Corps" | FreeS Research Institute · Going Global Series
From Europe and America to Southeast Asia: How Can Chinese Companies "Gang Up" to Go Global?
FreeS Fund Earns Ten Honors from Zero2IPO, PEDaily, ChinaVenture & GEW, CVCRI, ChinaRong360, Wanbang RB, and Lancha Consumer | FreeS Matters
Continuously hiring investors
Expansion or Store Closures: Reassessing Offline Opportunities | Li Feng Column
From "Store Opening Boom" to "Store Closing Wave": Reassessing Offline Opportunities
A Conversation with Zhang Liaoyuan: Two Years After IPO, How Is Three Squirrels Thinking About What's Next? | FreeS Fund Interview
What is Zhang Liaoyao's ultimate battleground for brands?
FreeS Fund Wins 12 Awards, Thanks to Recognition from 36Kr, ChinaVenture, FOFWEEKLY, Cyzone, and 21st Century Business Herald | FreeS Fund
Continuously Hiring Investors
Celebrating Six Years, Looking Forward to More Upward-Minded Partners Joining Us | FreeS Fund
Do what's right, not what's easy.
FreeS Fund Wins Multiple Awards from Yicai, CBNData, 21st Century Business Herald, and Xiaofeijie; Hiring Investors and Interns | FreeS Weekly Vol.8
Welcome to the team.
How to Understand the Divergence Between Chinese and American Development Models, and Find China-Based Startup Opportunities? | Li Feng Column
Why "Spring" Remains Elusive for SaaS, and the Root of US-China Startup Differences
FreeS Fund China-US Venture Forum Session 2 is still open for registration; FreeS Fund receives multiple recognitions from Langchao New Consumption, Joy Capital, and Qiming Technology & New Voice Innovation Service
Do what's right, not what's easy.
Is the Internet Destined to Have a Next New Platform? | FreeS Research
Will the new decade that began in 2021 be a better one for entrepreneurship?
FreeS Fund Is Hiring Investors and Interns, Wins Multiple Awards from Forbes, TMTpost, CVCRI, and ToB Industry Network | Frees Fund Vol. 6
Do what's right, not what's easy.
Building a Brand Is Starting to Look Like Building an App — What Can Consumer Brands Learn From Super Apps About Growth? | FreeS Research
Five Brand Strategies for the New Media Era
The Secret Behind Instant Food's Explosive Popularity, Explained in 4 Minutes | FreeS Fund Daily Business Insights
Follow FreeS Fund's video channel for the latest observations from the world of venture capital.
FreeS Fund's Li Feng: Consumer Brands Go From 0 to 1 Easily, But 1 to 10 Is Hard | 10/31 Closed-Door Session Registration
When everyone's doing Douyin, Bilibili, livestreaming... what are the truly sustainable dividends?
Zhang Liaoyuan of Three Squirrels: A Once-in-20-Years Brand Opportunity — How to Win in Three Steps | FreeS Fund 2020 CEO Annual Meeting
Three Squirrels' New Strategy for the Next Eight Years
In Our Sixth Year, FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy
Betting on the power of innovation, staying research-driven.
After 618: What's Next for Consumer Brands | FreeS Fund Business School
After 967.4 billion in cumulative GMV, who is swimming against the current?
How did Saturnbird surpass Nestlé and Starbucks to become No. 1 in the instant beverage category during 618? | Frees Fund — Learning from Investment
From 7-Eleven, Zhou Hei Ya, Three Squirrels, and Saturnbird: Understanding the Fundamentals of Consumer Goods Entrepreneurship
2020: Consumer Goods Entrepreneurship Enters an Era of Multiple Simultaneous Drivers | Frees Fund
How does content drive brand growth? Let's talk in person this Saturday.
Our Past 100 Days: Sailing Against the Wind, Growing Toward the Sun
Venture Capital's Pandemic Fight: A Chronicle
Thinking Through Turning Points and Opportunities Amid the Pandemic from a Global Citizen's Perspective | FreeS Fund North America Online Sharing
Welcome to sign up, VC friends from across the US and anyone following the China-US venture capital scene.
Tang Ning x Li Feng: Tech Won't Replace You — Your Competitors Who Master Tech Will | FreeS Fund Business School
How do you cultivate the ability to spot future trends amid uncertainty?
2020: The Travel Industry's Reset and Restart | Frees Fund
Three Major Shifts and Two Types of Opportunities
The New Landscape for Fresh Produce, Catering, and Food After the Pandemic | Frees Fund
Will the restaurant industry ever produce a "Xiaomi"?
The New Era of "Good Companies" After the Pandemic | Frees Fund
Industry Outlook for 2020 Amid the Pandemic
Helping Fight the Pandemic (Updated), Launching Smart Warehouse Robots… Navigating Through Challenges in 2020 | FreeS Chalkboard · January
Do what's right, not what's easy.
Supporting the Fight Against the Novel Coronavirus: Our Actions and Call to Action | FreeS Fund
Let's come together and help the people of Hubei get through this difficult time.
Two joyous gatherings, spotlighted by *People's Daily* commentary, Forbes China's Best Venture Capitalist, and 50+ other awards... The past is prologue; the future holds promise.
Do what's right, not what's easy.
Li Feng's New Year Outlook | One Chart to See China's Opportunities in 2020
Setting aside emotion and noise, let's take a serious look at the era we inhabit.
Li Feng Column 15 | How Long Can Live E-Commerce Stay Hot?
How do you judge the real value of a buzzword?
FreeS Fund Recognized with China Renaissance "2019 Top 10 Best Angel Investment Firms" and Multiple Other Accolades
Do what's right, not what's easy.
FreeS Fund was named to Zero2IPO's "Top 50 China VC Firms of 2019" and "Top 30 China Cultural Consumption Investment Firms of 2019."
Do what's right, not what's easy.
5 Deals, Double 11 Results Roundup, 24+ Awards... 42 Highlights and 7 Insights | FreeS Fund Blackboard · November
Do what's right, not what's easy
FreeS Fund Named to 36Kr's "China's Most Influential Early-Stage Investment Institutions TOP 10"; Four Portfolio Companies Win "King of New Economy" Annual Company Awards
Do what is right, not what is easy.
FreeS Fund 2019 North America Trip ② | We Hope to Walk Through the Fog and Discern the Patterns with You
Six VC Meetups — Come Say Hi
Acquisitions, New Brand Entrepreneurship Courses, and More: 21 Developments and 4 Reflections | FreeS Fund Chalkboard · October
Do what's right, not what's easy.
We have an "Investment Observer" position waiting for you to join.
"Do What's Right, Not What's Easy" — Together
Jing Liu in Conversation with Li Feng: China's Economy Is Bottoming Out, Full of Opportunities
In the end, it's not about the moves — it's about the strength behind them.
What It Means to Be Named 36Kr's Most Founder-Friendly Investor for Three Straight Years — and How We Should Think About the Investor-Founder Relationship
Grateful to be chosen by founders.
4th Anniversary, Debut at WAIC... 16 Milestones and 6 Reflections | FreeS Fund Chalkboard · August
Do what's right, not what's easy.
IPOs, Top 50 Best Returns, New Breakthroughs in Rocket Technology... 23 Milestones and 11 Reflections | FreeS Fund Blackboard · July
Do what's right, not what's easy.
Li Feng Column 14: Why Should We Thank Chinese Manufacturing?
Does Xiaomi or Three Squirrels Need to Build Their Own Factories?
Li Feng in Conversation with Larry Zhang: Reflections on Three Squirrels' IPO
The ultimate outcome of business is a choice of values.
Li Feng's speech at Three Squirrels' IPO ceremony: The times make the enterprise; good people can make money
Go get 'em, Three Squirrels!
618 Sales Roundup, World's Smartest Companies... 16 Updates and 7 Insights | FreeS Fund Blackboard · June
Do what's right, not what's easy.
Breaking Through for Early-Stage Brands: From Traffic Thinking to Content Thinking | Frees Fund
If all you do is generate exposure, consumers will forget about you just as easily.
Miura Atsushi, Li Feng, and a former 7-Eleven executive break down the many possibilities of new retail
In the future, Chinese brands will claim their place in every major consumer category worldwide.
Landing in Shanghai, Selling 100 Million Bags in 7 Months... 7 Companies Reach New Heights, Plus 4 Awards | FreeS Fund Blackboard · May
Do what's right, not what's easy.
FreeS Fund Sets Up Shop in Shanghai, New Office Now Operational
FreeS Fund opens offices in both the north and south, choosing to do what's right rather than what's easy.
Li Xiang × Li Feng: 200 Million New Urban Residents' Consumer Awakening — Who Will "Reap" the Rewards?
Taobao, JD.com, VIP.com, Pinduoduo, and China's Real Estate Sector
FreeS Fund Lands on 36Kr's "Top 10 Dark Horse Funds in China," Hard Tech Bets Earn LP Recognition
Do what's right, not what's easy.
FreeS Fund Wins Three Awards at ChinaVenture's 2018 Annual Rankings
Do what is right, not what is easy.
Four Companies Close New Funding Rounds, Five Reach New Milestones, Plus Two Celebrations | FreeS Fund Monthly · March
Do what's right, not what's easy.
FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy
"The Summit" is rising — we're waiting for you!
New Zealand team-building, fundraising, new launches... Go strive, go make mistakes, go fall, go triumph in 2019 | FreeS Fund Chalkboard · January
Do what's right, not what's easy.
FreeS Fund Year-End Special | Navigating the Consumer Cycle: 19 Stories That Broke Through the Fog
"Success is not final, failure is not fatal: it is the courage to continue that counts."
IPO, 7 Insights, 20+ Awards... In 2019, We Continued to "Do What's Right, Not What's Easy" | FreeS Fund Blackboard · December
A new year to stay grounded and keep pushing forward.
1.39 Billion Consumers No Longer March in Lockstep: How Should Brands Tell Their "China Story"? | FreeS Fund Business School
A sense of timeliness + Chinese elements + clear values = a great Chinese story.
Breaking Through Technical Bottlenecks, Surpassing 20 Million Followers... 16 Takeaways and 5 Insights | FreeS Fund Blackboard · November
Continue doubling down on consumer and deep tech.
Deep Talk for 4.5 Hours, 10,000-Word Essential: A Conversation with Three Squirrels' Zhang Liaoyuan (Part 2): Every Stage Is a Race Against Speed and Time
Only someone who has weathered two eras can truly call themselves an entrepreneur.
A Conversation with Liaoyuan Zhang (Part 1): Three Squirrels' Comeback Battle | FreeS Fund Business School
What is the right path when a company's growth stalls?
FreeS Fund II Completes First Close, New Launches, Awards... 13 Updates and 4 Insights | FreeS Fund Blackboard · September
Stay grounded, keep pushing forward.
Exploring Ten Thousand Possibilities for Matcha: Guancha Raises Tens of Millions in Series A | FreeS Fund Investment News
"I've prepared enough patience for Guancha, and I'm young enough."
Securing Strategic Investment, Rocket Tests, the "Iron Triangle Initiative"... 7 Developments and 3 Insights | FreeS Fund Blackboard · July
Getting it right matters more than making it easy.
FreeS Fund Report 13: To Understand China's Consumption Upgrade, Look at Japan 40 Years Ago
Consumption upgrade versus consumption downgrade — which one holds more opportunity?
Eleven Breakthroughs in Early Summer: Even Now That We're Grown Up, We Still Believe "Creating Is Endlessly Fun" | FreeS Fund Blackboard · May
Every bit of growth is worth commemorating.
Li Feng Column | The Essence of New Retail, in 10 Characters
We welcome anyone interested in consumer investment to join us.
Fundraising, Licensing, New Launches, Team Building, Awards… 15 Notable Events from an April to Remember | FreeS Fund Blackboard · April
Look ahead, keep doing.
Spend Your Summer Mastering VC Skills | "Fengshen Rankings" Season 3 Recruitment
Want to come?
FreeS Fund Is Hiring a PR Lead | Join Us and Make Impact Visible
Welcome aboard.
创业永处战时，11位CEO谈人性、谋虑与担当 | 2018峰瑞CEO年会回顾
除了不放弃，还要有逆流而上的能力。
Go Explore, Go Strive, Go Persist | 2018 FreeS Fund CEO Annual Meeting Recap
Here, you'll meet more fellow travelers.
Li Feng Column | How I Think About Consumption Upgrades and New Retail: Lessons from Lipton 120 Years Ago, Walmart 50 Years Ago, and MUJI 30 Years Ago
Industry chain foundations + new lifestyles = ?
Since China will give birth to far more world-class brands than we can imagine over the next 20 years, what can we do right now?
Study the essence of industries, capture signals of the future.
Registration is now open for "Do It Today Vol.5," a workshop co-hosted by FreeS Fund.
We'll be waiting for you~
