Yongchuan Asset
永川资产
Yongchuan Asset (永川资产) is an investment fund founded by Liu Zizheng (刘子正), positioned in the emerging revenue-based financing (RBF) space alongside players like Drip Capital (滴灌通) . The fund invests in individual brick-and-mortar stores in dining, retail, and services with stable cash flows, taking a share of daily or monthly revenue rather than equity or debt — a model 暗涌Waves described as "non-equity, non-debt" product structures that Liu defended as analogous to mezzanine financing . Liu's investment philosophy, as captured in a year-end 2024 survey, centers on "embracing change" . The fund was noted as one of the main domestic practitioners of RBF by mid-2024, with typical single-store investments in the RMB 300,000–500,000 range .
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Coverage
2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
暗涌Waves·RBF sweeps through the door, Northeasterners perk right up
Some people, and a way out for a piece of land.
暗涌Waves·Breaking Into Silicon Valley, David Wei Blazes a New Trail for Dollar Funds | Getting in the Game
"There's no way to stop the exchange of ideas between people."
暗涌Waves·Drip Capital Under Scrutiny: Is This a True-or-False Question, or a Multiple Choice?
A Cure or a Poison for Equity Investment?
暗涌Waves·
