Yu He
何愚
Yu He is the founder and managing partner of Black Ant Capital (黑蚁资本), a consumer-focused investment firm . He established the fund and has remained dedicated to consumer-sector investing even through periods when the category fell out of favor . His most prominent bets include Ning Wang, the founder of Pop Mart, whom Black Ant backed in early 2018 after years of patient pursuit , and Laopu Gold, where Black Ant led the company's sole pre-IPO funding round . In interviews with 暗涌Waves, Yu has described the firm's quieter years between these two major IPOs as a period of "walking through pitfalls and detours" before finding its way back to the right track .
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Coverage
Yan Li: From Civilization Back to the Jianghu — 20 Scattered Thoughts at the End of 2025
Not on the shore, but on the crest of the wave.
暗涌Waves·He Yu: Eating a 5-Yuan Bowl of Beef Noodles Again After Three Years — You Have to Go Deep Into County Towns to Keep Your Fingertip Feel | End of 2025
It's not just about consumption or investment.
暗涌Waves·I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
elsewhere别处发生·When the investors of Ning Wang, Xingxing Wang, and Junjie Zhang sat down together
What makes a "newly made person" new?
暗涌Waves·Before Pop Mart's IPO, an unpublished interview with Wang Ning
Only human nature never changes.
暗涌Waves·Consumer investor Yu He waited for two big fish like he was waiting for Godot.
I've stumbled through pitfalls and detours, celebrated victories, and felt the sting of regret.
暗涌Waves·No matter how the world changes, *Dark Tide* turns three.
Before the sun rises, Anyong will keep searching for answers alongside all of you.
暗涌Waves·
