Xiangpiaopiao has become a limited partner again.

Jiemi LP of the investment community learned that recently, Xiangpiaopiao announced that it would participate in the establishment of a fund with a total scale of 1 billion yuan and an initial scale of 652 million yuan, mainly investing in the large - consumer industry. The company will contribute 100 million yuan with its own funds.

Thanks to the advertising slogan "going around the earth twice", Xiangpiaopiao once became a synonym for national milk tea. However, with the subsequent explosion of the new tea - drinking market, Xiangpiaopiao, which mainly focuses on instant milk tea, began to decline. Now, it is looking towards the new ecological landscape and contributing funds to well - known consumer investment institutions to find new growth curves.

Of course, we also appreciate such social LPs for injecting precious fresh water into the primary market.

Xiangpiaopiao Contributes 100 Million Yuan and Invests in Jiayu Capital

According to the announcement, on July 7th, Xiangpiaopiao jointly signed the "Partnership Agreement of Changsha Quanzhong Venture Capital Partnership (Limited Partnership)" with Suzhou Weitelixin Venture Capital Management Co., Ltd. and other limited partners. As a limited partner, the company subscribed and contributed 100 million yuan with its own funds, accounting for 13.29% of the total subscribed capital.

The target total scale of the fund is 1 billion yuan, and the initial fundraising scale is 652 million yuan. It will be based in Changsha and radiate across the country, mainly investing in the large - consumer industry, with a corresponding proportion of not less than 80% of the total paid - in capital. In terms of investment stages, it mainly focuses on growth and mature - stage enterprises, and also appropriately considers early - stage consumer enterprises with good development prospects and clear incubation paths.

Specifically, Changsha Quanzhong Venture Capital Partnership (Limited Partnership) was established in March 2025. The general partner in charge of execution is Suzhou Weitelixin Venture Capital Management Co., Ltd., and its business scope includes venture capital and investment activities with self - owned funds.

Equity information shows that this partnership was jointly funded by Suzhou Weitelixin Venture Capital Management Co., Ltd., Changsha Industrial Investment Fund Partnership (Limited Partnership), etc. Among them, the cross - border home furnishing e - commerce listed company ZUOYOU and Xinhua Net Yilian Investment Management (Tianjin) Co., Ltd., a wholly - owned subsidiary of Xinhua Net, both participated in the capital contribution.

Digging deeper, Changsha Quanzhong is actually a fund managed by Jiayu Capital. In other words, Xiangpiaopiao has become an LP of Jiayu Capital.

Steered by Wei Zhe, the former CEO of Alibaba, Jiayu Capital was established in 2011 and focuses on investments in the fields of new consumption, cross - border e - commerce and overseas brands, technology - driven enterprise services, and cutting - edge technologies. Currently, the fund manages assets of nearly 20 billion yuan and has invested in well - known brands such as Pop Mart, Shanghai Aunty, Anker Innovations, JD Logistics, Smoore International, and Guoquan Food.

After experiencing a decline in both revenue and net profit last year, this "pioneer of milk tea" is struggling to navigate the market wave under the impact of the new tea - drinking market. This time, Xiangpiaopiao is betting on the industrial investment track with an investment close to half of its net profit attributable to the parent company last year.

Desperately Seeking Social LPs

Investors like Xiangpiaopiao are regarded as social LPs in the primary market.

Recently, Tencent is another similar example. On July 3rd, a Tencent - affiliated subsidiary appeared on the LP list of Chenyi Fund, which is led by "the Queen of Mergers and Acquisitions" Liu Xiaodan. This is Tencent's third move this year, and it also previously contributed to a fund under Xingze Capital.

JD.com and Alibaba have also joined in. The former contributed 500 million yuan to become the largest LP of Shenzhen Huakong Frontier Technology Private Equity Venture Capital Fund Partnership (Limited Partnership), and the latter participated in the investment of WuXianQiHang Haihe (Tianjin) Venture Capital Partnership.

Looking further back, we can see CATL, Cambricon, Jinbo Biotech, Mihoyo, Bilibili, Ganfeng Lithium, Meijin Energy... As of the latest announcement date, more than 70 listed companies have contributed funds to participate in the establishment of industrial funds this year.

With the concept of "excellent entrepreneurs turn to investors", many listed companies are choosing to layout in the VC/PE field, which is based on considerations of industrial synergy and ecological expansion. This is particularly valuable against the backdrop of difficult fundraising in the primary market.

As China's equity investment market moves towards clearance after bidding farewell to the "everyone is a VC" era, the anxiety about exits is imminent. Against this background, the overall DPI of funds has long failed to meet expectations, which has long impacted the allocation confidence of social LPs.

As a result, state - owned LPs have become the absolute main force. According to a report from Zero2IPO Research Center, the fundraising scale of China's equity investment market was 1.3 trillion yuan last year, and government LPs remain the most important contributors to RMB funds.

However, compared with social capital that simply pursues financial returns, state - owned capital often comes with policy goals of investment return and investment promotion, as well as risk requirements for value preservation and appreciation, and the decision - making process is relatively complex. The call of "the primary market is eager for social LPs" has been continuous.

The Central Economic Work Conference held previously clearly proposed to "attract social capital to participate in venture capital with greater efforts"; the "Guiding Opinions" issued by the State Council at the beginning of this year also mentioned "social capital" six times, encouraging to "attract and drive more social capital" and prevent homogeneous competition and crowding - out effects.

The scarcity of social LPs is really distressing.

This article is from the WeChat public account "Jiemi LP", author: Yu Mengying. Republished by 36Kr with authorization.