In 2016, BA Capital was established.
We believe that China — with vast market capacity, rich cultural heritage, and dynamic evolution —is inherently fertile ground for consumer investment. We believe the market will continue to fertilize great consumer brands, even future global multinationals.
We aspire to be part of this historical process and contribute to long-term value creation. We choose to partner with consumer companies and entrepreneurs who genuinely create value for society, empowering them with ecosystem support and strategic value-add.
We believe that time and consistent, diligent work are what drive lasting quality. We believe that only through professionalism and focus can one achieve excellence.
Guided by these convictions, we established our mission and vision since inception：
Mission: Driving Consumer Growth
Vision: To Be the Most Specialized Consumer Investment Firm
BA Spirit: Focus, Excellence, Independent Thinking
Consumer insight and industry knowledge are the foundation of our expertise. Since day one, the BA team has remained committed to strengthening our consumer insight through research and training. This enables us to form forward-looking perspectives and capture non-consensus opportunities.
At the same time, over a decade of dedicated industry coverage and cultivation has allowed us to develop a comprehensive understanding of major consumer sectors and build a rich network of ecosystem resources. Rooted in the industry, we possess diverse sourcing capabilities and the ability to construct proprietary investment opportunities.
Taking a long-term view, as one of the few consumer investment teams to have experienced and navigated through market cycles, and grown through adversity, we continuously review and iterate our investment philosophy. This understanding further enhances our judgement.
Our team is composed of investors who embody craftsmanship, independent thinking, and the relentless pursuit of excellence. We are committed to creating long-term value for society through our investment work. Many of the non-consensus opportunities we have identified over the years come from our culture of independent thinking and intellectual freedom. This culture fosters creativity and enables us to develop original investment ideas and forward-looking insights.
At the same time, the name “Black Ant” reflects our partnership culture of collaboration and shared success.
BA Portfolio: Achieving Success Across "Ultimate Experience" and "Ultimate Efficiency"
From 2016 to 2025, we have consistently expanded our investment themes and pushed beyond our previous capabilities. Geographically, we extended from Tier 1-2 cities to counties and townships, and from domestic markets to international ones. Across the value chain, we evolved from looking at products and services to also supply chain and retail infrastructure.
We are among the few firms to achieve meaningful results across two distinct consumer segments: Ultimate Experience and Ultimate Efficiency.
- Ultimate Experience refers to delivering highly differentiated consumer experiences.
- Ultimate Efficiency refers to achieving significant advantages in cost and convenience.
Looking back, we are also one of the few institutions to have generated strong results under "counter-consensus" and "counter-cyclical" environments.
We have always maintained a selective investment approach. We believe truly exceptional products, businesses, and founders are rare. And the quality of an investment firm matters more than its asset under management.
BA & Friends: Delivering Sincerity, Trust, and Service
We choose to walk alongside great entrepreneurs — with sincerity, trust, and long-term commitment. We partner with founders who demonstrate sound judgment and a forward-looking mindset, placing our trust in their journey.
As early as our second year, we began supporting our portfolio companies beyond capital. Leveraging BA’s research capabilities and ecosystem network, we offer founders access to trend insights, market intelligence, and strategic connections. In the F&B retail sectors alone, our ecosystem connects 200–300 restaurant and retail brands and links upstream to nearly 200 F&B companies.
Meanwhile, our investment and value creation teams work closely with entrepreneurs to tackle real-world challenges — including executive hiring, organizational development, and mergers & acquisitions. Over time, our ecosystem has also drawn a growing community of ‘Friends of BA’ — leading domain experts and creative advisors who join us in empowering entrepreneurs.
BA Mission: Driving Consumer Growth
Our long-term goal is to support great consumer companies in creating more jobs, delivering higher-quality goods and services, and contributing to a richer cultural and creative content creation.
Driving Consumer Growth.