Shanghai-based BA Capital is bucking China’s weak consumer spending trend by investing in niche sectors like the “nighttime” and “silver” economies. Backing firms like Kaida Hengye and Yuanji Yunjiao, BA Capital enhances efficiency to lower costs and taps emotional-value purchases, such as Pop Mart’s blind-box toys. Founder Michael Zhang emphasizes the rise of local brands replacing foreign ones.
Shanghai-based BA Capital is bucking China’s weak consumer spending trend by investing in niche sectors like the “nighttime” and “silver” economies. Backing firms like Kaida Hengye and Yuanji Yunjiao, BA Capital enhances efficiency to lower costs and taps emotional-value purchases, such as Pop Mart’s blind-box toys. Founder Michael Zhang emphasizes the rise of local brands replacing foreign ones.