你一手建立的企業，
值得一個長情的接班人你一手建立的企业，
值得一个长情的接班人The business you built deserves a successor who will stay
索思資本是一家立足香港的搜索基金。我們以長期資本收購大中華區（包括香港及中國內地）經營穩健的企業，由合夥人親自領導營運，並延續其品牌、團隊與對客戶的承諾。所有洽談均由我們直接進行，並嚴格保密。索思资本是一家立足香港的搜索基金。我们以长期资本收购大中华区（包括香港及中国内地）经营稳健的企业，由合伙人亲自领导营运，并延续其品牌、团队与对客户的承诺。所有洽谈均由我们直接进行，并严格保密。Thalasros Capital is a Hong Kong-based search fund. We acquire well-established businesses across Greater China, including Hong Kong and Mainland China, with long-term capital, lead them ourselves, and preserve their brands, their people and their commitments to clients. Every discussion is conducted directly by us and in strict confidence.
合夥人於 48 小時內回覆 · 可預先簽署保密協議 · 賣方毋須支付任何佣金合伙人于 48 小时内回复 · 可预先签署保密协议 · 卖方毋须支付任何佣金Partner response within 48 hours · NDA available before any disclosure · No fees payable by sellers
投資標準投资标准Investment criteria
EBITDA 指未計利息、稅項、折舊及攤銷前的利潤，用以衡量企業的經營盈利能力。EBITDA 指未计利息、税项、折旧及摊销前的利润，用以衡量企业的经营盈利能力。EBITDA is profit before interest, tax, depreciation and amortisation — the standard measure of operating earnings.
投資方針投资方针Our approach
我們不但收購企業，更親自經營並長期持有。對創辦人而言，這代表接手的是一位承諾長期經營、重視企業傳統的合作夥伴，而非追求短期回報的財務買家。我们不但收购企业，更亲自经营并长期持有。对创办人而言，这代表接手的是一位承诺长期经营、重视企业传统的合作伙伴，而非追求短期回报的财务买家。We acquire businesses to operate them and hold them for the long term. For founders, that means a successor committed to the next decade of the company and its legacy, not a financial buyer seeking a short-term return.
直接收購直接收购Direct acquirer
我們以買方身份直接洽談。企業資料不會公開刊登，亦不會轉交任何第三方。我们以买方身份直接洽谈。企业资料不会公开刊登，亦不会转交任何第三方。We transact as principal. Your company is never marketed publicly or shared with third parties.
賣方毋須支付佣金卖方毋须支付佣金No fees to sellers
交易毋須經過中介，賣方毋須承擔任何佣金或顧問費用。交易毋须经过中介，卖方毋须承担任何佣金或顾问费用。There is no intermediary, and no commission or advisory fee is payable by the seller.
延續與傳承延续与传承Continuity
保留企業名稱、管理團隊及客戶關係，並由合夥人全職參與日常營運。保留企业名称、管理团队及客户关系，并由合伙人全职参与日常营运。The company name, team and client relationships remain in place, with a partner leading day-to-day operations.
靈活的交易結構灵活的交易结构Flexible structuring
可全數或部分出售；創辦人可按意願出任主席、顧問或保留股權。可全数或部分出售；创办人可按意愿出任主席、顾问或保留股权。Full or partial liquidity, with the option for founders to remain as chairman, adviser or shareholder.
合夥人自白合伙人自白From our partner
從奧馬哈回來，最打動我的不是某隻股票，而是那句被反覆印證的老話：用經營一門生意的態度做資本，而不是用炒股的態度做資本。長期主義不是口號，是我們收購後真正會做的事。从奥马哈回来，最打动我的不是某只股票，而是那句被反复印证的老话：用经营一门生意的态度做资本，而不是用炒股的态度做资本。长期主义不是口号，是我们收购后真正会做的事。What struck me most after returning from Omaha was not any single stock, but that old saying, proven again and again: approach capital with the mindset of running a business, not trading stocks. Long-term commitment is not a slogan — it is what we actually do after we acquire.
—— 索思資本合夥人，記 2026 伯克希爾股東大會—— 索思资本合伙人，记 2026 伯克希尔股东大会— Thalasros Capital Partner, notes from the 2026 Berkshire Hathaway Annual Meeting
我們不參與的企業類型我们不参与的企业类型What we do not pursue
我們的標準清晰而審慎，讓雙方都能及早判斷是否合適。我们的标准清晰而审慎，让双方都能及早判断是否合适。Our criteria are deliberate and transparent, so that both sides can assess fit early.
未有盈利的企業未有盈利的企业Unprofitable businesses
我們只考慮持續錄得經營利潤、現金流穩定的企業。我们只考虑持续录得经营利润、现金流稳定的企业。We consider only businesses with a sustained record of operating profit and stable cash flow.
扭虧或重組個案扭亏或重组个案Turnaround or restructuring situations
我們投資於經營穩健的企業，而非需要扭轉虧損或債務重組的業務。我们投资于经营稳健的企业，而非需要扭转亏损或债务重组的业务。We invest in healthy businesses, not those requiring a return to profitability or a restructuring of debt.
資本密集或高外部風險業務资本密集或高外部风险业务Capital-intensive or high external-risk models
需要持續大額資本開支或依賴未經驗證技術、監管較為複雜，或盈利顯著受宏觀因素（如大宗商品價格、匯率、利率或政策）影響的業務。需要持续大额资本开支或依赖未经验证技术、监管较为复杂，或盈利显著受宏观因素（如大宗商品价格、汇率、利率或政策）影响的业务。Businesses that require sustained heavy capital expenditure or unproven technology, face complex regulation, or have earnings significantly exposed to macroeconomic factors such as commodity prices, currencies, interest rates or policy.
如貴公司規模略有不同，我們仍會回覆並坦誠說明是否合適。如贵公司规模略有不同，我们仍会回复并坦诚说明是否合适。If your business sits just outside these ranges, we will still respond and give you a candid view.
直接收購與中介放盤直接收购与中介放盘Direct acquisition versus a brokered sale
生意轉讓平台主要處理店舖頂讓。一家具規模、擁有團隊及長期客戶的企業，更需要一位審慎而長期的買家。生意转让平台主要处理店舖顶让。一家具规模、拥有团队及长期客户的企业，更需要一位审慎而长期的买家。Transfer platforms are designed for small shop sales. A business of scale, with an established team and long-standing clients, warrants a considered, long-term owner.
| 一般中介放盤一般中介放盘Typical brokered sale | 索思資本索思资本Thalasros Capital | |
|---|---|---|
| 資料披露资料披露Disclosure | 公開刊登放盤公开刊登放盘Publicly listed | 不作刊登，只於簽署保密協議後交換不作刊登，只于签署保密协议后交换Never listed; shared only under NDA |
| 賣方費用卖方费用Seller costs | 一般須支付中介佣金一般须支付中介佣金Broker commission typically payable | 毋須支付任何佣金毋须支付任何佣金No fees payable |
| 買方买方Counterparty | 多為個人投資者多为个人投资者Mostly individual buyers | 專業收購團隊，獲機構投資者支持专业收购团队，获机构投资者支持A professional acquisition team with institutional backing |
| 交易後交易后After completion | 視乎個別買家视乎个别买家Varies by buyer | 合夥人全職領導，長期持有合伙人全职领导，长期持有Partner-led and held for the long term |
交易流程交易流程Transaction process
整個過程以創辦人的節奏進行，並全程保密。整个过程以创办人的节奏进行，并全程保密。The process moves at the founder's pace and remains confidential throughout.
- 01保密初談保密初谈Introductory discussion由合夥人與您會面，了解企業概況及您的目標。由合伙人与您会面，了解企业概况及您的目标。A partner meets you to understand the business and your objectives.
- 02意向書意向书Indicative proposal簽署保密協議後，提出交易結構及估值區間。签署保密协议后，提出交易结构及估值区间。Under NDA, we propose a transaction structure and valuation range.
- 03盡職調查尽职调查Due diligence審閱財務、營運及法律事項，過程透明、有序。审阅财务、营运及法律事项，过程透明、有序。A structured review of financial, operational and legal matters.
- 04簽約及交割签约及交割Signing and completion在律師及銀行協助下完成交易，款項到位。在律师及银行协助下完成交易，款项到位。Completion with legal counsel and banks, and funds settled.
- 05長期經營长期经营Long-term ownership合夥人全職領導，與原有團隊共同推動增長。合伙人全职领导，与原有团队共同推动增长。A partner leads full-time, building on the existing team.
您可於任何階段中止洽談。您可于任何阶段中止洽谈。You may end discussions at any stage.
團隊团队Our team
我們的合夥人及顧問具備私募股權、併購、機構融資及科技營運經驗。我们的合伙人及顾问具备私募股权、并购、机构融资及科技营运经验。Our partner and advisers bring experience across private equity, M&A, institutional capital and technology-led operations.
陳先生擁有豐富的創業及企業領導經驗。作為科技創業者，他曾聯合創辦一家晶片公司，並透過專利獲中國頭部車企戰略收購而成功退出。其企業履歷包括於英特爾（Intel）等頂尖科技公司擔任 AI 工程師及產品經理，主導關鍵系統優化，並領導重要的商業生態項目。陳先生專注於物色收購目標，並以技術驅動提升企業營運效率。他持有加州大學聖地牙哥分校（UC San Diego）電腦工程碩士學位及普渡大學（Purdue University）學士學位。陈先生拥有丰富的创业及企业领导经验。作为科技创业者，他曾联合创办一家晶片公司，并透过专利获中国头部车企战略收购而成功退出。其企业履历包括于英特尔（Intel）等顶尖科技公司担任 AI 工程师及产品经理，主导关键系统优化，并领导重要的商业生态项目。陈先生专注于物色收购目标，并以技术驱动提升企业营运效率。他持有加州大学圣地牙哥分校（UC San Diego）电脑工程硕士学位及普渡大学（Purdue University）学士学位。Mr. Chen possesses extensive entrepreneurial and corporate leadership experience. As a tech entrepreneur, he co-founded a chip company that successfully exited through a strategic patent acquisition by a leading Chinese automaker. His corporate background includes serving as both an AI Engineer and Product Manager at top-tier technology firms, including Intel, where he spearheaded critical system optimizations and led major business ecosystem initiatives. Leveraging his deep technical acumen, Mr. Chen is dedicated to identifying target acquisitions and driving their operational efficiency through tech-driven solutions. He holds a Master of Science in Computer Engineering from UC San Diego and a Bachelor's degree from Purdue University.
Hong 先生擁有豐富的亞洲私募股權投資經驗，專注於收購交易。其專長涵蓋投資執行，以及為處於不同發展階段的企業推動營運改善。他曾在工業、科技、消費品及商業服務等多個行業為投資者創造價值並實現回報。Hong 先生以優異成績畢業於美國西北大學。Hong 先生拥有丰富的亚洲私募股权投资经验，专注于收购交易。其专长涵盖投资执行，以及为处于不同发展阶段的企业推动营运改善。他曾在工业、科技、消费品及商业服务等多个行业为投资者创造价值并实现回报。Hong 先生以优异成绩毕业于美国西北大学。Mr. Hong brings extensive private equity investment experience across the Asian market, with a specialized focus on buyout transactions. His expertise spans both investment execution and hands-on operational improvement for businesses at various stages of the corporate lifecycle. He has successfully driven value and realized returns for investors across a diverse range of sectors, primarily in industrials, technology, consumer goods, and business services. Mr. Hong graduated with honors from Northwestern University.
Huang 先生在大中華區私募股權及創業投資行業擁有豐富的募資經驗，曾管理與全球機構投資者（LP）的關係，相關機構合共承諾投資該地區逾 155 億美元。Huang 先生以優異成績畢業於美國西北大學。Huang 先生在大中华区私募股权及创业投资行业拥有丰富的募资经验，曾管理与全球机构投资者（LP）的关系，相关机构合共承诺投资该地区逾 155 亿美元。Huang 先生以优异成绩毕业于美国西北大学。Mr. Huang has extensive fundraising experience across the Greater China Private Equity and Venture Capital industries. He has managed relationships with global institutional LPs that have collectively committed over $15.5 billion to the region. Mr. Huang graduated with honors from Northwestern University.
Chen 女士現任深圳證券交易所上市公司成都天箭科技（002977.SZ）財務總監。Chen 女士现任深圳证券交易所上市公司成都天箭科技（002977.SZ）财务总监。Ms. Chen serves as the CFO of Chengdu Tianjian Technology (002977.SZ), a company on the Shenzhen stock exchange.
Zhao 先生現任 Ares Management 副總裁，專注於大中華區私募信貸交易。他曾任職於 Anchor Equity Partners 投資團隊，並曾於巴克萊投資銀行工作。Zhao 先生现任 Ares Management 副总裁，专注于大中华区私募信贷交易。他曾任职于 Anchor Equity Partners 投资团队，并曾于巴克莱投资银行工作。Mr. Zhao is a Vice President at Ares Management, where he focuses on Greater China private credit transactions. Mr. Zhao was previously an investor at Anchor Equity Partners and has spent time at Barclays Investment Bank.
Saunders 先生是具深厚技術背景的資深創業投資及私募股權投資者。他持有芝加哥大學布斯商學院 MBA 學位，並獲選為 1898 Merit Scholar。他曾任職於黑石集團（Blackstone）數據工程團隊，負責管理其私募信貸業務的基準分析流程。Saunders 先生是具深厚技术背景的资深创业投资及私募股权投资者。他持有芝加哥大学布斯商学院 MBA 学位，并获选为 1898 Merit Scholar。他曾任职于黑石集团（Blackstone）数据工程团队，负责管理其私募信贷业务的基准分析流程。Mr. Saunders is a seasoned venture and private equity investor with a highly technical background. He has an MBA from the University of Chicago Booth School of Business and is also an 1898 Merit Scholar. Previously, he worked for the data engineering team at Blackstone, managing benchmarking processes for the company's private credit arm.
Zhang 先生現任厚樸投資（HOPU Investments）副總裁，於 2021 年加入，參與公司在醫療健康及房地產領域的成長及收購投資。加入厚樸投資前，他任職於巴克萊亞洲，支援大中華區槓桿融資交易。Zhang 先生现任厚朴投资（HOPU Investments）副总裁，于 2021 年加入，参与公司在医疗健康及房地产领域的成长及收购投资。加入厚朴投资前，他任职于巴克莱亚洲，支援大中华区杠杆融资交易。Mr. Zhang is a Vice President at HOPU Investments. He joined the firm in 2021, focusing on the firm's investing initiatives, including growth and buyout deals in healthcare and real estate. Prior to HOPU, he worked at Barclays Asia, where he supported all Greater China leveraged finance transactions.
索思資本獲亞洲、歐洲及北美的多代際家族辦公室、一家中國 A 股上市公司作為策略基石投資者，以及專業搜索基金投資機構支持。自 1984 年於史丹福大學誕生以來，全球已成立逾 1,000 支搜索基金（北美 681 支，北美以外 320 支）；約 63% 的搜索最終完成收購。索思资本获亚洲、欧洲及北美的多代际家族办公室、一家中国 A 股上市公司作为策略基石投资者，以及专业搜索基金投资机构支持。自 1984 年于史丹福大学诞生以来，全球已成立逾 1,000 支搜索基金（北美 681 支，北美以外 320 支）；约 63% 的搜索最终完成收购。Thalasros Capital is backed by multi-generational family offices in Asia, Europe and North America, a China A-share listed company as strategic anchor investor, and specialist search-fund investors. Since the model originated at Stanford in 1984, more than 1,000 search funds have been formed globally (681 in North America and 320 elsewhere), and around 63% of searches conclude in an acquisition.
資料來源：史丹福商學院《2024 年搜索基金研究》（北美 681 支）；IESE 商學院《2024 年國際搜索基金研究》（北美以外 320 支）资料来源：史丹福商学院《2024 年搜索基金研究》（北美 681 支）；IESE 商学院《2024 年国际搜索基金研究》（北美以外 320 支）Sources: Stanford GSB, 2024 Search Fund Study; IESE, 2024 International Search Fund Study
常見問題常见问题Frequently asked questions
洽談期間如何保障機密？洽谈期间如何保障机密？How is confidentiality protected?
初步會談只與您本人進行。在任何資料交換之前，我們會簽署保密協議；何時告知員工及客戶，由您決定。初步会谈只与您本人进行。在任何资料交换之前，我们会签署保密协议；何时告知员工及客户，由您决定。Initial discussions are held with you alone. We sign a non-disclosure agreement before any information is exchanged, and you decide when employees and clients are informed.
如尚未有出售計劃，是否適合聯絡？如尚未有出售计划，是否适合联络？Is it worth speaking if I have no immediate plan to sell?
適合。不少創辦人會提早兩至三年開始規劃傳承。一次會談不構成任何承諾。适合。不少创办人会提早两至三年开始规划传承。一次会谈不构成任何承诺。Yes. Many founders begin succession planning two to three years in advance, and an initial conversation carries no obligation.
交易後我可以繼續參與嗎？交易后我可以继续参与吗？Can I remain involved after the transaction?
可以。創辦人可選擇出任主席或顧問，或保留部分股權，參與程度可按您的意願安排。可以。创办人可选择出任主席或顾问，或保留部分股权，参与程度可按您的意愿安排。Yes. Founders may remain as chairman or adviser, or retain a shareholding, with the level of involvement agreed to suit you.
初次會談需要準備甚麼？初次会谈需要准备甚么？What should I prepare for a first meeting?
毋須準備任何文件。我們會先介紹索思資本，再了解貴公司的發展歷程及您的期望。毋须准备任何文件。我们会先介绍索思资本，再了解贵公司的发展历程及您的期望。No documents are needed. We will introduce Thalasros Capital and learn about the history of your business and your objectives.
預約保密會談预约保密会谈Arrange a confidential discussion
請留下基本資料，合夥人將於 48 小時內親自與您聯絡。公司名稱可於稍後提供。请留下基本资料，合伙人将于 48 小时内亲自与您联络。公司名称可于稍后提供。Share a few details and a partner will contact you personally within 48 hours. The company name may be provided later.
亦可直接電郵：亦可直接电邮：Or email us directly: contact@thalasros.com
加入我們加入我们Join Us
幫助中小企業重塑的行業專家 / 行業分析師帮助中小企业重塑的行业专家 / 行业分析师Industry Experts / Analysts Who Reshape SMEs
如果您是深耕某個行業的專家或分析師，不想從零創業、卻想真正操盤一家有現金流的實業——索思在找您。我們的模式是：先爲一家優質中小企業找到長期的家（索思收購），再爲您這樣的行業專家 / 運營合夥人打開舞臺。您接手的是成熟業務、真實利潤和現成團隊，要做的，是把它重塑得更大、更強、更現代。
不是白手起家，是站在一家好企業的肩膀上。如果您是深耕某个行业的专家或分析师，不想从零创业、却想真正操盘一家有现金流的实业——索思在找您。我们的模式是：先为一家优质中小企业找到长期的家（索思收购），再为您这样的行业专家 / 运营合伙人打开舞台。您接手的是成熟业务、真实利润和现成团队，要做的，是把它重塑得更大、更强、更现代。
不是白手起家，是站在一家好企业的肩膀上。If you are an expert or analyst deeply rooted in an industry, who does not want to start from scratch but wants to actually run a real business with cash flow — Thalasros is looking for you. Our model: first find a long-term home for a quality SME (Thalasros acquires it), then open the door for industry experts / operating partners like you. What you take over is a mature business, real profit and an existing team; what you do is reshape it larger, stronger and more modern.
Not starting from scratch, but standing on the shoulders of a good company.