Investment Criteria

We are actively seeking to acquire and operate high-quality businesses

We target to acquire controlling stakes in established businesses in the Greater China region that demonstrate enduring profitability and competitive moats.

Key Investment Criteria

  • EBITDA: Between USD 1-5 Million, with closing Enterprise Value of up to USD 30 Million

  • EBITDA Margin: 20% or higher.

  • Revenue Growth: 10% or higher in the past three financial years.

  • Recurring Revenue: Ideally 50% or more of revenue should be recurring.

  • Financial Predictability: Demonstrably predictable profitability and reasonable customer concentration.

Profitability Metrics

  • Competitive Moats: Strong, identifiable barriers to entry, high switching costs, or unique market positioning.

  • Macro Resilience: Must be insulated from major macro risks, such as volatility in commodities prices, interest rates, or real estate cycles.

  • Industry Growth: Operating in a sector that is growing at or above the rate of inflation. It should ideally be benefiting from key macroeconomic trends, including the adoption of AI.

  • Transactions Avoided: We do not invest in businesses with unproven business models or in turnaround situations.

Industry & Business Model Assessment