Annual Reviews

Lunar has taken a differentiated approach in investing since its inception over a decade ago.

2015

2015 Semi Annual Review
2015 Semi Annual Review

Over the past quarter, we have spent considerable time thinking through the current macroeconomic situation. Thankfully, our operations suggest that China’s consumer remains...

2014

2014 Annual Review
2014 Annual Review

Our achievements in 2014 continue to serve as a validation of our thesis, strategy and commitment to consumer-focused and operationally-intensive invesments in China. Our most...

2014 Semi Annual Review
2014 Semi Annual Review

We believe this coming decade will be marked by an emergence of individuality, a shift from savings toward consumption, and government policies that support the growth of a strong...

2013

2013 Annual Review
2013 Annual Review

The Lunar Capital Team is pleased that as of this year-end both our business and the Chinese consumers are in healthy condition. This is reflected in the performance of our funds...

2013 Semi-Annual Review
2013 Semi-Annual Review

China is maturing, and growing pains are resulting in an increase in merger activities, succession issues, a shift in consumption behaviors and many challenges. Double-digit GDP...

2012

2012 Annual Review
2012 Annual Review

As the year of the Snake gets underway, chatter within China's private equity community is all about anaemic public market valuations and the lack of IPOs. We believe the...

2012 Semi-Annual Review
2012 Semi-Annual Review

The need for China to rebalance its economy toward private consumption and away from fixed asset investment has grown in urgency. The resulting uncertainty has caused many to...

2011

2011 Annual Review
2011 Annual Review

At Lunar Capital, we believe our performance is a function of culture, team and process. Our culture is fueled by our entrepreneurialism and the belief that we are pioneering...