T.H. Capital

T.H. Capital (Chinese: 天灏资本; TH. DATA. Capital, LLC) is a research firm founded in March 2011 by Tian Hou that develops proprietary alternative data on Chinese companies and applies it to equity investment. Its historical data products tracked online and operational metrics — e-commerce sales, search indices, video viewership, travel, logistics, and hiring — for major Chinese listed companies such as Alibaba, Baidu, Tencent, JD.com, Ctrip, and Pinduoduo^[2].

The firm's website has more recently presented the business as TH Capital, a New York-based investment research and advisory firm located at 55 Wall Street that describes itself as combining proprietary research with global market analysis^[1].

What It Does

T.H. Capital collects large volumes of exclusive data on Chinese internet and consumer companies, develops methodologies for applying that data to secondary-market equity investing, and publishes research and indices for institutional clients^[2]. Its archived site offered data views organized by industry and by company, including a co-branded JD.com online shopping index (京东天灏网购指数)^[2].

Data and Methodology

The firm's archived industry coverage spanned e-commerce, group buying, search engines, online video, airlines, social networks, gaming, recruitment, express delivery, hotels, autos, food delivery, snacks, smartphones, internet finance, short video, sportswear, baijiu, cosmetics, dairy, and home appliances^[2]. Company-level coverage included Alibaba, Baidu, Tencent, JD.com, Vipshop, NetEase, 58.com, Douyu, YY, Huazhu, TAL Education, Autohome, New Oriental, Ctrip, Apple, Pinduoduo, Ele.me, iQIYI, Bilibili, Huya, and Xiaomi, among others^[2].

History

According to the firm's own account published on its website, T.H. Capital was founded by Ms. Hou in March 2011 and spent nearly its first seven years developing alternative data and methodologies for applying it to public equity investment in Chinese companies^[2]. The firm was historically headquartered in Beijing at the Central International Trade Center on Jianguomenwai Avenue, and its current website lists a New York address at 55 Wall Street^[1][2].

Landscape

T.H. Capital was one of the early specialist providers of China-focused web data for global investors, a category that grew into a broader ecosystem of China alternative data vendors tracking e-commerce, app, and supply-chain signals. Its by-company datasets on Chinese ADRs were aimed at the same buy-side audience that consumes web traffic and e-commerce estimates for U.S.-listed Chinese equities^[2].