Capvision

Capvision was founded in 2006 by former Bain & Company consultants. It originally focused on sourcing experts within China, but has since expanded globally, with offices in Shanghai, Beijing, Hong Kong, Munich, Osaka, and New York. The bulk of Capvision's clients remain Chinese firms, though the company has also found success serving US-based firms researching Chinese market, and has expanded beyond its original base of international mutual fund clients into corporates, private equity, and hedge funds.

As of an April 2022 company update, Capvision reported 600+ employees and a network of 360 000+ expert advisors.

Beyond expert calls, Capvision offers surveys, corporate access services, conferences, market research, and HR services.

A note: "Capvision Pro" and True North Insights.

Capvision previously operated a separate, Western-market facing sister brand called Capvision Pro, founded in 2019 and based in New York. Capvision Pro has since rebranded as True North Insights, now headquartered in New York with a regional office in Athens. The main China-based Capvision continues to operate under it's own name.

Capvision spinoffs

• In 2015, former Capvision and GLG managers founded the expert network Liahnson & Company in Seoul, South Korea.

• In 2018, former managers founded the machine-driven expert network Linker Intel in Shanghai.

• In 2019, former managers at the Japanese branch of Capvision founded Resory (fka GS Partners), an Osaka-based expert network.

Capvision regulatory review and resolution

In late 2022, several Capvision offices in China were raided by the police. In May 2023, China's state broadcaster CCTV sent a 15-minute report featuring the crackdown on Capvision, accusing them of collaborating with overseas institutions to evade Chinese law and leak state secrets. Capvision was singled out as a "leading company", offering experts "high remuneration to illegally obtain various types of sensitive data" and "posing a major risk" to national security. In early October 2023, Chinese regulators said Capvision's "rectification" was completed, following having improved their internal processes. Capvision's previously-filed plans for a Hong Kong Stock Exchange listing were not pursued further following this period.

Since then, Capvision has continued operating in China - with a stable workforce of several hundred employees, and the company has continued actively hiring for research roles as recently as early 2025.

We discussed how companies manage expert network compliance post Capvision raids in a recent blog post.

Capvision IPO rumors

Capvision has filed for a Hong Kong Stock Exchange listing on multiple occasions:

• In the spring of 2020, Capvision completed a series of equity transfers on terms that valued total company equity at RMB 2.3 Bn (~$320m) - approximately 5x sales and 21x EBITDA from FY2019.

• Capvision's listing on the Hong Kong Stock Exchange, was first reported in July 2021 at Sina.com, with the listing expected for Q3 2021. It went silent shortly after.

• In February 2022, news portals confirmed that Capvision had filed again for a Hong Kong IPO, following 45% revenue growth in the prior year. Capvision aimed to raise $300 million, implying an estimated market value of $1.5-3 billion, for a typical 10-20% equity stake sold.

Recognition

The company was featured in our expert network benchmarking from June - July 2018. Inex One identified Capvision as a regional champion in our review of the 2019 expert network market, and again in 2021. Regional champions have a particularly strong foothold in their respective regions, while typically also offering global services.

FAQ

What does Capvision specialize in? Capvision specializes in connecting clients with experts across China and Asia, alongside surveys, corporate access services, conferences, market research, and HR services, serving both Chinese firms and international clients researching Chinese markets.

Is Capvision the same company as True North Insights? No. True North Insights was formerly known as Capvision Pro, a separate Western-market-facing sister brand founded in 2019 and based in New York. It's a distinct entity from the main, China-based Capvision network described on this page.

Is Capvision available on Inex One? No - Capvision is not part of the Inex One marketplace.

Looking for expert network options in China? Explore active partners on the Inex One marketplace.