Growth curves shaped by subsidy cycles and local policy windows, not just product-market fit.
Local government subsidies, procurement preferences, and tax holidays can produce genuinely impressive growth curves, for as long as the policy window stays open. The chart looks the same whether the demand is durable or borrowed.
ZINVEO traces revenue and customer concentration back to their source: is growth coming from a diversified market, or from a handful of local-government-linked contracts that could end with the next policy cycle?
Reading a Chinese growth curve
| Subsidy-linked demand | Rapid, capital-efficient scaling | Whether the subsidy program has a stated end date |
| Local procurement | Concentrated, high-margin contracts | Dependence on a single municipal relationship |
| Genuine market pull | Broader, more gradual adoption | Diversification across regions and customer types |
ZINVEO ne décide pas. ZINVEO expose l'asymétrie structurelle. La décision finale revient
au comité d'investissement.
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