Hipac.cn

Hipac.cn, operated by Hangzhou Yangtuo Network Technology Co., Ltd., is a B2B2C platform focused on China's maternal and infant care industry, particularly in lower-tier cities. Founded in 2015 by Zhao Chen, who also founded Tmall Global, the company aims to connect upstream brands and distributors with downstream physical retail stores, improving efficiency in distribution, new brand operations, and consumer engagement. The founding team largely comes from Alibaba.

The company's business model serves multiple stakeholders. For major brands like P&G, Unilever, and Danone, Hipac provides a distribution channel to penetrate China's third- to sixth-tier cities, markets that are otherwise difficult and costly to reach. It also helps incubate new and smaller brands by giving them rapid access to a vast network of offline stores. For the retail stores, the platform offers a one-stop-shop for procurement, access to a wider variety of products including cross-border goods, and potentially higher margins. Hipac also provides these stores with CRM tools and operational support to enhance consumer engagement. The business generates revenue through two main streams: a commission-based model for its digital platform, where it charges sellers a percentage of the transaction value (ranging from 2.3% to 2.6%), and a direct sales model through its self-operated business, which includes both distributing products from other brands and selling its own private-label products.

Since its inception, Hipac has secured significant funding, including a $100 million Series D round in December 2019 led by Anchor Equity Partners and Hillhouse Capital. By 2024, the platform had connected approximately 4,200 suppliers with around 290,000 registered buyers, covering over 3,000 counties and villages across China. Despite its market penetration, the company has faced financial challenges, including increasing net losses and a reliance on its lower-margin self-operated business segment as its digital platform business has seen a decline. In June 2025, the company filed for an IPO on the Hong Kong Stock Exchange to raise capital for deepening brand partnerships, expanding its scale, and improving its IT infrastructure.

Keywords: B2B2C platform, maternal and infant products, China retail, supply chain management, lower-tier cities, cross-border e-commerce, retail empowerment, brand incubation, FMCG distribution, digital procurement, Zhao Chen, Alibaba alumni, Tmall Global founder, consumer goods, family care, nutrition products, retail technology, e-commerce, offline retail network, emerging markets