Hillhouse Investment Group

Suxing is a Provider and creator of a beverage designed to reduce the effects of drinking. It also develops and builds a vending machine for retails, providing users with alcoholic beverages and retail vending machines.

One Stop Warehouse is a wholesale distributor specializing in electrical and renewable energy products, with a focus on solar photovoltaic systems. The company sources globally and supplies retailers and installers, offering a range of services to assist clients in managing end-user data, reducing operational costs, and facilitating financial and carbon trading.

One Stop Warehouse is a wholesale distributor specializing in electrical and renewable energy products, with a focus on solar photovoltaic systems. The company sources globally and supplies retailers and installers, offering a range of services to assist clients in managing end-user data, reducing operational costs, and facilitating financial and carbon trading.

Qmai.cn is an enterprise services company based in Hefei that specializes in developing a business management platform tailored for retailers and chain store operators. The platform offers a range of operational solutions, including enterprise smart retail features, digital store operations, and payment acquiring services. By providing these tools, Qmai.cn enables retailers to enhance user connections and streamline their operations through digitalization.

Harmay is a retailer based in China that specializes in premium cosmetics and beauty products, emphasizing contemporary fashion and aesthetics. The company offers a curated selection of well-known international cosmetics and skincare brands alongside its own self-developed skincare products. By focusing on high-quality, modern makeup and beauty solutions, Harmay aims to cater to urban consumers seeking both established and unique beauty offerings, promoting the idea of beauty and a beautiful lifestyle.

Alluxio provides a memory-centric distributed storage system that bridges applications with underlying storage systems, offering unified data access. It was founded in 2015 by the creators of Alluxio (formerly Tachyon), an open-source project from UC Berkeley AMPLab.

Qmai.cn is an enterprise services company based in Hefei that specializes in developing a business management platform tailored for retailers and chain store operators. The platform offers a range of operational solutions, including enterprise smart retail features, digital store operations, and payment acquiring services. By providing these tools, Qmai.cn enables retailers to enhance user connections and streamline their operations through digitalization.

Market Kurly is an online grocery service based in Seoul, South Korea, that specializes in the delivery of fresh and premium food products. Founded in 2014, the platform allows users to order a wide range of items, including vegetables, fruits, meats, dairy, baked goods, and processed foods, all sourced directly from producers. Market Kurly focuses on providing high-quality ingredients and offers next-day delivery, ensuring that customers receive their orders promptly. The service also includes non-perishable items, enabling shoppers to conveniently access a variety of groceries. Through its innovative logistics and delivery system, Market Kurly aims to enhance the grocery shopping experience by transforming the way food is produced and distributed.

Facily is a Latin American social commerce platform focusing on affordable items for lower-income neighborhoods. It enables group buying, offers interactive shopping experiences, and promotes community engagement through local leaders.

Torre Oria is a Chinese winery that specializes in the production of high-quality wines, utilizing original design and brewing techniques. The company focuses on the distribution of a diverse range of wine products tailored for the Chinese market, including dry red, dry white, rosé, and semi-sweet red wines. By emphasizing quality and innovation, Torre Oria aims to establish a strong presence within the competitive wine industry.

Philips DAP manufactures and markets kitchen appliances, irons and vacuum cleaners to shavers, electric toothbrushes, beauty-care products, home health, and fitness products. It enjoys the number one global position in electric shavers with Philishave and Norelco, and also has the number one brand in steam irons. With the acquisition of Optiva, Philips DAP builds on its existing position in dental care products under the Sensiflex range, becoming the number two global player.

Tuya is a global developer platform specializing in artificial intelligence and the Internet of Things (IoT). It connects consumers, manufacturers, OEMs, and retail chains, providing a comprehensive solution that includes hardware access, cloud services, and app development. This ecosystem enables businesses to enhance their consumer IoT smart devices and meet increasing consumer demands. As of late 2018, Tuya had served 93,000 customers and connected over 100 million smart products globally, with a product catalog exceeding 30,000 listings across nearly 200 countries. The company operates a distributed IoT cloud platform that processes nearly 50 billion device requests daily and facilitates over 20 million voice AI interactions each day, accumulating a data volume of 15 petabytes. Tuya's offerings include platform-as-a-service and software-as-a-service options, fostering a vibrant IoT ecosystem that encourages collaboration among brands, OEMs, partners, and end users.

Jiadianziwei is a compound condiments brand focused on the R&D, marketing of flavored soup base, bowl chicken seasoning & scallion sauce.

Delivery Hero is a global online food delivery platform that operates a network of online ordering sites connecting customers with restaurant partners. It operates in over 70 countries across five continents and serves the Americas, Europe, Asia, and the Middle East and North Africa. The platform enables customers to browse menus, place orders, and have meals delivered or picked up, while revenue primarily comes from commissions on each order, varying by country, restaurant type, and service. As a tech-enabled marketplace, it coordinates ordering and delivery through its partner network, offering a wide range of local food options.

Haydon is a beauty retail brand that specializes in offering synchronized professional skin care, makeup, and fragrance products targeted at high-end customers in Mainland markets. The company combines art, technology, and experience to create a unique shopping environment that serves as a landmark for urban art trend consumption. By integrating these elements, Haydon aims to attract diverse customer flows to shopping malls, thereby enhancing the overall shopping experience and providing a one-stop destination for beauty products.

Grand Voyage Holdings is a lighting device producer and retailer. They serve traditional light source lamps and LED lamps with analog or digital control products. They focus on improving the livability and effectiveness of indoor and outdoor environments.

Yonghui Fresh Food is a prominent provider of fresh food and agricultural product supply chain services, designed to efficiently meet the diverse purchasing needs of various customers. As a central food management and supply chain integration platform, the company focuses on delivering products promptly to buyers while supporting enterprises within the food industry. By streamlining operations and enhancing logistics, Yonghui Fresh Food plays a crucial role in ensuring that fresh food products are readily available to meet market demands.

Grand Voyage Holdings is a lighting device producer and retailer. They serve traditional light source lamps and LED lamps with analog or digital control products. They focus on improving the livability and effectiveness of indoor and outdoor environments.

Jiadianziwei is a compound condiments brand focused on the R&D, marketing of flavored soup base, bowl chicken seasoning & scallion sauce.

JD Logistics is a technology-driven supply chain solution and logistics service provider in China. It offers a full spectrum of services, including warehousing, distribution, and specialized items delivery, serving various industries such as fast-moving consumer goods, apparel, home appliances, and automotive.

Volcan Craft, also known as Shanghai Kaishan Wine Co., Ltd., is a liquor brand established in 2017 and headquartered in Shanghai, China. The company focuses on producing and selling a variety of alcoholic beverages, catering primarily to the tastes of young consumers. Volcan Craft employs a hybrid business model that combines both online and offline sales channels to enhance accessibility and engagement with its target market. Through its innovative approach, the brand aims to establish a strong presence in the competitive liquor industry.

Moody is a developer of disposable colored contact lenses that focuses on producing quality beauty accessories. The company's products are characterized by their appealing branding and hygienic packaging, ensuring a safe experience for users. Moody aims to provide consumers with a variety of color contact lens options, enhancing their aesthetic choices while maintaining high standards of quality.

Moody is a developer of disposable colored contact lenses that focuses on producing quality beauty accessories. The company's products are characterized by their appealing branding and hygienic packaging, ensuring a safe experience for users. Moody aims to provide consumers with a variety of color contact lens options, enhancing their aesthetic choices while maintaining high standards of quality.

Market Kurly is an online grocery service based in Seoul, South Korea, that specializes in the delivery of fresh and premium food products. Founded in 2014, the platform allows users to order a wide range of items, including vegetables, fruits, meats, dairy, baked goods, and processed foods, all sourced directly from producers. Market Kurly focuses on providing high-quality ingredients and offers next-day delivery, ensuring that customers receive their orders promptly. The service also includes non-perishable items, enabling shoppers to conveniently access a variety of groceries. Through its innovative logistics and delivery system, Market Kurly aims to enhance the grocery shopping experience by transforming the way food is produced and distributed.

Pinduoduo operates an e-commerce platform in China, allowing users to engage in group buying deals primarily through Tencent's WeChat app. Founded in 2015 and headquartered in Shanghai, Pinduoduo offers a diverse range of products including apparel, electronics, household goods, and food items. The platform aims to facilitate access to the digital economy for local communities and small businesses, enhancing productivity and creating new opportunities. Pinduoduo has developed a robust network of sourcing, logistics, and fulfillment capabilities to support its operations and improve customer experience.

Hipac.cn is a Hangzhou-based e-commerce platform that specializes in cross-border online shopping for baby and maternal products. The company effectively manages relationships with dealers and physical stores while integrating supplier resources, which enhances operational efficiency. This allows consumers to access a diverse selection of products across various brands and price points, catering to the needs of mothers and their children. By focusing on these specific market segments, Hipac.cn aims to provide a comprehensive shopping experience for its customers.

Harmay is a retailer based in China that specializes in premium cosmetics and beauty products, emphasizing contemporary fashion and aesthetics. The company offers a curated selection of well-known international cosmetics and skincare brands alongside its own self-developed skincare products. By focusing on high-quality, modern makeup and beauty solutions, Harmay aims to cater to urban consumers seeking both established and unique beauty offerings, promoting the idea of beauty and a beautiful lifestyle.

Udaan is a B2B e-commerce platform based in India that connects businesses with suppliers across various sectors, including FMCG, pharmaceuticals, and staples. It aims to address core trade challenges faced by small, medium, and large enterprises by providing a centralized platform for buying and selling goods. Udaan facilitates direct connections between clients, allowing them to negotiate better deals while ensuring secure payment processes and efficient logistics. The platform also supports small businesses by offering financial products tailored to their needs, thereby enhancing their operational capabilities and market reach.

Market Kurly is an online grocery service based in Seoul, South Korea, that specializes in the delivery of fresh and premium food products. Founded in 2014, the platform allows users to order a wide range of items, including vegetables, fruits, meats, dairy, baked goods, and processed foods, all sourced directly from producers. Market Kurly focuses on providing high-quality ingredients and offers next-day delivery, ensuring that customers receive their orders promptly. The service also includes non-perishable items, enabling shoppers to conveniently access a variety of groceries. Through its innovative logistics and delivery system, Market Kurly aims to enhance the grocery shopping experience by transforming the way food is produced and distributed.

Beidian operates as an innovative e-commerce platform that connects consumers, shop owners, and suppliers, offering a diverse range of products including home goods, clothing, food, beauty items, and products for mothers and babies. Unlike traditional e-commerce platforms, Beidian emphasizes social sharing among users, fostering a three-way connection that enhances the shopping experience. The company adheres to a source supply chain model, collaborating closely with numerous high-quality brands, source factories, and agricultural bases worldwide. This approach ensures that consumers have access to premium products at competitive prices, allowing them to purchase better goods while spending less.

Volcan Craft, also known as Shanghai Kaishan Wine Co., Ltd., is a liquor brand established in 2017 and headquartered in Shanghai, China. The company focuses on producing and selling a variety of alcoholic beverages, catering primarily to the tastes of young consumers. Volcan Craft employs a hybrid business model that combines both online and offline sales channels to enhance accessibility and engagement with its target market. Through its innovative approach, the brand aims to establish a strong presence in the competitive liquor industry.

Yonghui Fresh Food is a prominent provider of fresh food and agricultural product supply chain services, designed to efficiently meet the diverse purchasing needs of various customers. As a central food management and supply chain integration platform, the company focuses on delivering products promptly to buyers while supporting enterprises within the food industry. By streamlining operations and enhancing logistics, Yonghui Fresh Food plays a crucial role in ensuring that fresh food products are readily available to meet market demands.

Bianlifeng is an operator of cashier-free convenience stores, specializing in intelligent 24-hour service. The company focuses on providing a seamless shopping experience through its network of staff-less stores and smart vending machines. Leveraging advanced big data and artificial intelligence, Bianlifeng aims to enhance daily shopping for customers, making it easier and more convenient. The team behind Bianlifeng is composed of industry veterans from the convenience store sector and experienced professionals from the technology field, ensuring a blend of operational expertise and innovative solutions.

Meicai is a technology company that facilitates direct online sourcing and distribution of agricultural products. It aims to streamline the agriculture supply chain by connecting farmers directly with restaurants and food service businesses, reducing intermediaries, improving delivery efficiency, and ensuring consistent produce supply.

MINISO Co., Ltd, founded in 2013 in Tokyo, Japan, is a fast fashion designer brand that specializes in a wide range of lifestyle products. The company offers an array of items, including homeware, health and beauty products, fashionable accessories, office supplies, and seasonal goods. Jointly established by designer Miyake Junya and entrepreneur Ye Guofu, MINISO promotes a philosophy of simplicity, naturalness, and quality. The brand aims to provide affordable yet high-quality products, appealing to consumers who value stylish and functional items. With a commitment to innovation, MINISO introduces new products every week, positioning itself as a leader in the fast fashion retail sector. The company has expanded significantly since its inception, particularly in China, where it generates a substantial portion of its revenue. In addition to the MINISO brand, it also operates the TOP TOY brand, focusing on pop toys and related merchandise.

Fordeal is an online cross-border e-commerce platform designed to cater to the Middle East market. It offers a vast selection of over 800,000 stock keeping units (SKUs) spanning various consumer goods categories, enhancing the convenience of online shopping for its users. The platform accommodates multiple languages, currencies, and payment methods, facilitating access for customers from different countries in the region. In addition to its extensive product offerings, Fordeal provides overseas logistics and comprehensive customer and after-sales services, allowing sellers to concentrate on managing their online shops effectively.

Beyond is a fashion and beauty discovery app that connects Chinese brands and retailers with international brands and retailers. The platform sells women's apparel, purses, shoes, cuisine, accessories, health care, and other items. Users can use their smartphones to discover, browse, and buy using the app.

JD Logistics is a technology-driven supply chain solution and logistics service provider in China. It offers a full spectrum of services, including warehousing, distribution, and specialized items delivery, serving various industries such as fast-moving consumer goods, apparel, home appliances, and automotive.

YAOKING.CN is a supplier of health care products. They provide products that include daily inspections, wheelchairs, crutches, and oxygen concentrator ventilators. They offer products that are available for shopping online. Their customers' inquiries are addressed through phone, email, and online applications.

Xiaonuan Yisheng offers real-time updates of business data reports, online marketing tools, intelligent warehouse management, and financial management, as well as laboratory management services. Xiaonuan Yisheng provides a useful and simple store management system for offline terminal stores and hospitals, as well as grafts richer ecological businesses on the basis of SaaS services to provide store customers with more business opportunities. Xiaonuan Yisheng develops a supply chain channel system to enable supply chain business through the system, provide digital solutions for brands and agents, build orders in old brand channels, and improve supply chain omni-channel circulation efficiency.

Bestore is an e-commerce platform and online food community that provides snack items. Bestore provides leisure food production, processing, and packaging, as well as retail services. They provide products for fruits, seafood, meat, and nut snacks, covering meat snacks, roasted nuts, confectionery, dried fruit and preserved fruits, and vegetarian cherries.

Yitu Limited is a prominent artificial intelligence company based in Shanghai, China, founded in 2012. The firm specializes in the research and development of AI solutions across various sectors, including smart cities, healthcare, and commerce. Yitu focuses on areas such as machine vision, natural language understanding, and intelligent hardware, seeking to create comprehensive solutions that enhance operational efficiency and drive innovation. The company offers a range of products, including AI infrastructure for city management, medical diagnostic technologies, and applications for smart finance and retail. With a strong emphasis on fundamental research, Yitu aims to deliver breakthroughs that expand the potential of AI and contribute to a safer, faster, and healthier world. Its advanced R&D team is dedicated to transforming industries by integrating AI technologies into practical business applications.

Magento Commerce is a modern cloud commerce platform that offers an open-source ecosystem designed to integrate digital and physical shopping experiences. It provides flexible solutions for business-to-consumer (B2C), business-to-business (B2B), and hybrid models, extending beyond traditional shopping carts to encompass a variety of shoppable experiences, such as mobile, in-store, email, shipping, and marketplaces. Recognized for its leadership in the commerce sector, Magento collaborates with some of the world’s largest retailers and brands, delivering innovative services that cater to diverse industry needs. The platform is known for its ability to support both B2C and B2B operations, making it a preferred choice among merchants seeking comprehensive digital commerce solutions.

Xiaonuan Yisheng offers real-time updates of business data reports, online marketing tools, intelligent warehouse management, and financial management, as well as laboratory management services. Xiaonuan Yisheng provides a useful and simple store management system for offline terminal stores and hospitals, as well as grafts richer ecological businesses on the basis of SaaS services to provide store customers with more business opportunities. Xiaonuan Yisheng develops a supply chain channel system to enable supply chain business through the system, provide digital solutions for brands and agents, build orders in old brand channels, and improve supply chain omni-channel circulation efficiency.

Beequick is a company that specializes in providing one-hour delivery services for fresh produce and other products from community convenience stores. Operating primarily in Beijing, Beequick has served over 250,000 customers through its online-to-offline platform, which allows consumers to place orders via a mobile application. The company aims to expand its services to other major cities in China.

Beequick is a company that specializes in providing one-hour delivery services for fresh produce and other products from community convenience stores. Operating primarily in Beijing, Beequick has served over 250,000 customers through its online-to-offline platform, which allows consumers to place orders via a mobile application. The company aims to expand its services to other major cities in China.

Saltside Technologies AB, established in 2011, operates an online marketplace that facilitates transactions for a wide range of items, including cars, mobile phones, land, and livestock. Headquartered in Gothenburg, Sweden, the company has expanded its presence to emerging markets with offices in Accra, Lagos, Bengaluru, Dubai, Dhaka, and Colombo. Saltside's mission is to create a large, efficient, and secure online marketplace for users in these regions, aiming to improve their lives by providing access to a platform that enables them to make better deals.

Meituan is a Beijing-based Chinese technology platform that combines on-demand food delivery, local commerce, and social shopping. It retails and delivers Chinese food from local restaurants online and operates a social commerce website offering online group discounts for food, groceries, tickets, and other services, including entertainment and health/fitness sectors. Meituan is described as the largest food delivery platform in China, with a market share of roughly 60-70% in 2024 according to Morningstar estimates. In the third quarter of 2024, about 74% of revenue came from the core local commerce segment, encompassing on-demand food delivery, retail and in-store services such as visits to beauty and entertainment venues after purchasing deals, and hotel and travel booking, while the remaining 26% came from newer initiatives like Meituan Select and overseas food delivery. The company originated as Meituan Group in 2010, became Meituan-Dianping in 2015, and rebranded to Meituan in 2020.

Meilishuo is a Chinese online platform that caters to fashion-conscious women by offering a Pinterest-like experience focused on personalized shopping for clothing, cosmetics, and accessories. Launched in November 2009, the platform allows users to search for expert advice, explore shops, and engage in group buying while sharing links to their favorite products. Meilishuo primarily aggregates listings from third-party sites, with a significant focus on Taobao, China's largest e-commerce platform. When users click on products, they are redirected to these external sites to complete their purchases, after which Meilishuo earns a commission. Since its launch, the platform has attracted 150 million registered users, with a daily user volume of 3.2 million and approximately 164 million daily page views. Meilishuo plays a notable role in driving traffic to Taobao, contributing around 700 million yuan to its monthly turnover. The company faces competition from other platforms, notably Mogujie, in the burgeoning market for fast fashion among young women in China.

MOGU is an online fashion and lifestyle platform based in China, primarily targeting women. The company offers a diverse array of fashion content and products through its various platforms, including Mogujie.com, Meilishuo.com, and Mogu.com, as well as mobile applications and WeChat Mini programs. MOGU enables users to discover and share the latest fashion trends while enjoying an enhanced shopping experience. The platform features multimedia content such as live video broadcasts, short-form videos, and photography, catering to a wide range of interests and age groups. In addition to its e-commerce offerings, MOGU provides online marketing, commission services, and technology support to merchants and brands, thereby facilitating a comprehensive ecosystem for both consumers and businesses within the fashion industry.

JD Logistics is a technology-driven supply chain solution and logistics service provider in China. It offers a full spectrum of services, including warehousing, distribution, and specialized items delivery, serving various industries such as fast-moving consumer goods, apparel, home appliances, and automotive.

Blue Moon is a Chinese consumer goods company focused on household care, with a portfolio across fabric care, personal hygiene, and home care. Fabric care accounts for the majority of revenue, and the company holds a leading value-based market share in liquid laundry detergent and liquid soap in China as of 2024. It was an early entrant into e-commerce, with online channels contributing around 60% of 2024 sales, and most core products are marketed under the Blue Moon brand. The company also offers related packaging and cleaning-care solutions to support its consumer products.