---
title: "Why Is Capital Flowing to Leading Self-operated B2B Platforms? A Detailed Analysis of FMCG Self-operated B2B Platforms"
description: "Self-operated B2B platforms, due to their strong control over the supply chain, can quickly replicate and expand markets amid intense competition in the FMCG sector, gaining widespread recognition from capital and the market. This article reviews the models, financing, and market layouts of various self-operated B2B platforms."
author: "刘少德"
publisher: "New Distribution"
email: "zhaobo258@gmail.com"
telephone: "+8615854817671"
published: "2017-02-19"
language: "en"
canonical: "https://xinjignxiao.com/en/articles/why-is-capital-flowing-to-leading-self-operated-b2b-platforms-a-detailed-a9710d9d/"
markdown: "https://xinjignxiao.com/en/articles/why-is-capital-flowing-to-leading-self-operated-b2b-platforms-a-detailed-a9710d9d.md"
original_source: "https://mp.weixin.qq.com/s/mfTYIxR8F4PItsYz6xFfKQ"
translation: "https://xinjignxiao.com/zh/articles/%E4%B8%BA%E4%BB%80%E4%B9%88%E8%B5%84%E6%9C%AC%E9%83%BD%E5%90%91%E8%87%AA%E8%90%A5b2b%E5%A4%B4%E9%83%A8%E5%B9%B3%E5%8F%B0%E6%B6%8C-%E4%B8%80%E6%96%87%E8%AF%A6%E8%A7%A3%E5%BF%AB%E6%B6%88%E5%93%81%E8%87%AA%E8%90%A5b2b%E5%B9%B3%E5%8F%B0-a9710d9d.md"
attribution: "New Distribution — https://xinjignxiao.com/en/articles/why-is-capital-flowing-to-leading-self-operated-b2b-platforms-a-detailed-a9710d9d/"
usage_policy: "https://xinjignxiao.com/ai-policy.txt"
---

# Why Is Capital Flowing to Leading Self-operated B2B Platforms? A Detailed Analysis of FMCG Self-operated B2B Platforms

> Self-operated B2B platforms, due to their strong control over the supply chain, can quickly replicate and expand markets amid intense competition in the FMCG sector, gaining widespread recognition from capital and the market. This article reviews the models, financing, and market layouts of various self-operated B2B platforms.

**Click the image for details**
Self-operated B2B platforms, due to their strong control over the supply chain, can quickly replicate and expand markets amid intense competition in the FMCG sector, gaining widespread recognition from capital and the market. This article reviews the models, financing, and market layouts of various self-operated B2B platforms.
Definition of Self-operated Model in FMCG B2B
**Self-operated model in FMCG B2B industry:** A business model where the platform participates directly in transactions as a trading participant, not only owning the products but also completing transactions through self-built warehouses and self-delivery. Some self-operated platforms not only engage in transactions but also franchise downstream stores to lock in transactions.
Registration Distribution
Although self-operated B2B platforms started later than matching models, they have developed faster and cover a wider range of industries due to stronger supply chain control. Among the 171 platforms counted by this official account, 70 are self-operated B2B platforms. In terms of market coverage, many platforms have completed nationwide basic layouts. Representative self-operated platforms include JD New Channel, Zhongshang Huimin, E-commerce Interconnect, Best Store Plus, Yijiupi, etc., all covering more than 20 cities. There are also platforms like 51 Order and Dianda that use multi-warehouse dense coverage in regional markets. Other platforms generally radiate around their registration locations. In terms of market competition, economically developed provinces in East China, North China, South China, and Central China are the most competitive.
**First**
**By Region**
Self-operated B2B platforms are mainly registered in North China and the southeast coastal areas, with fewer in the northwest and southwest.
Top seven provinces by number: Beijing 18, Guangdong 12, Shanghai 5, Hubei, Zhejiang, Henan, Shandong each 4. These seven provinces have a total of 51 self-operated platforms, accounting for 68% of the total.
> **Beijing-Tianjin-Hebei (18):** Zhongyan Xin Shangmeng, Zhongshang Huimin, Jinhuobao, Dianshang Hulian, Yijiupi, Shuhai Supply Chain, New Channel, Jiuxian Tuan, Rou Shengxian, Wajiu Wang, Cai Jidi, Canguan Wuyou, Cai Gege, Shu Dongpo, Youpei Liangpin, Yundian Hulian, Youcai, Duomei Shu
>
> **Heilongjiang, Jilin, Liaoning, Inner Mongolia (4):** Tao Daqing, Ya Shilian, San Sheng Lian Gou, Wang Kai Wan Wu
>
> **Jiangsu, Zhejiang, Shanghai (11):** 51 Order, Tiantian Mai, Baishi Dianjia, Yun Mayi, Song Xiaocai, Chaihuo Bang, Dianda Mall, Meicai, Cai Guanjia, Mi Yibai, Jiuye Supply Chain
>
> **Shaanxi, Gansu, Shanxi (4):** Tao Xiansheng, Daodao Mall, Wei Kerun, Liuhe Supi
>
> **Fujian, Guangdong, Guizhou (10):** Jiuye Hui, Jimai Me, Xingliyuan, Tao Shihui, Dian Shengsheng, Pinhui Yihao, Zhangshang Kuaixiao, Shicai Zaixian, Chaozhou Caitao, Xiaonong Nv
>
> **Hunan, Hubei, Jiangxi (6):** Wanshang Yizhan, Huosuda, Bang Xiaodian, Nianjia E-commerce, Liannong, Shicai Wang
>
> **Shandong, Henan, Anhui (11):** Cai Ba, Liecai Wang, Tangbei Wang, Shandong Post Mailhui, Laibao Mall, Haoduo Shicai Wang, Liancai Wang, Gengxian Wang, Yupei Jipin Wang, Fadaojia (RT-Mart), Mai Wenju
>
> **Sichuan, Chongqing, Guizhou (6):** Hui Jinhuo, Rongcheng Yigou, Xiaoma Linjia, Gongxiaoshe, Yaode 100, Qingli Yintai
**Second**
**By Industry**
> **FMCG:** Zhongyan Xin Shangmeng, Zhongshang Huimin, Jinhuobao, Dianshang Hulian, Shuhai Supply Chain, New Channel, Yundian Hulian, Dianda Mall, Mi Yibai, Tao Daqing, San Sheng Lian Gou, Ya Shilian, Tangbei Wang, Shandong Post Mailhui, Laibao Mall, Baishi Dianjia, Yun Mayi, Fadaojia, Bang Xiaodian, Nianjia E-commerce, Liannong, Huosuda, Huiben Supply Chain, Jiuye Hui, Xingliyuan, Dian Shengsheng, Zhangshang Kuaixiao, Rongcheng Yigou, Xiaoma Linjia, Daodao Mall, Yaode 100, Qingli Yintai, Wei Kerun, Liuhe Supi, 51 Order
>
> **Stationery:** Wang Kai Wan Wu, Tiantian Mai, Mai Wenju, Jimai Me
>
> **Snacks:** Wanshang Yizhan, Hui Jinhuo
>
> **Alcoholic Beverages:** Yijiupi, Jiuxian Tuan, Wajiu Wang
>
> **Fresh and Frozen:** Cai Jidi, Cai Gege, Shu Dongpo, Youpei Liangpin, Rou Shengxian, Duomei Shu, Youcai, Meicai, Cai Guanjia, Jiuye Supply Chain, Liecai Wang, Liancai Wang, Gengxian Wang, Song Xiaocai, Chaihuo Bang, Yupei Jipin Wang, Shicai Wang, Dongpin Zaixian, Jicai, Shicai Zaixian, Chaozhou Caitao, Xiaonong Nv, Chumai Wang, Gongxiaoshe, Tao Xiansheng
>
> **Condiments and Ingredients:** Canguan Wuyou, Haoduo Shicai Wang
Financing Analysis
In 2016, FMCG B2B platforms received over 20 financing rounds totaling 5 billion RMB in the capital market. The main force of financing was self-operated B2B platforms:
> **Zhongshang Huimin,** founded in May 2013, received nearly 700 million RMB in Series A financing in January 2015. In September 2016, Zhongshang Huimin announced 1.3 billion RMB in Series B financing, led by Zhongchuang Capital, Western Advantage Capital, and Zhonghe Guarantee, with participation from Da Chen Venture Capital, Renzhong Capital, Tongxi Capital, etc. At this point, Zhongshang Huimin was valued at 2 billion USD.
>
> **Dianshang Hulian,** founded in January 2014, completed 130 million RMB in Series A financing in March 2016, with investors including Detong Capital, Changjiang Guohong, Pioneer Finance, Aishide, etc.
>
> **Yijiupi,** received several million USD in Series A financing from Bertelsmann Asia Investments in December 2014, and in September 2015 obtained 200 million RMB in Series B financing led by Source Code Capital, with follow-on investments from Jinglin Asset, Bertelsmann Asia Investments, and Lighthouse Capital. In March 2016, Yijiupi announced completion of 200 million RMB in Series B+ financing, led by Yuansheng Capital and Zhongding Venture Capital, with previous investors Source Code Capital and Lighthouse Capital participating. On October 19, 2016, Yijiupi announced completion of 100 million USD in Series C financing, led by Jinglin Asset, with follow-on investments from Source Code Capital, Lighthouse Capital, Meituan-Dianping, Huagai Capital, etc.
>
> **Dianda:** Not publicly disclosed, reportedly received tens of millions of USD in financing.
>
> **E-commerce Interconnect:** On March 18, 2016, Dianshang Hulian successfully completed 130 million RMB in Series A financing, with investors including Detong Capital, Changjiang Guohong, Pioneer Finance, Aishide, etc. On November 29, 2016, E-commerce Interconnect announced 700 million RMB in Series B financing, led by Everbright Ruihua China Opportunity Fund, with follow-on investment from China Pioneer Financial Group.
>
> **Youpei Liangpin,** founded on March 19, 2015, received 10 million RMB from Sanhang Capital at its inception, and in September of the same year received nearly 100 million RMB in Series A financing, strategically led by Yiguo Fresh, with follow-on investments from Yunqi Venture Capital and iResearch Capital.
>
> **Meicai,** in June 2014, received 10 million RMB in angel financing from Zhen Fund, and in November received several million USD in Series A from Blue Lake Capital. In February 2015, received tens of millions of USD in Series B from Shunwei Capital and Blue Lake Capital, and completed Series C in August, with cumulative financing reaching 1 billion RMB. In April 2016, Meicai completed Series D, with valuation exceeding 2 billion USD and cumulative financing exceeding 2 billion RMB.
>
> **Song Xiaocai,** founded in January 2015, received 30 million RMB in angel investment from Wu Yongming, one of Alibaba's 18 founders, and 104 million RMB in Series A led by IDG Capital, with follow-on investments from Yuanjing Capital and Puhua Capital (partner Cao Guoxiong).
>
> **51 Order,** in September 2015, received 120 million RMB in Series A led by Shunwei Capital, with follow-on from Delian Capital; in 2016, received 150 million RMB in Series B led by Binfu Capital, with follow-on from Ivy Capital, Hengyu Investment, Shunwei Capital, etc.
>
> **Fadaojia,** founded on August 1, 2016, strategically invested by RT-Mart and Feiniu.com.
>
> **Wanshang Yizhan,** founded in December 2015, received 10 million RMB in venture capital from Qiaojing Capital and Shunrong Capital on December 31, 2016.
>
> **Dongpin Zaixian,** founded in December 2015, received several million RMB from Longling Investment and Cyzone Angel Fund at its inception. On May 19, 2016, Lei Jun of Xiaomi Technology led an investment of tens of millions of RMB in Dongpin Zaixian.
>
> **Jimai Me,** founded in October 2014, received several million in investment on July 1, 2016.
>
> **Tao Shihui,** founded in May 2013, received several million RMB in angel financing from Ameba Capital on February 1, 2014. On March 24, 2016, received 300 million RMB in joint investment from Ameba Capital, Huarui Investment, CITIC Capital, Qifu Capital, Wang Yawei, and Feizhu Capital.
>
> **Pinhui Yihao,** founded on May 29, 2016, a B2B e-commerce platform for alcoholic beverages under Yunjie Group.
>
> **Xiaonong Nv,** founded in May 2013. On January 20, 2015, received 10 million RMB in angel investment from Weiguang Venture Capital (Wu Xiaoguang), and on June 27 of the same year, received 80 million RMB in joint investment from Zhonglu Capital and Gaorong Capital. On January 30, 2016, Shenzhen Capital Group led an investment of tens of millions of RMB in Xiaonong Nv.
SWOT Analysis of Self-operated FMCG B2B Model
**Strengths:**
**Controllable supply chain, pricing power, guaranteed service, scalability, informatization, and financialization.**
**Weaknesses:**
**High costs, difficult management, hard to enrich SKUs, talent shortage, lack of industry reference, poor profitability, and weak expansion capability.**
**Opportunities:**
**Traditional industry competitors face significant scaling bottlenecks, 5.6 million downstream stores need upgrading, huge market space, and brand owners need channel informatization.**
**Threats:**
**Capital's heavy investment in competitors: Yijiupi, Zhongshang Huimin, E-commerce Interconnect; giants entering: JD, Best Store Plus, Meituan, Haidilao, RT-Mart, Yunhou, etc.**
**Zhao Bo's Comment on Self-operated B2B:**
From the current market environment, due to the huge existing traditional supply chain system, the transformation of the market by new B2B models remains a significant challenge. Self-operated platforms are more likely to form a closed transaction loop in a closed business process, making them more attractive to capital.
However, a particularly bad phenomenon in 2016 was that all capital heavily invested in leading B2B platforms such as Zhongshang Huimin, Yijiupi, E-commerce Interconnect, and Meicai, which made capital not in the industry hesitant to invest in promising small and medium B2B platforms, causing many platforms to lose the opportunity to compete.
From a profitability perspective, currently, except for Yijiupi, which has announced overall profitability, other platforms are still striving to prove the feasibility and profitability of their models through operations. This also indirectly shows that capital, like many entrepreneurs, does not clearly see how the industry model should develop.
In my view, the self-operated B2B market still has enormous potential, especially in the FMCG field. Due to industry characteristics, there may be a multi-market, multi-industry, multi-brand, multi-type oligopoly competition pattern in the future, rather than a single dominant player.
Looking at future development, domestic FMCG B2B self-operated platforms are showing two trends:
The first is upward extension: platform (matching) + self-operated model. Many platforms, after reaching a certain scale of transaction stores, open their terminals to introduce more brand owners, thereby enriching their product categories.
The second is downward extension: franchising existing service targets to build their own brand chain system, achieving indirect control of goods through store upgrades.
Regardless of the development trend, self-operated platforms have a heavy supply chain backend, which is a great challenge for any enterprise management. This places extremely high demands on the founding team's management capabilities and supply chain organization abilities.
The huge opportunity for upgrading small convenience stores presents a good market opportunity for B2B platforms as upstream supply chains. However, due to their own understanding of the retail industry and competition from traditional professional convenience store systems, it is a new and huge challenge for platforms. Whether B2B platforms can capture the convenience store market remains to be seen.
In 2017, a large number of traditional manufacturers will awaken and enter the self-operated B2B platform space. Who will win may not be clear until one or two years later.
Poll: Which self-operated platform do you favor most? (Single choice)
If there are omissions in the above list, please leave a comment to supplement, or scan the QR code below to communicate with the editor. We will add them in subsequent interpretations.
-END-


---

## Copyright and AI use

This article is sourced from New Distribution. Search, quotation, summarization, and model training are permitted, but every use must credit New Distribution and retain the canonical source URL.

Contact: zhaobo258@gmail.com · +86 158 5481 7671