Hangzhou Jiebai Group

What Hangzhou Jiebai Group does

Hangzhou Jiebai Group is a state-affiliated Chinese retail conglomerate headquartered in Hangzhou, listed on the Shanghai Stock Exchange under ticker 600814, and majority-owned by Hangzhou Commerce and Tourism Canal Group — a municipal state-owned enterprise under the Hangzhou city government. The company operates a multi-format retail and services platform anchored by Hangzhou Tower, a ~300,000 sqm flagship luxury department store at Wulin Square that has been ranked #1 nationally among single-store department stores by sales for 8 consecutive years and hosts 60+ international luxury brands representing approximately 90% of global premium names. The group operates four business segments: high-end department store retail (Hangzhou Tower), urban commercial/outlet retail (Jiebai Commerce adjacent to West Lake, plus Hangzhou Tower 501 City Plaza), shared medical services (Quancheng International Medical Center), and capital operations via the Shanglv Private Equity Fund Management platform (established 2023, AMAC-registered January 2024). The company traces its origins to the Zhejiang Provincial Product Exhibition Hall founded in 1918, was restructured into a joint-stock enterprise in 1992, listed in 1994, and underwent a major asset restructuring with Hangzhou Tower in 2014 to form the current group structure.

The company's primary customer base is affluent Chinese consumers and inbound tourists, served through Hangzhou Tower's VIC ROOM exclusive lounges and a unified MAG Club digital membership system (launched September 2019) that integrates member identity, growth points, and tiered benefits across retail, medical, and lifestyle businesses for over 372,300 VIP members. Quancheng Medical Center operates under a strategic partnership with Sir Run Run Shaw Hospital (Zhejiang University School of Medicine) and has served over 500,000 cumulative patient visits through 20+ partnered medical brands and 40+ commercial insurance partners. The group's underlying technology infrastructure is the Jiebai Digital Cloud platform ('解百数云') — a dual-function business middleware and data hub supporting cross-entity point accumulation/redeeming, unified growth value management, and data-driven precision marketing — together with the WeChat-based 'Hangzhou Online Mall' mini-program that supports live-streaming commerce. Revenue is generated principally through consignment and direct retail sales of luxury goods at Hangzhou Tower, supplemented by leasing (53% of Jiebai Commercial revenue as of April 2025) and consignment models at the outlets business, recurring medical service fees and insurance settlements at Quancheng Medical, and investment-related income from the Shanglv PE platform.

The group's 'dual-wheel drive' strategy combines its listed retail platform with capital operations; the Hangzhou Tower segment led national single-store department store sales for 8 consecutive years, while 2024-2025 event-level sales metrics (mid-year celebration +37.45% YoY to ¥420M; birthday celebration +11% YoY to ¥780M; Spring Carnival +15% YoY to ¥300M) suggest recent operational recovery. The company's competitive position relies on intangible assets (luxury brand portfolio, prime Wulin Square and West Lake retail real estate), ecosystem lock-in via MAG Club cross-vertical loyalty, and regulatory leadership in the shared-medical-complex category following the 2025 approval of the national operational service specification led by Quancheng Medical.

Name

Hangzhou Jiebai Group

Legal name

杭州解百集团股份有限公司

Website

https://jiebai.com

Company type

Public

Founded year

1918

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hangzhou Jiebai Group is a Hangzhou municipal SOE-affiliated retail conglomerate operating Hangzhou Tower (China's #1 single-store luxury department store by sales for 8 consecutive years), Jiebai Commercial outlets, Quancheng Medical shared medical center, and the Shanglv private equity fund platform, serving affluent Chinese consumers, inbound tourists, and institutional investors via a unified MAG Club digital membership ecosystem.

Ownership category

akta.pro rank

Product category

Department Store Retail

NAICS

Management of Companies and Enterprises (55111), Portfolio Management and Investment Advice (523940)

SIC

Operators Of Nonresidential Buildings (6512), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Luxury department store
• Outlet retail
• Medical mall services
• Private equity funds
• Digital membership platform

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Retail — High-end Department Store Sales: Hangzhou Tower (杭州大厦) generates revenue primarily through consignment (联营) and direct retail operations, selling luxury goods and premium merchandise. Hangzhou Tower has maintained the #1 position nationally among single-store large department stores for 8 consecutive years. Revenue is supplemented by brand promotion activities, VIC ROOM exclusive services, and tourism retail (离境退税).
2. Retail — Jiebai Commercial Outlets: Jiebai Commercial operates city outlet and lifestyle center formats, generating revenue through leasing (租赁) and consignment models. As of 2025, rental sales accounted for 53% of commercial unit revenue.
3. Medical Services — Quancheng International Medical Center: Quancheng Medical provides comprehensive health management and premium medical services through a shared medical model. Revenue is generated from medical consultations, health management packages, commercial insurance settlements, and international referral services. The center hosts over 20 medical brands and serves more than 500,000 cumulative patient visits.
4. Capital Operations — Hangzhou Commerce Tourism Private Equity Fund: Established in October 2023 and registered with AMAC in January 2024, the private equity fund focuses on consumer, consumer healthcare, and consumer technology investments. The company pursues both direct listed-company investments and fund-level investments, targeting mature growth-stage businesses in the large consumption sector.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Hangzhou Jiebai Group operates a diversified portfolio anchored in high-end retail through Hangzhou Tower (ranked #1 nationally among single-store department stores for 8 consecutive years), Jiebai Commercial outlet/lifestyle center, and the Hangzhou Tower 501 City Plaza. The group also operates Quancheng International Medical Center, a shared medical complex, and Shanglv Private Equity Fund Management, which pursues industrial investments in consumer, healthcare, and technology sectors.

Product overview

Hangzhou Jiebai Group is a commercial retail listed company established in 1918, stock code 600814, operating under a 'dual-wheel drive' strategy of retail main business and capital operations. The group's core products include: (1) Hangzhou Tower - a high-end department store focusing on luxury goods retail; (2) Jiebai Commerce - positioned as a 'relaxed urban cultural and tourism center' near West Lake; (3) Quancheng International Medical Center - a shared medical complex providing whole-process health management; (4) Shanglv Private Equity - a fund management platform targeting consumer, medical, and technology investments; (5) Jiebai Digital Cloud - the digital operation platform serving as the membership operation nerve center; (6) MAG Club - the digital membership system enabling unified member identity, growth values, and cross-business benefits integration. These products form an ecosystem connecting retail, medical, sports, and future 'retail+' business segments through digital technology.

Differentiator

Problem solved

Functional benefit

Brands

• 杭州大厦: High-end department store and luxury goods retail complex in Hangzhou's Wulin Square area
• 全程医疗
• 解百城市奥莱
• 商旅私募
• 解百数云
• MAG club

Products and services

• Hangzhou Tower (杭州大厦) A high-end department store and luxury goods retail complex located at Wulin Square in Hangzhou with approximately 300,000 square meters of total floor area. Operates a luxury goods center, modern fashion center, and high-end quality life center model, hosting over 60 international super-premium brands and serving affluent consumers through VIC ROOM exclusive services.
• Jiebai Commercial (解百商业) An urban cultural, commercial, and tourism center located adjacent to West Lake in Hangzhou's Hubin business district, positioned as China's first relaxed urban culture-commerce-tourism center. Features include the historic 1918 National Products Exhibition Hall, intangible cultural heritage spaces, lifestyle brands, food and beverage, and entertainment attractions.
• Hangzhou Tower 501 City Plaza (杭州大厦501城市广场) A light-trend lifestyle complex opened in 2016 integrating shopping, dining, sports, health, and social experiences. Hosts Quancheng Medical on upper floors with direct underground connection to Hangzhou Tower's food court, targeting mid-market urban consumers.
• Quancheng International Medical Center (全程医疗) A shared medical services center (Medical Mall) providing comprehensive life-cycle health management and premium medical services through a shared services model. Partners with Sir Run Run Shaw Hospital and over 20 medical brands, serving affluent consumers via commercial insurance, international referrals, and direct payments, with cumulative patient visits exceeding 500,000.
• Shanglv Private Equity Fund (商旅私募)

Quantifiable outcome

• Hangzhou Tower maintained #1 national ranking in single-store department store sales for 8 consecutive years; 2022 sales reached ¥12.6 billion.
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• 浙江大学医学院附属邵逸夫医院 (Sir Run Run Shaw Hospital, Zhejiang University School of Medicine)coreStrategic or Co-development Partner · 1 January 2017Quancheng Medical (全程医疗) established a strategic partnership with Sir Run Run Shaw Hospital to provide comprehensive life-cycle health management and premium medical services. The hospital provides clinical expertise, specialist referrals, and medical quality oversight, while Quancheng Medical offers a commercial shared medical platform. This partnership was instrumental in Quancheng Medical's establishment as China's first Medical Mall in 2017. The hospital's President Cai Xiujun accompanied Academician Ning Guang on a facility visit in July 2025.
• 迪安诊断 (DiAn Diagnostics)coreStrategic or Co-development Partner · 1 January 2017DiAn Diagnostics (DiAn Diagnostics, SZSE: 300244) is one of three listed company co-founders of Quancheng International Medical Center, alongside Hangzhou Jiebai Group and Baida Group. DiAn provides diagnostic laboratory services, medical testing capabilities, and healthcare technology resources to the shared medical platform. Chairman Chen Haibin participated in high-level facility visits alongside hospital leadership.
• 百大集团 (Baida Group)coreStrategic or Co-development Partner · 1 January 2017Baida Group (Shanghai Stock Exchange listed company) is one of three listed company co-founders of Quancheng International Medical Center, alongside Hangzhou Jiebai Group and DiAn Diagnostics. As a Hangzhou-based retail group, Baida contributes retail commercial expertise and customer resources to the joint venture.

Scale indicators11 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Wangfujing Group (王府井集团): Wangfujing Group is one of China's largest department store chains (SSE: 600859), operating multi-format retail including luxury department stores, outlets, and shopping centers. Closest publicly-traded peer in terms of business model, with comparable multi-format retail and emerging digital membership initiatives.
• Phoenix Healthcare Group (凤凰医疗): Phoenix Healthcare Group is one of China's largest private hospital operators (HKEX: 1515), providing integrated healthcare services including premium care and shared medical models. Direct comparable to Quancheng Medical's Medical Mall concept and shared services platform, though Phoenix focuses more on hospital IOT models.
• Yintai Commercial (银泰商业): Yintai Commercial operates a national network of mid-to-high-end department stores and was fully acquired by Alibaba in 2017 to anchor its New Retail strategy. Highly comparable to Hangzhou Jiebai in luxury/mid-luxury department store positioning and digital integration initiatives, though Yintai is now part of a larger e-commerce ecosystem.
• SKP (operated by Beijing Hualian Group): SKP is China's leading luxury department store chain, operating premium single-store destinations in Beijing, Xi'an, Chengdu, and other tier-1 cities. Directly comparable to Hangzhou Tower in the high-end luxury retail format, both anchor luxury brand presence in tier-1 city downtown districts.
• Dashang Group (大商集团): Dashang Group (SSE: 600694) is a major Chinese department store and retail conglomerate with nationwide multi-format operations. Comparable in multi-format retail strategy and target customer segments, though Dashang has broader geographic diversification.

Broad incumbents

• Fosun International (复星国际): Fosun International is a Chinese diversified conglomerate (HKEX: 0656) with significant consumer/retail, healthcare, and investment management operations. Closest analog to Jiebai's 'Retail+Medical+Capital' diversified model, with Fosun's Health and Happiness businesses mirroring Jiebai's Quancheng Medical and PE platform.
• Bailian Group (百联集团): Bailian Group is China's largest retail conglomerate, operating department stores, supermarkets, convenience stores, and shopping centers under multiple brands. State-owned like Hangzhou Jiebai and operates a comparable multi-format retail portfolio, but at significantly larger scale and broader national footprint.

Emerging players

• Ping An Healthcare and Technology (平安好医生): Ping An Healthcare and Technology (HKEX: 1833) operates a leading online healthcare platform in China, with services spanning family doctor, specialist consultation, and health management. Adjacent comparable to Quancheng Medical's premium healthcare positioning, though primarily digital/app-based rather than physical retail-medical format.
• Alibaba Health Information Technology (阿里健康): Alibaba Health (HKEX: 0241) is a leading Chinese digital health and medical services platform, operating healthcare e-commerce, consumer healthcare, and digital healthcare initiatives. Comparable in digital integration of healthcare and consumer services, though primarily digital rather than physical Medical Mall format.

Regional players

• Hang Lung Properties (恒隆地产): Hang Lung Properties is a Hong Kong-listed luxury real estate developer and operator of premium shopping malls in mainland China (Shanghai, Hangzhou, Wuhan, etc.). Comparable in luxury retail property positioning and prime-location strategy, though as a real estate developer/operator rather than a department store retailer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hangzhou-jiebai-group-co-limited-

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hangzhou Jiebai Group