A sourcing agreement between Huabao Flavours & Fragrances Co., Ltd. and Shanghai Buychemi Information Technology Co., Ltd. was signed by Jinchuan Wang, Sourcing Director of Huabao, and Qinghua Sun, General Director of Buychemi, on March 7, 2019. Effective from April 1st, the agreement will enable Huabao to connect its sourcing system with Buychemi’s E-commerce platform, allowing it to inquire for and compare prices before finally placing orders of chemicals from online suppliers verified by the platform. It is expected Huabao’s annual purchasing value through Buychemi will exceed RMB200 million.
Huabao Flavours & Fragrances Co., Ltd.，formerly known as Huabao Food Flavours & Fragrances (Shanghai) Co., Ltd. was founded in 1996. It was listed on the Shenzhen Stock Exchange in 2018 (Huabao Flavours & Fragrances, Stock Code: 300741). Huabao is mainly engaged in the research & development, production, sales and services of tobacco flavors, food flavors, daily chemical flavors and food ingredients. With a total of 31 subsidiaries at home and abroad, Huabao is recognized as a large international and modern group of enterprises and has been leading in sales in the F&F industry domestically for the last 4 years.
Founded in 2016, Buychemi is a global E-commerce platform for chemicals, flavours, fragrances and additives. Suppliers on it are double certified by associations of the F&F industry and the platform, so that accuracy of information regarding products and suppliers is 100% guaranteed. In addition to instant chat, Buychemi also offers group buy, industry news, product encyclopedia, F&F training courses and other services.
Efficient & Transparent Procurement
Wang believes the Internet-based Buychemi is the key to more efficient and transparent procurement. For Huabao, it is of great importance to select exactly what the Group demands from a full range of suppliers after a careful analysis and comparison of prices, which is made possible only by Buychemi’s advanced data technology.
In the future, Buychemi will join hands with an increasing number of world-class F&F and additive companies to create a service ecosystem with Group Buy, Ingredient Mall, Shared Parks and other services, where both sellers and buyers can contribute to the further improvement of and benefit from it and together manage and share sourcing resources, thus laying the foundation for an open online chemical market of orderly completion worldwide.