In this work, we propose a novel method for generating 3D point clouds that leverages the properties of hypernetworks. Contrary to the existing methods that learn only the representation of a 3D object, our approach simultaneously finds a representation of the object and its 3D surface. The main idea of our HyperCloud method is to build a hypernetwork that returns weights of a particular neural network (target network) trained to map points from prior distribution into a 3D shape. As a consequence, a particular 3D shape can be generated using point-by-point sampling from the prior distribution and transforming the sampled points with the target network. Since the hypernetwork is based on an auto-encoder architecture trained to reconstruct realistic 3D shapes, the target network weights can be considered to be a parametrization of the surface of a 3D shape, and not a standard representation of point cloud usually returned by competitive approaches. We also show that relying on hypernetworks to build 3D point cloud representations offers an elegant and flexible framework. To that point, we further extend our method by incorporating flow-based models, which results in a novel HyperFlow approach.