ATRenew (All Things Renew) formerly AiHuiShou is a Chinese secondhand products trade and services system and urban green industry chain business. It is known as one of the leading environmental, social and governance (ESG) friendly companies in Chaina.[1][2] Headquartered in Changhai, the company started as AiHuiShou in 2011 before being rebranded ATRenew in 2020.[3] It has several subsidiaries including AHS Recycle and operates in partnership with Apple, Huawei, Vivo and JD Group, its largest investor before merging with ATRenew. The company’s stock is traded on the New York Stock Exchange.[4]
History
editIn 2011, Xuefeng Chen founded AiHuiShou as a smartphone recycling company. Later, it expanded to include other consumer electronics and products including bags and watches and increased the number of its offline stores in mainland China and online platforms.[5] AiHuiShou ran affiliate operations in B2C B2B and C2B secondhand electronics on PaijiTang, AiFenLei, and Paipai owned by JD.com. In June 2019, JD.com announced it would merge Paipai with AiHuiShou with certain exclusive traffic resources for five years and $20 million in cash for a non-controlling interest in the company. On 22 September 2020, AiHuiShou rebranded to ATRenew (All Things Renew) and established several subsidiaries including AHS Recycle, its international subsidiary operating chain store and offering self-service kiosks, pick-up services, website and app.[3] The AHS Recycle opened stores in Hong Kong and in Japanese cities of Tokyo and Yokohama in 2020 selling its products on a partner chain store, Janpara.[6][7][8][9]
Funding
editIn February 2021, the company raised $200 million in pre-IPO fundraising. On 22 September 2022, after rebranding, the company announced that it had raised over $100 million in E+ round of financing with JD.com – its biggest investor acquiring 34 per cent ordinary shares before offering.[1][10] Other investors included Huihe Capital, InnoVen Capital and Shanghai Prosperity Fund with Taihe Capital serving as its exclusive financial adviser for the E+ round of funding.[11]
References
edit- ^ a b Wu, Kane (18 April 2021). "Used electronics trading platform Aihuishou to raise up to $1 bln in U.S. IPO -sources". Reuters. Retrieved 20 June 2024.
- ^ "ATRenew: Taking Proactive Steps Integrating ESG into Circular Economy". EqualOcean. Retrieved 20 June 2024.
- ^ a b Rui, Oliver; Feng, Yu (2018). "Aihuishou: Balancing Social Responsibility & Corporate Success". CEIBS. Retrieved 20 June 2024.
- ^ Flannery, Russell (21 June 2021). "AiHuiShou Gains 23% On Nasdaq Debut, Enriching China's Billionaire-Owned JD.com". Forbes Middle East. Retrieved 20 June 2024.
- ^ Taylor, Brian (15 April 2024). "ATRenew seeks global growth path". Recycling Today. Retrieved 2024-06-20.
- ^ "ATRenew: How to Pursue Future Growth ^ CB0281". HBR Store. Retrieved 2024-06-20.
- ^ "How a Chinese electronics recycling platform is giving used gadgets a new life". South China Morning Post. 2023-06-23. Retrieved 2024-06-20.
- ^ Lu, Agnes Xueer (2020-09-22). "Recycling Unicorn AiHuiShou Completes E+ Round of Financing, Releases New Group Name "All Things Renew"". Pandaily. Retrieved 2024-06-20.
- ^ "ATRenew Inc, RERE:NYQ profile - FT.com". markets.ft.com. Retrieved 2024-06-20.
- ^ Lee, Emma (2021-05-31). "JD-backed electronics reseller Aihuishou files for US IPO · TechNode". TechNode. Retrieved 2024-06-20.
- ^ 董志成. "Electronics recycling platform Aihuishou eyes overseas growth". www.chinadaily.com.cn. Retrieved 2024-06-20.