ATRenew
ATRenew (All Things Renew) formerly AiHuiShou is a Chinese circular economy operating two business systems - 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 China.[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 JD Group, its largest investor before merging with ATRenew. The company’s stock is traded on the New York Stock Exchange.[4]
History
[edit]In 2011, Kerry 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. In 2015, AiHuiShou entered into collaboration with e-commerce platforms including JD.com and Xiaomi on trade in programs. In 2017, AiHuiShou started automizing its operation system and built an operation center in Changzhou, which automated transportation, quality inspection, sorting and storage system of non-standardized pre-owned electronic products.[6]
In 2018, AiHuiShou launched its B2B trading platform for preowned consumer electronics PJT Marketplace. Same year, it announced the largest round of funding of $150 million in the global secondhand industry led by Tiger Global Management and co-invested by JD.com, with its valuation at over $1.5 billion.[6] 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.[4] 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.[7][8][9][10]
On June 18, 2021, ATRenew went public on the NYSE and was endorsed as the "first ESG-related China concept stock."[11][1] In 2022, ATRenew's largest and most automated facility - Dongguan Automation Operation Center became operational and established 7 additional centers in Chengdu, Xi'an, Changzhou, Shenyang, Tianjin, Wuhan, and Hong Kong. In 2023 ATRenew joined the United Nations Global Compact (UNGC).[12] In September 2022, ESG rating agency Morningstar Sustainalytics rated ATRenew 17.6, classified as “low risk” and ranked fourth among a total of 85 companies in the Online and Direct Marketing Retail sector. In November 2023, ATRenew was "highly commended" by the Reuters’ Sustainability Awards in the “Circular Transition” category alongside Oracle, Schneider Electric, and PepsiCo.[13][14]
Funding
[edit]In 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][15] 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.[16]
Business lines
[edit]ATRenew operates several business lines including AHS Device, AHS Recycle, LOVERE (AiFenLei) and PJT Marketplace. AHS Device is the overseas business arm of ATRenew operating in Africa, Latin America and Southeast Asia with stakes in mobile phone recycling companies including Brazil based Trocafone and India’s Cashify. In partnership with Janpara and Swappie, AHS Device operates self-service recycling kiosks in Japan and Finland. AHS Recycle is a C2B recycling and trade-in platform providing recycling service to consumers in partnership with JD.com and Apple for trade-in service. AHS Recycle operates in 268 Chinese cities through 1,819 AHS offline stores.[17][18]
References
[edit]- ^ a b c 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.
- ^ a b 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.
- ^ a b Lee, Emma (2019-06-04). "JD.com merges used goods platform Paipai with Aihuishou in recycling push · TechNode". TechNode. Retrieved 2024-08-24.
- ^ "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.
- ^ Beese, Matthew (2021-07-01). "Cathay Capital Backs the NYSE IPO of ATRenew, One of the Pioneers of the Circular Economy in China". Cathay Capital. Retrieved 2024-08-24.
- ^ BERNAMA (2021-06-21). "GTJAI assists ATRenew debut on New York Stock Exchange". BERNAMA. Retrieved 2024-08-24.
- ^ "2023 Winners & Highly Commended". Reuters Sustainability Award. Retrieved 24 August 2024.
- ^ Thompson, David (20 July 2023). "The Revolving World of Electronics: A Dialogue with ATRenew's Kerry Chen". Tech Times. Retrieved 24 August 2024.
- ^ 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.
- ^ "China-based recycling firm focuses on reuse and recycling markets for traded-in smartphones and preowned consumer electronics". www.recyclingtoday.com. Retrieved 2024-08-24.
- ^ "Partnership with LOVERE". endplasticwaste.org. Retrieved 2024-08-24.