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ATRenew
Native name
万物新⽣
FormerlyAiHuiShou
Company typePublic
NYSE: RERE (http

s://www.nyse.com/q

uote/XNYS:RERE)
Industry
Founded2011
FounderKerry Xuefeng Chen
HeadquartersShanghai, China
Area served
Worldwide
RevenueIncrease CN¥13.0 billion [1] (2023)
Number of employees
2,000+ (2024)
Websiteatrenew.com

ATRenew (formerly known as AiHuiShou) is a Chinese circular economy company established in 2011 and headquartered in Shanghai, founded by Kerry Xuefeng Chen. ATRenew operates two main business segments: a second-hand product trade and service system, and an urban green industry chain business.[2][3] It was recognized as the “first ESG-related China concept stock” upon its debut on the New York Stock Exchange (NYSE). The company has several subsidiaries, including AHS Recycle, and maintains a strategic partnership with JD.com, which was its largest investor prior to ATRenew’s rebranding.[4] ATRenew’s stock has been traded on the NYSE since its listing.[5]

History

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In 2011, AiHuiShou, later rebranded as ATRenew, was officially launched with a focus on recycling consumer electronics such as mobile phones and laptops.[6] Over time, AiHuiShou expanded its focus beyond mobile phones to include a broader range of consumer electronics, gradually increasing its physical and online presence across China. In 2015, AiHuiShou began collaborating on trade-in programs with major e-commerce platforms, including JD.com, and consumer electronics brands such as Xiaomi.[7]

In 2017, AiHuiShou started automating its operational systems and established an operation center in Changzhou, which reportedly featured the world’s first automated transportation, quality inspection, sorting, and storage system specifically for non-standardized pre-owned electronic products.[5] In 2018, AiHuiShou launched its B2B trading platform for pre-owned consumer electronics, known as PJT Marketplace.[8] That same year, it also announced its largest financing round in the global secondhand electronics industry, securing $150 million in investment led by Tiger Global Management and co-invested by JD.com, valuing the company at over $1.5 billion.[7]

In June 2019, AiHuiShou integrated JD.com’s Paipai Marketplace, enabling AiHuiShou to manage JD.com’s second-hand, idle, inventory, and resale businesses within the 3C (computer, communication, and consumer electronics) categories.[4] On September 22, 2020, AiHuiShou rebranded to ATRenew (All Things Renew) and launched AHS Recycle, its international subsidiary offering recycling services through chain stores, self-service kiosks, and online platforms, initially expanding to locations in Hong Kong.[9][10][11]

On June 18, 2021, ATRenew went public on the NYSE and was endorsed as the “first ESG-related China concept stock.” In 2022, ATRenew’s largest and most automated facility, the Dongguan Automation Operation Center, began operating.[12] By the end of 2022, ATRenew had established eight major regional operation centers, located in Dongguan, Changzhou, Wuhan, Chengdu, Tianjin, Xi’an, Shenyang, and Hong Kong. In the second quarter of 2022, ATRenew launched its “multi-category” strategy, expanding its recycling services to include photographic equipment, bags, watches, gold, prestige liquors, shoes, and other items through its physical stores.[13][14]

In June 2023, ATRenew began collaborating with Apple Inc. for its recycling and trade-in services available on Apple’s official website and in offline flagship stores across China. In the same year, ATRenew joined the United Nations Global Compact (UNGC).[15][16][17]

Funding

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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.[2][18] 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.[19]

Technology

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Some of ATRenew’s proprietary technological solutions include Camera Box 3.0, an intelligent device used for inspecting the appearance of mobile phones; 007, a function inspection module that automatically performs hardware tests; and X-Ray, a dismantling and repair inspection module that uses non-invasive laser scanning to examine internal phone components.[20]

Business lines

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ATRenew operates several business lines, including AHS Recycle, PJT Marketplace, Paipai Marketplace, AHS Device, and LOVERE (AiFenLei).

AHS Recycle is a C2B recycling and trade-in platform offering recycling services to consumers and collaborating with partners like JD.com and Apple for trade-in services. As of the end of 2023, AHS Recycle has expanded across 268 cities in China through a network of 1,819 offline AHS stores.[21][22]

PJT Marketplace serves as a B2B platform where businesses can buy and sell secondhand electronics. It also provides price assessment services to assist both buyers and sellers in making informed transactions.[23]

Paipai Marketplace has assumed responsibility for the second-hand, idle, inventory, and resale operations of 3C (computer, communication, and consumer electronics) categories on JD.com. It functions as a B2C retail platform, facilitating the re-commercialization of premium pre-owned consumer electronics.[24]

AHS Device represents ATRenew’s overseas expansion, with operations in regions including Southeast Asia, Latin America, and Africa. It has invested in mobile phone recycling companies, such as India’s Cashify and Brazil’s Trocafone. In Japan, AHS Device has partnered with Janpara to place self-service recycling kiosks, and it has collaborated with Finland-based Swappie to do the same in Sweden.[21][22]

LOVERE (AiFenLei) specializes in garbage sorting and trash recycling services, designed to encourage households to increase their recycling efforts through financial incentives. It provides intelligent recycling machines and comprehensive waste management solutions. The LOVERE kiosks accept recyclable waste, rewarding users with credits on the WeChat app as an incentive.[25]

Recognition

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ATRenew’s proprietary data erasure system, AiQingChu, has obtained ADISA Certification, making ATRenew the only Chinese second-hand consumer electronics trading platform to achieve this status. AiQingChu supports over 20 international mainstream standards and is currently implemented in more than 1800 AHS stores, as well as in all eight of ATRenew’s major operation centers in China.[26]

In September 2022, ESG rating agency Morningstar Sustainalytics rated ATRenew at 17.6, classifying it as “low risk” and ranking it fourth among 85 companies in the Online and Direct Marketing Retail sector.[27]

Awards

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In November 2023, ATRenew was “highly commended” by the judging panel at the Reuters Global Business Responsibility Awards in the “Circular Transition” category, alongside industry leaders Oracle, Schneider Electric, and PepsiCo.[28]

References

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  1. ^ https://ir.atrenew.com/node/7376/html. {{cite web}}: Missing or empty |title= (help)
  2. ^ 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.
  3. ^ "ATRenew: Taking Proactive Steps Integrating ESG into Circular Economy". EqualOcean. Retrieved 20 June 2024.
  4. ^ a b Rui, Oliver; Feng, Yu (2018). "Aihuishou: Balancing Social Responsibility & Corporate Success". CEIBS. Retrieved 20 June 2024.
  5. ^ 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.
  6. ^ Taylor, Brian (15 April 2024). "ATRenew seeks global growth path". Recycling Today. Retrieved 2024-06-20.
  7. ^ 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.
  8. ^ Lee, Emma (2019-06-04). "JD.com merges used goods platform Paipai with Aihuishou in recycling push · TechNode". TechNode. Retrieved 2024-09-14.
  9. ^ "ATRenew: How to Pursue Future Growth ^ CB0281". HBR Store. Retrieved 2024-06-20.
  10. ^ "How a Chinese electronics recycling platform is giving used gadgets a new life". South China Morning Post. 2023-06-23. Retrieved 2024-06-20.
  11. ^ 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.
  12. ^ "ATRenew Inc, RERE:NYQ profile - FT.com". markets.ft.com. Retrieved 2024-06-20.
  13. ^ 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.
  14. ^ "In 2023, ATrenew's Net Profit Reached CNY 130 Billion". EqualOcean. Retrieved 2024-09-14.
  15. ^ BERNAMA (2021-06-21). "GTJAI assists ATRenew debut on New York Stock Exchange". BERNAMA. Retrieved 2024-08-24.
  16. ^ "2023 Winners & Highly Commended". Reuters Sustainability Award. Retrieved 24 August 2024.
  17. ^ "ATI". ati.aihuishou.com. Retrieved 2024-09-14.
  18. ^ Lee, Emma (2021-05-31). "JD-backed electronics reseller Aihuishou files for US IPO · TechNode". TechNode. Retrieved 2024-06-20.
  19. ^ 董志成. "Electronics recycling platform Aihuishou eyes overseas growth". www.chinadaily.com.cn. Retrieved 2024-06-20.
  20. ^ Brunn, Michael (2022-08-08). ""The pre-owned electronics market still has room to develop and grow"". RECYCLING magazine. Retrieved 2024-09-14.
  21. ^ a b "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.
  22. ^ a b "Partnership with LOVERE". endplasticwaste.org. Retrieved 2024-08-24.
  23. ^ "Partnership with LOVERE". Alliance To End Plastic Waste. Retrieved 14 September 2024.
  24. ^ Lee, Emma (2019-06-04). "JD.com merges used goods platform Paipai with Aihuishou in recycling push · TechNode". TechNode. Retrieved 2024-09-14.
  25. ^ "Partnership with LOVERE". endplasticwaste.org. Retrieved 2024-09-14.
  26. ^ Mellings, Steve. "AT Renew Inc - Product Certification". ADISA Research Centre. Retrieved 2024-09-14.
  27. ^ Thompson, David (20 July 2023). "The Revolving World of Electronics: A Dialogue with ATRenew's Kerry Chen". Tech Times. Retrieved 24 August 2024.
  28. ^ "Revealed: 2023's Responsible Business Awards Winners". Fair Play Talks. 2023-11-08. Retrieved 2024-11-08.
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