AiHuiShou International, a China-based second-hand electronics reselling service backed by e-commerce group JD.com, filed on Friday to raise up to $100m in an initial public offering on the New York Stock Exchange.
Founded in 2011 and also known as Wanwu Xinsheng (AtRenew), AiHuiShou’s consumer-to-business (C2B) platform helps users sell used electronics products including smartphones and laptop computers back to manufacturers. It has partnership agreements in place with retailers including JD.com, Yihaodian and Wal-Mart.
The company logged about $742m of net revenue for 2020, up from roughly $615m the year before. It booked a $70m net loss in the same period, down from about $115m in 2019. The IPO proceeds will go to technology improvement, service diversification, store expansion and sales and marketing activities.
AiHuiShou had secured $1bn in funding as of a $100m series E-plus round in September 2020 co-led by JD.com and investment firm Guotai Junan International.
The September round included Huihe Capital, a vehicle for JD.com’s JD Logistics subsidiary, as well as Fresh Capital, Innoven Capital and Shanghai International Group’s Shanghai Guohe Modern Service Industry Equity Investment Management unit.
JD.com had already led the company’s $530m series E round in mid-2019, investing together with Fresh Capital, Genbridge Capital, Morningside Venture Capital, Tiantu Capital and Tiger Global Management.
The series E funding followed a $150m round in 2018 led by Tiger Global and backed by JD.com, after the latter had participated in a $60m series C round three years earlier alongside International Finance Corporation, Morningside and Tiantu Capital.
BofA Securities, China Renaissance Securities, Citic CLSA, Goldman Sachs (Asia), Guotai Junan Securities and Tiger Brokers have been appointed underwriters for the offering.
