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April 19, 2021

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Aihuishou plans US float in early June

Source: Agencies | 00:00 UTC+8 April 19, 2021 | Print Edition

Chinese secondhand electronics trading platform Aihuishou is aiming to raise US$500 million to US$1 billion in a US initial public offering by early June, two people with direct knowledge said.

The 10-year-old company, backed by online retailer JD.com Inc, is targeting a valuation of US$4 billion to US$5 billion in the float, said the people.

Aihuishou has hired Bank of America and Goldman Sachs to work on the IPO and plans to file around mid-May, said the sources, who declined to be named as the information is confidential.

The company and the two banks declined to comment.

Aihuishou recycles secondhand mobile phones, computers, laptops, cameras and other electronics products from individuals and corporations and resells them on its website and apps, as well as offline stores in 140 cities, according to its website.

The company aims to attract investors with its environmental, social and governance-friendly business nature, said one of the people.

It also counts International Finance Corporation and Tiger Global as investors, the website shows.

JD.com disclosed in 2019 it would merge its own Paipai secondhand business into Aihuishou with certain exclusive traffic resources for the next five years, and additionally invest US$20 million in cash in exchange for a non-controlling interest in the company.

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