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ah_huat

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- ah_huatah_huat
  ·2022-12-02
  $中国恒大(03333)$
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- ah_huatah_huat
  ·2021-06-19
  ?。
  AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.
  6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。今晚，80后复旦学子率队站上了IPO敲钟舞台。中国最大的二手消费电子产
  AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.
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- ah_huatah_huat
  ·2021-06-19
  ?
  AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.
  6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。今晚，80后复旦学子率队站上了IPO敲钟舞台。中国最大的二手消费电子产
  AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.
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href=\"https://ttm.financial/S/03333\">$中国恒大(03333)$&nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/03333\">$中国恒大(03333)$&nbsp;</a>","text":"$中国恒大(03333)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965167474","isVote":1,"tweetType":1,"viewCount":2138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162662080,"gmtCreate":1624061815940,"gmtModify":1703827788197,"author":{"id":"3555061253522458","authorId":"3555061253522458","name":"ah_huat","avatar":"https://static.tigerbbs.com/e990119431b5b74226a2f9c83962dfe1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555061253522458","idStr":"3555061253522458"},"themes":[],"title":"","htmlText":"?。","listText":"?。","text":"?。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162662080","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":2450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162666150,"gmtCreate":1624061748370,"gmtModify":1703827787210,"author":{"id":"3555061253522458","authorId":"3555061253522458","name":"ah_huat","avatar":"https://static.tigerbbs.com/e990119431b5b74226a2f9c83962dfe1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555061253522458","idStr":"3555061253522458"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162666150","repostId":"1140655086","repostType":4,"repost":{"id":"1140655086","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624032685,"share":"https://ttm.financial/m/news/1140655086?lang=en_US&edition=fundamental","pubTime":"2021-06-19 00:11","market":"us","language":"zh","title":"AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1140655086","media":"老虎资讯综合","summary":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产","content":"<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAiRecycle listed on the NYSE, opening 31.21% higher on its first day of trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-19 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 18, an online second-hand electronics sales platform<a href=\"https://laohu8.com/S/RERE\">Love recycling</a>It opened 31.21% higher at $18.37 on its first day of trading on the New York Stock Exchange, with a total market capitalization of $4.678 billion.</p><p><img src=\"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea\" tg-width=\"1080\" tg-height=\"2222\" referrerpolicy=\"no-referrer\"></p><p>Tonight, Fudan University students born in the 1980s led their team to the IPO bell ringing stage.</p><p>Wanwu Xinsheng (Aihuishou) Group, China's largest second-hand consumer electronics trading and service platform, successfully listed on the New York Stock Exchange, becoming the first Chinese company listed on the US Stock Exchange for ESG. The IPO price was $14, corresponding to a market capitalization of $3.565 billion (approximately RMB 23 billion).</p><p>Behind the rebirth of all things lies the entrepreneurial story of two Fudan University alumni. In 2011, Chen Xuefeng, who was already 31 years old, joined hands with his senior brother Sun Wenjun to enter an overlooked business - second-hand mobile phone recycling. Along the way, Wanwu Xinsheng has gone through a difficult period, and Chen Xuefeng was once rejected by investors. Now, the 41-year-old founder has finally achieved his first IPO.</p><p>The rise of all things is also inseparable from an investment team behind it. Prior to its IPO, Wanwu Xinsheng completed a financing round of over 7 billion yuan, bringing together companies such as Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, and Qicheng Capital.<a href=\"https://laohu8.com/S/601211\">Guotai Junan Securities</a>Fresh Capital<a href=\"https://laohu8.com/S/JD\">JD.com</a>More than ten VC/PE firms and giant companies, including Kuaishou, were present.</p><p>Looking back on our ten-year journey, Chen Xuefeng wrote in an open letter that we started from a seemingly simple mobile phone recycling business. \"Fortunately, we inadvertently entered such an industry that is easily underestimated. For a long time, we were misunderstood as a company that dismantled mobile phones and refined metals.\" He lamented that being \"underestimated\" in entrepreneurship may not be a bad thing, and many successes often stem from being \"underestimated.\"</p><p><img src=\"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p><b>Fudan University students \"collect trash\"</b></p><p><b>Starting from recycling old mobile phones, it achieved a market value of 23 billion yuan.</b></p><p>Behind the love of recycling lies the story of a Fudan University programmer who rose to become a CEO.</p><p>Chen Xuefeng, CEO of AiRecycle, was born in 1980.<b>Huangshi, Hubei</b>He excelled academically since elementary school. He received his undergraduate degree in Computer Science from Tongji University and later obtained his master's degree from the Department of Computer Science at Fudan University. In 2006, Chen Xuefeng joined a company in Shanghai as a technical manager, an experience that lasted for four years.</p><p>The original founding of Love Recycling<b>The inspiration came from the concept of swapping items a few years ago.</b>。 In 2008, Chen Xuefeng, who was still working as a programmer, saw a news report about \"exchanging a pin for a villa\". The news tells the story of an American man who, through barter, exchanged a paperclip for the right to use a two-story villa for a year in just over a year.</p><p>At that time, Chen Xuefeng, with his keen sense of smell, began to realize that with the development of China's economy, how to deal with excess household items had become a problem. Therefore,<b>That's how the idea of starting a business in the \"second-hand\" sector sprouted in Chen Xuefeng's mind. That year, he collaborated with Fudan University alumnus Sun Wenjun to build Leyi.com, a C2C platform for barter.</b>At the time, the project also received 100,000 yuan in startup funding from Fudan University.</p><p>After working part-time for two years, Chen Xuefeng began to devote himself full-time to website operation in 2010. At that time, the company's main employees were some part-time students from Fudan University, and most of them stayed with the team after graduation. However,<b>When the Leyi.com team expanded to more than 10 people, the project couldn't continue.</b>。</p><p>Chen Xuefeng review reflected: \"This project was unsuccessful.\"<b>There are three main reasons.</b>First, I have a technical background. When I was building the platform, I hoped to achieve matching through technical means, but it later proved to be very difficult. Secondly, due to our lack of market and user thinking, the project has strayed from the foundation; Thirdly, the platform's transaction volume is insufficient. We overlooked the fact that the 'pin-for-villa' case was accidental and took more than a year to complete intermittently. For the platform, the fragmented transaction demand cannot support valid orders.</p><p>The project's failure once brought the team to the brink of disbandment, but it also forced the team to calm down and think again. review behind closed doors, Chen Xuefeng believes that there are still opportunities in the second-hand industry.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the release of the iPhone 4, the booming sales of smartphones triggered a wave of upgrades among users of older mobile phones. This made Chen Xuefeng secretly guess, \"<b>Will mobile phone recycling become a growing demand?</b>？”</p><p>Therefore, the team set their sights on electronic product recycling. In 2011, AiRecycling was officially established in Shanghai. Initially, AiRecycle only operated an online platform, but because electronic products needed to undergo professional testing, the purely online method could easily lead to user disputes regarding product quality and price. The ensuing negative reviews, such as \"malicious price gouging\" and \"opaque procedures,\" almost crushed this young brand.</p><p>Faced with the crisis, Chen Xuefeng made an exceptionally difficult decision—<b>Open a physical store</b>, build<a href=\"https://laohu8.com/S/300959\">Online and offline</a>A combined cargo control system. In December 2013, Aihuishou opened its first store in Shanghai Yaxin Plaza. Chen Xuefeng never expected that taking the step of setting up offline stores would almost get him into trouble again. “It’s hard and tiring for an internet company to open a store, and it’s considered stupid. Basically no one approves of it.”</p><p>It is the layout of offline stores that has enabled Aihuishou to extend into new businesses and ultimately possess the core competitiveness to dominate the market. Taking the one-stop trade-in service created by JD.com in partnership with Aihuishou as an example, the service continues to be popular with consumers, with a year-on-year growth of more than 311% in 2020. Thereafter,<b>The revenue share of Aihuishou's stores has been increasing, eventually reaching half of the total revenue.</b>From online to offline, AiRecycle has built a three-dimensional recycling scenario that combines point, network, and surface.</p><p>Today, Wanwu Xinsheng has built a vast empire, boasting four major business segments: the 3C product C2B recycling platform \"Aihuishou\", the B2B trading platform \"Paijitang\", the B2C retail platform \"Paipai\", and the overseas \"AHS DEVICE\". It has captured a large portion of the second-hand 3C market. As of the end of March 2021, in the past 12 months, Wanwu Xinsheng Group had transacted more than 26.1 million second-hand goods across all platforms, with a total GMV of 22.8 billion yuan during the same period, ranking first in the Chinese market.</p><p>With this IPO, the true situation of this second-hand unicorn has come to light: the prospectus shows that from 2018 to 2020, the company's revenue was RMB 3.262 billion, RMB 3.932 billion and RMB 4.858 billion, respectively. And,<b>The company's overall gross profit margin in 2020 was 25.7%, a figure higher than that of some mobile phone manufacturers.</b>However, according to the prospectus, Wanwu Xinsheng has accumulated losses of nearly 1.4 billion yuan in the past three years.<b>Profitability remains one of the challenges facing this industry.</b>。</p><p>After ten years of entrepreneurship, Chen Xuefeng finally led Wanwu Xinsheng to open the doors of the New York Stock Exchange, becoming the first Chinese concept ESG stock. On the first day of listing,<b>The issue price of Wanwu Xinsheng is $14, with a market value of 23 billion yuan.</b>。</p><p><b>First investment of $2 million</b></p><p><b>At one point, no one recognized it, and the TS was torn up twice.</b></p><p>Along the way, behind the rebirth of all things, a group has quietly gathered.<a href=\"https://laohu8.com/S/DLX\">luxury</a>Investor team.</p><p>Before the IPO,<b>Wanwu Xinsheng has completed at least eight rounds of financing totaling over 7 billion yuan.</b>Behind him appeared...<b>Wuyuan Capital, Tiantu Investment, Jinglin Investment, Dachen Caizhi, Cathay Fund, Qianhai Fund of Funds, Tiger Global Fund, Qicheng Capital<a href=\"https://laohu8.com/S/02611\">Guotai Junan Securities</a>Qingxin Capital, JD.com, Kuaishou</b>More than ten VC/PE institutions and giant companies were present.</p><p>Among them, Wanwu Xinsheng's first investment came from...<b>Five Sources Capital</b>。 After Leyi.com's entrepreneurial journey came to an end, Chen Xuefeng had the idea of recycling second-hand mobile phones. One day in 2011, he came to Five Sources Capital's Shanghai office. \"He took the initiative to contact our colleagues. We met in Five Sources' office and listened to Chen Xuefeng's introduction. He showed us a low-end business that we almost never see in our normal lives,\" recalled Shi Jianming, founding partner of Five Sources Capital.</p><p>At that time, the entrepreneurial trend on social media almost dominated the attention of all investors, and no one paid attention to the inconspicuous industry of second-hand e-commerce. But Chen Xuefeng's idea hit Shi Jianming's pain point.<b>I'm a die-hard electronics enthusiast myself, and at the time I was also worried about what to do with a drawer full of used mobile phones.</b>。”</p><p>Upon their first meeting, this young man born in the 1980s piqued Five Sources Capital's interest in this unassuming market. Shi Jianming began to realize that second-hand mobile phones are a huge social problem and also a huge market. \"You could say that Chen Xuefeng helped us open the door to second-hand mobile phone recycling.\"</p><p>Looking back, what impressed Shi Jianming most was the secondhand market in Shanghai's never-sleeping city described by Chen Xuefeng. The Wuyuan Capital team later went to this market specifically to conduct research, and they discovered...<b>From the sales staff on the first floor of the market to the second-hand mobile phone wholesalers on the fourth floor, interviews revealed serious market ineffectiveness.</b>。” Shi Jianming told the investment community that if someone can solve this social problem, it will definitely be of great value.</p><p>However, at the time, the business model that Aihuishou hoped to establish had no comparable companies abroad, and the recycling of second-hand mobile phones was relatively infrequent, so it was not easy to do so. Even so, Shi Jianming and Wuyuan Capital were still impressed by the high-achieving student in front of them, who had graduated from Tongji University with a bachelor's degree and Fudan University with a master's degree. This is because Chen Xuefeng is willing to invest a lot of time and energy in something that seems unreliable in the short term, and it is also based on the trust built between the two parties and the shared vision.</p><p>In October 2011, although AiRecycling was still just an idea, Five Sources Capital still invested in Chen Xuefeng's team.<b>$2 million</b>This is also the first investment made by Wanwu New Life since its inception. Over the years that followed, Five Sources Capital has been by Chen Xuefeng's side, providing him with considerable encouragement and support.</p><p>In 2013, Wanwu Xinsheng, which had just taken its first step in opening offline stores, faced its darkest moment. Chen Xuefeng once recalled: \"At that time, the traffic model of Internet companies was in full swing. It was dirty, tiring and stupid for an Internet company to open a store. Basically no one recognized it.\" Even the TS (Letter of Intent for Investment) that had been signed with the investor was torn up twice.</p><p><b>With nowhere else to turn, Five Sources Capital once again provided Chen Xuefeng's team with a $1 million bridge loan.</b>\"$1 million may not seem like a big number today, but it was a very important support at the time,\" Chen Xuefeng said with emotion.</p><p>After ten years of companionship, Wuyuan Capital has been arguably the most steadfast companion, betting on five rounds of financing for Wanwu Xinsheng, holding 14.0% of the shares and becoming its largest VC investor.</p><p><b>There are also a number of well-known VCs/PEs behind it.</b></p><p><b>Why are they interested in the second-hand market?</b></p><p>Having weathered the darkest hour, the financing of Wanwu Xinsheng is gradually opening up a new situation.</p><p>Around 2014,<b>Tiantu Investment began conducting extensive research and investigation into the \"secondhand business\" model, and in the process, they scanned the digital vertical category.</b>Wanwu Xinsheng (then called \"Love Recycling\") thus entered the field of vision of Tiantu Investment.</p><p>“At that time, AiRecycle was at a turning point in its business. We were just starting to develop offline chain stores. At that time, many institutions in the market were not optimistic about chain stores, and we were in the era of smartphone growth. People still had some misunderstandings about AiRecycle’s second-hand electronic product recycling model, thinking that it was ‘collecting waste.’ However, we had experience in investing in chain stores, and the two sides hit it off immediately,” Wei Guoxing recalled to the investment community. According to Li Kanglin, a partner at Tiantu Investment, Chen Xuefeng is an S-level entrepreneur whom they greatly admire and recognize, which aligns with Tiantu Investment's vision of being the most outstanding entrepreneur.</p><p>Starting in 2015, Tiantu Investment led two consecutive rounds of financing for Wanwu Xinsheng, and acquired a larger proportion of its investment in subsequent financings. This left Chen Xuefeng deeply moved: \"Shortly after Tiantu invested, I made a special trip to Shenzhen to consult with Tiantu CEO Mr. Feng (Feng Weidong). One year, during the annual meeting, I even specially invited Mr. Feng to Aihuishou to talk about the brand strategy for all employees. This was of great help to us.\"</p><p>For example, Jintiantu Investment holds 8.5% of Wanwu Xinsheng, which is its<b>Second largest financial investor</b>。 Years of successful bets have brought Tiantu Investment dozens of times the return.</p><p>Arrived<b>In 2016, Wanwu Xinsheng completed 400 million yuan Series D financing</b>The company boasts an impressive lineup of investors, with Dachen Capital being one of the lead investors. \"Investing in Zhonghai Recycling at this time is not only due to the favorable timing and location, but also to the Dachen team's in-depth observation and accurate judgment of this track.\"<b>Dachen Finance</b>Yang Tinghui, a partner in the consumer and enterprise services industry, told the investment community that China's 3C consumer recycling market will experience rapid growth at that time, and the industrial internet is also entering its first half, making it the best time to invest before the industry reaches a turning point.</p><p>Over the years, Dachen Finance has been deeply involved in the second-hand economy. In addition to Wanwu Xinsheng, it has also successively invested in companies such as Little Bear U Rental and Fat Tiger Technology. Xiao Bing, Managing Partner and President of Dachen Finance, firmly believes that:<b>As the mobile internet enters its second phase, the traffic dividend has ended, and supply chain capabilities will become the core differentiating capability for each company.</b>Therefore, in addition to continuing to conduct top-down industry research and due diligence, we must remain patient and hold our bullets until the company that meets Dachen's investment aesthetics appears and hits the mark.</p><p>Also making a move in this round<b>Cathay Fund</b>Later, the bets were increased in 2018. Duan Lanchun, Managing Partner of Cathay Capital, said: \"Wanwu Xinsheng not only provides a better and more convenient experience for thousands of users, but also makes long-term efforts for the low-carbon economy and the sustainable development of China's economy. We believe that the huge potential inherent in China's second-hand electronics trading and service market will further deepen the 'flywheel effect' under the integrated enterprise platform, and will continue to support socially responsible companies like Wanwu Xinsheng.\"</p><p>Qicheng Capital is also another important investor in Wanwu Xinsheng. Actually, back in 2013, it was still on JD.com.<b>Inheritance Capital</b>Partners Chang Bin and Chen Xuefeng already knew each other, and he facilitated a win-win strategic cooperation between JD.com and Wanwu Xinsheng. In 2019, based on its continued optimism about the prospects of the second-hand 3C trading market and the company's in-depth layout, Qicheng Capital made additional investments in the rapidly developing Wanwu Xinsheng, which yielded substantial returns.</p><p><b>Qingxin Capital</b>Also in June 2019 and September of the following year,<b>Participated in the Series E and Series E+ financing of Wanwu Xinsheng</b>Through diversified cooperation at the capital and business levels, it has accompanied and witnessed the growth of this unicorn, and now it is entering its harvest period.</p><p><b>JD.com and Kuaishou have also entered an undervalued industry.</b></p><p><b>The 41-year-old founder's net worth is 2.5 billion.</b></p><p>Of course, looking back at the financing process of Wanwu Xinsheng, JD.com is an indispensable player.</p><p>Firstly, in terms of business, in June 2019, Wanwu Xinsheng merged with Paipai, a subsidiary of JD.com, to make up for the shortcomings in its B2C business and ultimately form a complete closed loop of C2B+B2B+B2C. This is a powerful chemical reaction, and also a \"turnaround against the trend\" for all things to be reborn.</p><p>Prior to this, Paipai and Aihuishou had had in-depth business cooperation for many years, and \"they have been family for a long time.\" Liao Jianwen, Chief Strategy Officer of JD.com, once discussed the logic behind this merger: \"JD.com has always been optimistic about the social innovation significance of the circular economy. Over the past few years, AiRecycle and Paipai have established a solid foundation for cooperation.\"<b>A benchmark for collaborative and win-win cooperation within the JD.com ecosystem</b>。 Through this strategic merger, both parties will further improve the standardization and circulation efficiency of second-hand products, and promote the transparency and automation of the recycling and disposal supply chain. At the same time,<b>Leveraging JD.com's solid retail infrastructure capabilities in areas such as retail, technology, logistics, and insurance</b>To build a complete reverse supply chain and export external capabilities.</p><p>In terms of funding, JD.com has also provided tremendous support to Wanwu Xinsheng. in 2015,<b>JD.com made an early move to participate in Wanwu Xinsheng's Series C financing.</b>In almost all of the subsequent rounds of financing, the investment was increased. To this day, JD.com has become the largest shareholder of Wanwu Xinsheng, holding 34.7% of the shares.</p><p><img src=\"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7\" tg-width=\"866\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p>Surprisingly,<b>Kuaishou</b>It also joined the ranks of investors in Wanwu Xinsheng Group in 2021. This means that with JD.com as its core reliance, Aihuishou has finally joined hands with Kuaishou to expand outside the Fifth Ring Road and reach out to young people in small towns who also have a strong demand for second-hand mobile phones and digital products.</p><p>Recalling his enthusiastic entry into this not-so-sexy business at the age of 31, Chen Xuefeng mentioned this past event in his open letter: Ten years ago, when it came to choosing a direction, we first set a principle: \"Do not go to places where everyone is contesting.\" Instead of following trends, it's better to do something that goes unnoticed but can create long-term value. Ultimately, the team started with a seemingly simple mobile phone recycling business.</p><p>The road to entrepreneurship is inevitably full of setbacks. Chen Xuefeng, who loves outdoor mountaineering, remarked that starting a business is like climbing a mountain—it involves ups and downs, passing through the fog, and standing on the mountaintop to see a different view. In his words, today's integrated platform business model was not achieved overnight, but rather the result of ten years of capability accumulation and ten years of model evolution.</p><p>“In the past, I believed that the bigger the scale, the better, and that big business is good business. Today, I believe that a healthy and sustainable business is good business, and a business that can achieve win-win resonance with society is good business.” In the next decade, he is aiming for a multi-billion dollar opportunity to make this unsexy business sexy.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","relate_stocks":{"RERE":"爱回收"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140655086","content_text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。\n\n今晚，80后复旦学子率队站上了IPO敲钟舞台。\n中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。\n万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。\n而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。\n\n复旦学子「收垃圾」\n从回收旧手机起家，做出230亿市值\n爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。\n1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。\n爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物易物的方式，在一年多时间里，用一枚曲别针换来一栋双层别墅一年使用权的故事。\n彼时，嗅觉敏锐的陈雪峰开始意识到，伴随着中国经济的发展，如何处理家庭多余物品成为一个问题。于是，“二手”方向的创业想法就这样在陈雪峰脑海中萌发。这一年，他联合复旦校友孙文俊，搭建了以物换物的C2C平台乐易网，当时这个项目还获得来自复旦大学的10万元创业基金。\n兼职做了两年之后，2010年陈雪峰开始全职投入网站运营。彼时，公司主要员工是复旦大学的一些兼职学生，这部分人毕业之后也基本都留在了这个团队。然而，当乐易网团队扩张到超过10个人的时候，这个项目却做不下去了。\n陈雪峰复盘反思: “这个项目不成功的原因主要有三点：第一，我本人是技术出身，做平台的时候希望通过技术手段来实现匹配，但后来被证实难度很高；第二是由于我们市场和用户思维不足，项目脱离了基础；第三是平台交易量不足，我们忽视了‘别针换别墅’的案例具有偶然性，而且是断断续续用了一年多时间才完成的，对于平台而言，零散的交易需求无法支撑起有效订单。”\n项目失败一度让团队濒临解散，也让团队重新冷静下来思考。关起门来认真复盘，陈雪峰认为二手行业依然存在机遇。苹果手机发布iPhone4后，智能手机的热卖引发了旧版手机用户的换机潮。这让陈雪峰心里暗暗猜度，“手机回收会不会成为一个增长的需求？”\n于是，团队将方向瞄准电子产品回收。2011年，爱回收正式在上海诞生。最初爱回收只做线上平台，但由于电子产品需要经过专业检测，纯线上方式容易在商品品质和价格方面产生用户纠纷。随之而来的负面评价，如“恶意压价”、“程序不透明”也差点压垮了这个年轻的品牌。\n危机面前，陈雪峰做出了一个异常艰难的决定——开线下店，搭建线上线下结合的控货体系。2013年12月，爱回收在上海亚新广场开出了第一家门店。陈雪峰没想到，迈出布局线下门店这一步，又差点让他陷入困境。“一家互联网公司要去做门店，那是又苦又累，还被认为很蠢的事，基本没有人认可。”\n正是线下门店的布局，让爱回收有能力延伸出新的业务，最终拥有称霸市场的核心竞争力。以京东携手爱回收打造的一站式以旧换新服务为例，该服务持续受到消费者热捧，2020年同比增长超过311%。此后，爱回收的门店收入占比不断升高，最后甚至达到了总收入的一半。从线上到线下，爱回收构建起一个点、网、面结合的立体式回收场景。\n如今，万物新生已然筑成了一个庞大版图，坐拥3C产品C2B回收平台“爱回收”、B2B交易平台“拍机堂”、B2C零售平台“拍拍”，以及瞄准海外“AHS DEVICE”四大业务板块，打下了二手3C江湖的大半江山——截至2021年3月末的过去12个月，万物新生集团全平台成交的二手商品超过2610万台，同期全平台GMV总量为228亿元，均位列中国市场第一。\n随着此次IPO，这家二手独角兽的真实情况浮现：招股书显示，2018年至2020年，公司营收分别为32.62亿元、39.32亿元和48.58亿元。并且，公司2020年的整体毛利率为25.7%，这个数字已经比一些手机厂商还高。不过根据招股书统计，在过去的三年里，万物新生累计亏损近14亿元，盈利仍然是这个行业所直面的难题之一。\n十年创业，陈雪峰终于率领万物新生敲开了纽交所的大门，成为中概股ESG第一股。上市首日，万物新生发行价14美元，市值230亿元。\n第一笔投资200万美元\n一度无人认可，TS被撕毁两次\n一路走来，万物新生背后悄悄集结一支豪华投资人队伍。\nIPO前，万物新生至少进行了8轮累计超70亿元的融资，身后浮现了包括五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。\n其中，万物新生的第一笔投资来自五源资本。在乐易网创业历程告一段落之后，陈雪峰萌生了回收二手手机的想法。2011年的一天，他来到了五源资本上海办公室，“他主动联系了我们的同事，我们在五源的办公室见面听了陈雪峰的介绍，他向我们展示的是个低端到几乎我们正常生活里面看不见的生意。”五源资本创始合伙人石建明回忆。\n彼时，社交媒体上的创业风潮几乎霸占了所有投资人的目光，没有人留意到二手电商这个不起眼的行业。但陈雪峰的创意切中了石建明的痛点，“我自己是重度电子产品爱好者，当时也在发愁一抽屉二手手机怎么办。”\n第一次见面，这位80后年轻人激起了五源资本对这个不起眼的市场的兴趣。石建明开始意识到，二手手机是一个巨大的社会问题，同时也是一个巨大的市场，“可以说，是陈雪峰帮我们打开了二手手机回收这个门。”\n回想当年，石建明印象最为深刻的是陈雪峰所描述的一个上海不夜城二手市场，五源资本团队后来专门去到了这个市场做调研，他发现，“从市场一楼的营业员开始一直访谈到四楼的二手手机批发商，这中间存在着严重的市场无效。”石建明告诉投资界，如果有人能够解决这个社会问题，一定有非常大价值。\n但当时爱回收所希望建立的商业模式在国外也没有对标公司，二手手机回收这件事也相对低频，要做起来并不容易。即使如此，石建明和五源资本还是被眼前这位来自同济本科、复旦研究生毕业的高材生打动了。这在于，陈雪峰愿意投入巨大的时间精力去做一件短期内看似不太靠谱的事情，也基于双方所建立起来的信任，以及所分享的相同愿景。\n2011年10月，尽管此时的爱回收还只是一个idea，五源资本依然出手向陈雪峰团队投资了200万美元，这也是万物新生创立以来的第一笔投资。在随后的多年里，五源资本一直陪伴在陈雪峰的左右给予了不少激励和支持。\n这其中在2013年，刚刚迈出线下开店第一步的万物新生迎来至暗时刻，陈雪峰曾回忆：“当时互联网公司的流量模式如火如荼，一家互联网公司去做门店，那是又脏、又累还很蠢，基本没有人认可”，甚至与投资方已经签订完成的TS（投资意向书）还被撕毁了两次。\n走投无路之际，五源资本再次给予了陈雪峰团队100万美元的过桥贷款。“今天看起来100万美元好像不是一个很大的数字，但在当时是非常重要的一个支持。”陈雪峰感慨说。\n十年相伴，五源资本堪称最坚定的陪跑者，连续押注了万物新生5轮融资，持股14.0%是其最大VC投资方。\n背后还有一众知名VC/PE\n他们为何看上二手市场\n走过至暗时刻，万物新生的融资渐渐打开局面。\n2014年左右，天图投资开始对“二手生意”模式进行大量研究和调研，在这个过程中扫描到了数码这一垂直品类，万物新生（彼时还叫“爱回收”）由此进入到了天图投资的视野中来。\n“当时的爱回收恰好处在业务转折点，刚开始布局线下连锁门店，那个时候市场上很多机构还不看好连锁，而且彼时正处在智能手机的增量时代，大家对爱回收的二手电子产品回收模式还存在一定的误解，认为是‘收废品的’，而我们对投连锁有经验，双方一拍即合。”魏国兴向投资界回忆。而在天图投资合伙人李康林看来，陈雪峰是他们非常欣赏和认可的S级创业者，契合了天图投资心目中最优秀企业家的想象。\n2015年开始，天图投资连续两轮领投了万物新生的融资，并在后来的融资中超比例加持。这也让陈雪峰感慨颇深：“天图投资后不久，我专程去深圳跟天图CEO冯总（冯卫东）请教过一次，甚至有一年开年会的时候特地请冯总到爱回收针对全员讲了一次品牌战略，这个对我们的帮助是很大的。”\n如今天图投资持股万物新生8.5%，是其第二大财务投资人。多年来的成功押注，也为天图投资带来数十倍的回报。\n到了2016年，万物新生完成了4亿元D轮融资，投资方阵容亮眼，而达晨财智便是领投方之一。“在这个时间点投中爱回收，除了天时地利，更来自于达晨团队对这一赛道深入的观察与准确的判断。”达晨财智大消费与企业服务行业合伙人杨廷辉向投资界表示，彼时中国3C消费回收市场将迎来高速增长，产业互联网也正跑步进入上半场，正是行业爆发拐点之前的最佳投资时间。\n多年来，达晨财智在二手经济领域布局颇深，除万物新生外，还相继投出了小熊U租、胖虎科技等。达晨财智执行合伙人、总裁肖冰坚定地认为：“移动互联网走向下半场，流量红利已经结束，供应链能力将成为各家的核心差异化能力。所以除了继续做自上而下的行业研究和尽调，一直保持耐心，持有子弹直到那家符合达晨投资审美的企业出现，正中红心。”\n同样在这轮出手的凯辉基金，后来又在2018年加注。凯辉基金管理合伙人段兰春表示：“万物新生不仅为万千用户提供了更好更便利的体验，更是为低碳经济与中国经济可持续发展做出长远努力。我们相信中国二手电子产品交易和服务市场所蕴含的巨大潜力将进一步深化企业一体化平台下的‘飞轮效应’，也将一如既往支持万物新生这样极具社会责任感的企业。”\n而启承资本也是万物新生的另一重要投资方。其实早在2013年，彼时还在京东的启承资本合伙人常斌与陈雪峰就已经相识，他促成了京东和万物新生双赢的战略合作。到了2019年，基于对二手3C交易市场前景和公司深度布局的持续看好，启承资本又对高速发展中的万物新生追加了投资，回报颇丰。\n清新资本也分别于2019年6月和次年9月，参与了万物新生的E轮与E+轮融资，通过资本与业务层面的多元化合作，陪伴和见证了这家独角兽的的成长，如今也迎来收获期。\n一个被低估的行业，京东快手也来了\n41岁创始人身家25亿\n当然，回顾万物新生的融资历程，京东是不可或缺的角色。\n首先在业务上，2019年6月万物新生合并了京东旗下的拍拍，补齐了自身B2C业务的短板，最终形成C2B+B2B+B2C的完整闭环。这是一次强强联合的化学反应，也是万物新生的“逆势翻盘”。\n在此之前，拍拍与爱回收已有多年深度业务合作，“很早就是一家人”。京东集团首席战略官廖建文曾谈到这一合并背后的逻辑：“京东始终看好循环经济的社会创新意义，过去几年来，爱回收与拍拍建立了良好的合作基础，是京东生态中协同共赢的标杆。双方通过此次战略合并，将进一步提升二手产品的标准化和流转效率，推动回收处置供应链的透明化和自动化。同时，借助京东在零售、技术、物流、保险等领域坚实的零售基础设施能力，打造完整的逆向供应链，并形成对外能力输出。”\n而在资金上，京东也给予了万物新生巨大的支持。2015年，京东早早出手参与了万物新生的C轮融资，随后的几轮融资里几乎都加注。直至今日，京东成为万物新生的最大股东，持股比例达34.7%。\n\n令人意外的是，快手也于2021年加入到了万物新生集团的投资方阵营中。这意味着，在有了京东这一核心倚仗后，爱回收终于牵起快手走向五环外，奔向同样对二手手机数码产品需求旺盛的小镇青年。\n回想31岁时一腔热血杀入这门并不性感的生意，陈雪峰在公开信提到这段往事：十年前，关于方向选择，我们首先定了个原则：\"众争之地勿往\"。与其跟风，不如去做一个不被人关注但是能长期创造价值的事情。最终，团队从一个看似简单的手机回收业务出发。\n创业路上少不了坎坷，酷爱户外登山的陈雪峰感慨，创业如登山——起起伏伏，穿越迷雾，站上山头，才能看到不一样的风景。用他的话来说，今天的一体化平台商业模式，不是一蹴而就的，而是十年能力积累和十年模式进化的结果。\n“早些年，我认为规模越大越好，大生意就是好生意。今天，我认为健康持久的生意是好生意，能与社会共赢共振的生意是好生意。”而下一个十年，他瞄准的是百亿美金的机会，让这门不性感的生意变得性感起来。","news_type":1,"symbols_score_info":{"RERE":0.9}},"isVote":1,"tweetType":1,"viewCount":2139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}