JD.com-backed recycling operator Wanwu Xinsheng nets over $100m

Wanwu Xinsheng Group - Aihuishou

Wanwu Xinsheng Group, formerly known as Aihuishou, has garnered more than $100 million in its Series E+ round of funding co-led by long-term backer JD.com and new investor Guotai Junan International, according to a company statement on Tuesday. 

The fresh round was joined by existing investor Fresh Capital while a clutch of new investors including Shanghai International Group’s Shanghai Guohe Modern Service Industry Equity Investment Management, and JD Logistics’ Huihe Capital and Temasek-backed InnoVen Capital also participated in the funding. 

Chinese global investment bank Taihecap acted as the exclusive financial advisor.

The fresh proceeds will be primarily used for recycling service upgrade, business-to-consumer  acceleration, and international partnership expansion, it said.

Started operation in 2011, the group is a customer-to-business (C2B) e-commerce platform offering recycling and trading solutions for digital goods such as cameras, phones and laptops. Additionally, it also has over 600 brick-and-mortar stores and an on-site service network across 120 first and second-tier cities in the country.

After merging with JD.com’s secondhand goods trading platform Paipai.com in 2019, the group owns three secondhand trading platforms – aihuishou.com, par.aihuishou.com, paipai.com. Besides, it has international presence through AHS Device. 

“Aihuishou has forged competitive supply chain system, which advances the development of 3C (computer, communication, consumer electronics) product based recycling industry,” said JD.com vice-president and investment director Ningfeng Hu said in the statement.  

“When 5G networks offer an unprecedented leap in bandwidth speeds, we do see great potential in trade-in services,” Xuefeng Chen, CEO, Wanwuhuishou, told DealStreetAsia earlier in April 2020. 

In June 2019, Wanwu Xinsheng raised $530 million in its Series E round led by JD.com with the participation of Tiger Global Management, Morningside Venture Capital, Tiantu Capital, Genbridge Capital and Fresh Capital. International Financial Corporation, Cathay Capital and Fortune Venture Capital are among its other early backers.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.