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Online Handset Recycling Platform 'Huishou Bao' Wins RMB 300 Mln Series B

36Kr.com, 10/09/17

Shenzhen-based handset recycling platform operator Huishou Bao Technology has completed RMB 300 mln in Series B funding led by Strait Capital at a valuation of over RMB 1.5 bln. Also participating in the round were Source Code Capital, Chengwei Capital, CITIC Capital, and SMC Capital China. The funding will primarily be used for recruitment, marketing, and further expansion of the company's consumer-facing business, according to Huishou Bao founder He Fan.

Huishou Bao, which is available through website, mobile app, and official account and applet on Tencent's (0700.HK) WeChat mobile messaging app, provides a preliminary quote for a user's old handset. The company collects the handset via S.F. Express courier for a secondary analysis, and contacts the user to negotiate a price if there are any discrepancies. Good-quality smartphones are directly sold to secondary markets, and other handsets are sold for parts.

Huishou Bao also has an offline sub-brand called "Huanjixia" (literally "Trade Phone Hero") that operates as a counter within smartphone retail shops. In-store personnel help walk users through the Huanjixia app to evaluate their smartphone for trade-in value. However, Huishou Bao's service is primarily advertised online, with offline as a secondary model.

Huishou Bao currently trades more than 1 mln second-hand handsets per year with about 15% rated as good-quality for resale. The company's handset database includes more than 3,000 models with reference prices for different states of condition.

Huishou Bao plans to expand its business to the entire smartphone after-market and provide after-sales services to all smartphone brand users, says He.

Editor's Note: For more information on this topic, please see Online Handset Recycling Platform 'Huishou Bao' Secures Series A+ Funding, MD 11/14/16 issue.

Keywords: repair and trade-in Strait Capital VC Huanjixia wireless handset smartphone Internet funding recycling valuation second-hand Series B Huishou Bao He Fan Chengwei Capital Source Code Capital CITIC Capital SMC Capital

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