ATRenew launches globalization with B2B marketplace, consumer brand, and Hong Kong store

Recycler ATRenew Inc. (RERE.US) on Tuesday opened its first store in Hong Kong and launched FoneSquare, a global B2B marketplace, and B2C consumer-facing “ReRe” brand, taking its first steps outside the Chinese Mainland base as it detailed a plan for taking its core expertise global.

The company’s first ReRe store opened in Citywalk, a popular shopping area in Hong Kong’s Tsuen Wan district. Simultaneously, it began operating and accepting merchant registrations for its FoneSquare B2B online marketplace, targeting overseas businesses that want to buy and trade pre-owned consumer electronics.

“From here, we will take our business, capabilities, and brand overseas, connecting high-quality, compliant pre-owned products with global demand and bringing our standardized, automated solutions to international markets,” said ATRenew founder and Chairman Chen Xuefeng.

ATRenew is China’s largest recycler, starting out with a focus on smartphones, including Apple’s iPhones, but also other electronics like PCs. Since 2022, it has expanded into other areas like gold, pre-owned luxury bags and vintage liquors, aiming to build itself into a leading recycling brand.

The ReRe-branded store, short for “Revalue what you own, renew the way you choose” will offer recycling and retailing of pre-owned products, including consumer electronics, luxury goods and sporting items. Hong Kong will also become one of two distribution centers for the global online B2B business, with the other in Dubai. The company said it may deploy multi-module intelligent testing equipment and automated warehousing and transfer systems in Hong Kong, Dubai, and Miami — three major global trade nodes.

ATRenew shares rose 5.1% on Tuesday in New York after the announcement to close at $4.33. The stock is up 32% over the last 52 weeks.

By Doug Young

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