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RERE.US Corporate Blog – Sept 2021
Below is a summary of our recent business developments and industry headlines in September 2021. Regarding operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
In September, the Company remained a steady pace of new store opening. Nationwide, the number totaled approx. 950. The store network expansion focused on penetrating mid- and lower-tier cities in China. To highlight, the number exceeded 100 in Shanghai.
The number of city-level operation stations totaled 41 – this included 7 additions in north, eastern and central China in September 2021. These local gateways further expand the Company’s sourcing capability while providing timely services to the merchants and the mobile markets locally.
On 1 September, the Company started charging value-added service fee on products go through testing facilities, which covers storage, inspection and after sales services, to sellers on PJT Marketplace. PJT Marketplace charges a fixed minimum service fee per device successfully transacted. This further demonstrates that the Company’s improving capabilities and services are well acknowledged by merchants.
On 13 September, PJT Marketplace launched “PJT Instant Sale” (“即刻卖”), an optional solution for pre-owned smartphone sellers to get instant cash at a certain discount rate. It allows sellers to conveniently lock-in cash offers instantly. PJT Marketplace charges a basic service fee and earns the premium leveraging on big data. It aims to provide customers with more convenient transaction experience.
On 18 September, PJT Marketplace upgraded its payment management system to brought more convenience and security to merchants during transactions. Merchants now can easily split and review the balance under their buyer account and seller account. The upgraded system supports multiple banks and checkout methods, as well as 24x7 cash withdrawal under RMB1 million.
Key highlights
AHS CHARITY & LOVE ·Digital Education Fund delivers support to schools in Henan province
In July 2021, schools and students in Henan province suffered from storms and floods. ATRenew established the “AHS Charity & Love · Digital Education Fund” in joint efforts with China Foundation for Poverty Alleviation and donated RMB5.05 million. In September, ATRenew delivered electronic teaching equipment in an orderly manner to replace the damaged equipment.
Quarterly meeting called to address growth strategy and business goals for 2022
On 14-16 September, the Strategy Committee of ATRenew held a quarterly meeting to review periodical business progress. Multiple operational matters were reviewed and evaluated, such as pricing strategy, innovative development of the platform business, store opening strategy and traffic attraction, and optimization of services, etc. The committee members had open discussions when setting the strategic goals of 4Q2021 and next year.
Shortlisted for the IR Magazine Awards – Best ESG materiality reporting
On 23 September, ATRenew was shortlisted as a finalist for the IR Magazine Awards – Greater China 2021 - Best ESG materiality reporting (small to mid-cap). Since its debut as a public company in June 2021, ATRenew has soon been recognized for its ESG efforts and active reporting among the top IR teams from across Greater China. The final list of winners will be announced on 9 December.
Conducted quarterly training to enhance risk management and ESG awareness
On 24 September, the Company conducted an internal manager training on the Sarbanes-Oxley Act and ESG, aiming to further improve corporate governance, implement financial reporting policies and procedures, raise awareness of securities market compliance, and promote sustainable practices. In addition, there was a security awareness training for all employees, aiming at enhancing information security and risk control capabilities of the company.
Set to hold EGM in regard to changing the Company’s name to “ATRenew Inc.”
On 30 September, the Company issued its Notice of Extraordinary General Meeting (“EGM”) which will be held at the Company’s headquarter in Shanghai on 15 November, 2021. The special resolution to be considered, passed and approved is the change of the Company’s name to “ATRenew Inc.” which is expected to strengthen brand recognition across global markets. For details of the EGM and proxy information, please refer to the event details on the Company’s Investor Relations website:
Industry news
NDRC called for comments on the Circular Economy Promotion Law
On September 10, 2021, the National Development and Reform Commission (NDRC) called for comments on amendments to the Circular Economy Promotion Law of the People’s Republic of China. Commercial pathways, including "Internet + resource recycling" and second-hand markets, shared economy and green consumption, are expected to evolve in a more orderly and healthy way.