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RERE.US Corporate Blog – April 2022
Below is a summary of the recent business development of the Company and the industry headlines in April 2022. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
ATRenew adopted the work-from-home policy and halted its store operations in Shanghai this April as the city implemented a lockdown to hit the zero-COVID goal. Looking beyond Shanghai, ATRenew added 70+ AHS stores to its toC recycling network in China. Through the prudent opening of self-operated stores and an increasing density of franchise stores (profit- and risk-sharing shop-in-shops) in second and third-tier cities, ATRenew further improves its service accessibility to consumers. In the meantime, 13 newly established city-level operation stations, mainly through joint operations in South China, strengthen the Company’s competency in covering retail channels as well as empowering small merchants in lower-tier cities with widely recognized inspection standards.
Steered by the positive stimulus from policies for refurbishment, PJT Marketplace launched the screen replacement services for iPhone 12 and iPhone 12 Pro in April. Users can simply place an order online and ship their devices to ATRenew’s regional operation center in Dongguan. Then, it takes 48 hours to process the order with new Apple-certified screens. ATRenew will continuously explore collaborations with OEMs and enhance its compliant repair offerings to further widen its service margin through value creation for its merchant users.
Key highlights
ATRenew files its 2021 annual report on the 20-F form, issues the letter to shareholders and provides an update on its status under the HFCAA
On April 27, ATRenew filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the Securities and Exchange Commission (the "SEC"). On the same day, the 2022 letter to shareholders (entitled "A Trailblazer in the New Circular Economy") authored by Mr. Kerry Xuefeng Chen, CEO of the Company, was released. In this letter, Kerry discussed the progress of the pre-owned consumer electronics industry and the Company in retrospect and reflected on the emerging challenges as well as the silver linings.
On May 5, ATRenew distributed a press release to provide an update on its status under the Holding Foreign Companies Accountable Act (the "HFCAA") that being provisionally named as a Commission-Identified Issuer by the U.S. SEC would not affect the Company’s listing status in the near term and the Company operates business as usual. The Company will continue to comply with applicable laws and regulations in both China and the U.S. and to monitor market developments and evaluate all strategic options.
The full version of the annual report, the letter to shareholders, and the press release on the status under the HFCAA are all available on the Company’s investor relations website at
Respond to COVID-19 while integrating social agenda
In response to the recurrence of the COVID-19 epidemic in Shanghai, ATRenew took active anti-COVID actions to support its staff and local communities. In April, the Company donated a total of nearly 80 metric tons of vegetables and groceries to various districts in Shanghai, a batch of pre-owned phones valued at RMB400,000 in total to Yangpu District as information collection devices in support of PCR tests, RMB200,000 in cash to purchase recyclable lunch boxes to Fudan University, and medical supplies such as protective clothing, gloves, and goggles worth RMB115,000 to Tongji University. In addition, ATRenew also delivered two batches of daily necessities to employees working from home.
Industry news
People’s Procuratorate of Shenzhen releases the first guidelines for refurbishing pre-owned consumer electronics, signaling a healthier industry outlook
On April 25, the People’s Procuratorate of Shenzhen published the Criminal Compliance Guidelines for Intellectual Property Rights in the Electronics Refurbishment Industry (For Trial Implementation) (translated, full text in Chinese) indicating prospects for the healthy and fair development of refurbishing electronics before re-commercialization. This is the first industrial compliance guideline issued by a procuratorial organ in China, which could be a positive demonstration for the compliant renovation of electrics in China. Key highlights of the guidelines include trademark protection, legitimate sourcing of refurbished goods, personal privacy protection, proactive and full disclosure of refurbishment information at resale, limit on polishing and general maintenance, use of quality third-party accessories, and necessity of warranty. ATRenew contributed to the development of the guidelines with suggestions on the standards of refurbishment as one of the corporate representatives.