Figure: CaiMingpo, Deputy Chairman of YRIC and President of Cathay Capital Private Equity

On December 21, 2016, announcing the results of the series-D funding exercise on Wednesday, Online electronics recycling platform, Aihuishou.com, has raised 400 million yuan ($57.56 million) attracting support from heavyweight investors such as Cathay Capital, Fortune Capital, Tiantu Capital, and JD.com.

CaiMingpo, Deputy Chairman of YRIC and President of Cathay Capital Private Equity, indicated that the volume scale of Mobile phone recycling market is around hundreds of billions, but now the penetration rate is only about 2%, there is a great potential in this market. Aihuishou's online-to-offline mode has become mature, and it raised the service standards of the recycling industry. We see a bright outlook as the company created strong barriers to competition and maintained a fast pace of growth.

Figure: CaiMingpo, Deputy Chairman of YRIC and President of Cathay Capital Private Equity delivered a speech at the second Yangtze international Forum

CEO of Aihuishou.com, Chen Xuefeng said his company will use a large proportion of the investment to further support two new business lines. One focuses on expanding into three-tier and smaller cities, by setting up more physical recycling stores.The other is to encourage consumers to rent new smart phones from the platform instead of buying them.

In 2016, the annual revenue of the company exceeded 1.8 billion yuan, the annual handling capacity of more than 500 million. They have set up nearly 200 recycling service stations in the domestic 18 second-tier cities , and have reached a depth of cooperation with Jingdong, millet, Samsung, Dajiang and other platforms, accounting for more than half of the electronic product recycling market share.