New IPO filing $AHS Aihuishou – Chinese used electronics marketplace

Chinese used electronics trading platform Aihuishou is aiming to raise $500 million to $1 billion in a U.S. initial public offering by early June.

Love recycling store

$AHS Aihuishou was founded in 2011 and has $JD ( as an investor. The company is seeking a $4B – $5B valuation.


$AHS Aihuishou is the leading marketplace for second-hand electronic products, covering the mainstream second-hand digital markets in China, India, and Brazil.


In 2019, JD announced a strategic merger between its second-hand trading platform Paipai and Aihuishou and invested another $20M in cash to Aihuishou.

$AHS Aihuishou had a total of seven rounds of financing, totaling more than $1.2B. 

The used electronics market is over $15B in China alone.

$AHS Aihuishou recycles second-hand mobile phones, computers, laptops, cameras and other electronics products from individuals and corporations and resells them on its website and apps, as well as offline stores in 140 cities.

$AHS Aihuishou means “Love Recycling” in Chinese.


Total GMV transacted on the platform was $4.2B for the twelve months ended March 31, 2021, representing a year-over-year growth from the twelve months ended March 31, 2020 of 66.1%.

$ASH revenues

$AHS total revenue for 2020 was $741M +25% YoY, while losses were lower by 100% at $71M, from 2019.


This is very competitive market, with many local players who service and sell used electronics. The integration with JD’s used electronics marketplace is still underway. Over 80% of products traded in the marketplace are cell phones.


$AHS growth rates look reasonable as does the valuation. The company will do about $1B in 2021 revenues and is valued at $4B – $5B with 16% gross margins. If value this relative to $EBAY, which is growing at 29% YoY (Blended last 12 months) and $43B Market cap with $11.2B in 2020 revenues,

$AHS has the big advantage of growth in China, which $EBAY does not.

I am not going to participate in the IPO and wont likely track this stock until it shows me growth in similar lines to $ETSY, $SHOP and $SE