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AHS directly engages with individuals to obtain pre-owned devices, making use of its offline AHS store network. It sells the devices via its two platforms, PJT Marketplace for SME/retail store buyers and Paipai Marketplace for direct retail. It also allows third parties to sell devices on PJT and Paipai.
A total of 26.1m consumer products, worth RMB22.8bn, were transacted by AHS over twelve months ending Mar 2021. It had over 755 offline stores across 172 cities. According to CIC, it had a 6.6% market share in terms of GMV for pre-owned electronics and 8.7% market share in terms of number of pre-owned devices transacted in 2020. As per CIC, its GMV for electronics and number of devices transacted in 2020 were both greater than the next five largest platforms combined, as per CIC.
AHS has grown steadily over the past few years, and were it not for COVID-19, its growth in 2020 would have been even stronger. The company has a strong partnership with JD.com, who also owns a 34.7% stake in the company. The industry that it operates in is expected to continue to grow fast, while AHS remains the leader by a wide margin.
AiHuiShou International Pre-IPO
AiHuiShou International (AHS), China’s largest pre-owned consumer electronics transactions and services platform, aims to raise up to US$1bn via a US listing. It is backed by JD.com, Morningside and Tiger Global.AHS directly engages with individuals to obtain pre-owned devices, making use of its offline AHS store network. It sells the devices via its two platforms, PJT Marketplace for SME/retail store buyers and Paipai Marketplace for direct retail. It also allows third parties to sell devices on PJT and Paipai.
A total of 26.1m consumer products, worth RMB22.8bn, were transacted by AHS over twelve months ending Mar 2021. It had over 755 offline stores across 172 cities. According to CIC, it had a 6.6% market share in terms of GMV for pre-owned electronics and 8.7% market share in terms of number of pre-owned devices transacted in 2020. As per CIC, its GMV for electronics and number of devices transacted in 2020 were both greater than the next five largest platforms combined, as per CIC.
AHS has grown steadily over the past few years, and were it not for COVID-19, its growth in 2020 would have been even stronger. The company has a strong partnership with JD.com, who also owns a 34.7% stake in the company. The industry that it operates in is expected to continue to grow fast, while AHS remains the leader by a wide margin.
Underlying
AiHuiShou International
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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