ATRenew Inc. Included in UNGC's Forward Faster Campaign for Sustainable Development Contributions in China's Private Sector

Rhea-AI Summary

ATRenew (NYSE: RERE) has been selected as one of 20 companies in the United Nations Global Compact's "Forward Faster" campaign, recognizing sustainable development contributions in China's private sector. The selection came from a pool of 75 candidates following a four-month evaluation process by UN system representatives and academic experts. The company was chosen based on its performance in ESG principles, economic viability, operability, replicability, innovation, and inclusivity. ATRenew's business model focuses on recycling and trade-in services for pre-owned consumer electronics, contributing to China's circular economy development and electronic waste reduction.

Positive

• Recognition by UNGC validates company's ESG practices and market position
• Selected among 75 candidates, demonstrating strong competitive position in sustainability

Negative

• None.

SHANGHAI, Dec. 3, 2024 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced it has been recognized by the United Nations Global Compact's ("UNGC") "Forward Faster: 20 Examples of Private Sector's Sustainable Development in China" campaign (the "Campaign"). This prestigious acknowledgment highlights ATRenew's commitment to environmental, social, and governance (ESG) practices, and reaffirms the Company's role as a transformative force in the development of China's circular economy.

The Campaign, launched with the support of the University of Nottingham Ningbo China, comes as part of the UNGC's celebration of the 20th anniversary of the ESG concept. ATRenew was one of 20 companies selected from a pool of 75 candidates following a rigorous four-month evaluation process. The selection committee, comprising high-level representatives from the UN system and academic experts, chose ATRenew based on its exemplary performance in adhering to ESG principles while maintaining economic viability, operability, replicability, innovation, and inclusivity.

Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, "We are honored that our practice of promoting ESG and sustainable development has been included in the United Nations Global Compact's 20 case examples. This achievement not only validates our mission to give a second life to all idle goods but also demonstrates our commitment to ESG principles. As we continue to drive the development of the circular economy in China through our innovative recycling and trade-in services, we remain dedicated to creating long-term value for our stakeholders and contributing to a brighter future for all."

ATRenew's recognition in this campaign underscores the Company's pivotal contribution to sustainable practices within China's private sector. By facilitating the recycling and trade-in of electronic devices and other consumer goods to prolong their lifecycle, ATRenew plays a key role in reducing electronic waste and demonstrating the potential of the circular economy.

As a participant in the UNGC, ATRenew remains committed to its principles-based approach to responsible business. The Company will continue to integrate sustainable practices into its operations and strive for continuous improvement in its ESG performance.

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com 

In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461

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SOURCE ATRenew Inc.

FAQ

What is ATRenew's (NYSE: RERE) role in the UNGC Forward Faster Campaign?

ATRenew was selected as one of 20 companies in UNGC's Forward Faster campaign, recognizing its sustainable development contributions in China's private sector through its pre-owned electronics platform and circular economy initiatives.

How many companies were selected for UNGC's Forward Faster Campaign alongside ATRenew (RERE)?

ATRenew was one of 20 companies selected from a pool of 75 candidates following a four-month evaluation process by UN system representatives and academic experts.

What is ATRenew's (RERE) main contribution to sustainable development in China?

ATRenew contributes to sustainable development through its recycling and trade-in services for electronic devices, helping reduce electronic waste and promoting the circular economy in China.