ATRenew Inc. Renews Business Cooperation Agreement with JD.com

Rhea-AI Summary

ATRenew Inc. (NYSE: RERE) has renewed its business cooperation agreement with JD.com (NASDAQ: JD) for a term extending from June 1, 2024, to December 31, 2027.

This agreement focuses on the second-hand consumer electronics market, leveraging both companies' strengths in user traffic, technology support, and logistics to enhance customer experiences. The partnership aims to deliver high-quality and competitively priced pre-owned electronics in China.

Positive

• Renewal of business cooperation agreement with a major company, JD.com, signals strong partnerships.
• Long-term agreement (June 1, 2024, to December 31, 2027) provides stability and continuity in business operations.
• Focus on leveraging strengths in user traffic, technology, and logistics could enhance operational efficiency.
• Aim to offer high-quality and competitive prices may improve customer satisfaction and market share.

Negative

• The press release lacks specific financial data or projected outcomes, leaving investors uncertain about the financial impacts.
• Dependence on a single partner (JD.com) could pose risks if the cooperation experiences issues or is discontinued.

SHANGHAI, May 31, 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 that it renewed the business cooperation agreement with JD.com (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)) for a term from June 1, 2024 to December 31, 2027. The two parties will continue to cooperate in the second-hand business by integrating resources and leveraging their respective strengths. The cooperation will also continue in areas such as user traffic, technology support, and logistics, among others. Together, the two parties aim to provide high quality and competitive prices for second-hand goods, thus enhancing customer experiences in the second-hand market.

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

View original content:https://www.prnewswire.com/news-releases/atrenew-inc-renews-business-cooperation-agreement-with-jdcom-302160501.html

SOURCE ATRenew Inc.

FAQ

What is the recent agreement between ATRenew and JD.com?

ATRenew and JD.com have renewed their business cooperation agreement, focusing on the second-hand electronics market from June 1, 2024, to December 31, 2027.

How long is the renewed cooperation agreement between ATRenew and JD.com?

The renewed cooperation agreement is set to last from June 1, 2024, to December 31, 2027.

What areas will ATRenew and JD.com focus on in their renewed agreement?

They will focus on second-hand business, user traffic, technology support, and logistics.

How might the ATRenew and JD.com partnership benefit customers?

The partnership aims to provide high-quality and competitively priced second-hand electronics, enhancing customer experiences.

What is the stock symbol for ATRenew?

The stock symbol for ATRenew is RERE.