Shanghai-based mid-market private equity firm SMC Capital China has invested in a series A+ round in Huishoubao, a mobile phone recycling service provider. No financial details were disclosed.
"Recycling is a mature concept and will be the future direction for China," says He Fan, CEO of Huishoubao, in a statement. "We need to make the recycling industry more transparent and reliable to let consumers dispose their phones more conveniently."
Shenzhen-based Huishoubao says it will use the proceeds on marketing and promotions to build up its brand image.
As of the end of September, China's mobile phone users reached 1.316 billion in total. Over 400 million used mobile phones are replaced annually, indicating enormous demand for phone recycling. Currently, only 1% to 2% of used mobile phones are being recycled by professional service pro...
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