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on september 17, 2024, flashback technology updated its prospectus and continued to advance its listing process on the main board of the hong kong stock exchange.

mobile phone recycling doesn't make money? flashback technology suffers losses year after year

the prospectus disclosed that flashback technology co., ltd. is a chinese company that provides aftermarket trading services for consumer electronics products, focusing on the mobile phone recycling service market. according to frost & sullivan's data, based on the total amount of recycling transactions from consumers in 2023, flashback technology is china's largest offline mobile phone recycling service provider for trade-in, and also china's third largest mobile phone recycling service provider, with market shares of approximately 7.4% and 1.4%, respectively. in addition, based on the sales amount of mobile phones recycled from consumers in 2023, flashback technology is also china's third largest mobile phone recycling service provider.

during the track record period, the company's business operations experienced significant growth, with an increase in demand for purchasing second-hand consumer electronic products. revenue increased from approximately rmb749.7 million for the year ended december 31, 2021 to approximately rmb919.1 million for the year ended december 31, 2022, and further increased to approximately rmb1,158.4 million for the year ended december 31, 2023, with a compound annual growth rate of approximately 26%. revenue also increased from approximately rmb518.4 million for the six months ended june 30, 2023 to approximately rmb576.9 million for the six months ended june 30, 2024, with a growth rate of approximately 11.3%.during the track record period, the group recorded losses of approximately rmb48.7 million, rmb99.1 million, rmb98.3 million and rmb40.1 million for the years ended december 31, 2021, 2022 and 2023 and the six months ended june 30, 2024, respectively.