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flashback technology co., ltd. ("flashback technology"), a mobile phone recycling service provider focusing on offline trade-in, has restarted its listing in hong kong. the hong kong stock exchange disclosed on september 17 that flashback technology submitted an application for listing on the main board of the hong kong stock exchange. it is reported that the company submitted a listing application to the hong kong stock exchange on february 26 this year, intending to be listed on the main board.

it is worth noting that xiaomi is a shareholder behind shanhui technology. since its establishment, shanhui technology has received investments from xiaomi, shunwei capital, tongchuang weiye, shenzhen zhicheng group, zhuanzhuan and other institutions.

founded in 2016, flashback technology is an industrial internet company that provides recycling of pan-intelligent terminals. it reshapes the value chain for manufacturers, mobile operators, retail channels and end users, focuses on consumer scenarios of old for new, and provides complete solutions from sales, recycling to resale.

flash back technology has comprehensive official cooperation qualifications with mainstream mobile phone brand manufacturers such as xiaomi, samsung, honor, vivo, apple, etc., and has reached in-depth cooperation with the three major operators of china mobile, china unicom, and china telecom. at the same time, it has established good cooperative relations with leading mobile phone retailers in provinces, cities, and counties across the country, with more than 130,000 cooperative stores in 32 provinces and cities across the country.

at present, flashback technology owns two core corporate brands, "flash recycling" and "flashback youpin". the former is the main brand for offline recycling business, recycling second-hand consumer electronic products from individual consumers through upstream resource partners; the latter is the main brand for flashback technology to sell purchased second-hand consumer electronic products to customers on its own online platform or its own online store on third-party e-commerce platforms.

at the end of 2023, flashback technology will extend its cooperation and recycling transaction services to hong kong. in october 2023, flashback technology obtained the hong kong wireless trader license. in addition, in september and december 2023, flashback technology opened its first and second offline retail stores in shenzhen under the "flashback youpin" brand to carry out recycling and sales services for second-hand consumer electronic products.

according to frost & sullivan data, based on the total amount of recycling transactions from consumers in 2023, flash back technology is china's largest offline mobile phone recycling service provider providing old-for-new exchanges, and the third largest mobile phone recycling service provider in china, with market shares of approximately 7.4% and 1.4% respectively.

in terms of performance, from 2021 to the first half of 2024, flashback technology's revenue was rmb 750 million, rmb 919 million, rmb 1.158 billion and rmb 577 million respectively; from 2021 to the first half of 2024, flashback technology's net losses were rmb 48.71 million, rmb 99.08 million, rmb 98.27 million and rmb 40.13 million respectively.

in its prospectus, flash back technology stated that the net proceeds from the ipo will be mainly used to further strengthen strategic cooperation with upstream resource partners to continuously expand the scope of transaction services and national coverage, and consolidate its current market position in china's offline mobile phone recycling services for old-for-new exchanges; further increase technology and r&d capabilities to continuously enhance business products and operational efficiency; increase marketing efforts and open up new sales channels to steadily increase sales and profit margins; strategically invest in or potentially acquire companies whose products or services are complementary to their current products or services and match their growth strategy; and for working capital and general corporate purposes.