Project Status : Active Project number : 35160 Region : East Asia and the Pacific Company name : Aihuishou Country : China Sector : R-AC - Other Services (Including IT Enabled Services) Department : Telecom,Media,Tech & Venture Capital Environmental category : B Status : Pend PDS-IR Date SPI disclosed : May 22, 2014 Projected board date : June 23, 2014 Last Updated Date : May 22, 2014 Project Description :IFC is proposing an US$5 million investment in Series B preferred shares in AiHuiShou International Co., Ltd. ( the Company or AHS ), a Cayman Island-incorporated company. AHS, located in Shanghai, is a leading service provider for the reuse and recycling of digital devices. The Company was founded in 2011 by a team that won a business plan competition in 2009 at Fudan University focused on resource reutilization. AHS is a fist mover in the electronic reuse and recycle market, with an online Consumer to Business (C2B) model that is complemented by an Online to Offline (O2O) door-to-door service. Project Sponsor and Major Shareholders of Project Company : AHS is a private company founded by Mr. Wenjun Sun, and Mr. Xuefeng Chen. The Company s primary shareholders include Mr. Wenjun, and Mr. Xuefeng Chen, and Morningside Group, with the rest of shares held by a few individuals as minority shareholders. Total Project Cost and Amount and Nature of IFC%s Investment : IFC plans to invest up to $5.0 million in Series B preferred shares out of an up to $8.0 million investment round. The existing investor, Morningside will co-invest up to $3.0 million. The invested proceeds will be used for capital expenditures related to expansion, marketing and sales, as well as strategic partnerships. Location of Project and Description of Site : The Company is currently incorporated in Cayman and has office in Shanghai. Its operation covers other cities in China, including Beijing and Shenzhen. Expected Development Impact - Challenges: Climate Smart investments are a strategic priority and IFC Management has committed that such investments will reach 20% of long-term investments by FY15. To reach this target, IFC is encouraging innovative approaches with a focus on sectors and markets with the potential to deliver significant climate mitigation impact and scale. E-Waste is the fastest growing waste stream in the world and currently accounts for 2-5% of total solid waste; however, it accounts for 70% of toxic waste. An estimated 40 million tons of e-waste is produced every year, growing at the rate of 40% every year. A United Nations report projects that by 2020, e-waste from computers would dramatically increase by 400% from 2007 levels in China and by 500% in India. - Opportunities: The estimated market value of E-Waste management was $11.8 billion last year and is expected to grow to $44.3 billion by 2020. In addition to the positive environmental impact in proper E-Waste management, proper collection and recycling of e-wa
Project completion date : 2015-05-31 12:00:00
Major organization : AIHUISHOU INTERNATIONAL CO., LTD.
Address : Shanghai, China
Financier : International Finance Corporation (IFC),
Financier address : Financier : International Finance Corporation (IFC) 2121 Pennsylvania Avenue, NW Washington, DC 20433 United States Website : http://www1.ifc.org Tel : (202) 473-3800 Fax : (202) 974-4384