(Yicai Global) June 21 -- Shares of Aihuishou International, a Chinese secondhand consumer electronics trading and services platform, climbed more than 21 percent on their first day of trading in New York.

Aihuishou [NYSE: RERE] ended at USD16.98 per American depositary share on June 18, up from an initial price of USD14. The USD261 million raised in its initial public offering will go mainly to improve technology, diversify service offerings and expand the store network.

After the IPO, founder Chen Xuefeng owns 7.7 percent of the firm with 42.4 percent of the voting rights. JD Group will hold 32.3 percent of the shares and 35.6 percent of the rights, while 5Y Capital will have 13 percent and 4.8 percent, respectively.

The Shanghai-headquartered company’s business lines include used electronics recycling platform Aihuishou, business-to-business trading site PJT Marketplace, and business-to-consumer retail platform Paipai Marketplace.

Aihuishou had revenue of CNY4.86 billion (USD751 million) last year, a 38 percent increase from 2019, with an adjusted operating loss of CNY104 million (USD16.08 million). In the first quarter of this year, revenue surged almost 120 percent to CNY1.514 billion, with an adjusted operating loss of CNY33.57 million (USD5.19 million), per its IPO prospectus.

As of March 31, Aihuishou has opened 753 Aihuishou stores, two Paipai stores, and over 1,500 self-service stations in 172 cities across China.

Editor: Tom Litting