SHANGHAI, May 5, 2022
/PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE:
RERE), a leading technology-driven pre-owned consumer electronics
transactions and services platform in China, today provides an
update on its status under the Holding Foreign Companies
Accountable Act (the "HFCAA").
On May 4, 2022, as expected in its
implementation of the HFCAA, the U.S. Securities and Exchange
Commission (the "SEC") provisionally named the Company as a
Commission-Identified Issuer, following the Company's filing of its
annual report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on April 27, 2022.
ATRenew understands the SEC made such identification pursuant to
the HFCAA and its implementation rules issued thereunder, and this
indicates that the SEC determines that the Company used an auditor
whose working paper cannot be inspected or investigated completely
by the PCAOB, to issue the audit opinion for its financial
statements for the fiscal year ended December 31, 2021.
In accordance with the HFCAA, a company will be delisted from a
U.S. stock exchange only if the company has been identified by the
SEC for three consecutive years due to PCAOB's inability to inspect
auditor's working paper.
Mr. Kerry Xuefeng Chen, the
Founder, Chairman, and Chief Executive Officer of ATRenew,
commented, "We will continue to comply with applicable laws and
regulations in both China and the
U.S. and to monitor market developments and evaluate all strategic
options. We will uphold our mission 'to give a second life to all
idle goods', continuously contribute to the development of a
circular economy, offer consumers safe and convenient recycling and
trade-in services, and leverage technology to empower mid- and
small-merchants with efficient pre-owned electronics trading
About ATRenew Inc.
Headquartered in Shanghai,
ATRenew Inc. operates a leading technology-driven pre-owned
consumer electronics transactions and services platform in
China under the brand ATRenew.
Since its inception in 2011, ATRenew has been on a mission to give
a second life to all idle goods, addressing the environmental
impact of pre-owned consumer electronics by facilitating recycling
and trade-in services, and distributing the devices to prolong
their lifecycle. ATRenew's open platform integrates C2B, B2B, and
B2C capabilities to empower its online and offline services.
Through its end-to-end coverage of the entire value chain and its
proprietary inspection, grading, and pricing technologies, ATRenew
sets the standard for China's
pre-owned consumer electronics industry.
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SOURCE ATRenew Inc.