China's Used-Phone King Has Designs on Landfill
- Backed by JD.com, Yueyi has set up a national trade-in network
- Shanghai-based company seeks an IPO in two to three years
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Millions of toxic smartphones end up in landfills around the world each year. Kerry Chen thinks he can change that, starting with China -- one of the worst offenders.
With Chinese consumers hardly the biggest proponents of recycling, whether it’s cars or banquet leftovers, Chen reckons the solution is in making the process as painless as possible. To that end, the would-be used-electronics magnate enlists thousands of stores and couriers into taking in unloved laptops and phones and developed an app that lets people turn over gadgets with a few finger-taps. Backed by e-commerce giant JD.com Inc., he’s set up an online bazaar to hawk second-hand products.