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Business deals invests $500m in used smartphone platform

China's No. 2 e-tailer to merge Aihuishou with flea-market app

Chinese startup Aihuishou recycles old smartphones, some of which it resells on its platform.   © Reuters

SHANGHAI -- Chinese online retailer spent $500 million to purchase a stake in Aihuishou, a platform for recycling used smartphones, with the aim of developing a profit center amid a maturing digital landscape.

Although the size of the stake has not been disclosed, the deal makes the leading shareholder in the platform.

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