New stock news Flashback Technology Hong Kong IPO prospectus failed, ranking as the third largest mobile phone recycling service provider in China.

Flashback Technology Limited (referred to as Flashback Technology) submitted its Hong Kong IPO prospectus on February 26, 2024, which expired after 6 months on August 26, with Clarity Capital as its exclusive sponsor at the time of submission. According to the prospectus submitted on February 26, Flashback Technology is a Chinese company engaged in providing post-market trading services for consumer electronics products, holding a leading position in the Chinese mobile phone recycling service market. According to Frost & Sullivan data, based on the total transaction amount from consumers for recycling in 2022, the company is the largest offline phone recycling service provider in China focusing on trade-ins, as well as the third largest phone recycling service provider in China, with market shares of approximately 8.4% and 1.5% respectively. In terms of finances, for the nine months ending on September 30 in 2021, 2022, and 2023, Flashback Technology recorded revenues of approximately RMB 750 million, 919 million, and 836 million respectively. The company incurred losses of approximately RMB 48.708 million, 99.084 million, and 99.114 million in the respective years/periods.