China's circular economy goes global, and industry giants increase their holdings in QIAN XUN TECH (01640) as they team up with Zhuanzhuan and Caihuoxia to break into the Middle Eastern billion-dollar secondhand market.

According to the documents disclosed by the Hong Kong Stock Exchange on December 4, Wang Liang increased his holdings of QIAN XUN TECH (01640) by 29,198,200 ordinary shares at an average price of HK$3.08 per share on November 20, with a total value of approximately HK$89,930,400. After the increase, Wang Liang's latest holding amount is 29,198,200 shares, with a good warehouse ratio of 5.21%. Mr. Wang Liang is a well-known operator in the second-hand mobile phone industry with over fifteen years of practical experience in the industry. He has a strong grasp and foresight on the price trends of Apple's second-hand products and the global supply chain circulation logic. As a co-founder of QIAN XUN TECH, Mr. Wang has previously invested in Aizhuji, Lingxiong Technology (02436), and jointly invested in Caihuoxia and other circular economy enterprises. This increase in holdings of QIAN XUN TECH is based on the continued recognition of the company's long-term development logic and a firm confidence in the growth potential of its core business. QIAN XUN TECH, as the first stock of "circular economy" in Hong Kong, is a leading second-hand mobile phone trading service provider, empowering second-hand mobile phone transactions with AI technology and SaaS services, while also laying out overseas supply chain operations and cross-border trade financial services. In October 2025, QIAN XUN TECH, together with Zhuanzhuan Group and Caihuoxia, established a Middle East operation center in Dubai. As the first stop for going global, Dubai is not only a trade hub connecting Europe, Asia, and Africa, but also has the potential to reach a population of approximately one billion people in the Middle East, North Africa, and Europe markets. Deira Market in Dubai is the largest second-hand digital trading center in the Middle East, with an annual trading volume of tens of billions of US dollars. This cooperation signifies the exploration of overseas markets by China's leading circular economy companies, opening up a new path in the globalization layout of new consumer companies in China, different from the expansion logic of consumer brands focusing on product output. Through a composite capability of "supply chain + technology + ecology," QIAN XUN TECH, Zhuanzhuan Group, and Caihuoxia are precisely targeting the core issues of the Middle East second-hand digital market. The second-hand consumer electronics market in the Middle East is experiencing a booming growth rate of over 30% annually, with over 20 million old phones waiting to be processed in Saudi Arabia alone. The local young population has a strong demand for cost-effective digital products, but the Middle East market has long been in a 'wild state': refurbishment malpractices are frequent, quality inspection standards are lacking, circulation channels are scattered, prices are opaque, cross-border trade settlement cycles are long, and costs are high. The synergies of the three parties form a solution: Zhuanzhuan Group brings a mature AI intelligent quality inspection system and operational experience accumulated from over 400 million users domestically, providing a "digital ID card" including inspection data for every second-hand digital product to curb refurbishment malpractices at the source; Caihuoxia, as Zhuanzhuan's B2B core platform, relies on the nationwide B-side recycling network and QIAN XUN TECH's overseas resource machine supply chain to jointly ensure a stable and compliant source of goods, with its big data pricing capability able to solve the problem of regional supply-demand mismatch; QIAN XUN TECH, relying on its overseas supply chain system established in Dubai and Miami, and the compliant operation of PayKet cross-border trade financial services (PayKet supported by the payment settlement technology provided by RD Technologies, the first batch of stablecoin sandbox companies in Hong Kong, holding Stored Value Facility license (SVF0016) and Trust and Company Service Provider (TCSP) license), completes the loop. The former achieves intelligent turnover and allocation of inventory, while the latter, relying on PayKet, solves the efficiency and cost pain points of cross-border settlement. It is noteworthy that this layout deeply leverages the location advantage of Dubai - relying on the tax-free policy and fast customs clearance advantages of the Dubai Airport Free Zone, the three parties will build a full-chain base for "recycling testing-intelligent pricing-cross-border delivery" within the operation center to replicate the mature "digitalized circular loop" from China to the Middle East market. This model not only allows second-hand phones that have passed through 32 inspection points to reach local consumers at a significantly discounted price compared to new phones, but also fills the standard gap in the Middle East's remanufacturing industry, exporting China's second-hand digital grading system and circulation experience overseas. From an industry perspective, this cooperation breaks the traditional model of global second-hand transactions and provides a template of "technology empowerment + local operations" for China's circular economy enterprises going global in the future. With the launch of the Middle East operation center, the three parties plan to gradually open up their supply chain capabilities, not only serving their own businesses but also providing AI quality inspection tools and cross-border trade financial services for local recyclers and retailers in the Middle East, ultimately leveraging Dubai's hub advantages to build a second-hand digital circulation network covering Europe, Asia, and Africa, and further expand to the Latin American market through QIAN XUN TECH's North America operation center in Miami. This is not only an international practice of China's "infrastructure capability" in the circular economy, but also a contribution to the standardization and efficiency development of the global second-hand industry, injecting new momentum into the green and low-carbon global trade ecosystem.