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Second-hand trading platform Zhuanzhuan said to file secretly for Hong Kong IPO aiming to raise $500 million

Source: IT之家 Published: Business & Funding 中文 IPO
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Bloomberg reported on November 12, citing people familiar with the matter, that Beijing Zhuanzhuan Jing Shen Technology Co., Ltd., the operator of the second-hand trading platform Zhuanzhuan, has secretly filed for a Hong Kong IPO and could list as early as next year. The e-commerce company may raise up to $500 million through the IPO, the people said. According to Zhuanzhuan's website, the group owns several second-hand e-commerce brands including Zhuanzhuan, Zhaoliangji, Caihuoxia and Hongbulin, covering categories such as mobile phones, 3C digital products, luxury goods, books, clothing and footwear, maternity and baby products, and furniture and home appliances, and is expected to serve more than 50 million trading users by 2025. In September 2025, Zhuanzhuan announced the gradual shutdown of its peer-to-peer "Free Market" and a full shift to its "officially inspected" business model.

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Article title: Sources say second-hand trading platform Zhuanzhuan has confidentially filed for a Hong Kong IPO, planning to raise $500 million

Body:

  • Lv.26 10th floor You Yuanfang IT Home Chongqing netizen 2026/11/12 18:39:46 For a 2,000-yuan phone, the price gap is as much as 3-500, and while this kind of thing involves large upfront capital and risk, it's still a bit of a rip-off. The standards for buying and selling are also different—when selling, they wish they could look at it under a microscope. Report Support(0) Oppose(0) Reply

For a 2,000-yuan phone, the price gap is as much as 3-500, and while this kind of thing involves large upfront capital and risk, it's still a bit of a rip-off. The standards for buying and selling are also different—when selling, they wish they could look at it under a microscope.

  • Lv.91 9th floor You're absolutely right IT Home Shanghai netizen 2026/11/12 18:30:14 "There's a mole, deal canceled" Report Support(0) Oppose(0) Reply
  • Lv.64 8th floor A man tested by alcohol IT Home Jiangsu Nantong netizen 2026/11/12 18:18:40 A thousand lower than the normal recycling price, two thousand lower than the selling price. Report Support(4) Oppose(0) Reply

A thousand lower than the normal recycling price, two thousand lower than the selling price.

  • Lv.21 7th floor Evening Breeze Reminiscing IT Home Sichuan Suining netizen 2026/11/12 18:18:11 Zhuanzhuan is pure scam and fraud. Last time the platform estimated a price and added a subsidy of a few hundred, making some people feel they'd made a profit and place an order. But when they showed up at your door, they came with a dragon-slaying knife. A few cuts and you can't hold up. So I usually just list on Xianyu. Report Support(7) Oppose(0) Reply Lv.81 1# Pula is a wombat IT Home Jiangsu Nanjing netizen 2026/11/12 18:30:13 But Xianyu's on-arrival lowballing is almost more disgusting than Zhuanzhuan now. Report Support(0) Oppose(0) Reply Lv.77 2# Strict Father of the Home IT Home Guangxi Qinzhou netizen 2026/11/12 18:31:06 Xianyu has also fattened the pig and is getting ready to slaughter it. Report Support(0) Oppose(0) Reply Lv.57 3# hhkky IT Home Guangdong Shenzhen netizen 2026/11/12 18:39:56 Reply to 2# Strict Father of the Home: The fees are pretty steep too—I sold second-hand stuff this year and paid a few hundred. Report Support(0) Oppose(0) Reply

Zhuanzhuan is pure scam and fraud. Last time the platform estimated a price and added a subsidy of a few hundred, making some people feel they'd made a profit and place an order. But when they showed up at your door, they came with a dragon-slaying knife. A few cuts and you can't hold up. So I usually just list on Xianyu.

  • Lv.81 1# Pula is a wombat IT Home Jiangsu Nanjing netizen 2026/11/12 18:30:13 But Xianyu's on-arrival lowballing is almost more disgusting than Zhuanzhuan now. Report Support(0) Oppose(0) Reply

But Xianyu's on-arrival lowballing is almost more disgusting than Zhuanzhuan now.

  • Lv.77 2# Strict Father of the Home IT Home Guangxi Qinzhou netizen 2026/11/12 18:31:06 Xianyu has also fattened the pig and is getting ready to slaughter it. Report Support(0) Oppose(0) Reply

Xianyu has also fattened the pig and is getting ready to slaughter it.

  • Lv.57 3# hhkky IT Home Guangdong Shenzhen netizen 2026/11/12 18:39:56 Reply to 2# Strict Father of the Home: The fees are pretty steep too—I sold second-hand stuff this year and paid a few hundred. Report Support(0) Oppose(0) Reply

Reply to 2# Strict Father of the Home: The fees are pretty steep too—I sold second-hand stuff this year and paid a few hundred.

  • Lv.81 6th floor Gaozhou Lychee Guy IT Home Guangdong Maoming netizen 2026/11/12 18:16:23 Today I came across a video saying Zhuanzhuan has 120,000+ related dispute complaints. Report Support(3) Oppose(0) Reply

Today I came across a video saying Zhuanzhuan has 120,000+ related dispute complaints.

  • Lv.81 5th floor Pula is a wombat IT Home Jiangsu Nanjing netizen 2026/11/12 18:12:46 Gonna find someone to short Zhuanzhuan stock right away. Report Support(1) Oppose(0) Reply
  • Lv.71 4th floor Tao Baibai IT Home Chongqing netizen 2026/11/12 18:12:20 Platform estimate 5,000, the person who comes to your door quotes 2,000. Report Support(7) Oppose(0) Reply Lv.43 1# KoChiChiu IT Home Guangdong Guangzhou netizen 2026/11/12 18:28:35 Badass. Report Support(0) Oppose(0) Reply

Platform estimate 5,000, the person who comes to your door quotes 2,000.

  • Lv.43 1# KoChiChiu IT Home Guangdong Guangzhou netizen 2026/11/12 18:28:35 Badass. Report Support(0) Oppose(0) Reply
  • Lv.85 3rd floor Northeast Sister Yu IT Home Guangdong Shenzhen netizen 2026/11/12 18:11:42 May the stock price be discounted like their recycled products. Report Support(62) Oppose(0) Reply

May the stock price be discounted like their recycled products.

  • Lv.32 2nd floor The Bro Everyone Says Is Good IT Home Jiangsu Nanjing netizen 2026/11/12 18:11:03 After the new listing, what happens to the old one? Report Support(8) Oppose(0) Reply Lv.67 1# Zhai Xiaorang IT Home Shanghai netizen 2026/11/12 18:15:57 Put it on Little Yellow Fish. Report Support(0) Oppose(0) Reply
  • Lv.67 1# Zhai Xiaorang IT Home Shanghai netizen 2026/11/12 18:15:57 Put it on Little Yellow Fish. Report Support(0) Oppose(0) Reply
  • Lv.60 1st floor Haizhu Lone Island IT Home Guangdong Dongguan netizen 2026/11/12 18:09:23 (✧◡✧) Looking forward to the stock price halving after listing and then delisting. Report Support(0) Oppose(0) Reply

(✧◡✧) Looking forward to the stock price halving after listing and then delisting.

The translation is machine-generated and individual terms may be off. Nothing is rewritten or cut; the original is authoritative.

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