Aihuishou, a Chinese electronics resale platform backed by JD.com, filed an application for an IPO on the New York stock exchange on Friday.
Alibaba-owned second-hand goods marketplace Idle Fish boasts 1.3 million interest-based communities, a key sales driver.
The used goods resale sector has had its share of problems including counterfeit goods, merchandise quality, and even legal issues concerning the sale of endangered animals.
E-commerce players and specialized verticals such as used car platforms are operating their own auction platforms.
More than 500 million users are expected to participate in this year’s promotion.
The new entity will expand into used book and home appliance sales.
Meituan becomes the latest Chinese tech major to begin large-scale layoffs. Companies are replacing veteran employees with cheaper new hands.
Lower-tier cities represent a new opportunity for Chinese e-commerce giants like JD.com and Alibaba.
Alibaba revenue surges 42% on the year in the quarter ended June 30.