According to a filing disclosed by the Hong Kong Stock Exchange on December 4, Wang Liang, a well-known figure in the secondhand mobile phone industry with over 15 years of experience, acquired 2,919.82 million ordinary shares of QIAN XUN TECH (01640) at an average price of HKD 3.08 per share off-market on November 20. The transaction, valued at approximately HKD 89.93 million, increased Wang's stake to 5.21% of the company. Wang, a co-founder of QIAN XUN TECH, has previously invested in circular economy enterprises such as Aizuji, LX TECHNOLOGY (02436), and Caihuoxia in partnership with Zhuanzhuan Group. His latest investment reflects his continued confidence in QIAN XUN TECH's long-term growth potential and core business expansion.

As Hong Kong's first listed "circular economy" company, QIAN XUN TECH is a leading secondhand mobile phone trading service provider, leveraging AI technology and SaaS solutions to facilitate transactions. The company also operates overseas supply chain services and cross-border trade financing. In October 2025, QIAN XUN TECH, Zhuanzhuan Group, and Caihuoxia jointly established an operational hub in Dubai, marking their first step into the Middle East—a region that serves as a trade nexus connecting Europe, Asia, and Africa, with a potential market of one billion people. Dubai's Deira market, the largest secondhand electronics trading center in the Middle East, handles billions of dollars in annual transactions.

This collaboration signifies a new phase in the globalization of China's circular economy leaders, distinct from the product-centric expansion of consumer brands like Pop Mart and Mixue Ice City. By combining supply chain, technology, and ecosystem capabilities, the trio aims to address key challenges in the Middle East's secondhand electronics market, which is growing at over 30% annually. With Saudi Arabia alone generating over 20 million discarded mobile phones each year and strong demand for cost-effective devices among young consumers, the region faces issues such as inconsistent refurbishment standards, fragmented distribution, opaque pricing, and inefficient cross-border settlements.

The partnership leverages complementary strengths: Zhuanzhuan Group brings its AI-powered quality inspection system and operational expertise from serving 400 million users, ensuring each device carries a "digital ID" with verified data to combat counterfeit products. Caihuoxia, Zhuanzhuan's B2B platform, provides a nationwide recycling network and collaborates with QIAN XUN TECH's overseas supply chain to ensure stable, compliant inventory. Its data-driven pricing also helps balance regional supply-demand mismatches. Meanwhile, QIAN XUN TECH's established supply chain in Dubai and Miami, along with its PayKet cross-border trade financing solution (powered by RD Technologies, a licensed stable coin and payment service provider in Hong Kong), completes the loop by optimizing inventory turnover and streamlining settlements.

The Dubai hub will capitalize on the city's free-trade zone benefits, including tax exemptions and fast customs clearance, to build an end-to-end facility covering "recycling-inspection-pricing-cross-border delivery." This model not only delivers rigorously inspected secondhand phones at significant discounts but also introduces China's grading standards and circulation practices to the Middle East, filling a regulatory gap in the region's remanufacturing industry.

Beyond immediate business gains, the initiative sets a precedent for "technology-driven localization" in global secondhand trade. The partners plan to extend their supply chain capabilities to local recyclers and retailers, offering AI inspection tools and cross-border financing services. With Dubai as a hub, they aim to create a pan-regional network spanning Europe, Asia, and Africa, potentially linking with QIAN XUN TECH's Miami operations for future expansion into Latin America. This venture exemplifies China's "infrastructure-driven" approach to circular economy globalization, contributing a "Chinese solution" for standardized, efficient secondhand markets worldwide while advancing sustainable, low-carbon trade.