RERE ATRenew Inc

Transacting 11.6 million devices in a single quarter shows just how dominant $RERE's reverse-logistics moat has become. When you control thousands of physical collection points, growth takes care of itself.

$RERE used to look mainly like a China recommerce play, but FoneSquare is now targeting Hong Kong, Dubai and eventually Southeast Asia. Management says overseas B2B already accounts for around 90% of international revenue, so this could become a much bigger part of the story if execution holds up.