On 14 November 2023 officials from the circulation industry development department of the Ministry of Commerce and from the China Used Goods Association, together with representatives of several companies in the trade, visited the headquarters of The LuxPik Technology (Beijing) Co., Ltd. for a research call. Co-founder Qiu Zhenjie received the delegation and led the tour.
The Site Visit
During the visit Qiu Zhenjie showed the delegation the buy-back warehouse and the livestream area, and set out how the company's recycling–authentication–sales chain works in practice.
The Symposium
At the symposium that followed, The LuxPik and representatives of several other circulation businesses — covering pre-owned goods trading, circular furniture, a second-hand e-commerce industrial park and large recommerce platforms — each described their operations and discussed current obstacles and suggestions for the sector.
The Point We Raised
Our contribution was this: authentication standards for pre-owned luxury already exist and can be applied, so if asset-backed lending against authenticated inventory could be made to work, the capital constraint on scaling would ease considerably. That turns on how far authentication results can be relied upon, and on how lenders assess residual value in pre-owned high-end goods.
Since Then
The symposium was one step in an ongoing exchange between the trade and its regulators. A year later, five ministries issued a notice on organising pilot work for second-hand goods circulation; in 2025 The LuxPik was named among the first group of second-hand goods circulation pilot enterprises.
