Foxconn, Apple's major contract manufacturer, cooperates with Apple to launch the iPhone Reuse and Recycling program in China, vying for the untapped market of over 10 million used iPhones each year, reported Economic Daily News on April 16. Ifengpai, a Foxconn fully-owned subsidiary, will run the program and build online sales platform for the recycled devices, which are tested and repaired by dedicated engineer teams. All the components that need replacement will be made by Apple's authorized OEMs while non-fixed parts will be processed by licensed environmental protection companies. The program also provides official after-sales service and one-year warranty. A used iPhone 5S is bought back at 1,500 RMB (US$241.7; US$1=6.205 RMB) and will be resold at 2,099 RMB (US$338.3).