Alibaba Leads $866M Financing Round In Ofo, Increasing Control Of Bike-sharing Firm

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China’s bike-sharing firm ofo announced that it has raised US$866 million in equity and debt capital in a funding round led by Alibaba Group Holding Ltd. The deal increases Alibaba’s control over the company and further distances ofo from its major shareholder Didi Chuxing. 

China Money Network

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