Didi Chuxing is already a rival with Meituan Dianping in China’s increasingly crowded car ride-sharing and bike-sharing markets. Now they appear to be in a race to see who can launch an initial public offering first.
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.
In a sign of financial distress derived from shareholder disagreements, bike sharing company Ofo has mortgaged its own bicycles in order to receive two loans worth RMB1.77 billion (US$280 million) from Alibaba’s affiliates, according to data from the National Enterprise Credit Information Publicity System.
US-based bike sharing company LimeBike has raised a US$70 million B+ round, the company announced today. The funds will suppport the company’s expansion beyond its core bike rental business, to include electric bikes and scooters, differentiating it from Chinese bike sharing giants such as Mobike and ofo.
The government of Shenzhen has banned the deployment in its city of bikes by Bluegogo, the bike sharing start-up controlled by China’s largest ride sharing firm Didi Chuxing, citing problems with bad debts.
China’s fractured bike sharing industry just became more complex as car ride sharing giant Didi Chuxing announced the launch of a comprehensive bike-sharing platform. Under the plan, Didi’s car sharing app will integrate the services of Bluegogo, as well as bike sharing giant ofo and potentially other bike-sharing partners. It will also include a DiDi branded bike-sharing service, which is under development.
To merge or not to merge? This is a question now beyond the control of the two companies most expected to combine in China at the moment: bike sharing unicorns Mobike and ofo.
Chinese bike sharing firm Hellobike has raised a US$350 million series D round from Alibaba Group Holding Ltd’s financial services affiliate Ant Financial, electric vehicle developer WM Motor, Chengwei Capital and bike manufacturer Fujita.
A year after its foundation and having raised RMB400 million (US$58 million) in venture funding at a RMB1 billion (US$140 million) valuation, Chinese bike sharing start-up Bluegogo has collapsed, with its founder nowhere to be found and perhaps up to RMB1 billion worth of user deposits unaccounted for.
Chinese bike rental firm Youon Bike which is listed on the Shanghai Stock Exchange, has agreed to merge with rival Hellobike in order to better compete against industry giants ofo and Mobike.
Chinese bike rental company Youon Bike said one of its subsidiaries has agreed to raise RMB810 million (US$123 million) from eight investors including a unit of Ant Financial. The proceeds will be used to finance its wholly-owned subsidiary Jiangsu Yonganxing Low Carbon Technology Co. to further expand in the GPS-powered station-less bike sharing operations, according to a security filing.
In a blow to China’s cash-burning bike sharing companies, the city of Beijing has banned commercial advertisement on bicycles deployed in the city, according to regulatory guidance released last week.
Since the first GPS-positioned, smartphone-enabled shared bikes were placed on the streets of Shanghai in December 2015, the so-called bike sharing sector has shed its training wheels and expanded with incredible speed in China.
Whenever I see a small company having a startling large impact on the world, I look for an engine. I look for something that is amplifying what a relatively small number of people are doing. For example, the engine that rocketed Facebook (and Wechat) upwards was the economics and psychology of social media (plus viral marketing). The engine that powered Macau to become five times Las Vegas in a few years was the psychology of gambling plus 1.4B Chinese consumers. …
Chinese bike sharing firm ofo rode into North America yesterday with a debut in Seattle, as the company expands globally in tight competition with rival Mobike.
Chinese bike rental company Youon Bike, backed by Ant Financial and Shenzhen Capital Group, has completed an initial public offering on the Shanghai Stock Exchange, raising RMB581 million (US$87 million). It is the first stock market listing by any of the dozens of bike sharing companies in China.
The much anticipated use of shared bikes as advertising platforms is here: Mobike has partnered with Shanghai Disney to promote deals at the amusement park’s official store in the city.
Chinese bike sharing company ofo and Japan’s SoftBank Commerce & Services Corp. have reached a basic agreement to collaborate on the deployment of ofo’s global bike sharing business in Japan.
In late July, I did a tour of Mobike’s headquarters in Beijing – and I had a fascinating talk with founder Hu Weiwei and VP of International Expansion Chris Martin. It was a fantastic experience and I left with a much better appreciation of the rocket-ship ride the company has been on. I am writing up three (more serious) business articles on the bike-sharing business from this experience. But here is a summary of my trip – and then five …
U.S.-based smart hardware focused venture capital firm Grishin Robotics has led a US$9 million series A round in Gobee.bike, a Hong Kong-based bike sharing start-up.
Despite being an export powerhouse, Chinese products have largely been run-of-the-mill stuff like cloth, shoes and toys. Change is on its way, however, and it’s coming on two wheels in the form of bike sharing.
Chinese station-free bike sharing platform ofo today announced a global partnership with Adyen, a Netherlands-based multichannel payment company. The collaboration will allow customers around the world to pay for ofo’s rental bikes using their preferred currencies and payment methods.
Chinese bike rental firm Mobike extended its footprint in Europe today with trial launches in the Italian cities of Florence and Milan. The move follows the Shanghai-based company’s previous international expansions into Singapore, the United Kingdom and Japan.
NewMargin Capital, a venture capital firm listed on China’s New Third Board, has led a series B round worth hundreds of millions of RMB in Xiaoming Bike, a Guangzhou-based bike sharing start-up.
WM Motor, an electric vehicle start-up founded by the former China head of Volvo Car Corporation, has made a strategic investment in Hellobike, a bike-sharing start-up focused on mid-size cities across China.
Mobike is in the process of acquiring a smaller peer, Xiamen city-based UniBike, for an undisclosed amount of money; the first merger deal in China’s red-hot bike sharing industry, according to local media reports citing insiders.
Leading Chinese bike-sharing company Mobike says it has established a Japanese subsidiary, Mobike Japan Ltd., in Fukuoka city, with plans to begin services in that city later this year. The move comes after the company expanded into Singapore in March and announced plans to launch services in the U.K. later this month.
Beijing-based bike rental company ofo today increased the deposit new users must pay to borrow bikes to RMB199 (US$29) from RMB99 (US$14.5) previously. Despite the increase, ofo’s deposit price remains significantly less than the RMB299 deposits required by rival Mobike.
Chinese bike rental firm Mobike has raised over US$600 million in a series E financing round led by Tencent Holdings Ltd., the largest financing round to date in the bike sharing space, the firm announced today. It brings the company’s total fundraising this year to nearly US$1 billion.
Shanghai-based smart bike rental firm Mobike today announced it will launch its service in the British cities of Manchester and Salford later this month, marking the multi-billion dollar start-up’s first operation outside of Asia and the beginning of further expansion in Europe.
Chinese bike sharing company Mobike is now worth billions of U.S. dollars, the company’s CEO Davis Wang said during an interview with media. The company became a "unicorn" in January after it completed a US$215 million series C round from Tencent Holdings Ltd. and Warburg Pincus at a valuation of over US$1 billion. Last month, Mobike’s biggest competitor ofo announced that its valuation had reached US$2 billion, which is about double the company’s estimated worth in March when it raised …