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 …
The Beijing Municipal Bureau of Financial Work is considering tighter regulations over the management of deposits collected by bike sharing companies, in order to protect consumers and reduce financial risk in the industry.
China’s mushrooming bike sharing companies have aggregated RMB6 billion (US$872 million) or more in user deposits, according to industry observers. These deposits, growing everyday and currently existing in a regulatory vacuum, may be partially used for high-yielding investments and in turn present massive financial risks to consumers.
Beijing-based bike sharing company ofo is now worth more than US$2 billion, CEO Dai Wei claimed during a media interview. The valuation is about double the company’s estimated worth only 40 days ago when it raised a US$450 million round with a valuation of just over US$1 billion.
The cut-throat competition within the Chinese bike sharing market shows no signs of cooling down, even as these start-ups may face more regulatory risks due to their excessive expansion in some cities’ central districts.
A week after Chinese bike sharing company Mobike said it would allow users to rent bikes via Tencent’s Wechat app, rival ofo confirmed that it would be incorporated into Didi Chuxing’s platform.
Jiangsu province-based bike sharing company Youon Bike is making another try for an initial public offering on the Shanghai Stock Exchange, seeking to raise RMB598 million (US$86 million) by issuing 24 million shares. An earlier application was rejected in 2015. Founded in 2010, Youon Bike received an undisclosed amount of money from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., and IDG Capital. However, Youon plans to end the funding, according to its IPO prospectus. The company …
Mobike, one of China’s biggest bike sharing start-up, has launched operations in Singapore, the first city outside of mainland China for the company to put its bikes in operation, it said today in an announcement.
Global telecommunications giant Vodafone has joined the bike sharing craze originated in China by agreeing to provide Internet of Things (IoT) connectivity services for Chinese bike sharing company Mobike in Singapore, Mobike’s first venture outside of China.
Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., has formed a strategic partnership with Beijing-based bike sharing company ofo to embed its personal credit rating system into ofo’s bike renting process, according to Chinese media reports.
The bike sharing frenzy that started in China has spread to the other side of the Pacific. Silicon Valley-based venture capital firm Andreessen Horowitz has led a US$12 million series A round in San Francisco-based bike sharing start-up LimeBike, which was founded by two Chinese entrepreneurs.