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Chinese Bike Rental Firm Youon’s Subsidiary Raises $123M From Ant Financial And Others

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.

Mobike’s First Day Explains The Power Of Bike Sharing 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 Rental Firm Youon Completes $87M Shanghai IPO

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.

My Visit To Mobike Headquarters And What I Learned From Founder Hu Weiwei

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 …

Ofo Partners With Payment Service Adyen For Global Expansion

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.

Mobike To Expand Bike Rental Services To Japan

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.

Chinese Bike Rental Firm Mobike Launches Services In The UK

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 Firm Mobike Says It Is Worth Billions Of USD

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 …

Are China’s Sharing Start-Ups Playing With Fire Using Customers’ Money?

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.

Chinese Bike Sharing Company Ofo Says It’s Worth $2 Billion

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.

Chinese Bike Sharing Company Youon Bike Makes Second Bid for Shanghai IPO

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 …