The bike sharing platform Hangzhou Qibei Tech Ltd. recently announced that it had completed round A of financing and raised RMB 0.1 billion. The lead investor is the Florin Investment Group, and the co-investors include previous investors like the Hun Yuan Investment Management Co., Ltd. Zhou Haiyou, the CEO of Qibei, maintains that this round of investment will mainly be used on the upgrading of Qibei bikes, sorting out the supply chain, team recruitment and national business development.

Qibei was founded in July, 2015, and currently has almost a hundred employees, with the core members from Alibaba, Tencent and public bike companies.

According to a rough estimate, there are at least 17 companies in the bike sharing business and they are managing about 500k public bikes in total. Just last week, Mobike announced the completion of a new round of financing and raised over US$ 0.2 billion. The bike sharing market has gone crazy, but it remains to be seen whether it is the best choice for the 1.3 billion Chinese citizens.

Source: finance.cngold.org

Proofread by Sean O Diobhilin