Following its rivals Mobike and Ofo’s recent financing rounds, China’s bike-sharing platform XiaoMing Bike announced that it has raised hundreds of millions of yuan in its series B round funding, backed by the round’s lead investor New Margin.
"We will further accelerate the electronic parking lane strategy nationwide and optimize our products and services through technological innovation to improve user experience," said Ms. Yuying Chen, co-founder and CEO of XiaoMing Bike.
XiaoMing Bike is launched by Guangzhou Yueqi Information Science & Technology, which specializes in the R&D of smart riding equipment and intelligent management system.
XiaoMing Bike takes a strategy of medium cost and large-scale delivery. By controlling the manufacturing cost at around 500 yuan per bike, and allocating solid tires and smart locks on the bikes, the company explands its fleet to a large scale. The lock is simplified into a relatively simple mechanical structure to retain the transferrable lock information and to avoid malfunctions caused by complex lock structures.