Hellobike raises $700 million round from Ant Financial and Fosun
04/16/2018|9:29:24 AM|ChinaMoneyNetwork

Chinese bike sharing firm Hellobike has raised a new financing round of USD 700 million from existing investors including Ant Financial and Fosun Group, as well as seven new investors, according to Chinese local media.

The deal further complicates the competitive landscape of the sharing bike market in China. After Chinese group-buying and location-based services firm Meituan Dianping acquired bike sharing firm Mobike, and Alibaba leading a USD 866 million investments in ofo last month, the Mobike-ofo rival has become a battle between Alibaba and Meituan.

Previously, ofo also mortgaged its own bicycles to receive two loans worth RMB 1.77 billion (USD 280 million) from Alibaba’s affiliates. The new round in Hellobike strengthens Alibaba’s position competing for more market share in this fast-evolving sector.

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