An early investor in Ofo, Allen Zhu with GSR Ventures, said Saturday at a forum continuing to burn cash to compete in the bike-sharing market is meaningless for Mobike and Ofo and only results in a huge loss, adding that mergers are a complicated process. He also said where mergers are concerned investors, entrepreneurs, shareholders and users have to balance their interests and benefits, according to Securities Daily.
As competition in China's bike-sharing industry gets fiercer, the No 3 player by number of users, Hellobike, recently raised $350 million in its series-D1 round of financing from investors, including Alibaba’s financial arm Ant Financial.
Hellobike was acquired by the subsidiary of Changzhou Youon Public Bicycle System Co., Ltd., China's first listed bike-sharing company, in October.
As an early backer of Hellobike, GGV Capital told the South China Morning Post a merger between the top players in the country's bike-sharing industry is probably inevitable, as it will ensure scale and put companies on a path to profitability.
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