Luckin, backed by GIC and CICC, gained a valuation of $2.2 billion after raising $200 million in a funding round last month.
Ofo’s plight is a warning for China’s tech investors, who have plowed tens of billions of dollars into bike sharing, ride hailing and food delivery.
China, the world’s biggest gaming market, stopped approving new titles from March amid a regulatory overhaul triggered by growing criticism of video games for being violent and leading to myopia as well as addiction among young users.
The delivery platform is squaring off with Alibaba-backed rivals Alipay, Ele.me and Koubei as well as Tencent’s own WeChat.
The company comprises of two businesses and is partly owned by JD.com.
The companies will collaborate across businesses within the Alibaba group, including delivery platform Ele.me, supermarket chain Hema, online retailers Tmall and Taobao, and mobile and online payment platform Alipay.
The Chinese coffee startup – which does a strong business selling and delivering coffee online – has been training its sights on its far larger rival Starbucks.
It is operated by venture-backed Toutiao, valued at more than $30 billion, that is one of China’s fastest-growing tech start-ups.
CMC has a stake in football team Manchester City’s owner and a JV with Warner Brothers.
Kuaishou, meaning “fast hand”, is valued at about $18 billion.