More Asian bike-sharing startups forced to pedal out of markets


Gobee and Ofo are the latest players to have succumbed to increasing pressure in a tough industry that has claimed successive scalps.

China auto firms partner to set up ride-sharing platform

FAW Group, Dongfeng Automobile and Chongqing Changan Automobile have set up a ride-sharing venture.

China’s Ucommune confirms acquisition of rival Workingdom for $45m

Ucommune, formerly known as Urwork, said the acquisition, its fourth this year, will add over 11,000 square meters of prime co-working space in the bustling commercial capital of Shanghai.

GoGoVan raises $250m in fresh funding from Alibaba-backed Cainiao, others

It plans to introduce “door-to-door service” for small item delivery in the next few months.

China’s $941b sovereign fund CIC gears up to invest at home

China Investment Corp. has laid the groundwork for an application to the central government to let it invest in domestic capital markets.

Hong Kong tutoring firm Bexcellent soars 31% in listing debut

Bexcellent raised HK$135 million in its initial public offering after pricing shares near the top of a marketed range. That’s a contrast to Xiaomi Corp. which priced its initial public offering at the low end two weeks ago.

Apple launches $300m clean energy fund in China

The investment from the iPhone maker will be made along with 10 suppliers including Pegatron Corp and Wistron Corp over a four-year period.

Tiger Global leads Chinese recycling startup Aihuishou’s $150m funding round

The latest funding round, which was joined by, values Aihuishou at $1.5 billion.

Alibaba-backed logistics firm Cainiao invests $290m in Dianwoda

The deal follows Cainiao and Alibaba’s investment in the $1.38 billion funding round of leading delivery company ZTO Express in May.

Chinese home loan provider CNFinance seeks to raise $200m in US IPO

CNFinance, which claims to be the second largest home equity loan service provider among non-traditional financial institutions in China, booked $581 million in revenue for the 12 months ended March 31, 2018.