China's Hellobike raises $350m in latest funding round backed by Ant Financial

Photo: Hellobike website

Chinese bicycle-sharing firm Hellobike said on Monday it raised $350 million in its latest funding round from investors including Alibaba Group Holding Ltd’s Ant Financial, confounding recent signs of strain in the nascent industry.

The Shanghai-based firm is among a slew of companies that have launched a wave of brightly coloured shared bicycles on to China’s city streets over the past year. However, the sector now faces a shake-out with the third-largest firm announcing last month that it would cease operations.

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