What’s new: Chinese bike-sharing startup Hello Inc. raised $280 million in a funding round led by Alibaba and Ant Group, the company said Tuesday.
It was e-commerce giant Alibaba’s first investment in Hello, although its finance arm Ant has been a longtime backer and the largest shareholder of the bike-sharing company. Ant held 36.3% of the company before the latest investment.
Hello has raised $500 million so far this year.
The background: Hello has been trying to raise funds after abandoning a U.S. initial share sale. Previous funding rounds brought in new investors including Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL).
Hello, previously known as Hellobike, scrapped its U.S. share plan in late July after Beijing tightened rules for overseas listings by Chinese companies, requiring many of them to undergo a cybersecurity review.
Shanghai-based Hello is one of the few surviving players in China’s cutthroat bike-sharing wars. Hello has attracted billions of dollars of investment in its five-year business span from investors including Ant, GGV Capital, Fosun Group and Shanghai-listed Youon Technology Co.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (hello@caixin.com)
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