January 9, 2018 / 4:46 AM / in 5 months

China's Didi Chuxing to launch bike-sharing platform and brand

SHANGHAI (Reuters) - Chinese ride-hailing application Didi Chuxing plans to launch a bike-sharing platform within its app that will host partner firms such as Ofo as well as its own bike-sharing brand, the company said on Tuesday.

FILE PHOTO: A woman walks past ride-hailing company Didi Chuxing's booth at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, China April 28, 2017. REUTERS/Jason Lee/File Photo

Didi Chuxing, China’s biggest ride-hailing firm which counts SoftBank as an investor, said in a press release that it had also reached a cooperation agreement with Chinese bike-sharing firm Bluegogo, which will be hosted on the platform.

The company will also introduce deposit-free arrangements, it added.

China has been caught up in a bike-sharing craze over the past year but the business has started to show signs of strains with a number of companies folding.

The two markets leaders, Ofo and Mobike, have raised billions of dollars from tech giants including Alibaba and Tencent Holdings Ltd, while Didi has also invested in Ofo.

Some bicycle companies have also announced plans to enter the Chinese ride-hailing sector. On Sunday, FAW Car Co Ltd said it would take a 10 percent stake in Mobike’s recently launched car-sharing unit.

Reporting by Brenda Goh; Editing by Stephen Coates

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