In last week’s VC news, Chinese AR platform provider HiAR raised $42 million in its recent Series C round of financing, German-Chinese robotics firm Agile Robots raked in a whopping $220 million, and more.
According to a source related to investment institutions, comprehensive mobile travel platform Hello Inc. is to complete a new round of financing, coming in at a higher valuation than before.
Hello Inc., an app-based urban transportation provider, has scrapped plans for a U.S. initial public offering just three months after the firm submitted its prospectus to the US Securities and Exchange Commission (SEC), according to information disclosed Wednesday on the SEC website.
According to enterprise information platform Tianyancha, Dongxia Datong (Beijing) Management Consulting Co. Ltd., the operator of the now defunct bike-sharing platform Ofo, was found to possess no executable funds following a court order on June 10.
Dock-less cycle-sharing group Mobike, owned by Meituan Dianping, announced that nearly 190,000 users had reported destruction and misuse of bikes through the app in 2019.
Ofo, plagued by bankruptcy rumors, has had a tough year trying to pay back user deposits. The Chinese bike-sharing startup recently launched a new controversial refund policy.
Ofo is back, but perhaps in a different way.
On Jan. 23, Wang Huiwen, co-founder and senior vice president of Chinese food delivery giant Meituan Dianping, announced in an internal letter the full integration of bike-sharing company Mobike into the Meituan system.
On Dec. 23, Mobike's internal letter disclosed that Mobike founder Hu Weiwei resigned from the position of Mobike's CEO for personal reasons
Bike-sharing giant ofo has finally agreed to be bought out by Didi-Chuxing according to Chinese media. The deal is said to be worth $2 billion and that all other co-founders, except for CEO Dai Wei, will be leaving the company, according to the report.
This episode of TechBuzz China is our second of two focused on bike-sharing in China.
On the morning of June 11, Caixin.com revealed that, ofo, the Beijing-based bike-sharing platform, has a 1.5 billion yuan ($234.2 million) deficit with only 3.5 billion yuan left in user deposit.
On April 28, Wang Xing, Chairman of Mobike and CEO at Meituan-Dianping together with Mobike founder Hu Weiwei announced the new organizational adjustment in an internal letter.
Meituan, one of the world’s largest e-commerce platforms of services, announced today that the Company has entered into an agreement to acquire Mobike, one of the world’s largest smart bike-sharing companies.