Sunday, 2024 February 25

CHINA BRIEF | Didi’s biking sharing brand Qingju raises over USD 1 billion

Didi Chuxing’s bike sharing company, Qingju, recently closed its first round of financing, attracting more than USD 1 billion from Legend Capital and another overseas investment firm, local media outlet Latepost reported on Friday.

Qingju, which debuted in Chengdu, Sichuan in 2018, competes in China’s bike-sharing market with Alibaba’s Hello Bike, Meituan’s self-branded bike, and Mobike. The company is managed by Didi’s two-wheeler business unit, the Community Mobility Group.

According to a report by research institute Qianzhan, the market volume of China’s bike-sharing industry was predicted to hit RMB 23.7 billion (USD 3.4 billion), with 380 million users, by 2019.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.

Wency Chen
Wency Chen
Wency Chen is a reporter KrASIA based in Beijing, covering tech innovations in&beyond the Greater China Area. Previously, she studied at Columbia Journalism School and reported on art exhibits, New York public school systems, LGBTQ+ rights, and Asian immigrants. She is also an enthusiastic reader, a diehard fan of indie rock and spicy hot pot, as well as a to-be filmmaker (Let’s see).

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