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Alibaba May Further Consolidate China’s Bike-Sharing Industry

Naomi Gray
Alibaba May Further Consolidate China’s Bike-Sharing Industry

Alibaba (BABA) affiliate Ant Financial and Chinese ride-hailing provider Didi Chuxing are in discussions to team up to buy bike-sharing startup Ofo, according to Reuters. Ofo has been left as the only major independent bike-sharing company after its main rival, Mobike, was acquired in a $2.7 billion deal this year. China’s bike-sharing industry has consolidated in recent months as several small providers have folded up.