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

The round was led by Legend Capital and puts Didi on course to compete with Alibaba, Meituan in the sector.

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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.