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Chinese bike-sharing platforms raise $200 mln


10-21-2016 19:35 BJT

Two of China's biggest bike-sharing platforms have secured millions of US dollars from the country's tech giants. 

Shanghai's MoBike raised a 100 million US dollars funding from partners like internet giant Tencent Holdings. Beijing-based oFo also secured 130-million US dollars from investors including ride-hailing app Didi and smartphone maker XiaoMi.

Bike-sharing has been considered an efficient way to beat traffic jams on China's clogged streets and is expected to be the next big thing.

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