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China Mobile gets $ 600 million for international expansion

China's Mobike shared bicycle company got $ 600 million (538.3 million euros) in its latest round of financing for the international expansion of a business Of which it is leader in the Asian country, reports today South China Morning Post newspaper.

Beijing, China, June 16 (Xinhua) - China's Mobike joint-stock company has raised $ 600 million (538.3 million euros) in its latest round of financing for expansion An international company of a leading company in the Asian country, the South China Morning Post reports today.

Supported by technology giant Tencent, the Beijing-based Said that this figure was "the largest round of funding in the sector of shared bicycles in the world."

Some of the relevant participants in this round were the Financial entities ICBC - the world's largest bank by asset volume - and the Bank of Communications, as well as the wealth management firm Farallon Capital.

These 600 million Dollars reached the 300 million euros (269.2 million euros) that the company obtained last February, bringing the financing obtained in 2017 to 900 million euros. Mobike, which currently has a fleet of more than 5 million bicycles and processes more than 20 million daily operations, has been marked as Objective "to be in 200 cities by the end of the year," said CEO and co-founder, Davis Wang.

It does not seem a wild goal if you consider that Company was founded in April 2016 in Shanghai and already operates in a hundred cities, including some abroad as Singapore or Manchester and Salford in the Kingdom

The company is in the midst of a battle to obtain financing from its biggest rival, Ofo, which last December decided to export this business model to the States United States and the UK.

Both companies revolutionized the bicycle loan industry a year ago by including the possibility for the user to park the vehicle virtually on Any place in your city, and not in points previously designated by the city council or the managers of these businesses.

Thus, when the user sees a free bike or finds it Through an application on the mobile phone, unlock it and can rent it for the necessary time and leave it after arriving at its destination. Which can be located in the event of loss or theft.

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