(Yicai Global) April 8 -- An e-bike battery joint venture between China's Hello Chuxing, Contemporary Amperex Technology, and Ant Financial Services Group has secured CNY200 million (USD28.3 million) in investment from Chinese power supply systems maker Zhongheng Electric to advance its charging services.

Zhongheng penned a contract with Zhixiang Unlimited Technology to develop battery charging facilities for the latter, the Hangzhou-based investor said in a statement today.

The collaboration will boost technologies, resources, and channels, the Hangzhou-based shared bikes firm said in a separate statement today.

The three above-mentioned parties put down a total of USD1 billion (USD141.6 million) last June to establish the JV to address the problem of recharging so that users could replace their batteries at urban charging stations.

The business model of shared batteries will make its first breakthrough in the field of electric bikes, Shenwan Hongyuan Securities wrote in a report earlier. The market could be huge as China has 300 million two-wheelers, with an average daily usage of more than 700 million rides.

Founded in 1996, Zhongheng counts the State Grid, Tencent Holdings, and China Telecommunications as some of its clients.

Editor: Emmi Laine