(Yicai Global) Sept. 27 -- Chinese bike-sharing company Beijing Bikelock Technology Co. (Ofo) unveiled its new-generation bicycles dubbed Xiao Huang Feng, meaning little wasp. They feature high-tech tires and a new intelligent lock system. The group rolled out the Chinese version of the new model in China, TechWeb reported.

Ofo released the new product yesterday, showcasing 'sneaker tires' developed by leading German chemical group BASF SE [FWB:BAS]. They are three times as durable as traditional rubber tires and weigh 30 percent less.

Axle bearings on the bikes make riding easier. "Five seconds of pedaling can keep a cycle running for two minutes," the firm said.

Ofo also introduced a near-field communication (NFC) lock and a narrow band Internet of Things (NB-IoT) one that can "unlock instantly." Opening QR code and Bluetooth locks take several seconds.

Users can open the NFC lock in less than three seconds by placing their smartphones, intelligent bracelets or other NFC-enabled devices on it. The NB-IoT lock operates even faster, has wide applications and is equipped with a remote unlock system. Ofo, China Telecommunications Corp. and Huawei Technologies Co. jointly developed it.