Youon May Roll Out Moped, Car Services Next Year in Its Bid to Build Four-in-One Ridesharing Platform

Youon May Roll Out Moped, Car Services Next Year in Its Bid to Build Four-in-One Ridesharing Platform

Tang Shihua

Date: Wed, 12/13/2017 - 17:28 / source:Yicai
Youon May Roll Out Moped, Car Services Next Year in Its Bid to Build Four-in-One Ridesharing Platform
Youon May Roll Out Moped, Car Services Next Year in Its Bid to Build Four-in-One Ridesharing Platform

(Yicai Global) Dec. 13 -- Bike-sharing firm Changzhou Youon Public Bicycle System Co. [SHA:603776] may roll out its moped- and car-sharing services next year in a bid to build a four-in-one ridesharing platform covering “public bikes, bike sharing, moped sharing and car sharing.”

The company, which Alibaba Group Holding Ltd. [NYSE:BABA] indirectly controls,  said yesterday that Ji’an in Jiangxi province and Yuxi in Yunnan province are trialing its moped sharing project and its car-sharing scheme is in the testing phase.

Many bike-sharing firms are having trouble going up against industry behemoths Beijing Bikelock Technology Co. (Ofo) and Beijing Mobike Technology Co., but Youon has denied recent media reports that it is headed downhill.

“The company’s core business is still growing steadily,” the group said. While some companies have struggled and risk going bankrupt, Youon has not stopped expanding. It bought Shanghai Jun Zheng Network Technology Co.’s Hellobike, which was confronting operational difficulties in October and raised USD350 million in a D1-round of financing led by Alibaba’s Ant Financial this month.

Youon floated in August. Its share price rose to CNY100 (USD15.1) per share from an initial CNY32.44. It closed at CNY57.56 today.

Mopeds are bikes equipped with petrol engines that can be powered by pedaling or by their motors.

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Keywords: BIKE-SHARING, New Business, Car-sharing, Youon