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Uber’s Chinese Rival Didi Buys Into Bicycle-Sharing Startup Ofo

Didi Chuxing, China’s answer to Uber, already dominates car-hailing in the country. Now it’s reverting to bicycles, once the nation’s traditionally preferred mode of conveyance.

Didi is investing tens of millions of dollars in ofo, a bikes-on-demand startup conceived two years ago on the grounds of Beijing’s prestigious Peking University as a student project, and which now bills itself as the country’s largest bicycle-sharing platform. The company founded by college alumnus Dai Wei operates almost 70,000 bright-yellow bikes and handles half a million rides daily across 20 cities, Didi said in an e-mailed statement.