25-Year-Old’s $500 Million Startup Fuels China Bike-Share Battle
- Ofo, Mobike cycle-sharing apps raise more than $200 million
- Heavyweight backers Tencent, Didi Chuxing picking sides
Tencent Backed Bike-Sharing App Eyes to Go Overseas
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In China’s internet warzone, there’s a road map for success: find a rich backer, get lots of money, burn it to buy market share.
The latest chapter of that playbook is being written by two young entrepreneurs each offering an update on a former icon of China’s communist party -- the bicycle.