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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
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Tencent Backed Bike-Sharing App Eyes to Go Overseas

Bloomberg News

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.