Tim Culpan, Columnist

This Jack and Pony Show Must End

They owe it to shareholders to stop wasting money on bike rental.

December 7, 2017 at 7:54 AM UTC

Tim Culpan is a former Bloomberg Opinion columnist covering technology in Asia. Previously, he was a technology reporter for Bloomberg News.

1512632052_GettyImages-882804674 — Photographer: VCG/Getty Images

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For at least the second time in five months Alibaba Group Holding Ltd. appears to be pouring money into China's bike rental market.

Ofo Bicycles Co. may have raised around $1 billion in its latest funding round, which included Alibaba, Sina reported Thursday. That follows an Alibaba-led $700 million series back in July and takes the total to more than $2.4 billion.