Consumer Discretionary Author: 王旭琛 Nov 09, 2021 06:38 PM (GMT+8)

After completing this round of financing, the financing amount of Hello travel in 2021 has exceeded a staggering CNY 2.29 billion.

Hello bike

This round of financing is the first time Alibaba has taken shares and it is also the second financing obtained by the firm in 2021. In March this year, the Alibaba-backed bike-sharing firm obtained financing worth CNY 507 million backed by Hengxu capital.

Hello Chuxing, a subsidiary of Ant group, was established in September 2016. It submitted an IPO application in the United States in April 2021 and then applied to withdraw its IPO plan in the United States in July of the same year.  

At present, the firm has become the second-largest bike-sharing platform in China. In 2020, the total transaction volume was about CNY 6.97 billion, an increase of 137.9% compared with 2019 and the market share rose to about 38%. According to the company, the platform has been stationed in more than 400 cities across the country, in more than 1000 universities and 500 scenic spots with more than 500 million registered users.