Jiangsu province-based bike sharing company Youon Bike is making another try for an initial public offering on the Shanghai Stock Exchange, seeking to raise RMB598 million (US$86 million) by issuing 24 million shares. An earlier application was rejected in 2015.
Founded in 2010, Youon Bike received an undisclosed amount of money from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., and IDG Capital. However, Youon plans to end the funding, according to its IPO prospectus.
The company main business includes public bikes funded by local governments and a bike sharing business. It claimed that it started its bike sharing business in the second half of 2016, and has so far deployed around 50,000 bikes. In 2016, its bike sharing business only accounted for 0.12% of its total revenue. Its public bikes business has covered around 210 cities in Chin...
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