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Ant Financial Invests RMB 1.9 Bln to Increase Stake in Hellobike to 36.7%

Youon, 6/01/18

Changzhou-based public bicycle system operator Youon Public Bicycle System, which, via subsidiary Youon Low Carbon Technology, operates mobile bike share apps Youon and Hellobike, disclosed today that Alibaba Group (NYSE: BABA) financial services affiliate Ant Financial and other investors apart from Youon Public Bicycle have made a capital increase of RMB 2.06 bln in Youon Low Carbon.

In the current round of funding, Yunxin Venture Capital, a fully owned subsidiary of Ant Financial, invested RMB 1.894 bln in Youon Low Carbon as a capital increase, and also purchased part of the stake held by Ningbo Juying for RMB 20.68 mln.

When the deal is completed, Youon Public Bicycle System's stake in Youon Low Carbon Technology will be diluted to 8.86%, Ant Financial will indirectly hold a 36.73% stake (up from 27.64% prior to the completion of the current round), and Ningbo Juying will continue to hold a stake of approximately 5.01%.

Editor's Note: For more information on this topic, please see Bike Sharing Services Youon, Hellobike Merge, MD 10/25/17 issue, and Alibaba Boost Investment in Hellobike in New USD 1 Bln Funding Round, MD 1/22/18 issue.

Keywords: funding wireless Alibaba Group BABA Hellobike Youon Public Bicycle Youon Low Carbon Yunxin Venture Capital VC M&A Ant Financial Group bicycle sharing 603776.SH


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