China's Didi Chuxing to launch bike-sharing platform and brand

[SHANGHAI] Chinese ride-hailing application Didi Chuxing plans to launch a bike-sharing platform within its app that will host partner firms such as Ofo as well as its own bike-sharing brand, the company said on Tuesday.

Didi Chuxing, China's biggest ride-hailing firm which counts SoftBank as an investor, said in a press release that it had also reached a cooperation agreement with Chinese bike-sharing firm Bluegogo, which will be hosted on the platform.

The company will also introduce deposit-free arrangements, it added.

China has been caught up in a bike-sharing craze over the past year but the business has started to show signs of strains with a number of companies folding.

The two markets leaders, Ofo and Mobike, have raised billions of dollars from tech giants including Alibaba and Tencent Holdings, while Didi has also invested in Ofo.

Some bicycle companies have also announced plans to enter the Chinese ride-hailing sector. On Sunday, FAW Car Co Ltd said it would take a 10 per cent stake in Mobike's recently launched car-sharing unit.

REUTERS