China's leading rental bike companies are shifting up the gears in China and racing to raise more capital in a bid to leave the chasing peloton even further behind.
Beijing Mobike Technology announced on Friday that it had raised a further $600 million from investors, led by Tencent Holdings Ltd, to help it swallow up other bike-sharing rivals and expand its services overseas.
It is the second private fundraising that Mobike has secured from internet and social mobile giant Tencent this year. The Chinese unicorn also raised $215 million in January.
Besides Tencent, existing investors Sequoia, TPG, and Hillhouse Capital plus new...
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