Who'll stumble first in China's bike-share race?

Chinese venture capital investors could be forgiven for feeling a sense of déjà vu.

Last year, they saw taxi-hailing app Didi Chuxing win a protracted battle with UberChina, after generous subsidies cost the two companies billions of dollars. In 2017, a similar battle for market share is taking place with another group of transportation start-ups bike-sharing companies.

Bike-sharing is hardly a new concept. In December 2016, roughly 1000 cities worldwide had a bike-sharing programme. But by adding a dose of technology to the mix, a handful of Chinese start-ups have re-invented the model, creating a whole new sector that GSR Ventures’ Robin Luo says leaves...