Alibaba Said to Take USD3 Billion Stake in Bike-Sharer Ofo

Alibaba Said to Take USD3 Billion Stake in Bike-Sharer Ofo

Xu Wei

Date: Fri, 01/12/2018 - 20:22 / source:Yicai
Alibaba Said to Take USD3 Billion Stake in Bike-Sharer Ofo
Alibaba Said to Take USD3 Billion Stake in Bike-Sharer Ofo

(Yicai Global) Jan. 12 -- Chinese internet giant Alibaba Group Holding Ltd. has reportedly bought a USD3 billion stake in leading bike-sharing firm Beijing Bikelock Technology Co. (Ofo) from key investor GSR Ventures, Technode cites Ou Chengxiao, brother-in-law of GSR Ventures Partner Zhu Xiaohu, as saying in a report today.

GSR Venture’s stake in Ofo is worth USD3 billion based on the firm’s estimated overall value of USD10 billion.

Zhu's assistant did not comment on the reports, while Ofo’s public relations unit expressed a lack of clarity on the issue.

The GSR Ventures partner commented in September that Ofo and counterpart Mobike must merge if China’s bike-sharing sector is to become a profitable business. The two bike-sharers expressed at the time that they had no intention to merge. 

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Keywords: OFO, Mobike, Alibaba, Bike Sharing