(Yicai Global) Oct. 29 -- Youon Technology recently signed a cooperative framework agreement with UK-based Cycle.land, Youon's fourth overseas partner after those in Russia, India and Malaysia, the company told investors today on the interactive platform at the Shanghai Stock Exchange.
The two struck their exclusive partnership deal after talks lasting one year. They will deploy the first batch of 1,000 Youon dockless bikes in London in March through their UK joint venture. Cycle.land, founded in 2016 at the University of Oxford, which bills itself as the Airbnb of bicycles as private cycle owners similarly rent them out, will take charge of distributing and managing Youon's velocipedes, scientific resource-sharing online networking platform China Science and Technology Network reported today.
Youon's bike-sharing plan has won approval from London authorities. The company will put out its first batch of bikes in core sectors of the English capital and continue doing so based on user behavior and city regulations.
Jiangsu province-based Youon, China's first listed bike sharer, is the only domestic firm which provides public bicycles and shared bike, moped and electric bike rentals. China has 1.1 million cycles-for-hire rolling in 252 cities whose annual ridership hit 800 million by the end of last year, various media reported.
Editor: Ben Armour