(Yicai Global) April 28 -- Hello Chuxing, a Chinese bike-sharer backed by Alibaba Group Holdings, has accumulated more cash than ever via its latest fundraising to stimulate new business including lifestyle services, according to its chief.

Hello Chuxing completed new funding at the end of last year with some familiar investors such as Ant Financial Services Group participating, Chief Executive Yang Lei said at a media conference yesterday. “This new financing aims to increase investment in new business and new technology in the next few years."

The Shanghai-based mobility firm is diversifying its revenue streams as the app has started offering services related to restaurants, entertainment, navigation, audio listening, and accommodation, similarly to the arch-rival Meituan Dianping that provides tips about where to eat and shop.

Lifestyle services is one of the company's new businesses that involves third-party partners but Hello Chuxing may later decide to do a part of that by itself, said Yang. So far, bike-sharing makes up more than half of its revenue but that should drop to as low as 10 percent as new ideas bear fruit, he added.

Hello Chuxing has resumed 80 percent of its business amid the Covid-19 epidemic, the CEO added. The influence of traffic control and upstream supply chain suspensions has been limited because the first two months of the year are off-season for bike-sharers, co-founder Li Kaizhu told Yicai Global.

Moreover, now that people are starting to go out again they want to avoid crowded public transport options so the company's business is recovering fast, Li added.

Besides Hello Chuxing, China's bike-sharing scene is dominated by the spin-offs of ride-sharers Didi Chuxing and Meituan Dianping that engage in fierce competition in the inventory-heavy business.

Editor: Tang Shihua, Emmi Laine