Skip to main content

Market Overview

Ant-Backed Bike Sharing Firm Hello Files For IPO: Bloomberg

Ant-Backed Bike Sharing Firm Hello Files For IPO: Bloomberg

Alibaba Group Holding Ltd’s (NYSE: BABAAnt Group-backed Chinese bike-sharing giant, Hello Inc, has privately filed for a U.S. IPO, Bloomberg reports.

What Happened: Hello recently started evaluating investor demand after submitting its filing in the U.S. The start-up teamed up with investment banking firms, including China International Capital Corp, Credit Suisse Group AG (NYSE: CS), and Morgan Stanley (NYSE: MS).

The company is yet to decide the size and valuation of the IPO. Hello reportedly intended to raise close to $1 billion, according to Bloomberg.

Why It Matters: The Shanghai-based start-up features amongst the fewest firms to survive China’s bike-sharing bubble, which had attracted billions of dollars in investment at its height before going bust. 

Hello succeeded in transforming itself into a one-stop transportation solution provider ranging from smart locks to AI-enabled traffic planning and car-pooling as one-time rivals like Ofo perished after incurring huge losses,

Founded in 2016, Hello is valued at $5 billion, backed by Primavera Capital Group, Fosun International Ltd., and GGV Capital. The start-up has over 400 million registered users with a presence in over 400 cities across China as of October.

Hello, faces severe competition from bigger rivals like Didi Chuxing Technology Co and Meituan (OTC: MPNGF) (OTC: MPNGY) (which acquired Mobike in 2018), which have struggled to turn into a profitable business. Recently, the companies have been expanding into electric bicycles following a boom in the EV market triggered by the higher push for cleaner energy. There were over 6 million shared e-bikes across China as of November. The global E-Bike market is estimated to be worth $70 billion by 2027.

Hello’s potential debut comes within increased Chinese regulatory probing over the so-called sharing economy. In December, the Ministry of Transport summoned ride-hailing operators, including Hello, over illegal car-sharing services and safety risks.


Related Articles (BABA)

View Comments and Join the Discussion!

Posted-In: Bloomberg ChinaNews IPOs Tech Media Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at