Bike-sharing firm Changzhou Youon raises £73m through stock market float

 
Oliver Gill
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Changzhou Youon is based in China’s Jiangsu province (Source: Getty)

Changzhou Youon Public Bicycle System today launched a 644m yuan (£73m) listing, becoming the first bike-sharing firm to float in China.

A quarter of the company's shares have been put up for the sale, valuing the firm at 2.6bn yuan.

The initial public offering was signed off by regulators in April but marketing was suspended following an intellectual property rights infringement case.

Increasing numbers of bike-sharing firms have popped up in China over the last year. And many have spread their wings into Europe. Youon rivals Mobike and Obike both have launched in London and other European cities.

Read more: London welcomes oBike, not Mobike... which denies having no bikes

Contrasting with docked bike-sharing platforms such as London's Santander Cycles, many new firms operate a dockless system. Instead, built-in locks are released by customers using mobile phone apps.

Mobike raised $600m of private funding in June. And Hong Kong based Ofo, which trialled its bikes in Cambridge secured $700m of capital from a number of investors including Chinese tech giant Alibaba.

It hasn't all been plain pedalling for bike-sharing firms. In June, Wukong Bikes failed after it lost 90 per cent of its cycles.

Read more: Chinese bike-sharing firm goes bust after cycles disappear

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