Updated 28 December, 2017: This article has been updated to correct the statement that Hello Bike completed its Series D1 financing round on December 12th. The financing was completed on December 4th.

Despite the spectacular demise of bike rental companies such as Coolqi and Bluegogo, the market is still alive and kicking. Hello Bike (哈罗单车) announced today the completion of RMB 1 billion worth Series D2 round of financing led by Fosun Capital, GGV and other investors.

Less than a month ago, on December 4th, Hello Bike completed its Series D1 financing round worth $350 million.

Fosun Group Vice President and Managing Director Cong Yonggang said that there is much room for growth for the shared bicycle sector with the potential global demand of bikes reaching more than 70 million and the potential domestic demand more than 23 million bikes. He noted that China’s third-tier cities, in particular, have space for growth.

“Hello Bike is deliberately avoiding the fierce competition of the first- and second-tier cities,” said Cong in a statement for local media. “By using the tactic of encircling big cities with rural areas it will focus on the huge potential markets in third-tier cities and below.”

Fosun’s representatives also noted that Hello Bike will be integrated into an ecosystem covering big data, financial tourism, real estate, and more.