Whether or not you’ve been paying attention, bikes are back.
In the material-deprived seventies in China, owning a bicycle was a clear wealth indicator, the equivalent of owning an apartment in Beijing today (okay, not THAT wealthy). After being dubbed “the kingdom of bicycles”, the last two decades have for the most part been a demise of these two wheelers, but that trend is fast turning around, the recent bike-sharing mania standing testament to this retro fad.
As part of the smattering of bike-sharing related news that hits Chinese startups and VC circles weekly, a gallery of so-called “Webikes” went viral last week, evoking rumors that WeChat would be the next mammoth player, stirring up the already choppy waters.
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