China’s burgeoning bike-rental industry has witnessed its first-ever IPO as Changzhou-based startup Youon went public today. Shares of Youon started trading this morning on Shanghai Stock Exchange at the initial offering price of RMB 26.85 ($4.02) per share.

Despite all the glory in bearing the title of the “first listed bike-rental firm in China”, Youon’s way towards IPO was bumpy with a series of twists and turns. After a failed application in 2015, the firm filed again for listing this March. But the IPO procedure took a halt two months later due to an IP infringement lawsuit filed against the company by Jiangsu business man Gu Tailai, who claims Youon did not have the authorization to use his dockless bike patent.

Founded in 2010, the company’s main business includes the sale of public bikes, the operation of a government-funded public bike rental platform (docking stations required), and that of dockless bike-rental services funded by private investors.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.