China has just seen its first merger in the burgeoning bike-rental sector. Youon (永安行), the Changzhou-based bike-rental startup which went public in August, announced yesterday the merger of Hellobike, another bike-rental player in China.

Youon posted a statement on its website, announcing its sister company Youon Ditan (永安行低碳科技) merging with Shanghai Jun Zheng Network Technology (上海钧正网络科技) which operates Hellobike. The new firm is co-owned by Youon, Ant Financial, and Shanghai Jun Zheng, and will be operated by the original Hellobike team (in Chinese), local media reports.

Founded in 2016, Hellobike has been focusing on the market in the second- and third-tier cities in China, and has placed about 3 million bikes with over 30 million registered users. After the merger, Youon has great potential to gear up to face off against the country’s largest bike-rental players ofo and Mobike.

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Timmy Shen

Timmy Shen is a technology reporter based in Beijing. He's passionate about photography, education, food and all things tech. Send tips and feedback to timmyshen@technode.com or follow him on twitter at...