Updated 23 Jan 2017: TechNode Chinese has reached out to Hellobike, Fosun Capital and Hellobike’s early-stage investor GGV, but neither has confirmed the news.

Chinese bike rental firm Hellobike (哈罗单车) is going to complete $1 billion worth of round from Ant Financial (an affiliate company of Alibaba Group), Fosun Capital, and some other existing investors, people familiar with the matter told Tencent Tech. New heavyweight investors also joined this round, the source added.

If true, this would add to another milestone round to the firm’s fundraising frenzy. In last December alone, Hellobike has announced two hefty financing deals in Series D1 and D2 rounds, securing a combined nearly RMB 3.3 billion from Ant Financial and Fosun Capital. Hellobike merged with a major competitor Yongon in October 2017, and Hellobike’s team is leading the new company.

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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.