Chinese dockless bike rental titan ofo announced a new $866 million financing led by Alibaba Group, with participation from Haofeng Group, Tianhe Capital, Ant Financial and Junli Captial. The round marked a new funding record in the bike-sharing industry, the company claimed in an official statement.

ofo uses a combination of debt and equity financing for this round, the company noted. Rumors circulate in Chinese media earlier this month that ofo has secured RMB 1.77 billion ($280 million) funding from Alibaba through chattel mortgage financing. ofo declined to comment on the relation between these two pieces of news.

Dai Wei, founder and CEO of ofo said:

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

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.