What happened: Chinese bike rental company Youon Technology signed a cooperative framework agreement with UK-based counterpart Cycle.land. Under the deal, the two parties will set up a UK-based joint venture to target at the European market. The first batch of 1,000 Youon dockless bikes will be deployed in London in March next year. On the other hand, Cycle.land will take charge of distribution and maintenance of Youon’s bikes.
Why it’s important: As China’s bike rental boom cools off, Youon is one of the few companies that are still expanding overseas. Cycle.land is Youon’s fourth overseas partner after those in Russia, India and Malaysia. Cash-strapped ofo has pulled back from a series of overseas cities in South Korea, German, Australia, and India. Mobike withdrew from of Washington DC and Dallas in the US earlier this year.