First there was Alibaba, which boasted an IPO bigger than Google, Facebook and Twitter combined. Then there was Ant Financial, spun off from Alibaba, which has raised almost as much cash as all US and European fintech firms combined. Now there’s Hello Transtech (formerly Hellobike), which may be valued at $4 billion if a rumored fundraising round (in Chinese) is successful. It’s the other, other unicorn in Alibaba’s sprawling business empire.

In a two-part series, I’ll lay out how Hello is bidding for profits amid the bikesharing meltdown—and its importance in Alibaba’s battle for mobility.

Hello TransTech started out as Hellobike in 2016. Launched two years after Mobike and ofo started operations, Hello was the first bike-sharing operator to build up its business in China’s smaller cities.

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Michael Norris

Michael Norris is a TechNode contributor and Research and Strategy lead at AgencyChina. He focuses on how culture, technology, and digital trends affect industry and business. Michael is a TechNode Insider.