Chinese bike-sharing startup Hello, previously known as Hellobike, raised $280 million from a recent funding round led by Alibaba and Ant Group, reports Caixin. It was e-commerce giant Alibaba’s first investment in Hello, although the company’s finance arm Ant has been a longtime backer and the largest shareholder of the company. Ant held 36.3% of the company before the latest investment.
Hello has raised $500 million so far this year and has been trying to raise funds after abandoning a US listing. Previous funding rounds brought in new investors including Chinese battery giant Contemporary Amperex Technology (CATL).
Hello scrapped its US share plan in late July after Beijing tightened rules for overseas listings by Chinese companies, requiring many of them to undergo a cybersecurity review.