WM Motor-backed Hellobike is set to merge with Shanghai Stock Exchange-listed peer Youon Bike in an effort to better fight off competitors.
Hellobike, a China-based bicycle sharing service backed by electric vehicle producer WM Motor, will merge with its local Shanghai Stock Exchange-listed peer Youon Bike, China Money Network reported today.
Financial terms of the merger have not been disclosed. The companies hope their combined resources will enable to better see off competitors such as Mobike and Ofo, both of which are corporate-backed and have raised considerable amounts of funding.
Once the transaction has closed, Hellobike and Youon will collaborate…
