Youon, backed by Ant Financial and IDG Capital, has filed for an initial public offering on the Shanghai Stock Exchange that would make it the first Chinese bike sharing company to float.

China-based on-demand bicycle service Youon has filed to raise RMB598m ($87m) in an initial public offering that will give financial services provider Ant Financial an exit, Tencent Tech reported yesterday.

Founded in 2010, Youon operates a business that incorporates bicycle sales and rental, though the IPO prospectus implies it is focusing on the latter, putting it up against well-funded rivals such as Mobike or Ofo.

Youon was present in some 400 Chinese cities as of the end of 2016, though…