ofo's little yellow bikes, as the weather gradually warms up, have seen their market share in the Capital City slowly being devoured.
Hellobike Electric Vehicles just launched less than a month ago and have already taken over the entire market.
Whether in terms of travel costs or efficiency, they completely crush ofo's bikes.
Of course, Li Yang is definitely losing money on this. The 200 million he invested, plus more than 100 million from three other companies, were all burned in less than a month.
They were about to start Series A fundraising, to see how much each company was willing to put out.
This time, all four companies were in equal positions, having already exchanged resources at the start.
Series A might also introduce other investors.
David got in touch with Li Yang.
