Mobike Technology Co Ltd (摩拜科技) and Ofo Inc (共享單車) investors are in early talks to push China’s two largest bike-sharing startups into a merger, aimed at ending a costly competitive battle and creating a single dominant player in the fast-growing business, according to people familiar with the matter.
Investors in both companies have been holding talks to sort through issues such as how to split equity as a precursor to getting the companies to the table for negotiations, said the people, asking not to be identified because the matter is private.
The discussions are in a preliminary stage, and may not be consummated, they said.
The companies are separately backed by China’s two biggest Internet giants — Alibaba Group Holding Ltd (阿里巴巴) and Tencent Holdings Ltd (騰訊) — which have a track record of investing in competing startups and then combining them as a leader emerges to save money.
However, unlike in ride-hailing for cars, China’s bike-sharing startups are the global pioneers and are plotting expansions abroad. A truce at home would give them more resources to gain ground in the US, Europe and other parts of Asia.
Shi Shaochen (史少晨), a spokesman for Ofo, registered as Beijing Bikelock Technology Co (北京拜克洛客科技), declined to comment.
Mobike, formally Beijing Mobike Technology Co, said in a statement that it is not contemplating a merger.
“Mobike is the clear leader in the global bike-sharing industry, supporting 30 million rides in 180 cities around the world every single day,” the company said. “We are fully focused on extending our global success.”
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