Bike-sharing gets popular

Mobike and ofo, which allow people to use an app to locate and borrow available bikes nearby, get popular among young urbanites.

Since August, the Beijing-based Mobike, has landed four rounds of financing, totaling hundreds of millions of dollars. But its record is not unique, as its cross-town rival ofo has also pulled off fundraising four times. According to a report from Bloomberg, ofo is valued at $500 million, an unusually large size for a company that is just 2 years old.

A cyclist rides one of Chinese bike-sharing service's "mobikes" in Shanghai. [Photo/IC]