Mobike enters Sydney
Chinese bike-sharing services provider Mobike announced on Tuesday it is entering Sydney and will offer free rides for the rest of November.
The Chinese company teamed up with Sydney Bike Tours, Mobike said in an e-mail sent to the Global Times on Tuesday. The city becomes the 11th that Mobike has entered so far around the globe.
Chinese shared-bike providers Mobike and ofo have been actively expanding in the overseas market since the beginning of this year. Ofo, for example, aims to be present in 200 cities and 20 countries by the end of this year.
Kingdomway buys PSupps
Xiamen Kingdomway Group Co’s acquisition of US-based PSupps Holdings has been completed, the Chinese company said in a statement posted on the website of the Shenzhen Stock Exchange late Monday.
Kingdomway America, the wholly owned subsidiary of Xiamen Kingdomway Group, now holds a 14.71 percent stake in PSupps, according to the statement.
In September, the US unit invested $7.5 million to subscribe for 75,000 preferred shares issued by PSupps, the US investment operator, the Chinese company said in a statement on September 16.
PSupps acquired 100 percent equity in US-based ProSupps USA LLC, a well-known sports nutrition brand, in August 2016.