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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.

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