Investors led by e-commerce behemoth Alibaba , Hony Capital, and CITIC private equity injected US$700m into the bike-sharing start-up. Current shareholders Didi Chuxing and DST also added to their investment in the funding round expected to close within July.
The White & Case team was led by partner Andre Zhu in Beijing, who was supported by associate Nick Shu in Shanghai.
The investment in OFO is the first time Alibaba has officially backed a business in China’s bike-sharing sector, which is overtaking taxis and ride-hailing apps for short transportation in China, TechCrunch said
. The investment is also the largest funding round in the bike-sharing industry to date.
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White & Case has acted for OFO International in its Series E funding round.