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Alibaba backs Ofo in China's bike-sharing fray

E-commerce leaders pick sides, winners as new services emerge

Bicycles typically rent for 1 yuan per half-hour in China's competitive bike-sharing field.

SHANGHAI -- Bike-sharing company Ofo will receive $700 million in funding from a consortium led by Alibaba Group Holding, the latest example of China's e-commerce leaders investing in rapidly growing emerging services providers.

Chinese media report that the consortium includes a fund affiliated with Citic group. Investment ratios have not been disclosed.

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