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Business deals

Chinese ride-hailing giant Didi moving into bike sharing

Taxi titan will take over failed service Bluegogo, sharpening competitive edge

China's failed bike-sharing service Bluegogo gets a new lease on life under the country's No. 1 car-hailing service company Didi Chuxing.   © Reuters

BEIJING -- Chinese ride-hailing leader Didi Chuxing will make a full-scale entry into the bicycle-sharing business, following an agreement to effectively take over management of the failed startup Bluegogo.

Under the agreement announced Tuesday, customers of the Bluegogo bike-sharing service operator Tianjin Luding Technology will be able to convert their deposits and leftover funds into coupons for Didi's ride-hailing and bike-sharing services. The Bluegogo operator collapsed in November amid intense competition. Didi said it will inherit neither Bluegogo's assets nor its debts.

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