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Ofo proposes merger with HelloTrans

Oct 20, 2018 by The Passage Team
Ofo proposes merger with HelloTrans

Shanghai-based bike sharing company HelloTrans said on Friday its bigger rival ofo has proposed a merger between the two companies, in response to previous Chinese media reports that HelloTrans would be the one acquiring ofo.

A deal would make the merged entity the dominant player in the market but would also be complementary as ofo focuses on first tier Chinese cities while HelloTrans is stronger in second and third-tier cities.

HelloTrans spokeswoman did not elaborate on when it received the merger proposal or if talks are ongoing between the two companies. Ofo spokesman did not immediately comment.

Source: SCMP

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