SpeedX investing 150 million Yuan in bike-lending

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On November 17, SpeedX announced that it had received 150 million Yuan in the B round of financing. CEO of SpeedX Li Gang said that they would set up a new brand Bluegogo (Chinese name is Xiao Huang Che) to provide a bike-lending service and develop the bike-lending market.

At the beginning of 2015, SpeedX decided to develop a company that provides cycling equipment. Their aim now is to rival Ofo, which recently announced that it has more than 3 million users in cities and universities, owns over 160,000 bicycles and has total orders amounting to more than 4000 million.

It is understood that Bluegogo will first be set up in Shenzhen and then introduced to a new city every two weeks. After Shenzhen it will be established in Guangzhou and other southern cities before spreading to the rest of the country. 

Proofread by Sean O Diobhilin

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