Fraile wins at Itzulia Basque Country, Boels-Dolmans pads advantage: Daily News Digest

by Shane Stokes

April 7, 2018

Fraile wins stage 5 of Itzulia Basque Country, Roglic extends lead; Wild and Boels-Dolmans win stages in Healthy Ageing Tour; McLay takes final stage of Circuit Cycliste Sarthe, Martin secures overall GC; Laas wins stage 6 of the Tour of Thailand, Dyball secures overall classification; Nibali forced out of Itzulia Basque Country; Stephanie Morton clinches Australia’s 100th cycling Commonwealth Games gold; Androni Giocattoli renews sponsorship for 2019; Industry Nine introduce lifetime warranty for all carbon wheels; Ride to riches: This 35-year old turned a crazy idea into a $4b boom; Video: From Cyclo-cross to Classics: Wout Van Aert; Video: Paris-Roubaix 2018 recon images; Video: John Degenkolb’s Trek Domane for Paris Roubaix with Ultegra RX

Ride to riches: This 35-year old turned a crazy idea into a $4b boom

by CyclingTips

One of the big successes in the bike-sharing business is Chinese company Mobile. The Age has documented it’s remarkable growth; here’s an excerpt.

It seemed like a nutty idea at the time – and it still does. Three years ago, Hu Weiwei and her co-founders decided to start a business letting people share bicycles for pennies per ride. People could hop on for a quick ride to the train or supermarket, then leave the bike right out front without the hassle of finding a parking rack.

In a shocker for most of the rest of the world, the Chinese business boomed and this week the former journalist and her cohorts agreed to sell Mobike in a deal that values the startup at $US3.4 billion ($4.3 billion). Food delivery giant Meituan Dianping is acquiring the company. The founders and investors pocket more than $US1 billion in cash and Ms Hu – who’s turning 36 this year – and her team get to keep running the business.

It’s a story of the New China, where tech parvenus amass riches at mind-boggling speed. A generation of younger entrepreneurs is capitalising on the mass adoption of smartphones, faster internet speeds, easy mobile payments and abundant venture capital. Backed by giants Alibaba Group and Tencent Holdings, Chinese startups have been able to burn billions in cash to build business models that often ultimately benefit the two behemoths.

Click through to read the full article here.