Riding the tide of bike-sharing, a new business model emerging in China, Changzhou Youon Public Bicycle System Co Ltd went public on the Shanghai Stock Exchange, the first initial public offering by a company providing bike-sharing services.
With its blue-and-yellow bikes ready for use with a simple scan of a QR code by a mobile phone, Youon is set to get traction on the stock market.
Its shares soared by the daily limit on the first trading day. The same happened for the following 10 trading days.
The success of Youon's IPO was an epitome of quiet-but-biquitous changes to China's economy brought by a new force of internet-based innovative businesses.
Youon and its more prominent rivals, Mobike and Ofo, have shaken up the transport industry. Whizzing down the street on colorful bicycles, rather than in a car, has become a new fad.
China's bike-sharing market is expected to rake in 10.3 billion yuan ($1.5 billion) in revenue this year, a 736-percent increase from 1.2 billion yuan in 2016, according to a report from iiMedia Research.
It estimated the number of shared-bike users in China will hit 209 million this year, compared with 28 million last year.
It's not just transportation. New business models inspired by information technology and upgrading consumer demand have slipped into all sectors of the economy.
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