Mobike bicycles in Tianjin, China, in March 2017. Photo: iStock
Mobike bicycles in Tianjin, China, in March 2017. Photo: iStock, a Chinese group buying website, has secured a major stake in bike-sharing startup Mobike, with a rumored capital injection of US$3.7 billion, reported.

While the cash amount remained unconfirmed, it was reported that the deal was brokered by Ma Huateng, also known as Pony Ma, CEO of Tencent, which is a big backer of, holding about 20% of the company stakes.

Sources close to the matter said that at 9 p.m., Mobike’s shareholders meeting was held at the Kerry Center in Beijing. The final voting results had passed and legally confirmed the vote.

The Mobike management team has no veto power, thus major changes can occur when preferred shareholders holding more than a total 50% of the stakes vote yes.

Wang Xiaofeng, CEO of Mobike, said after the voting, he hopes everyone will not regret such a decision.

In fact, Wang’s own attitude has always been to insist on the company’s independent development, but Chinese startup firms can never seem to elude the capital giants.