China’s CATL, Ant Financial and Hellobike set up e-bike battery firm

China’s CATL, Ant Financial and Hellobike set up e-bike battery firm

A logo of Ant Financial Services Group is seen next to a logo of Alipay at the Digital China Exhibition in Fuzhou, Fujian province, China May 5, 2019. Picture taken May 5, 2019. REUTERS/Stringer

SHANGHAI (Reuters) – China’s Contemporary Amperex Technology Co Ltd (CATL), Ant Financial Services and Hellobike said on Wednesday they will invest 1 billion yuan ($144.60 million) to establish a electric bicycle battery joint venture.

The battery maker, fintech firm and Alibaba-backed bike-sharing start-up announced the cooperation in a joint statement, which did not disclose the individual shares of the partners in the joint venture.

Reporting by Shanghai Newsroom and Brenda Goh; Editing by Himani Sarkar

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