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

June 12, 2019

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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