A 25-year-old in China has built a $500 million startup on shared bicycles

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In China’s internet warzone, there’s a road map for success: find a rich backer, get lots of money, burn it to buy market share.

The latest chapter of that playbook is being written by two young entrepreneurs each offering an update on a former icon of China’s communist party — the bicycle.

In one corner is Dai Wei, 25, whose Beijing Bikelock Technology Co. cycle-sharing startup, known as Ofo, won about $100 million backing in September from investors including the venture fund backed by Xiaomi Corp. founder Lei Jun and Didi Chuxing, the ride-hailing giant that just beat Uber Technologies Inc. out of China. The funding is said to have valued the startup at $500 million. Read more…

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