Just when China’s first tide of shared bikes seems to be rolling back with the fading of most early players, signs of a new invasion are appearing everywhere.

Caixin columnist Doug Young did a little sleuthing on the ground here in Beijing this past week, and quickly determined the latest invasion in this Shared Bike Wars 2.0 has three main backers.

Those three are: Didi Chuxing, the Uber-esque ride sharing specialist backed by Uber itself and global tech giant Apple, among many others; Meituan Dianping, which started out as Chinese version of group buying specialist Groupon and has since morphed into an online-to-offline services specialist with a focus on web-based takeout dining; and e-commerce giant Alibaba, which has been half-heartedly in the shared bike game since almost the outset.

What does each of these players bring to the table, and what’s the likely outcome of this new round of bike wars? Read the full column to find out.