Alibaba Joins Bike-Sharing Startup Hello's $280 Million Funding Round

What’s new: Chinese bike-sharing startup Hello Inc. raised $280 million in a funding round led by Alibaba and Ant Group, the company said Tuesday.

It was e-commerce giant Alibaba’s first investment in Hello, although its finance arm Ant has been a longtime backer and the largest shareholder of the bike-sharing company. Ant held 36.3% of the company before the latest investment.

Hello has raised $500 million so far this year.