Alibaba-Backed Bike-Sharing Startup Hello Races for Electric Sales

What’s new: Chinese bike-sharing startup Hello Inc. is pushing ahead with an expansion of electric bicycle manufacturing in a search for a new growth driver.

Hello, which counts Alibaba Group and its financial arm Ant Group as investors, has opened 3,563 electric bicycle retail shops across the country since announcing the new business initiative in late 2020, Cheng Liang, a senior executive of Hello, said Thursday.