The reporter learned from ofo today that ofo Xiaoyang Car announced the completion of a new round of financing of more than US$700 million.

This round of financing was jointly led by Alibaba, Hony Capital and CITIC Industrial Fund, with Didi Chuxing and DST continuing to invest.

Yikai Capital served as the exclusive financial advisor for this round of financing.

Dai Wei, founder and CEO of ofo, said that in the future, ofo will further upgrade the user experience and accelerate its domestic and international strategic layout.

Tsai Chongxin, executive vice chairman of the board of directors of Alibaba Group, believes that ofo’s small yellow cars allow more people to join the ranks of low-carbon life and deliver real positive value to society.

Zhao Linghuan, Chairman and CEO of Hony Capital, hopes to work with Ofo to build a leading enterprise in the field of sharing economy.

Didi Chuxing stated that Didi and ofo have many revolutionary concepts and are both beneficiaries and practitioners of the "mass entrepreneurship and innovation" strategy and the "sharing economy".

It is reported that by the end of 2017, ofo plans to launch 20 million vehicles, serve 200 cities around the world, and enter 20 countries and regions.

Ofo has won the unanimous favor of strategic and financial investors by virtue of its industry leader status and strong development momentum. It has achieved the highest single financing in the bicycle industry, ranking first in the industry in terms of total financing, and becoming the highest valuation in the world.

The only shared bicycle platform.

The new round of huge financing will accelerate ofo's product intelligence process and make it a benchmark for industry intelligence.