Growing demand drives investor sentiment

Mobike is just one of a number of private companies focusing on public bike-sharing platforms in China.

It's major competitor is OFO, which mainly concentrates on university campuses. OFO claims to cover 200 colleges and universities in 20 cities nationwide. Accumulated orders have surpassed 10 million, with daily user numbers of more than 7,000.

In October, OFO expanded outside of campuses and started putting its bikes in public spaces.