Ofo chief says it can ride out bubble

ZHENGZHOU-The co-founder of Ofo Inc, China's biggest bike-sharing startup, sees a bubble in the industry but says his multibillion dollar business has the scale needed to survive any bust.

Ofo plans to expand to 20 countries this year and 200 cities across China, Zhang Siding said on Saturday in a Bloomberg Television interview in Zhengzhou. He said the company is valued at more than $2 billion.

Ofo's ubiquitous canary-yellow bikes are among more than 25 services now crowding China's sidewalks. None are seen as profitable thanks to subsidies and low costs, yet together they've raised billions of dollars from venture capitalists hoping to cash in on the craze.