Youon takes control of Hellobike

China's first listed bike-sharing company, Changzhou Youon Public Bicycle System Co Ltd, announced its acquisition of Hellobike on Tuesday, acquiring the Shanghai-based bike-rental brand to expand its presence in the fast-growing market.

Youon said in a statement on its website that the company's subsidiary Youon Low Carbon Technology Co Ltd - operator of its bike rental services - would buy a 100 percent stake in Shanghai Junzheng Network Technology Co Ltd, the company behind the Hellobike brand. Youon did not reveal the cost details.

The move is the first of its kind in China's bike-sharing sector, as competition in the domestic market is getting fiercer. Youon said the new acquisition will help it to compete with other major bike-sharing companies.