A new cycle emerges with technology

Wang Xiaofeng, CEO of Beijing Mobike Technology Co Ltd, believes the bike-sharing startup's obsession with technology and products will help it stand out from the competition.

"From the day Mobike was set up, our bikes are designed to facilitate urban transportation, which is quite different from our rival," Wang said, referring to ofo which was initially meant to help students access bikes in campuses.

An important result of that difference is that bikes operated by Mobike are equipped with GPS-enabled smart locks, while ofo's bicycles started with mechanical locks.