China continues its growing ascendancy in global bike-sharing market

China has now emerged as a global leader in the bike-sharing sector, led by local firms that have ramped up their efforts to expand the booming business model to overseas markets, according to a new report.

The report, released by mobile research institution Cheetah Lab on Wednesday, shows that Chinese bike-sharing behemoth Ofo Inc has taken the top spot in the industry globally, reporting the highest weekly active penetration rate. Its arch rival Mobike Technology Co Ltd ranked second.

The weekly active penetration rate measures the number of weekly active users of the app divided by the total number of weekly active users in the whole bike-sharing industry on the Android platform. The report said the weekly active penetration rate surged significantly by 2,440 percent in the overseas market during the last quarter of 2017.