1. Yep, they're funded by Alibaba and they've been buying out bankrupted bikeshare companies. 2. Alibaba and Tencent both own competing bikeshare services, so

1. Yep, they're funded by Alibaba and they've been buying out bankrupted bikeshare companies. 2. Alibaba and Tencent both own competing bikeshare services, so it's a cash-burning contest.