Chinese bike-sharing startup Mobike raises $600 million

As the Chinese bike-sharing craze continues, Mobike has raised $600 million in new funding led by Tencent. This comes just months after the company had raised $300 million.

Context: China currently accounts for around 67% of the global on-demand transportation market, according to Kleiner Perkins partner Mary Meeker's latest Internet Trends Report.

Competition: In March, Mobike rival Ofo closed $450 million in funding, and smaller competitor Bluegogo announced $58 million a day prior.