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Ofo, a Chinese bike-sharing service, has raised $450 million in Series D funding at a valuation north of $1 billion, according to Bloomberg. Backers include DST, Citic Private Equity, Matrix Partners, Coatue Management, Atomico and Macrolink Group.

Why it's the BFD: For starters, because it's not the only Chinese bike-sharing deal announced in the past 24 hours. Smaller rival Bluegogo announced a $58 million round led by Black Hole Capital. And that's all on top of last month's $300 million infusion for Mobike. It's a land grab reminiscent of ride-sharing, except it has driven prices so low that even Uber/Lyft/Didi/Dollar Tree would blush. Per the Bloomberg story, daily rental prices are often just 15 cents, and even that is being waived in some cases.

Bottom line: As an anonymous market tweeter noted, the bicycle in China has gone a symbol of egalitarian communism to one of competitive capitalism.

Go deeper

13 mins ago - World

Report: "Clear evidence" China is committing genocide against Uyghurs

The scene in 2019 of a site believed to be a re-education camp where mostly Muslim ethnic minorities are detained, north of Kashgar in China's northwestern Xinjiang region. Photo: Greg Baker/AFP via Getty Images

Chinese authorities have breached "each and every act prohibited" under the UN Genocide Convention over the treatment of Uyghurs and other Muslim minorities in China's Xinjiang province, an independent report published Tuesday alleges.

Why it matters: D.C. think-tank the Newlines Institute for Strategy and Policy, which released the report, said in a statement the conclusions by dozens of experts in war crimes, human rights and international law are "clear and convincing": The ruling Chinese Communist Party bears responsibility.

Updated 2 hours ago - Technology

Twitter sues Texas AG Ken Paxton

Texas Attorney General Ken Paxton at February's Conservative Political Action Conference in Orlando, Florida. Photo: Joe Raedle/Getty Images

Twitter on Monday filed a lawsuit against Texas Attorney General Ken Paxton (R), saying that his office launched an investigation into the social media giant because it banned former President Trump from its platform.

Driving the news: Twitter is seeking to halt an investigation launched by Paxton into moderation practices by Big Tech firms including Twitter for what he called "the seemingly coordinated de-platforming of the President," days after they banned him following the Jan. 6 Capitol insurrection.

7 hours ago - Politics & Policy

Senate retirements could attract GOP troublemakers

Sen. Roy Blunt (R-Mo.). Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

Sen. Roy Blunt's retirement highlights the twin challenge facing Senate Republicans: finding good replacement candidates and avoiding a pathway for potential troublemakers to join their ranks.

Why it matters: While the midterm elections are supposed to be a boon to the party out of power, the recent run of retirements — which may not be over — is upending that assumption for the GOP in 2022.