Chinese venture capital investors could be forgiven for feeling a sense of déjà vu.
Last year, they saw taxi-hailing app Didi Chuxing win a protracted battle with UberChina, after generous subsidies cost the two companies billions of dollars. In 2017, a similar battle for market share is taking place with another group of transportation start-ups bike-sharing companies.
Bike-sharing is hardly a new concept. In December 2016, roughly 1000 cities worldwide...