Shares of China’s Youon Technology soared in Shanghai after the announcement that Yang Lei, the CEO of bike-sharing giant Hello, would become the actual controller of the company. Youon, a hydrogen bike platform, closed 10 percent higher, extending its year-to-date uptick to over 30 percent. The ownership shift, costing around CNY1.5 billion, involves Hamao Commerce Consult from Hello taking control. This move is anticipated to bring in valuable industrial resources to aid Youon’s growth. The acquisition process includes the purchase of shares from individual shareholders and Ant Group's investment company. Despite being a pioneer in shared hydrogen bikes in China, Youon has struggled to turn a profit, with expectations of remaining unprofitable in the previous year. The company faced widening losses, with a net loss of CNY127 million in 2023, attributing it to revenue decline and challenges in the shared bicycle business. The new leadership aims to mitigate these issues and strengthen Youon's position in the market.