Grant Thornton assists shared bike provider Youon successfully passing CSRC IPO verification

As the IPO auditor for Youon Public Bicycle System Co., Ltd.,Grant Thornton delivered a premium professional service that assisted Youon, a shared bike company, to become the first one in the bike-sharing industry to successfully pass the examination and verification of the CSRC for IPO.

Established in 2010, Youon is one of the earliest established public bicycle companies in China. Currently it operates approximately 890,000 bicycles at 32,000 stations in more than 200 third to fifth tier cities throughout 29 provinces, serving more than 20 million users. At a time when the bike sharing industry being a market focus received increased attention and regulatory scrutiny, Grant Thornton delivered a highly efficient and customized solution to address the challenges inherent with the client’s business model and completed the IPO audit with very high standard making Youon the first shared bike provider verified and approved by the CSRC for its IPO application. As Mr. Sun Jisheng, chairman of Youon, put it “Grant Thornton has provided distinctive professional services to us at every stage of our IPO endeavors, bring us great value in terms of improvement of our financial reporting processes, IPO regulatory compliances as well as introduction of strategic investors. Grant Thornton is instrumental to our success in obtaining CSRC approval for IPO and is indeed a first-class accounting firm that can be trusted by any dynamic businesses seeking going public.”