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Here's how bike-sharing can help Hong Kong: CEO

Weng Guan Low
Key Points
  • became Hong Kong's first bike-sharing service when it launched in April
  • The company's CEO and co-founder, Raphael Cohen, spoke with CNBC

Bike-sharing companies are one of the hottest technologies in mainland China, but Hong Kong just got its first version in April.

Called, the company was founded in Hong Kong and was the first to get its service up and running on its home market. But the first few months have not been easy for the company, which offers bright green bikes for the city's 7.5 million residents.

Go Bee Bike company started providing shared cycling services to the public in Hong Kong on April 20, 2017.
Long Hei Chan | Pacific Press | LightRocket | Getty Images

Raphael Cohen, CEO and co-founder, told CNBC's "Squawk Box" that one of the biggest issues the company faces is vandalism. Still, he said that he thinks Hong Kongers are very good citizens overall and most people using the sharing platform are responsible

And provides a real help for the city as a whole, Cohen said. The Chinese special administrative region has a problem with too many cars — and their illegal parking — so an influx of easy-to-use bikes could be a solution, he explained.

"The bike takes a lot less space than a car for parking," Cohen told CNBC. " can be complementary to the existing system like the subway ... you can take the from your home to the MTR Station or from the MTR to your office."

As for where Cohen's company is looking to grow, he pointed to the New Terrtories region of Hong Kong: "It is actually very well-equipped for bicycles already," he said. "You have about 200 kilometers of bike lanes ... you have 57,000 bicycle parking spots and you already have a bicycle culture."