Chinese ride-hailing company DiDi Chuxing will take parts of financially strained bike-sharing operator Bluegogo's business in its latest attempt to enter the bike-sharing market, the company announced Tuesday.

The two companies reached a cooperation agreement that allows users to ride Bluegogo bikes through DiDi's mobile app with no deposit required.

Users will also have the option of converting Bluegogo deposits and privileges into DiDi bike and car ride coupons of an equivalent value.

Once the third largest bike-sharing player in China, Bluegogo, with its iconic blue bikes, ran into financial problems late last year and users are finding difficulties in having their deposit refunded.

Under the trusteeship of DiDi, the Bluegogo brand name, deposits, debts and other related properties are retained by Bluegogo.

DiDi also announced that it will soon launch a comprehensive bike-sharing platform within its app, which will integrate ofo, Bluegogo, and other bike-sharing partners, as well as its own-branded bike-sharing service.

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