BEIJING - China's bike-sharing company Youon reported a profit surge for the first three quarters on Monday.

Changzhou Youon Public Bicycle System Co generated revenue of 751 million yuan ($113 million) in the first three quarters, up 44.11 percent year on year.

The company reported a net profit rise of 9.38 percent, to 79.27 million yuan from January to September, according to a quarterly report filed with the Shanghai Stock Exchange.

Youon saw its fixed assets surge 496.8 percent from the beginning of the year to 114 million yuan by the end of the third quarter, as the company increased its number of shared-bikes.

Youon went public on the Shanghai Stock Exchange on Aug 17 this year, the first initial public offering by a bike-sharing company.

Its shares soared by the daily limit on the first trading day, and for the following 10 trading days.

The success of Youon's IPO was epitomized by changes to China's economy, displaying the new momentum of internet-based, innovation-driven businesses.

Youon and its more prominent rivals, Mobike and ofo, have shaken up the traditional transportation industry. Whizzing down the street on colorful bicycles, not cars, is the fashion today.

China's bike sharing market is expected to rake in 10.3 billion yuan in revenue this year, a 736 percent increase from 1.2 billion yuan in 2016, according to a report from iiMedia Research.

It estimated the number of shared-bike users in China will hit 209 million this year, compared with 28 million last year.