Ofo has unveiled a new type of bicycle, which, according to the company, has improved more than 30 features compared with previous models, to compete with its rivals such as Mobike.

The latest model, named "Little Bumblebee", uses two smart locks based on near-field communication technology and the NB-IoT network.

With the help of two technologies, users can open the locks within seconds by pressing their phones to the device. NB-IoT technology enables the network to have wider coverage and faster speed.

Ofo co-founder Xue Ding said, "As a high-tech company, ofo will continue to develop cutting-edge technology and explore the industry's best solutions to lead the sharing industry into a new era."

The start-up has cooperated with BASF SE, a global chemical company, to develop an ultra-light tire which is more abrasion-resistant.

Other improvements include an integrated vacuum saddle and aluminum alloy, meant to provide users with a comfortable riding experience.

Notably, the company also announced that it has successfully developed an intelligent pedelec powered by lithium battery.

Industry analysts said ofo has developed several new products and technologies covering both the upstream and downstream industry chain, and that it will offer users a new experience and broader prospects for the sharing industry.