Ninebot Car Rental's "Nominal Rental, Actual Lending" Business: Nearly 10,000 Store Outlets, Comprehensive Annual Returns of Up to 150%?

Starting October 1, 2025, new regulations on loan assistance will officially take effect, clearly setting the annualized interest rate cap at 24% to regulate online lending businesses and protect financial consumers. However, recently, New Economy IPO discovered that Ninebot, a leading two-wheeled electric vehicle company, operates the “Ninebot Rental” platform, which, under the guise of “rent and get free,” effectively offers installment purchases with an annualized rate as high as 144.77%, far exceeding regulatory limits. Is this a form of disguised lending that skirts financial regulations?

Recently, New Economy IPO noted that Ninebot, a major player in two-wheeled electric vehicles, has launched two rental services: “Rent and Get Free” (essentially a lease-to-own scheme) and “Riding Rental.”

The “Rent and Get Free” service resembles installment purchasing. To attract users, Ninebot offers various rental plans, including vehicles that are new (with batteries), used (with batteries), new (without batteries), and used (without batteries). Previously, customers could not purchase vehicles without batteries either online or offline, but Ninebot Rental now offers battery-free options, likely considering that delivery and courier riders often use battery-swapping schemes.

Does this suggest that Ninebot Rental’s primary target customers are riders? After all, ordinary consumers typically do not have a habit or need for installment payments when buying two-wheeled electric vehicles.

I attempted to select a “Fz MIX 2025” from Ninebot Rental, a new vehicle (with battery), with a 12-month plan at 679.89 yuan per month, and a buyout price of 0.07 yuan after 12 months (rent and get free).

According to public information, the Ninebot Fz MIX 2025 is an intelligent electric bicycle launched by Ninebot in 2025. It was available for pre-order starting April 18, 2025, officially launched on April 26, with an initial price of 3,899 yuan. Under Ninebot’s sales policy, offline stores charge an additional 300 yuan service fee, making the final retail price 4,199 yuan.

From Ninebot Rental’s business model, the “Rent and Get Free” plan is essentially a form of installment purchase. From the consumer’s perspective, this is effectively a “financed purchase.” The annualized interest rate for this installment plan is 144.77%. According to the Civil Code and relevant judicial interpretations, interest exceeding four times the one-year Loan Prime Rate (LPR) at the time of contract formation is not legally protected. Currently, with the LPR at 3.0%, four times LPR is 12.0%, so this rate far exceeds the legal limit.

Note: The latest one-year LPR is 3.0%, and four times that is 12.0%.

New Economy IPO observed that the “Electric Vehicle Rental Service Agreement” disclosed on the Ninebot Rental mini-program states that the platform is operated by Hangzhou Ninebot Discovery Technology Co., Ltd. (“Ninebot Discovery”). Business registration data shows that Ninebot Discovery was established on April 12, 2018, with a registered capital of 10 million yuan, and its legal representative is He Feilong. Its shareholders include Nannbo (Beijing) Technology Co., Ltd. (“Ninebot Company”).

Public information indicates that Ninebot (689009.SH) is an innovative enterprise focused on smart short-distance transportation and service robots, founded in 2012 and headquartered in Beijing. The company owns two major brands: Ninebot and Segway. On October 29, 2020, Ninebot successfully listed on the STAR Market, becoming China’s first VIE+CDR listed company.

On July 5, 2022, Ninebot officially announced that Yi Yangqianxi became the global ambassador for its innovative fashion mobility brand—Ninebot.

According to AVC’s 2025 domestic sales data for electric two-wheeled vehicles, total sales in China reached 58.767 million units, a 16.6% increase year-over-year. Among them, Ninebot held a 6.9% market share, ranking fourth, with a 1.8 percentage point increase from the previous year, making it one of the fastest-growing mainstream brands. Based on this, in 2025, Ninebot’s two-wheeled electric vehicle sales totaled approximately 4.055 million units.

In January 2026, domestic sales of two-wheeled electric vehicles reached 3.457 million units, with Ninebot holding a 12.7% market share, ranking third. In February 2026, sales were 2.988 million units, with a 9.3% market share, ranking fourth. Calculations show that in January and February, Ninebot sold approximately 439,000 and 277,900 units, respectively.

Additionally, according to CGTN, on January 24, 2026, Ninebot’s smart two-wheeled electric vehicles reached a significant milestone—total shipments in China officially surpassed 10 million units.

While the industry celebrates the shipment milestone, the high-interest “installment purchase” under the guise of “rent” raises questions. Is Ninebot leveraging regulatory blind spots to indirectly lend to riders? Under the new loan assistance regulations that specify interest rate caps, does Ninebot Rental’s “Rent and Get Free” model potentially violate regulations? Further clarification from regulators is needed.

For riders relying on two-wheeled electric vehicles for livelihood, is this “rented” vehicle merely a transportation tool or a new debt trap?

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