Investors from Mobike and Ofo, China’s largest bike-share startups, are in talks to join forces and create a single dominant player in the market, Bloomberg reports, citing sources familiar with the matter.

The discussions between the two, backed separately by China’s biggest internet giants Alibaba and Tencent, are still at a preliminary stage. While the two backers previously merged their respective taxi-hailing startups, China’s bike-sharing startups, unlike those for ride-hailing, are global pioneers with plans to expand overseas.

Mobike and Ofo’s combined valuation would likely exceed US$4 billion.