There's still a lot of room for competition among China's bike-sharing start-ups, according to a senior executive at Hellobike, a Chinese firm that lets users find and rent bicycles through its smartphone app.

The Shanghai-based company is one of the major start-ups competing in China's growing bike-rental space and is a key rival to industry leaders Mobike and Ofo.

"We are talking about high-frequency and very, very strong demand," Fischer Chen, chief financial officer at Hellobike told CNBC at the Morgan Stanley Technology, Media and Telecom Conference in Beijing. "With only two players in China, we still see a lot of space for us to provide better services and be more efficient in the industry."

The industry saw its first consolidation last year when Hellobike merged with Youon Ditan, an affiliate of Changzhou Youon Public Bicycle System.

The bike-sharing hype has also caught the attention of investors, who have poured millions of dollars in capital into the major start-ups.

Earlier this year, Ofo raised $866 million in a funding round led by tech giant Alibaba. Its competitor Mobike was acquired by China's largest provider of on-demand online services, Meituan Dianping, for reportedly $2.7 billion. Meanwhile, Hellobike raised $321 million in June from Alibaba affiliate Ant Financial.