Along with a growing environmental consciousness and the advancement of information communication technology, car sharing and apartment sharing as the prominent examples of the sharing economy is becoming increasingly popular in China. This study aims to have a better understanding of business models in the sharing economy in China. Four research questions are presented. On the basis of a literature review on the business model and sharing economy, we proposed an analysis framework consisting of four major dimensions of business model concepts to study how the sharing economy works in China, including value network, value architecture, value proposition, and value finance. To address this, a case study with the Uber China is carried out. The key findings from the case study are presented in accordance with identified four dimensions of business model concepts.