In recent years, shared electric bikes (e-bikes), as a novel shared micro-mobility mode, have experienced a significant increase in popularity. Yet, there is still limited evidence on whether the two forms of micro-mobility act as complements or substitutes. By exploring the effects of the entry of shared e-bikes on bike-sharing and overall shared cycling usage, this paper aims to explore the role of e-bikes in sustainable transportation solutions. The paper combines nearest-neighbour matching and a difference-in-differences event study with bi-monthly panel data of conventional bike-sharing and e-bike-sharing trips from 2020 to 2021. Results suggest that the effect of e-bike-share on bike-sharing at the grid level shifted from an initial complementary effect to a later substitution effect, ultimately resulting in a 22.6% reduction in bike-sharing usage and a 65.9% increase in overall shared cycling usage. The introduction of shared e-bikes simultaneously attracted new user groups and reduced existing barriers to using conventional bikes. With growing market saturation, any further expansion is found to have come to the detriment of the incumbent technology, i.e. the conventional pedal bike. Although shared e-bikes ultimately replaced part of shared bikes, they have increased the overall use of micro-mobility tools, contributing to the popularization of sustainable transportation.