At the Summer Davos Forum in Dalian, Hu Weiwei, co-founder and president of Mobike, took to the stage (in Chinese), dispelling rumors of a merger with ofo and explaining that they are not yet seeking profitability.

Hu Weiwei said that the biggest beneficiaries of the Didi and Uber war were mobile payment companies since people had to use mobile payments to call a car. She remarked that the bike rental industry is different from the ride-hailing industry; Didi connects the drivers with the passengers while Mobike connects the object with the people.

“This business is really about density and operational efficiency. If we and the other bike sharing companies do not match in this respect, it doesn’t make sense,” she said.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com