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Chinese bike-rental company Mobike raises fares

The rate increase is part of parent company Meituan’s broader profitability push.

Beijing and Shanghai have given no indication of whether the bans will be lifted.

Hellobike’s new prices are more expensive than taking the bus in Beijing, which may be a blow to its business model.

Mobike has started to charge Shanghai users an extra RMB 20 (around $3) if they park a bike outside the company’s ‘area of operation.’

Mobike Europe branch is reportedly planning on branching out into e-bike and scooter rentals in the region.

Other bike-rental companies are considering raising prices, as warmer weather brings a likely rebound in trip numbers.

Company’s best short-term strategy is to direct users to its profitable services such as travel.

Rising costs for Meituan’s core food delivery business drove fourth quarter losses.

Meituan-owned Mobike also denied that layoffs in Asia are part of a larger exit strategy.

The Chinese bike-rental firm will also become a distinct business group within the lifestyle services company.