The rate increase is part of parent company Meituan’s broader profitability push.
Meituan-owned Mobike also denied that layoffs in Asia are part of a larger exit strategy.
In May, Meituan Dianping unseated search engine Baidu as China’s third-largest listed internet company by market cap, behind only Alibaba and Tencent.
Company CFO said that the company profitability was a seasonal phenomenon.
Meituan forays into ride-hailing and bike-rental services have been expensive gambits that haven’t yet paid off, but it has seen success in other efforts.
Li Shubin will become head of the Meituan app division, a key position for driving growth for the parent company.
Meituan has brought optimism among investors after disappointing performances of other Chinese tech stocks.
China’s massive O2O platform Meituan Dianping is a company that defies categorization. As the company’s founder and CEO Wang Xing once said, it’s hard for them to compare to any other company. Once known as the Chinese equivalents of Groupon and Yelp, Meituan and Dianping merged in 2015 to become a company that sells movie […]