This is the first time for Mobike to pull out of a city because of antisocial behavior.
Chinese bike-rental firms, Mobike and Hello Transtech, expressed their willingness to enter the bidding.
Discarded bikes are languishing after the rental-bike boom went bust due to high retrieval costs.
Last night (03 Apr 2018), Mobike shareholder meeting voted in favor of the Meituan acquisition, The Beijing News has reported (in Chinese). The Chinese group buying site Meituan agrees to acquire the bike rental company Mobike for 35% in equity and 65% in cash, of which $320 million will be used for future liquidity needs. Details […]
The company is doing so in compliance with recent government regulations that demand old bikes to be withdrawn before new ones can be introduced.
Hello Global, a relative latecomer to the sector, has outrun rivals Mobike and Ofo thanks to its focus on lower-tier cities.
Mobike is extending deposit-free, credit-free bike rentals to a hundred cities. After launching the deposit-free system in Hefei, Hangzhou, Dongguan and other cities in May, it will now spread to a hundred areas–including second and third-tier cities–covering more than half its China cities. The first tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen will not […]
After Xiaomi’s organizational shuffle, bike rental platform Mobike has announced some shifts in its staff too. Mobike’s founder Hu Weiwei is set to become the new CEO of the company taking the place of Davis Wang. Wang co-founded the bike rental platform in 2015 after serving as General Manager of Uber Shanghai. In an internal […]
In its first major statement since being acquired by Meituan, bike rental giant Mobike is to stop adding new bikes to cities considered to be already saturated with bikes, will share its big data with the government for improved city planning, and put RMB100 million into improving its user credit system, the company announced at […]
Hello Inc’s filing shows that the sector’s few remaining players now seek sustainable growth after reckless expansion in earlier years.