Meituan buying Mobike to boost shared mobility push

Mobike, which counts over 30 million rides a day, will maintain its brand following the deal and keep its current management team.
Mobike, which counts over 30 million rides a day, will maintain its brand following the deal and keep its current management team.PHOTO: REUTERS

BEIJING - China’s largest on-demand online service provider Meituan will buy top bike-sharing firm Mobike in a deal that will intensify the rivalry between their common backer Tencent Holdings and Alibaba Group.

The move also further extends Meituan’s reach in the shared mobility sector after its recent foray into ride hailing.

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