Meituan buying Mobike to boost shared mobility push

Meituan's ownership of Mobike could see the start-up's overseas push fizzle out as the parent company is more focused on the domestic Chinese market.
Meituan's ownership of Mobike could see the start-up's overseas push fizzle out as the parent company is more focused on the domestic Chinese market.PHOTO: REUTERS

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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A version of this article appeared in the print edition of The Straits Times on April 05, 2018, with the headline 'Meituan buying Mobike to boost shared mobility push'. Print Edition | Subscribe