Meituan Mobike Sharing Economy

China’s Bike-Sharing Company Mobike to Withdraw from Overseas Market

March 13, 2019 0:06 pm

BEIJING (PingWest) - Mobike’s parent company Meituan has confirmed Monday that Mobike, also known as Meituan Bike, will withdraw from most of its overseas markets to reduce losses.

Since the acquisition of Mobike at a price of $2.7 billion by Meituan in 2018, Mobike’s losses have reached $680 million, yet its total revenue has only hit $220 million, according to Meituan’s most recent financial report.