nown across China and in countries around the globe for its distinctive orange-and-silver bicycles and catchy name, China’s biggest bike-sharing giants is losing one these prime assets.
Mobike will soon be changing its name to Meituan Bike, company co-founder Wang Huiwen said in a recent internal company letter that was leaked to the media. This comes after Mobike was bought last year by Chinese internet services giant Meituan Dianping for $2.7 billion. Its standalone app will also be fully integrated into Meituan’s own app.
Founded in 2015, Mobike grew quickly into becoming the world’s largest bike-sharing service, rapidly expanding into more than 200 cities across 19 countries around the world thanks to hundreds of millions of dollars in cash from investors. However, over the past year, the entire industry has received a heavy dose of reality which has seen Mobike struggling to maintain its business.
Thanks to the Meituan acquisition, the company at least finds itself in a better position than its chief rival, Ofo, which earlier this month was forced to dissolve its international business department in an effort to save its domestic operations after more than 10 million customers began asking for refunds.