Meituan confirms Mobike’s retreat from most overseas markets

TechCrunch reported last Friday that Mobike has scrapped operations across the Asia Pacific region as a key step toward a long-term plan to scale back its international business. On Monday, its parent company Meituan confirmed that the pioneer in China’s bike-rental sector will shut down most of its foreign markets.
“Mobike international business is undergoing restructuring, which will result in the closure of most international markets,” Meituan’s chief financial executive Chen Shaohu told analysts on a conference call on Monday.
The decision came as Meituan plans to further narrow the operating loss of Mobike, added the executive. Mobike has lost 4.55 billion yuan ($680 million) since April 4, 2018, when Meituan, the app that aspires to be the “Amazon for services,” bought it out. That compares to the 1.5 billion yuan ($220 million) the bike service generated in revenues over the same period, notes Meituan’s earnings latest report.

Bike-sharing pioneer Mobike is retreating to China
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