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Sharing Economy

Meituan Dianping backpedals on bike-sharing

Chinese company plans 'sale or abandonment' of some Mobike operations abroad

Mobike's shared bikes are parked around a car in Beijing, in April 2017.
Mobike's shared bikes are parked around a car in Beijing, in April 2017.   © Reuters

HONG KONG -- Chinese online services provider Meituan Dianping apparently lost its appetite for bike-sharing despite the company's $2.7 billion takeover of Chinese startup Mobike last year.

Wang Xing, CEO of the Hong Kong-listed company, told analysts in an earnings call Monday that Meituan will focus on its core food delivery business in 2019 and bolster efforts to reduce losses caused by other initiatives such as bike-sharing.

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