Meituan Acquires Mobike, One of the World's Largest Bike-Sharing Companies

 

The acquisition of Mobike will add a new set of customers to Meituan and boost the efficiency of last-mile commutes

Mobike will continue to operate as its own brand and continue to innovate with support from Meituan

BEIJING, April 4, 2018 /PRNewswire/ -- Meituan, one of the world's largest e-commerce platforms of services, announced today that the Company has entered into an agreement to acquire Mobike, one of the world's largest smart bike-sharing companies. The acquisition will enhance Meituan's capability to offer innovative transportation solutions with the addition of bike-sharing to existing ride-hailing and car-sharing services.

Mr. Xing Wang, CEO and founder of Meituan, stated, "We're excited to include Mobike as part of our range of local service transportation offerings. With its leading technology in the bike-sharing industry, Mobike has created unique value for its customers in their daily commute."

"Mobike is not only a pioneer of the smart bike-sharing sector but they are also extending their successful model of Chinese innovation to the overseas markets. We have confidence in Mobike's growth potential and the future of smart commute, and will fully support Mobike's continued efforts in technology innovation to bring quality products and services to customers. We believe that by bringing in Mobike's resources and expertise to our platform, we further complement our comprehensive local life service platform to help our customers not only 'Eat Better' but also 'Live Better'."

Mr. Davis Wang, CEO and co-founder of Mobike, said, "Our mission is to provide an affordable means of shared transportation for convenient short urban trips, while reducing congestion, and the carbon footprint of cities. Our goal is to enhance the quality of life in the communities where we operate, which syncs well with Meituan's mission. Mobike is a pioneer in smart bike-sharing and has developed the most advanced technology in our industry globally. We are excited to join forces with Meituan to bring our convenient, enjoyable and affordable bike-sharing platform to more users in China and globally."

Mobike's bike-sharing service will be the latest offering from Meituan's recently launched range of transportation services that focuses on exploring and developing innovative local commute solutions including ride-hailing, car-sharing, and autonomous vehicles. Data analytics from Meituan's 320 million active customers revealed that a majority of users seek out transportation services to get to and from restaurants and other local lifestyle points-of-interest. Following a successful pilot launch in Nanjing in 2017, the Company's recent rollout of ride-hailing services in Shanghai served more than 2.2 million passengers in just the first week and 40% of them undertook rides to restaurants and other local life services. Now with Mobike, customers have an additional transportation option to conveniently travel to brick-and-mortar merchants.

The addition of Mobike's bike-sharing technology and service to Meituan's one-stop service platform will allow the Company to efficiently address the large-scale and frequent demands of its customers during their daily commutes, especially for short-distance travel needs, boosting the Company's continuous efforts to provide more integrated location-based service (LBS) solutions for its customers.

Upon completion of the transaction, Mobike will continue to operate as its own brand which enjoys a leading presence among consumers, creating convenient and seamless short-distance travel experiences for people in China and internationally. Mobike's founding and core team - CEO Davis Wang, President Weiwei Hu, and CTO Joe Xia - will continue to lead the business, and Xing Wang will become Chairman of Mobike.

About Meituan

Meituan is one of the world's largest e-commerce platforms of local services serving more than 320 million annual active buyers and more than 4 million annual active local merchants across 2,800 cities in China.

With its "We Help People Eat Better, Live Better" mission, the Company offers a one-stop platform that enhances customers' daily lives through location-based service solutions in more than 250 categories.

By leveraging AI technology and innovation within its platform strategy, Meituan is empowering local businesses to improve their business performance, and transforming the whole service industry into a digital ecosystem.

Follow Meituan on Twitter for more news and updates.

About Mobike

Mobike is one of the world's largest smart bike-sharing companies. Its mission is to bring more bikes to more cities, using its innovative technology to make cycling the most convenient and environmentally-friendly transport choice for urban residents. Using specially designed bikes equipped with GPS and proprietary smart-lock technology, Mobike enables users of its smartphone app to find a bike near them, reserve and unlock it, then complete their trip by simply closing the lock anywhere regular bike parking is allowed.

The company officially launched its service in Shanghai in April 2016, and in just under two years, has expanded the service to over 200 cities in 15 countries globally. By making urban cycling more accessible, popular, and smart, Mobike is delivering scaled sustainable mobility solutions for people and cities around the world. To date, Mobike users have collectively cycled over 18.2 billion kilometers, equivalent to reducing CO2 emissions by more than 4.4 million tons, or taking 1.24 million cars off the road for a year. In recognition of its transformative contribution to the advancement of low carbon public transport, Mobike was named among the 2017 Champions of the Earth by the United Nations Environment Programme (UNEP).

For more information visit: mobike.com.

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