Mobike bought for $2.7 billion

Chinese dockless bike firm Mobike has been sold to one of its leading shareholders. The deal is reported to be worth $2.7 billion. 

The 100 per cent purchase was made by Meituan-Dianping, a Chinese on-demand online services firm. Meituan-Dianping CEO Wang Xing becomes Mobike’s chairman but the dockless firm’s founding executives Wang Xiaofeng and Hu Weiwei remain in charge.

Calling dockless bike hire "intelligent transportation" Xing added: "We will continue to support Mobike in technological innovation to help customers live better."

The sale price is reported as $1.2 billion in cash and $1.5 billion in equity.

In other news...

Construction work to begin soon on new cycle route between Finsbury Park and Holloway Road

Transport for London (TfL) has confirmed that construction work will begin on a new cycle route between …