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Expert on Mobike exit: Business model of bike-sharing 'a joke'

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Reality has caught up with the bicycle-sharing industry, experts told The New Paper yesterday, after Mobike became the third major operator here to call it quits. The Chinese company, acquired last year by Meituan Dianpingfor US$2.7 billion (S$3.7 billion), applied to the...

Both agreed the current fares were never likely to have covered rising operational costs.

Mobike's parent company Meituan Dianping told TNP its withdrawal is part of its plan to rationalise its South-east Asian operations. He said:"We have also committed that should there be any withdrawal, it will be managed in a highly organised and responsible manner." Speaking to TNP on the condition of anonymity, the employee described finding out about the layoffs last Friday via a call from the company's human resources department in China."I was given compensation but it did not feel like one. It was sudden, insufficient, and also it was made known during the supposed annual performance bonus period."

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