In brief: Mobike to spin off European business as it continues burning money

Mobike, the Chinese dockless bike-sharing company, is preparing to spin off its European arm, which it is valuing at US$100 million. According to one industry expert, the lossmaking Mobike was burning US$50m a month earlier this year. Meituan Dianping, which owns Mobike, has no international division of any shape or form and probably doesn’t want one, and when it acquired Mobike it acquired the international arm.

Source: Financial Times