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.