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Mobike's backpedal, and a lesson on ambition

Mobike, which was sold to Chinese online services giant Meituan Dianping in 2018 for US$2.7 billion, has in recent months retreated back to its home market, scaling back along with other bike-sharing startups that cut their losses in their expansion bids.


WHEN Qiming Ventures invested in Mobike, it saw a disruptive force tackling the issue of getting around dense cities in the world's most populous country, observed Helen Wong, the partner who was behind the Chinese venture capital (VC) firm's investment in the Chinese bike-...

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