Mobike, also known as Meituanbike, founded by Beijing Mobike Technology Co., Ltd. , is a fully station-less bicycle-sharing system headquartered in Beijing, China. It is, by the number of bicycles, the world's largest shared (for hire) bicycle operator, making Shanghai the world's largest bike-share city in December 2016. In April 2018, it was acquired by a Chinese web company Meituan-Dianping for US$2.7 billion.
In 2015, Mobike was established by a former journalist Hu Weiwei. Co-founder Wang Xiaofeng, the general manager for the Shanghai office of Uber also known by his English name Davis Wang, became Mobike's CEO. Not being able to purchase bikes from suppliers to the preferred specifications, the company built its own bikes which were rolled out from April 2016.
In December 2016, the company made Shanghai the world's largest bike-share city. In June 2017, Mobike raised $600 million in Series E funding led by Tencent, bringing the firm's fund raising in 2017 alone to nearly US$1 billion. In the same month, the company was valued at US$3 billion. In August 2018, Mobike launched an electric version of their orange bicycle. In December 2018, Hu Weiwei resigned as chief executive for “personal reasons”.
As Mobike has no offline services, the Mobike app only accepts online transactions through AliPay, WeChat Pay, or credit card. The user needs to have a positive balance in their account when starting the rental, but it is allowed to go negative during a trip. The company previously required deposit in order to use the service in China, however the company ended the practice in July 2018. Users are free to withdraw their deposit from the service at any time as long as they do not have a negative account balance.