Wang Xing, CEO of Chinese group-buying and location-based services firm Meituan Dianping, has confirmed Meituan’s acquisition of bike sharing firm Mobike in an internal letter reported by local media. China Money Network yesterday reported Meituan was in talks to buy Mobike for US$3.7 billion, including the assumption of debt of US$1 billion. Meituan did not respond inquiries from China Money Network to confirm the news, but Mobike said it will send out a press release later today. Chinese ride hailing …

Meituan Confirms $3.7B Mobike Acquisition To Strengthen Its Mobility Offerings appeared first on China Money Network.