Mobike, the Chinese dockless bike-sharing company, is preparing to spin off its European arm, which it is valuing at $100m.
Mobike is owned by Chinese ecommerce company Meituan Dianping, which is backed by Chinese tech group Tencent and made its debut on the Hong Kong stock exchange in September.
Just five months earlier, Meituan bought Mobike in a deal that gave the bike-sharing company an enterprise value of $3.7bn. According to one industry expert, the lossmaking Mobike was burning $50m a month earlier this year.
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