Mobike CEO steps down amid uncertain future for bike sharing

Hu Weiwei, co-founder of Beijing Mobike Technology Co Ltd, has stepped down as its CEO, placing more uncertainty on the future of the bike-sharing startup.

The move followed shortly after Mobike's cash-strapped rival Ofo Inc came under fire for stalling on deposit refunds. Once touted as investor darlings, the two companies seem to be pedaling toward an unforeseeable future due to overexpansion and struggling to find profitable business models, analysts said.

Mobike said Hu resigned for personal reasons, and Liu Yu, president of Mobike, will take her place.