Mobike rules out merger with Ofo

Hu Weiwei, founder and president of Chinese bike-sharing major Mobike Technology Co Ltd, said there is no possibility of the company merging with its arch rival Ofo Inc, despite the mounting competition.

"Unlike China's car-hailing and group-buying sector where two frontrunners have merged, the bike-sharing sector features asset-heavy business models and there is no point in merging or acquiring others," Hu said in an interview on the sidelines of the ongoing Annual Meeting of the New Champions 2017, also known as Summer Davos, in Dalian, Liaoning province.

Her comments came after a rare photo of Hu smiling with Dai Wei, CEO of Ofo, went viral, which sparked speculation of a possible merger between the two.