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BUSINESS & TECH

China Merchants Bank to Oversee Mobike Users’ Deposits

By April Ma
Bicyclists check out Mobike offerings for rent in Pengzhou, Sichuan province, on Jan. 24.  Beijing Mobike Technology Co. Ltd. has announced a "strategic partnership" with China Merchants Bank in which the bank will handle the bicycle deposits Mobike gets from its users. Photo: IC
Bicyclists check out Mobike offerings for rent in Pengzhou, Sichuan province, on Jan. 24. Beijing Mobike Technology Co. Ltd. has announced a "strategic partnership" with China Merchants Bank in which the bank will handle the bicycle deposits Mobike gets from its users. Photo: IC

(Beijing) — China’s major bike-sharing company has invited a commercial bank to oversee its huge deposits of cash after state broadcaster CCTV aired a television segment that questioned how the money was used and criticized some of the terms of the bike contracts.

Beijing Mobike Technology Co. Ltd. said on Tuesday that China Merchants Bank (CMB) will manage a separate bank account for users’ deposits in a “strategic partnership.”

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