(Yicai Global) Dec. 4 -- China's leading on-demand services provider Meituan Dianping has completed its takeover of bike-sharing platform Mobike Technology, according to data from the government's credit information system.
Meituan's Chief Executive Wang Xing now holds 95 percent of shares in the company directly and its co-founder Mu Rongjun owns the remainder, data from the National Enterprise Credit Information Publicity System shows. That leaves Mobike founder Hu Weiwei, former CEO Davis Wang and initial investor Li Bin without a stake in the firm.
It is a regular restructuring as a result of the acquisition, Meituan said on the matter on Dec. 1. Mobike's current CEO Hu will remain its legal representative.
Meituan and Mobike announced the deal in April this year and the target reshuffled its executive team later that month when co-founder Wang Xiaofeng, or Davis Wang, resigned as CEO for personal reasons. Hu took the reins as CEO and appointed Liu Yu, once head of language business at Alibaba, as president.
Editor: James Boynton