SG Bike to buy Mobike's Singapore licence for $1.85m

SG Bike to buy Mobike's Singapore licence for $1.85m

A Beijing Mobike Technology Co., hire bicycle sits parked at a sidewalk in Singapore, on Thursday, April 26, 2018. Photographer: Paul Miller/Bloomberg

Singapore-based bike-sharing startup SG Bike has inked a $1.85-million (S$2.54 million) deal to acquire Chinese startup Mobike’s license to operate 25,000 shared bikes in the city-state, according to a stock exchange disclosure last week.