Mobike puts up prices

Shared bike firm Mobike is increasing charges for users in Shanghai from Friday.

The company said it will charge 1.5 yuan (22 US cents) for the first 15 minutes and 0.5 yuan for every 15 minutes after that — 3 yuan for the first hour. This is an increase from the previous 2.5 yuan per hour.

For those who bought a monthly or season pass, riding a Mobike is free within two hours. After that, they will also be charged for 0.5 yuan for every 15 minutes.

This is the second time the firm has raised prices in the past three months. On May 13, prices went up from 2 yuan per hour to 2.5 yuan.

Meituan Dianping, a Chinese online delivery and catering site, acquired Mobike for US$2.7 billion last year.

According to Meituan's annual financial report for 2018, the net deficiency of the company was US$85.2 billion, with US$45.5 billion from Mobike.

In March, Mobike suspended its international operations.