Chinese bike-sharing platform Mobike announced on Tuesday it is entering the London market with an initial 750 bikes.
London has become the eighth city in its global expansion, the company said in a statement sent to the Global Times. It will charge users 29 pounds (.3) as deposit and 0.5 pound for a half-hour ride.
However, German publication Economic Weekly said that Mobike's rapid expansion overseas raises concerns.
For example, if a bike costs about 250 euros (6), it has to be used five times a day so that the company can recoup its investment within a year. However, some bikes are used just once in four days, and the charge is very low. Mobike said it aims to be present in global 200 cities by the end of this year.