Meituan, China’s ‘everything app,’ walks away from bike sharing and ride hailing

A major player in the race to transport Chinese people around is losing steam. Meituan Dianping, the Tencent-backed, all-encompassing platform for local services, continues to put the brakes on bike-sharing and ride-hailing, the company said on its earnings call on Thursday.
The eight-year-old firm is best known for competing with Alibaba-owned Ele.me in food deliveries — the segment that makes up the majority of its sales — and hotel booking, but it’s aggressively branche