According to reports in foreign media, Chinese bike sharing service provider Mobike is closing its international businesses and the company will focus on the Chinese domestic market in the future.

It is said that Mobike recently cut its operation team for the Asia Pacific market. This team had more than 15 full-time employees working in Singapore, Malaysia, Thailand, India and Australia and it also included many contractors and third-party employees.

The layoff reflected Mobike's international business trend since Asia Pacific accounted the largest part of Mobike's businesses outside China. Information from insiders revealed that the company would cut more employees outside Asia, including Europe and America. Eventually, it would only operate in its Chinese domestic market.

Mobike's strategic adjustment also reflected the changes of Chinese bike sharing companies over the past year. Mobike is reportedly one of the most successful companies in this market. Eleven months ago, the company completed its financing of USD900 million and its investors included Tencent, Foxconn, Hillhouse Capital, and Warburg Pincus. After that, it was acquired by Meituan for USD2.7 billion. However, Mobike did not find a sustainable business model under the severe competition and tight financial situation.