Uber is set to pull out of Hong Kong after its food delivery business failed to dig into a sizeable portion of the market.
The delivery giant will exit the city state after five years at the end of December, declaring it a “difficult decision” in an online statement today.
Uber will not leave the market completely, however, and will instead double down of its ride-sharing efforts.
“Whilst we wind down our delivery platform operations in Hong Kong, we are more committed than ever to growing our mobility platform in the city, which is home to our largest Uber Taxi business globally,” Uber added.
“We will keep investing and serve more riders and drivers in coming years by bringing the very best technology to Hong Kong.”
The company did not disclose its reason behind the move.
The New York-listed tech heavyweight had only managed to snag an around five per cent market share, according to Measurable AI, lagging behind rivals Foodpanda and Deliveroo, which dominate Hong Kong’s food delivery scene.
City A.M. has contacted Uber for comment.