Bike Sharing Craze in China Gets Hit With a Dose of Reality – IOTW Report

Bike Sharing Craze in China Gets Hit With a Dose of Reality

ChannelNewsAsia-

BEIJING: Bicycle cemeteries, blocked pavements and angry users: the bike-sharing craze is beginning to look like an economic disaster in China, where fierce competition appears set to drive a pioneer of the sector into the ditch.

Bright orange, yellow and blue shared bikes have flooded the sidewalks of major Chinese cities for the past two years as the sector’s main rivals Ofo and Mobike deposited millions of the two-wheelers in front of office buildings and subway exits in an attempt to drown their rival.

A tech start-up darling after its launch in 2014, Ofo attracted major funding from Chinese and international investors and had been valued at more than US$2 billion.

In a swift reversal the firm, which claims 200 million users, now appears on the skids, with nearly 11 million customers demanding the return of their deposits.

At the group’s Beijing headquarters, a “very angry” Mr Wang said he has been seeking to recover his 199 yuan (€23, US$29) deposit since Nov 13.

“Ofo has too many broken bikes on the street, thus it’s hard to find an available bike,” said Yu Xue, internet and blockchain research manager with IDC in Beijing.

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You mean people don’t respect the property they don’t own? Hard to believe. That goes against human nature, no?

NO!

Collectivism and economic cooperation… it never seems to work, does it?

Yet, the leftists keep at it.

ht/ the big owe

7 Comments on Bike Sharing Craze in China Gets Hit With a Dose of Reality

  1. The Good GENERAL Svejk DECEMBER 23, 2018 AT 4:06 PM

    So all joking aside most ranges in my area (indoor) have a wide selection of hand guns and limited long guns for rental. Over the last two to three years we’ve had three suicides with the rental guns. Kind of like I’ve heard a few pilots saying the rental of the airplanes would be a good way to go.

    Thankfully never been at one of these places when it happened…

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