Bike-sharing services

Bike-sharing services

The cautionary tale of China’s bankrupt bike-sharing empires
In 2015, China’s bike-sharing start-ups were pedaling towards massive profits, thanks to billions of dollars of investment capital. Following a similar business model as Uber, but for bikes, Mobike and Ofo quickly swept across China, their colorful bikes flooding city streets as they provided an emission-free solution to China’s congestion. Both start-ups quickly became unicorns, surpassing US$1 billion in valuation each and growing to operate in about 20 countries.  But five years later, the dockless bicycle-sharing phenomenon - hailed as one of the world’s hottest start-up trends - has officially gone bust, leaving an array of big-name investors and angry riders in their wake. Last week,
Where bikes go to die in China
Bike sharing has transformed Chinese cities, offering a cheap and easy way to get around. But today, thousands of abandoned bikes are littering cities and causing havoc. Now the government is cracking down on bike share companies, removing abandoned bikes, and storing them in massive bike share graveyards.