Dock-less cycle-sharing group Mobike, owned by Meituan Dianping, announced that nearly 190,000 users had reported destruction and misuse of bikes through the app in 2019.
Ofo, plagued by bankruptcy rumors, has had a tough year trying to pay back user deposits. The Chinese bike-sharing startup recently launched a new controversial refund policy.
Ofo is back, but perhaps in a different way.
On Jan. 23, Wang Huiwen, co-founder and senior vice president of Chinese food delivery giant Meituan Dianping, announced in an internal letter the full integration of bike-sharing company Mobike into the Meituan system.
On Dec. 23, Mobike's internal letter disclosed that Mobike founder Hu Weiwei resigned from the position of Mobike's CEO for personal reasons
Bike-sharing giant ofo has finally agreed to be bought out by Didi-Chuxing according to Chinese media. The deal is said to be worth $2 billion and that all other co-founders, except for CEO Dai Wei, will be leaving the company, according to the report.
This episode of TechBuzz China is our second of two focused on bike-sharing in China.
On the morning of June 11, Caixin.com revealed that, ofo, the Beijing-based bike-sharing platform, has a 1.5 billion yuan ($234.2 million) deficit with only 3.5 billion yuan left in user deposit.
On April 28, Wang Xing, Chairman of Mobike and CEO at Meituan-Dianping together with Mobike founder Hu Weiwei announced the new organizational adjustment in an internal letter.
Meituan, one of the world's largest e-commerce platforms of services, announced today that the Company has entered into an agreement to acquire Mobike, one of the world's largest smart bike-sharing companies.