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.
Ofo dispelled rumors on July 30 that its negotiation with DiDi Chuxing is soon to come to a close.
Here’s this week’s roundup of China tech stories.
The Internet age has brought with it the “New Four Great Inventions” of China: high speed trains, scan-and-pay mobile payments, bike-sharing, and ecommerce. This week’s episode is the first in a two-part story on bike-sharing
The bike-sharing company ofo announced it pulled its business out from the Madrid region in Spain, according to Chinese media. This comes after their recent withdrawal from Australia and Germany.
The Chinese bike-sharing startup ofo confirmed with Quartz that the company is laying off employees in its North American marketing, communications, and engineering teams, along with its recent withdrawal from other markets.
Mobike, one of the world’s largest bike-sharing companies, has just launched its new pedal-assisted electric bikes as well as a deposit refund plan at the launch event on July 5.
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.
Radical personnel changes happened to ofo senior management including a massive layoff, according to Chinese media reports. Zhang Yanqi, COO of ofo reportedly resigned and the overseas sales department which he led was dissolved at the same time.
Dai Wei, the CEO of bike-sharing platform ofo, turned down a potential takeover by Didi Chuxing and called on employees to “fight until the end,” according to South China Morning Post.
Chinese bike-sharing company ofo announced the completion of its series E2-1 round of financing led by e-commerce giant Alibaba, raising $866 million. Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital also participated in the investment.
Two major bike-sharing companies, Mobike and ofo, have announced plans to share their big data.
Didi Chuxing today officially launched its comprehensive bike-sharing platform within its app, which now integrates the services of bluegogo and ofo. Beijing and Shenzhen will be the first two cities where users can find the “Bike-Sharing” tab on the DiDi app and use bluegogo’s bike through the app with no deposit required.
On Christmas Eve 2017, the sun shined in Seattle. Several people rode bikes of the same color and type on the right side of a main thoroughfare in the city center.