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Ofo, Pioneer of China’s Bike-Sharing Boom, Is in a Crisis

Financial pressure started building as well. As long as new riders kept signing up, cash kept flowing in the form of deposits. But it has been expensive for the companies to replace damaged stock, and to hire workers to haul bikes all day from low- to high-demand locations. In April, …

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Ofo, Pioneer of China’s Bike-Sharing Boom, Is in a Crisis

Financial pressure started building as well. As long as new riders kept signing up, cash kept flowing in the form of deposits. But it has been expensive for the companies to replace damaged stock, and to hire workers to haul bikes all day from low- to high-demand locations. In April, …

Read More »