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17-11-2017, 03:44 PM
With China’s third largest bike sharer bankrupt, riders worry about money tied up in deposits
Bike-sharing, the hottest start-up trend in China this year, claims its biggest victim, further chilling an industry that has burned through billions in cash
Sarah Dai and Meng Jing
PUBLISHED : Friday, 17 November, 2017, 2:24pm
UPDATED : Friday, 17 November, 2017, 2:24pm
Beijing white-collar worker Scarlet Sun considers herself a two-time victim of the spectacular rise of China’s bicycle-sharing industry – where millions of the country’s citizens have been able to grab a bike anytime, anywhere for the equivalent of a few US cents per ride.
Sun, already a user of China’s top two bike-sharing firms Ofo and Mobike, only tried a third provider this month when she urgently needed a ride and newcomer Bluegogo’s signature blue-and-white bicycles were the only option available.
“I immediately downloaded the app and paid 199 yuan as deposit. When I finished using the bike, I applied for a refund of my deposit because I didn’t want to put my money in three different bike-sharing apps,” she said.
When the same thing happened a few days later – and Sun had 398 yuan tied up in deposits – she called the Bluegogo hotline but nobody answered.
More details in http://www.scmp.com/tech/start-ups/artic...bout-money
Bike-sharing, the hottest start-up trend in China this year, claims its biggest victim, further chilling an industry that has burned through billions in cash
Sarah Dai and Meng Jing
PUBLISHED : Friday, 17 November, 2017, 2:24pm
UPDATED : Friday, 17 November, 2017, 2:24pm
Beijing white-collar worker Scarlet Sun considers herself a two-time victim of the spectacular rise of China’s bicycle-sharing industry – where millions of the country’s citizens have been able to grab a bike anytime, anywhere for the equivalent of a few US cents per ride.
Sun, already a user of China’s top two bike-sharing firms Ofo and Mobike, only tried a third provider this month when she urgently needed a ride and newcomer Bluegogo’s signature blue-and-white bicycles were the only option available.
“I immediately downloaded the app and paid 199 yuan as deposit. When I finished using the bike, I applied for a refund of my deposit because I didn’t want to put my money in three different bike-sharing apps,” she said.
When the same thing happened a few days later – and Sun had 398 yuan tied up in deposits – she called the Bluegogo hotline but nobody answered.
More details in http://www.scmp.com/tech/start-ups/artic...bout-money
Specuvestor: Asset - Business - Structure.