The year 2017 was great for many tech firms in China. Tencent briefly outdid Facebook in market valuation reaching a $500 billion valuation mark. Toutiao shot up from obscurity on the international scene with its parent Bytedance buying Musical.ly. Alibaba spread its wings further into Asia, Didi started its global expansion, Huawei overtook Apple as the second largest smartphone seller.

There were those who did not have such a good year. Many companies that jumped on China’s sizzling “sharing economy” trend folded in a matter of months. Fintech companies were hit by regulatory constrictions with e-commerce and financial platform Qbao found itself accused of running a Ponzi scheme.

And then there were those who just wish 2017 never happened. Here are the top tech fails in China for 2017.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.