A total of 13,615 people in the southern Chinese city of Shenzhen will be temporarily banned from using shared bikes due to traffic violations, according to media reports (in Chinese). This is the first batch of traffic offenders that will be punished according to the new rules on shared bicycle users’ behavior issued by the Shenzhen […]
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ofo’s B2B business claims to hit the RMB 100 million revenue mark
Amidst signs of a serious cash crunch, ofo claims that its B2B business has made over RMB 100 million in revenue. In an interview with local media, Shao Yi, the head of ofo’s B2B business division, revealed that “ofo B2B business is going smoothly. As of now, its revenue has passed the RMB 100 million mark. At […]
ofo scales back US operations amid international retreat
In ofo’s latest retreat from the international market, the company is scaling back its operations in the United States after laying off 70% of its staff in the country. Additionally, three executives from ofo’s US business have resigned in the past two weeks, a source told TechNode. The layoffs were announced internally on July 18, […]
Top 3 Chinese tech fails of 2017
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 […]
Beijing drafts regulations mandating smart locks for bike-rentals in the city
The Beijing government is soliciting public opinion on draft guidelines aimed at reining in the disorderly expansion of the city’s bike-rental sector, local media is reporting (in Chinese). The draft guidance provides that rental bikes should meet national and industry standards, and requires rental bikes should be equipped with smart locks and the satellite positioning system. […]
10 bikes in 16 minutes: Bike-rental race revives flagging industry
Editor’s note: This was originally a two part report by Li Siyi and Jiang Xiaochuan for Tencent Finance. It has been translated and further edited for clarity and style by Linda Lew. In winning the bike-rental “arms race,” the number of bikes on the street has become the critical factor. China’s largest bicycle manufacturing hub has […]