Chinese ride-hailing giant Didi Chuxing is reportedly closing an acquisition deal of ofo, the last remaining major independent player in China’s bike-rental industry, local media reported citing people familiar with the matter. The source disclosed that Didi already sent due diligence team to ofo over the past two to three weeks. The two parties are […]
Ofo only ordered over 80k bicycles from its manufacturing partner Shanghai Phoenix so far this year. This is far short of the anticipated 5 million bikes per year the two companies have planed one year earlier, local media is reporting. The two companies reached a 5-million-bike deal in May last year, at the peak of […]
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 […]
China’s bike rental industry has experienced a roller coaster over the past 3 years. At its height, there were nearly 80 bike rental startups in the market, brightening the streets with a rainbow of bikes. But in the fast-paced tech world, trends come and go quickly. Within a year, over 20 bike startups failed, including […]
Minority shareholders have reportedly begun receiving documents about the deal.
In its first major statement since being acquired by Meituan, bike rental giant Mobike is to stop adding new bikes to cities considered to be already saturated with bikes, will share its big data with the government for improved city planning, and put RMB100 million into improving its user credit system, the company announced at […]
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, […]
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 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. […]
China’s emerging Social Credit System prompts disquiet—even if no one is watching.