Chinese bike-sharing startup Ofo went global. Now it may go bust [CNN]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: CNN
Chinese bike-sharing startup Ofo went global. Now it may go bust Backed by billions of dollars from high-profile investors like Alibaba ( BABA ), Ofo helped pioneer the dockless bike-sharing phenomenon that swept across Chinese cities in recent years. The bikes can be locked and unlocked anywhere via a smartphone app, which means users don't have to return them to designated stations. Ofo fended off dozens of copycat rivals, but it now risks becoming the latest casualty of a cut-throat industry. Hordes of angry customers gathered outside its headquarters in Beijing this week to demand refunds. The company and its founder have been put on a government black list for failing to pay debts. "They snapped defeat from the jaws of victory," said Jeffrey Towson, a private equity investor and professor at Peking University. So what went wrong? Struggling to keep up Bike-sharing startups in China burned through cash as they rushed to launch services in cities throughout the country and overse
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BABA
Sec Filings
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- 3/26/24 - Form 6-K
- 2/23/24 - Form 20-F/A
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