Anger as Chinese bike sharing firm shuts up office with riders' deposits

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Bluegogo, China’s third largest bike sharing company, reported to be in financial trouble

China’s third largest bike sharing company has reportedly run into financial trouble, amid a wave of busts and consolidations in an industry that took the country by storm this year.

Bluegogo burned through 600m yuan (£68m) in investor funding in the year since it was founded by its youthful CEO Li Gang, deploying 700,000 bikes across cities in China.

Related: Bike-sharing revolution aims to put China back on two wheels

Related: Uber for bikes: how ‘dockless’ cycles flooded China – and are heading overseas

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Source: china
Link : Anger as Chinese bike sharing firm shuts up office with riders’ deposits

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