Too many bike rentals on the streets in China has led the government to ban new entrants. Some early players are folding.
TechNode also says that other than on-demand bicycle giants Ofo and Mobike, who are currently aggressively expanding overseas, bicycle rental companies are starting to struggle in China. One company, Bluegogo, is having trouble supplying refunds for deposits, many users have reported, while another company known for flashy gold-colored bicycles has recently folded.
SupChina last month suggested that China had reached “peak bike sharing,” as Beijing joined 11 other cities to ban the addition of new rental bikes on the streets.