Chinese bike-share firm closes after 90 per cent of cycles stolen
Wukong Bicycle thought to be the first cycle-sharing scheme to shut down amid the boom in the services in China
A bike-sharing company has shut down in China after about 90 per cent of its cycles went missing, presumed stolen, according to a news website report.
Wukong Bicycle in Chongqing announced its closure on its social media account last week.
The firm is the first bike-sharing operator to close in China amid the boom in the cycle schemes on the mainland, the news outlet Caixin reported.
Wukong’s founder Lei Houyi said 90 per cent of its bikes were missing because the firm had failed to install GPS devices in the cycles, the news website Techweb.com.cn reported.
Two of the biggest players in the market, Mobike and Ofo, launched their first batches of shared bikes in Shanghai last year.