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China: Around The Nation

Second Chinese bike-sharing firm shuts after public appeal fails to bring back stolen bicycles

PUBLISHED : Tuesday, 04 July, 2017, 1:56pm
UPDATED : Tuesday, 04 July, 2017, 4:01pm

Another bike sharing firm has shut down in China after most of its cycles went missing, presumed stolen, according to Chinese media reports.

The Beijing-based company 3Vbike says most of its more than 1,000 bikes have disappeared, the website of the Global Times reported.

Chinese bike-share firm closes after 90 per cent of cycles stolen

The firm reported it was shutting last month just over a week after Wukong Bicycle in Chongqing closed its services, the report said.

3Vbike was first registered last year with initial capital of 100,000 yuan (US$14,700), according to the article.

Wu Shenghua, the founder of the company, then spent 700,000 yuan himself buying bikes and on operational costs after failing to find fresh funding.

About 1,000 bicycles were put out for hire in four cities in Hebei and Fujian provinces in February.

However, many bicycles were stolen within days as the firm had to rely on cycle location tracking supplied on a WeChat social media page rather than providing their own app.

Here’s how Wukong became the first bike-sharer to close in China

The company appealed publicly for its bikes to be returned last month to try to save the firm from collapse, the report said.

Only several dozen were handed in.

Bike-sharing schemes have proved extremely popular in China, but companies face intense competition with about 30 operators in business.