Impounded bicycles from the bike-sharing operators Mobike and Ofo in Shanghai. Despite the billions invested, none of the Chinese bike sharing companies have made a profit. Photo: AFPImpounded bicycles from the bike-sharing operators Mobike and Ofo in Shanghai. Despite the billions invested, none of the Chinese bike sharing companies have made a profit. Photo: AFP
Impounded bicycles from the bike-sharing operators Mobike and Ofo in Shanghai. Despite the billions invested, none of the Chinese bike sharing companies have made a profit. Photo: AFP
Craig Addison
Opinion

Opinion

Craig Addison

The only thing mythical about unicorns these days is their valuation

Unicorns, a term coined five years ago for billion dollar start-ups, used to be rare, but now anyone raising a couple of hundred million dollars can claim that status

Impounded bicycles from the bike-sharing operators Mobike and Ofo in Shanghai. Despite the billions invested, none of the Chinese bike sharing companies have made a profit. Photo: AFPImpounded bicycles from the bike-sharing operators Mobike and Ofo in Shanghai. Despite the billions invested, none of the Chinese bike sharing companies have made a profit. Photo: AFP
Impounded bicycles from the bike-sharing operators Mobike and Ofo in Shanghai. Despite the billions invested, none of the Chinese bike sharing companies have made a profit. Photo: AFP
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