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

China 's first shared bicycle company Chongqing Wukong bike on Friday announced the end of the service. The company founder Lei Houyi said that they invested 1,200 bicycles, can only find back about 120.

Lei Houyi said that because of their cycling is the third generation of intelligent lock core docking App, unlock the password, so most of the bike has been found back, can only get back about 10%, so that the team lost more than 1 million RMB.

In addition, the mine also refers to the concentration of the mainland market in large enterprises, the company can not get the best resources, a Wukong bike collapse of a major cause, reflecting the small business enterprises in the face of wealth when the survival of large enterprises. "We can not get the top supply chain resources, Mubai, ofo and the world's largest supplier of supply chain cooperation, and Goku cycling are small manufacturers, product quality is not particularly good, the car is easy to bad."

Ray also said that there are difficulties in finding investors. "Wukong cycling plans to explore the partner model, through the rural encirclement of the city to leveraging the shared bicycle market, but the project itself is not profitable, can not convince the city partners.China's small and medium businesses, security awareness is very heavy, If you are not profitable, they are reluctant to pay. "

Wukong cycling was introduced in a variety of ways to enter the market, for example, in the car installed a display screen; and business cooperation, car rental income will be sold to enterprises, sent to employees to do transportation subsidies, but unfortunately they still can not escape the fate of collapse.