Asia’s shared bicycle sector is undergoing a pronounced contraction that has edged out smaller players and slowed down rapid overseas expansion by some of its biggest platforms.
This month, Alibaba-backed start-up ofo announced it would close its six-month-old operations in India, as well as in its two Australian sites, Sydney and Adelaide, within two months.
The news comes as the company plans to scale back its operations in four regions — Japan, South Korea, Singapore and Hong Kong — because of a cash crunch, according to Chinese business magazine Caixin.
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