Ofo Borrows $280M From Alibaba As Financial Troubles Escalate At Bike Sharing Firm

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In a sign of financial distress derived from shareholder disagreements, bike sharing company Ofo has mortgaged its own bicycles in order to receive two loans worth RMB1.77 billion (US$280 million) from Alibaba’s affiliates, according to data from the National Enterprise Credit Information Publicity System. 

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